'Blows' at IMF meeting over gov't’s debt owed BDCs

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TT 11 years ago

WE ARE TIRED OF THIS NPP NEWS

WE ARE TIRED OF THIS NPP NEWS
DusTY-FooT-pHiloSophER 11 years ago

They're so hopeless that lying has become their only holy gospel to the chambers of the presidency. Gosh! blessed to the discerning majority that pride Ghana as their home sweet home and are ready to keep the peace and tranqu ...
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They're so hopeless that lying has become their only holy gospel to the chambers of the presidency. Gosh! blessed to the discerning majority that pride Ghana as their home sweet home and are ready to keep the peace and tranquillity we damned so collectively cherish guarded at all cost, amen.
Gye Nyame 11 years ago

Dusty, don't you see some unpreparedness here? The Ghana team should have their ducks in a row and not show unpreparedness and confusion in front of IMF or in general to your customer. The "blows" should have been thrown to d ...
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Dusty, don't you see some unpreparedness here? The Ghana team should have their ducks in a row and not show unpreparedness and confusion in front of IMF or in general to your customer. The "blows" should have been thrown to decide what is presented and not presented prior to IMF meeting -- you don't want to show that the left hand does not know what the right hand is doing or that there are disagreements among the Ghana team,you can negotiate from position of strength when you show unity, not confusion. In any case why did Terkper invite CBOD if he felt their claim was not valid and should be done via IRS?
PRINCE KWASI ADADE (OFIE) 11 years ago

HELPLESSNESS, HOPELESSNESS & FEELING OF DESPONDENCY HAVE GRIPPED MANY IN GHANA TODAY.
GHANA HAS BEEN RAPED BY THESE NDC IDIOTS. WE DO NOT NEED ANY NATIONAL ECONOMIC FORUM, WE NEED A NATIONAL COURT OF JURISDICTION TO PUT MA ...
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HELPLESSNESS, HOPELESSNESS & FEELING OF DESPONDENCY HAVE GRIPPED MANY IN GHANA TODAY.
GHANA HAS BEEN RAPED BY THESE NDC IDIOTS. WE DO NOT NEED ANY NATIONAL ECONOMIC FORUM, WE NEED A NATIONAL COURT OF JURISDICTION TO PUT MAHAMA AND HIS CABINET ON TRIAL. GHANA'S HOPELESS ECONOMIC SITUATION, TODAY, IS TOTALLY UNACCEPTABLE. NDC HAS OVER THE PAST 5 YEARS PRESIDED OVER THE BIGGEST RESOURCES IN OUR HISTORY INCLUDING CRUDE OIL & STEALTH TAXES. THEY HAVE ALSO CONTRACTED THE BIGGEST LOANS IN OUR HISTORY. IF THEY HAVE NOTHING TO SHOW FOR THIS AND THE ECONOMY IS IN SHAMBLES, THEN,THEY MUST BE PROSECUTED. THEY MUST GIVE THE MONEYS BACK TO THE TREASURY. WE DO NOT NEED ANY ECONOMIC FORUM. SET UP A COURT IMMEDIATELY. IT HAPPENED IN THAILAND RECENTLY, PRIME MINISTER YINGLUCK SHINAWATRA WAS REMOVED BY THE CONSTITUTIONAL COURT FOR ABUSING POWER. LOOK AT GHANA;-- EMBRAER PLANE SCANDAL, STX KOREA,NDC US$20 MILLION PARTY HQ., US$4 MILLION DODGY JUDGEMENT DEBT TO MRS RAWLINGS AND HER COMPANY, SUBAH, GYEEDA, WOYOMI, ISOFOTON, WATERVILLE, AFRICA AUTOMOBILE, CP, SADA, FORTIZ/MERCHANT BANK,BRAZIL WORLD CUP SCANDAL, FREE EXPENSIVE CARS FOR CHIEFS, AKONFEM AND A HOST OF OTHER DODGY JUDGEMENT DEBT PAYMENTS. BUYING VOTES WITH CASH, LAND CRUISERS & LAPTOPS JUST TO WIN ELECTIONS. WHY NDC?????? WHY??? OUR SUPREME COURT COULD NOT HELP BUT DESCRIBED IT AS "ALLIANCE TO CREATE, LOOT AND SHARE" WHAT A SHAME? ?? AND YOU CALLING GHANAIANS TO A WASTEFUL ECONOMIC FORUM. NDC, THE MONEY IS WITH YOU, GIVE IT BACK TO GHANA. NPP, I SALUTE YOUR COURAGE FOR NOT ATTENDING. NPP REMAIN SMART AND VIGILANT!!!
K.K 11 years ago

