He emphasized that his administration remains focused on results-driven governance and will continue ongoing initiatives, regardless of which government initiated them.

In a Facebook message to Ghanaians marking Christmas and the New Year, President Mahama expressed gratitude for the trust reposed in his leadership, noting that this is his first festive season since returning to office.

“It’s my first Christmas with you as your comeback President, and I am filled with gratitude for the trust you have placed in my government,” he said.

The President reaffirmed the government’s commitment to the Resetting Ghana Agenda, aimed at promoting inclusive growth, job creation, accountability, and prosperity.

“As we work together tirelessly to revive our economy, complete stalled projects, expand our infrastructure, and build a Ghana that works for every citizen, let us draw inspiration from the hope that Christmas brings,” President Mahama added.

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In an interview with Adom News, Dr. Antwi highlighted that key facilities, including a modern administration block and a female dormitory, which began construction years ago, remain unfinished.

He explained that the shortage of adequate accommodation has resulted in overcrowding in the existing female dormitories and limits the number of female students the school can admit compared to male students.

Dr. Antwi also appealed for urgent intervention to provide the school with a new bus, noting that the two existing vehicles are old, prone to frequent breakdowns, and costly to maintain.

This situation is putting a strain on the school’s finances and affecting student activities.

Source: Sammy Asare

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Finance Minister Dr. Cassiel Ato Forson made the disclosure during the presentation of the 2025 Mid-Year Budget Review to Parliament on Thursday, July 24.

According to Dr. Forson, the Auditor-General, in collaboration with one of the Big Four accounting firms, is leading the audit to assess how disbursed funds were utilised—particularly where physical progress falls short of the financial drawdowns.

“Mr. Speaker, it has come to the attention of the Ministry of Finance that a number of contractors implementing some of these 55 stalled projects have drawn down on the loans with no work done to match the amount drawn,” he told the House.

He further indicated that certain contractors had submitted requests for project variations and cost adjustments beyond what was initially approved by Parliament, despite clear directives against such modifications.

“There is no room for an increase in scope for any of the projects on the priority list, as agreed with the IMF and the Official Creditors Committee,” Dr. Forson added. “Implementing agencies must take note and comply accordingly.”

The audit follows the government’s decision to resume funding for selected infrastructure projects as part of Ghana’s debt restructuring programme.

Only projects that are at least 70 percent complete have been cleared to continue, in line with government efforts to manage limited fiscal space and ensure value for money.

The forensic investigation is expected to uncover any cases of financial mismanagement, procurement violations, and unwarranted payments.

The findings will guide subsequent actions, including possible sanctions, recovery measures, or legal proceedings.

Dr. Forson assured Parliament that a comprehensive report will be submitted once the audit is completed, detailing the key findings and recommended next steps.

Source: Adomonline.com 

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He said although “we will not have the money to do it all at once, we must try hard and do our best to ensure the health of the people is prioritized.

“I have realized that things are improving in the financial sector, from now on, try and confer with the Finance Ministry to help raise money to complete the other projects in the country to see to it that the agenda 111 projects are completed on schedule,” the King instructed.

Otumfuo Osei Tutu made the call when a delegation from the Ministry of Health, led by the sector Minister, Dr Bernard Okoe-Boye, called on him at the Manhyia Palace in Kumasi, as part of his working visit to the Ashanti region.

“I have been to Sewua Hospital, I see no reason you should not get work done. Workers on site are saying it is power, others are blaming the delays on the road network, and meanwhile, the Government has spent huge sums to install hospital equipment at the facility.

“When I probed why it is still not operational, the reasons were for the lack of power and poor road network, if this is not fixed on time, the equipment installed will go to waste with time,” the Asantehene bemoaned.

Otumfuo Osei Tutu II said if hospitals such as the one at Sewua were in operation, the Komfo Anokye Teaching Hospital (KATH) could have sent some of its patients there to facilitate the smooth and uninterrupted implementation of the ‘Heal the KATH’ project.

He said the KNUST Teaching Hospital was one such project stalled and called on the Health Minister to fast-track its completion for use.

He said although Fomena and Kumawu hospitals were now operational, works going on at Trede should also be prioritized.

Dr Okoe-Boye, in response, commended the Asantehene for initiating the ‘Heal KATH’ project to ensure advanced healthcare delivery.

He said the Government was doing everything possible to complete all ongoing health projects in the region.