BAWUMIA SAID IT. THIS IS THE RESULT OF COOKED FOREX FIGURES. SHAME ON YOU, MAHAMA

BAWUMIA SAID IT. THIS IS THE RESULT OF COOKED FOREX FIGURES. SHAME ON YOU, MAHAMA
Kweku Erzuah 11 years ago

I don't know what you guys are talking about. Mr. Seth Terkper, the Finance Minister was a former IMF official and knows how to handle issues involving the IMF. If anything at all, I will put my eggs in the basket of Mr. Terk ...
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I don't know what you guys are talking about. Mr. Seth Terkper, the Finance Minister was a former IMF official and knows how to handle issues involving the IMF. If anything at all, I will put my eggs in the basket of Mr. Terkper. Why would the BDCs expect the government to cover the losses in their business when they have the ability to file taxes and claim the losses in the tax fillings? It does not make sense at all. They expect the government to cover their losses, and I believe, incorporate same losses in their tax procedures. I call this move nothing but greediness and wanting to fleece the country Ghana
Ghfuo, heaven is NOT for idiots! 11 years ago

He left his brains in Cambridge, Massachusetts after getting his education. U son of a bitch! Where were you when $3mil was sent to brasil. By your president? Why are foreign exchange laws in ghana so loose and no one follows ...
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He left his brains in Cambridge, Massachusetts after getting his education. U son of a bitch! Where were you when $3mil was sent to brasil. By your president? Why are foreign exchange laws in ghana so loose and no one follows them? Now, u don't want to be responsible for these losses? Idiot! I hope it comes out of ur salary. These ndc ppl will only collect the imf bailout and split the money. The last 2 yrs of mahama presidency will be more in infighting,.destruction n total recklessness. Just watch! I said it here first! No one will give ghana a penny to do anything!
OLD SOLDIER 11 years ago

AUTHOR: MARTIN A.B.K. AMIDU....

It would appear that those in control of the NDC, for the time being, were bent on excluding other bona fide members of the Party who may wish to lay democratic claims to who becomes the ne ...
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AUTHOR: MARTIN A.B.K. AMIDU....

It would appear that those in control of the NDC, for the time being, were bent on excluding other bona fide members of the Party who may wish to lay democratic claims to who becomes the next flag bearer of the Party by excluding them even before the mortal remains of the demised President were interred. It is also symptomatic of how political party elites in Ghana and Africa worm their way into the confidences of persons perceived as likely to ascend to power positions for purposes of eventual personal economic gain at the expense of the generality of the mass of Party members and the Nation which every President swears to serve under the Constitution
mugu1 11 years ago

my curiousicity is what the hell is BDC'business managment team doing before IMF & Ghana loan negociation teams?

my curiousicity is what the hell is BDC'business managment team doing before IMF & Ghana loan negociation teams?
Harun Singh 11 years ago

dont be stupid youngman!! did your mother not teach you any sense? the question you need to ask is- why is ghana still borrowing since 1970's? you probably think it is ok to keep borrowing right? well ask your mother to teach ...
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dont be stupid youngman!! did your mother not teach you any sense? the question you need to ask is- why is ghana still borrowing since 1970's? you probably think it is ok to keep borrowing right? well ask your mother to teach you!

Gye Nyame 11 years ago

My point is not about whether Ghana borrows or not, comment is about how they comport themselves in those IMF meetings going on. By the way, the borrowing/bail out from IMF started in 1965, go learn your history; and whether ...
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My point is not about whether Ghana borrows or not, comment is about how they comport themselves in those IMF meetings going on. By the way, the borrowing/bail out from IMF started in 1965, go learn your history; and whether we like it or not, it is a decision that this administration has made. You must not have taken your meds today since you could not follow my simple point.
God save us 11 years ago

Eii GHANA whats happening

Eii GHANA whats happening
JOHN 11 years ago

WHY ALL THESE SHIT ON GHANAWEB? SUCH THINGS HAPPENS DAILLY IN OUR LIFES

WHY ALL THESE SHIT ON GHANAWEB? SUCH THINGS HAPPENS DAILLY IN OUR LIFES
Opoku 11 years ago

What is strange about business discussions?

What is strange about business discussions?
They Say They Say 11 years ago

The government is tired of paying every Tom Dick and Harry. Policy's changed and what's wrong with that? Credit to finance minister on this one.

The government is tired of paying every Tom Dick and Harry. Policy's changed and what's wrong with that? Credit to finance minister on this one.
esi 11 years ago

I agree with Minister of finance. the can get out of the contract. period

I agree with Minister of finance. the can get out of the contract. period
Yaw Achaw 11 years ago

If this is true kudos to the minister. If the govt was paying business loses that is a bad policy. The ministered rightly offered tax remediation which seems to be rejected by BDC. New Independent has no clue about finance an ...
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If this is true kudos to the minister. If the govt was paying business loses that is a bad policy. The ministered rightly offered tax remediation which seems to be rejected by BDC. New Independent has no clue about finance and taxes.
agyeiwaa 11 years ago

New Ind., educate yourself and stop talking like an illitrate newspaper. Dont you know abt negotiations that can be volatile but aggreements reached in the end. you just want to vilify the minister, but he knows his job and t ...
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New Ind., educate yourself and stop talking like an illitrate newspaper. Dont you know abt negotiations that can be volatile but aggreements reached in the end. you just want to vilify the minister, but he knows his job and the BDC understood him perfectly!!. May be the IMF officials admired him for that. True you have no clue abt finance and taxes etc. Save us your ignorance
Ken Ntiamoa 11 years ago

The IMF meeting was not the time and place for the BDC/Government negotiation. The Government and BDC, whatever that means, should have reached an agreement long before the IMF meeting. The Govt and BDC should be on the same ...
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The IMF meeting was not the time and place for the BDC/Government negotiation. The Government and BDC, whatever that means, should have reached an agreement long before the IMF meeting. The Govt and BDC should be on the same page,that way, the funding shortfall that would result due to that agreement would be captured in the Government's funding request to the IMF. What happened there was infantile.

Ken
Osei 11 years ago

BDC buy in dollars and sell in Cedis. Normally, they shoudl sell at the prevailing market rate. But your government steps in and tell them what rate to sell their products at. This rate directed by the government is well belo ...
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BDC buy in dollars and sell in Cedis. Normally, they shoudl sell at the prevailing market rate. But your government steps in and tell them what rate to sell their products at. This rate directed by the government is well below what the BDCs would otherwise have sold their products at to cover their cost. Not the difference between theprevailing rte and the rate the government is asking them to sell their product is the forex loss which the government must pay. Otherwise the government must stop intervening and let the BDCs sell at the market rate so they (government don't incur any charges in exchange loss. It make sense and I agree with the BDCs

Kobena Bosom 11 years ago

Osei. Thanks for your explanation.I live in the UK and therefore have no clue about the directives from our Government relative to BDCs rates. However, I must not be alone in thinking that in the presence of IMF officials ...
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Osei. Thanks for your explanation.I live in the UK and therefore have no clue about the directives from our Government relative to BDCs rates. However, I must not be alone in thinking that in the presence of IMF officials in Ghana if our Finance Minister has gotten involved in such "Makola Market" fighting tactics, I would wonder how the IMF shall look at Ghana as a whole when it comes to begging situations like these.
Not overly impressive at all.
Could Ghana therefore be considered to be a shining example in African democracy?. I think even Rwanda, Mozambique, Congo and Angola rank above us.
mugu1 11 years ago

Kobena Bosom with your experience in living in the UK should allow you to understand the back ground of the IMF covert operations why should IMF brought BDC official to the negociating table solely between the govt of Ghana?