The Minister later visited the KATH and inspected the ongoing construction site of the KATH Maternity and Children’s block.

In an interaction with the management of KATH, he stressed a need for prompt actions to operationalize the Afari Military and Sewua hospitals to be able to decongest KATH.

He suggested that the Ghana Health Service could sign a memorandum of understanding, with the Teaching Hospital, which could spell out some modalities by way of directing some exceptional care services to facilities such as Sewua Hospital to be able to further ease the pressure on KATH.

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The government has agreed in principle with two bondholder groups to restructure approximately $13 billion of its debt, making Ghana the second African country this month to reach the final stages of a debt overhaul.

This agreement is expected to provide Ghana with a cash flow relief of about $4.4 billion until 2026, when the current International Monetary Fund programme ends.

Speaking at the Jubilee House, President Akufo-Addo highlighted that the restructuring deal demonstrates renewed confidence in Ghana’s economy.

“An agreement has been struck over the restructuring of $13.1 billion of value of debts. The agreement will result in significant savings to the government. The savings include the cancellation of $4.7 billion. Many of the projects stalled as a result of the debt negotiations will now resume,” he assured.

In a related development, Finance Minister Dr. Mohammed Amin Adam has also announced the completion of Ghana’s debt restructuring programme with its official creditors. The government successfully restructured $5.1 billion of its debt with these creditors, in addition to the $13.1 billion restructuring with Eurobond holders.

Addressing attendees at a UK Town Hall meeting, Dr. Amin Adam highlighted that these efforts have resulted in savings of $8 billion for the country.

However, Associate Professor of Finance at Andrews University, Williams Kwasi Peprah, questioned the accuracy of the Finance Minister’s claims.

Speaking on Joy FM’s Top Story, he suggested that the minister’s comments might have been politically motivated.

“I am sure he was on a political platform and maybe he did not check his figures very well. Last week they announced that the bilateral creditors have given us debt deferment, meaning that we will pay fully the $1.5 billion. So, I don’t know why he mentioned the savings of $2 billion.”

Mr Peprah further noted that after a 37% haircut, the remaining amount for Ghana to pay on the Eurobond debt is $8.25 billion.

He emphasised that the true savings can only be determined once the final document is reviewed by Parliament in the mid-year budget adding, “If you really do the Maths very well, the figures do not tally based on what he said on the platform.”

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The Tamale South Member of Parliament’s comment comes on the back of the delay in the renovation of the Komfo Anokye Teaching Hospital, due to the project committee’s inability to pay taxes on some imported materials.

Speaking on JoyNews, Mr Iddrisu attributed the stalling of most projects to government’s mismanagement of the economy.

“You have a government that has irresponsibly mismanaged the economy, resulting in a national debt of 600 billion of about 78% of our GDP or probably even more.

“The consequence of that irresponsible management of the economy is towards projects including the Komfo Anokye 155 million euro project and the modernisation of the maternity block and the long-standing uncompleted project in the history of the construction of health facilities in Ghana.

“And therefore government itself must expect some cost overruns. That is additional cost to the state, that is additional cost to the taxpayers which is a symbol of the mismanagement of the economy,” he said.

On Tuesday, April 2, the Chairman of the Heal Komfo Anokye (Teaching Hospital) project team, Sammy Adu Boakye expressed frustration over the heavy taxes slapped on solicited donations to support the health facility.

According to him, the situation is worrying since the state which has been derelict in its responsibility to ensure health facilities have the required infrastructure, equipment and supplies to run efficiently, is the one thwarting efforts by ordinary Ghanaians.

“How do we pay duty and other taxes to the government when we are doing what successive governments have ignored for seventy years by asking for money from ordinary Ghanaians? I have written to his majesty to intervene.

“It’s a pity…. 1.8 million cedis for 10 containers of tiles, not to mention electrical and plumbing materials yet to come. Letters written to the Finance Minister through the Chief Director nearly two months ago are yet to be acknowledged. Demurrage charges have already been set, which are about 1500 USD a day.

“What this posture means is that subsequent materials will still have to be paid for. I should appeal to ice water sellers, market women, shoemakers, etc. to donate towards a project for it to be taxed. Just look at that …” he said.

Backing this stance, the outspoken MP said government has lost its priorities.

“When government claims that it has turned the corner, how can you turn the corner when you don’t have a final agreement with the external creditors on how to manage your debt?