Kobena Bosom with your experience in living in the UK should allow you to understand the back ground of the IMF covert operations why should IMF brought BDC official to the negociating table solely between the govt of Ghana?
Yaw Achaw 11 years ago

Osei, I believe that is what the finance minister is saying; i.e. going forward, sell at the market rate but because government provides the infrastructure - financial and logisticall - when there is the need for intervention ...
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Osei, I believe that is what the finance minister is saying; i.e. going forward, sell at the market rate but because government provides the infrastructure - financial and logisticall - when there is the need for intervention and BDCs incurs loses they shd remediate via tax accounting. You maybe right that the government intervened in the past but what I am inferring here is the minister ensuring the right policy is in place.
Concerned. This 11 years ago

I will be surprised if these contracts are not fixed between government and BDCs in advance. If the agreement is to deliver at a particular cedi value, the forex risk should not be passed on to the government. If the whole ar ...
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I will be surprised if these contracts are not fixed between government and BDCs in advance. If the agreement is to deliver at a particular cedi value, the forex risk should not be passed on to the government. If the whole arrangement is not profitable, the BDCs can fuck off. If the government have agreed to fund the exchange difference then someone within the government is on the take. Terpker should stand for ndc presidential candidate. If Ghana can have both him and Nana as candidates, Ghana will do very well
Concerned 11 years ago

Osei. No party to a transaction between 2 parties takes over the exchange risk of the other party not unless unless the other party is getting adequately compensated. The BDCs can go fuck their mama if they are not happy with ...
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Osei. No party to a transaction between 2 parties takes over the exchange risk of the other party not unless unless the other party is getting adequately compensated. The BDCs can go fuck their mama if they are not happy with the prudent measures being taken by this accountant economic minister. In terms of integrity, I am beginning to think he's at par with Amidu. The people who signed up to taking care of BDCs exchange loses should be prosecuted
Blame the Honorables. 11 years ago

We always say the market dictate price, based on supply and demand for the commodity. The gov't attempt to manipulate the rule is the cause of the loss and BDC have assurance from gov't to cover the losses so the Minister is ...
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We always say the market dictate price, based on supply and demand for the commodity. The gov't attempt to manipulate the rule is the cause of the loss and BDC have assurance from gov't to cover the losses so the Minister is wrong to tell them to take a hike in front of the IMF while the boss said the gov't paid BDC $150m already this year. Wasn't he the one who paid the $150m to BDC, or that was the time they tried to get rid of him. The truth is, if BDC sells its products (dollars, pounds, euros, yen) at the market price, the world would know the true value of the cedi, so the gov't desperate to woo foreign investors steps in and create the market price to float the cedi, with guarantee to BDC to cover any cost/losses incured by their action. This is what the Minister didn't want the IMF to hear because we looked stupid given BDC a blank check, they can't lose only win. It makes you wonder who make these policies for our beloved Ghana, people with corrupt minds who knows what's best for Ghana.
Osei 11 years ago

Makes sense what you are saying but then the laws should just allow BDCs to sell their products at the prevailing market rates without government's intervening. Thus you just allow the market forces to work. People in this c ...
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Makes sense what you are saying but then the laws should just allow BDCs to sell their products at the prevailing market rates without government's intervening. Thus you just allow the market forces to work. People in this case will find the BDCs with the best prices to buy from. Makes sense. For example as of today, the NPA directs BDCs to sell @ 2.9GHS TO A DOLLAR. From May2014 BDCs were instructed to sell @ 2.7-2.8GHS to a dollar when the market rate for dollar was around 3.4-3.8GHS to a dollar. This is government creating loses fro themselves. Government should scrap all those interventions and allow private people to with with the market conditions. That way if they make loses they should treat them as commercial loses and BDCs will not be in the position to hold government accountable
Iwan 11 years ago

This paper is lying foolstop

This paper is lying foolstop
DusTY-FooT-pHiloSophER 11 years ago

Another one of NPP's modus operandi. Creating unnecessary tension when not in power is a story vividly known to the discerning folks of Kwame Nkrumah's Ghana from yesteryear.

Another one of NPP's modus operandi. Creating unnecessary tension when not in power is a story vividly known to the discerning folks of Kwame Nkrumah's Ghana from yesteryear.
Gye Nyame 11 years ago

Unfortunately that is how democracy works, and that is what the media is supposed to do. The discussions could have been in CSPAN if in the US for all to hear. The White house has a Press Corp that reports from the White hous ...
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Unfortunately that is how democracy works, and that is what the media is supposed to do. The discussions could have been in CSPAN if in the US for all to hear. The White house has a Press Corp that reports from the White house who are stationed in the West Wing so this is normal for democratic countries. It should not be seen as creating tension but rather part of the democratic process.

DusTY-FooT-pHiloSophER 11 years ago

I understand the media arm is one of the many inheritances that come with the democratic dispensation across the world over by which Ghana is a registered club member now. However, unlike other democracies, Ghanaian media hou ...
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I understand the media arm is one of the many inheritances that come with the democratic dispensation across the world over by which Ghana is a registered club member now. However, unlike other democracies, Ghanaian media houses chum out lies from the basis of yet pure lies and sell them as truth before the citizenry. A habit like no other media houses across these democracies. Like my dad once told me "Kwasi, when lying to me make sure at least a window is wide open at where you may be standing, so as, when I come at you, you can always escape unhurt." Hahahaha!

BTW: The president is now aware of our little chat-on-chat in here as far as Ghanaweb is concerned and was even laughing with some of our English phrases in here. He was marvelled though at the level of our concerned, but at the same token could not contain the triviality we pass upon one another and the unguided personal attacks. However, he was not perturbed about the several names-calling on his account since he believed to be part of the portfolio he occupies and reiterated that Obama is having his fair share of the democratic pie in the hands of the US public as well. Therefore, no, no, to tribal sentiments, the rest, he believed came with the job. So, over to you, Joe Lartey.
obaaa 11 years ago

Wo ye aboa paa. You don't know n.,

Wo ye aboa paa. You don't know n.,
DusTY-FooT-pHiloSophER 11 years ago

Get off my radar, nincompoop. And I mean, on the double, fool. Now, left right left, left right left, left right left as quickly as you march of my sight back to the hole you accidentally came out of.

Get off my radar, nincompoop. And I mean, on the double, fool. Now, left right left, left right left, left right left as quickly as you march of my sight back to the hole you accidentally came out of.
akokaalia 11 years ago

confusion galore

confusion galore
Santino 11 years ago

Tekper seems to be a very temperamental person which doesn't augur well for his negotiations. He needs to calm down as businessmen would always remain businessmen.

Tekper seems to be a very temperamental person which doesn't augur well for his negotiations. He needs to calm down as businessmen would always remain businessmen.
DusTY-FooT-pHiloSophER 11 years ago

Have you ever met the man, negotiated any business or the likes with him before? If no, then don't come in here to spell your ignorance about the man Mr. Seth Emmanuel Terkper. Capish?

Have you ever met the man, negotiated any business or the likes with him before? If no, then don't come in here to spell your ignorance about the man Mr. Seth Emmanuel Terkper. Capish?
Yaw 11 years ago

Hmmm santino the man is shorty o. Lol short people are very temperamental you know.

Hmmm santino the man is shorty o. Lol short people are very temperamental you know.
OWURA - LONDON 11 years ago

This confirms the fears shared by Dr Bawumiah that the government and the Bank of Ghana had been tinkering with the figures in relation to the Forex rates.
The BDCs are making loses owing to the disparity between the rates ...
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This confirms the fears shared by Dr Bawumiah that the government and the Bank of Ghana had been tinkering with the figures in relation to the Forex rates.
The BDCs are making loses owing to the disparity between the rates presented by the Bank of Ghana and the actual rates on the ground. In order to cover up the their fiddling, the government agreed since 2012 to pay any forex losses pertaining to the activities of the BDCs. This was to enable the government to cover up the discrepancies between the BOG forex rates and the actual rates on the markets. That is the reason why the government paid $150ml to the BDCs recently, but that is not sustainable. They would have continued to pay for the loses had Dr Bawumiah not found them out to be cheating. They are therefore stuck between the rock and that hard place.
The solution therefore sits with the government to either engage the BOG to present the real forex rates and forget about paying for forex loses generated by the BDCs or continue presenting false forex rates from the BOG and continue to pay for forex loses generated by the BDCs. SIMPLE AS DAT.
fred 11 years ago