“So only God knows when that facility will be ready for work to commence for us to expect completion of work on the maternity block and the modernisation of the Komfo Anokye Teaching Hospital.

“This government has simply lost its priorities.”

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According to him, this is based on the agreement reached with Ghana’s bilateral creditors on the restructuring of the country’s debt.

The Finance Minister disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe which will be aired this Thursday, January 18, 2024.

He argued that some of these donors will start advancing the necessary funds for stalled projects, as the government works to finalise negotiations with them on how to restructure their debts in the coming days.

The government is expected to sign a Memorandum of Understanding with the bilateral creditors in the coming days after a deal on restructuring the debt was reached.  

“Some of these donors have demonstrated their commitment to support the economy once issues around these debt restructuring are resolved” the Finance Minister added. 

Background

Some of Ghana’s donor partners and bilateral creditors were forced to suspend financing some infrastructure projects in the country, mainly due to concerns about the cutoff date for restructuring Ghana’s loans.

For instance, China which had over the years advanced a lot of funds to support projects in Ghana had raised concerns about the cutoff date for restructuring the country’s debts, as they pegged it at March 2020, instead of December 2022.

But during the month-long negotiations with the official creditors, the Paris Club, China and the other creditors finally agreed to December 2022 as the cutoff date for restructuring Ghana’s debt.

IMF cash disbursement and impact on economy

Speaking on PM EXPRESS BUSINESS EDITION, the Finance Minister said Ghana has done what it is supposed to do to ensure the country passes the first review under the IMF programme. 

“We are expecting the about $600 million to hit the Bank of Ghana’s account by next week”, the Finance Minister revealed.

The Finance Minister also disclosed that the second tranche of the IMF cash of $600 million will be advanced towards projects outlined in the budget.

This represents a departure from previous programmes, where all the cash disbursed under the IMF programme was directed towards supporting Ghana’s balance of payment needs.

 “We should not rule out the fact that these funds coming in will help the Bank of Ghana improve its reserves, a move that will help stabilise the Ghana cedis”.

The Finance Minister also said he expects other donors to respond accordingly, a move that might go a long way to help in the recovery of the economy.

“All these developments will go a long way to help in the recovery of the economy”, the Finance Minister asserted;

Mr. Ofori-Atta concluded that the government will complete all the necessary actions, by ensuring that it remains fiscally discipline in an election year.

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His call follows delays in projects such as Phase 2 of both the Kejetia Market, the Kumasi International Airport as well as the Komfo Anokye Maternity and Children’s block.

Earlier this year, it was reported that contractors had abandoned various project sites over unpaid arrears owed them by the government.

Speaking to the Ashanti Regional House of Chiefs, the Asantehene said chiefs should not sit aloof, but demand answers.

“Nananom, what are we also doing? I see a lot of chiefs going to the President for favours, have we done same for the airports and our roads? Let’s ask ourselves”.

The Asantehene explained that the Regional Minister has been appointed to take care of all projects in the region, and questioned the role of the chiefs in ensuring the construction of these projects.

Otumfuo Osei Tutu II urged the chiefs to follow up to know what is delaying projects in the region.

“We should know if indeed there’s no money to fund all these projects. Let us also seek answers from governments on why the projects are not completed,” the Asantehene said.

Meanwhile, Otumfuo Osei Tutu II has urged households in and around the Ashanti region and corporate Ghana to join in the collective efforts to raise $10 million for the refurbishment of the main ‘Gee’ block of the Komfo Anokye Teaching Hospital (KATH). 

Since its establishment nearly 70 years ago, the block housing wards of the hospital have seen no major facelift with most installations deteriorating, including wide openings of cracks in the ceiling, broken floor tiling, algae-infested washrooms, exposed electrical wirings and congested wards. 

The hospital, with an original 500-bed capacity, now accommodates about 1,200 in-patients at its main ward.

At the grand launch of the ‘Heal Komfo Anokye’ project, the Asantehene prevailed on Ghanaians to join the collective efforts to refurbish the facility. 

“I visited the hospital at night. I came here

twice and I was really saddened by what I saw. Komfo Anokye whom the hospital was named after was never sick, so the hospital can’t be sick. We must work together to fix it. There will be several changes in government but the building will always be there to serve us,” he said.

Otumfuo Osei Tutu II continued: “I urge everyone including households in the Ashanti region to join me raise money for this project. Even 200 Ghana cedis will be appreciated. Let’s support this project”.

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