WELL SAID AND WRITTEN

WELL SAID AND WRITTEN
Mallam Tula 11 years ago

MASSA SETH ; NO SHAKING !!!!!!!!; THIS SENYO HOSI AND HIS MEMBERS BDC ARE A BAND CRIMINALS AND THIEVES ;THIS IS AN EASY BUSINESS -TYPICAL AND SELL ANY FULL CAN DO IT ; HOW CAN THE GOVERNMENT COVER THE LOSSES OF BUSINESS MEMBE ...
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MASSA SETH ; NO SHAKING !!!!!!!!; THIS SENYO HOSI AND HIS MEMBERS BDC ARE A BAND CRIMINALS AND THIEVES ;THIS IS AN EASY BUSINESS -TYPICAL AND SELL ANY FULL CAN DO IT ; HOW CAN THE GOVERNMENT COVER THE LOSSES OF BUSINESS MEMBERS OF BDC; THEIR MEMBERS PULL THEIR RESOURCES TOGETHER AND MAKE NICE PROFITS IN THE BUSINESS ; YOU ARE CORRECT IF THEY DO NOT LIKE IT ; THEY CAN LEAVE THE INDUSTRY ; AT LEAST YOU OFFERED THEM ALTERNATIVES TO THE PROBLEM AND THAT IS WHAT HAPPENS EVERY WHERE ; WHERE IMPORTATION OF CRUDE IS HIGH ; PLEASE SETH DO NOT GIVE IN TO THESE 'RATS; AND VULTURES THEY BANDITS OF THE ALI BABA SCHOOL.
Victor A, Young 11 years ago

Hehehehe-hhhiiii! I wonder if the IMF knows about the election fraud tactics through which the NDC used to remain in power at a time things started falling apart for Ghanaians and people had vowed to vote them out of power in ...
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Hehehehe-hhhiiii! I wonder if the IMF knows about the election fraud tactics through which the NDC used to remain in power at a time things started falling apart for Ghanaians and people had vowed to vote them out of power in just 4yrs. Sensing danger, they [NDC] mysteriously eliminated the then Prez. Atta-Mills paving the way for John "Aplanke Prez" Mahama to lead their party. This is not a big surprise though; the IMF is seeing for real the true colours of the NDC. They're always finding ways to explode when things don't seem to go on well for them.

All the economic problems Ghana is going through is stems from the fact that the gov't the IMF is having at negotiating table used fraudulent means to come to power by the help of the EC and Justice Atububa at the Supreme Court. This gov't cannot be trusted; the IMF should know by now why this particular gov't would always seek economic bailout from them.

The previous gov't weaned itself from IMF so why is this gov't seeking another assistance from them? Something is terribly wrong! The "blows" that occurred at the negotiating table proves that things aren't going well. My question is that; can the gov't honour its promise to pay ball loans obtained at the IMF when they continue to adopt bad economic policies and while high-level corruption still goes on? I just begin to scratch my head. It's a fact that the NDC will always use "buga-buga" tactics in any given instance esp. in any dialogue that borders on the nation's economic future. That's not right!

It's like going to the well with a bucket full of holes in the bottom. This will end up to be one heck of a fruitless exercise! Tell them to get out of the seat of gov't so IMF could deal with a competent and trustful gov't. That the only way to see good results.
G. K. Berko 11 years ago

If you see all this as that seriously inimical to the Country's progress, why should you be happy about any perceived errors the Administration is making? You are laughing in jubilation for our predicament? And that is how y ...
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If you see all this as that seriously inimical to the Country's progress, why should you be happy about any perceived errors the Administration is making? You are laughing in jubilation for our predicament? And that is how you think Ghanaians want their new rulers to be?

Look, at this point, we must all team up to salvage what is left of the Nation, instead of hoping that the Government keeps committing blunders, or dancing on its grave.

The Government would not simply throw in the towel and leave. You and I know that. So, showing this kind of unpatriotic gleeful wish for our predicament does not encourage anyone to give you the mandate, either.

No matter how badly we want to get rid of this Administration, issues like this need our collective responsibility to find mitigating solutions. If we fail to get the necessary help to pull the Nation out of the mess we may be in, the next Administration, whatever that would be, or whoever its leader might be, would find it tough to succeed.

We have to know when we must compete among ourselves and when to pull together. This is no laughing matter.

Long Live Ghana!!!
Mars1 11 years ago

Disagreements are normal at the policy discussion level. But one would have thought as mature adults that the two sides would have had prior meetings to decide on a route of action. The minister should be the one to speak f ...
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Disagreements are normal at the policy discussion level. But one would have thought as mature adults that the two sides would have had prior meetings to decide on a route of action. The minister should be the one to speak for the country. Disagreements should have been ironed out before the meeting with the IMF Team. Please people get your act together. Nobody wins with this kind of horrible public dispute within the Ghanaian delegation. If our public figures cannot maintain order in their public discussions, how convincing are they that they can manage the affairs of state, through their various statal organizations! Who speaks for Ghana anyway! WOW, talk about a public display of immaturity and adolescent tantrum. What a shame!
Mm 11 years ago

We yet to see the concludment of negotiation,this a clear case of trying monopolies ,if wht I reAd is true.leave the business if u think ,u making loses simple!!

We yet to see the concludment of negotiation,this a clear case of trying monopolies ,if wht I reAd is true.leave the business if u think ,u making loses simple!!
AKWAPIMBA,LAS PALMAS DE G.C., SPAIN 11 years ago

-MR.SETH TERKPER MUST GO,YAH.DONT WASTE TIME,MR.PRESIDENT,HE MUST GO.

-MR.SETH TERKPER MUST GO,YAH.DONT WASTE TIME,MR.PRESIDENT,HE MUST GO.
I'm me 11 years ago

'that' here 'that' there. Ebei!!! What sort of reporting is this?

'that' here 'that' there. Ebei!!! What sort of reporting is this?
olu 11 years ago

The minister is right. How can government pay a business Forex losses?. Forex losses are allowable tax deduction for which the BDCs like any other business can take advantage of. The BDC s are taken Ghanaians for a ride. How ...
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The minister is right. How can government pay a business Forex losses?. Forex losses are allowable tax deduction for which the BDCs like any other business can take advantage of. The BDC s are taken Ghanaians for a ride. How can the government pay for business risk?. If the BDC make exchange gains would they pay it to Government?. Wont they tell government to wait until they file their tax returns?. Why can't they file their tax returns instead of asking government to pay the difference. Government use to settle the difference by mistake, now that the government has realized his mistakes, they should understand else they get out of the business. They are bunch of crooks.
Doreen Mensah 11 years ago

Is this worth reporting and building the nation! Very disgusting.

Is this worth reporting and building the nation! Very disgusting.
daladam 11 years ago

LEARN TO BEHAVE AND DO YOUR DIRTY LOUNDRY IN PRIVATE NOT IN FRONT OF THE IMF

LEARN TO BEHAVE AND DO YOUR DIRTY LOUNDRY IN PRIVATE NOT IN FRONT OF THE IMF
Concerned 11 years ago

I know it doesn't happen very often but there was an exchange gain recently. Will the government be getting that gainffrom the BDCs? Is the bdc privately owned? What's the agreement government signed with them. Is the agreeme ...
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I know it doesn't happen very often but there was an exchange gain recently. Will the government be getting that gainffrom the BDCs? Is the bdc privately owned? What's the agreement government signed with them. Is the agreement beneficial to Ghana? Without having a lot of background information I still get this strong feeling the minister is protecting the interest of the country. There's something of Amidu about about this Terpkor guy
nabia 11 years ago

Nonsense is this news

Nonsense is this news
Kwesi 11 years ago

If the Minister made these arguments at the IMF meeting with the BDCs, then I can only be happy that we have someone who will stand for Ghana's good. I think that he got it right by advising them to rather go for tax remediat ...
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If the Minister made these arguments at the IMF meeting with the BDCs, then I can only be happy that we have someone who will stand for Ghana's good. I think that he got it right by advising them to rather go for tax remediation rather than charge government for the forex losses. Those resources could better be used for other projects for which we go borrowing money for. Do you remember how much we borrowed for upgrading SHSs, including female pads that created a heated debate recently? it is equivalent to how much we paid the BDCs last June. So Minister Terkper, kudus to you. No wonder the President still left you at post, lol
Dr Robert K Glah 11 years ago

Build Ghana not political campaigns. Partisan political campaigns should not dominate our life all year rounds instead of nation building strategies for better Ghana.

Build our beloved and free Ghana not political campaign ...
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Build Ghana not political campaigns. Partisan political campaigns should not dominate our life all year rounds instead of nation building strategies for better Ghana.

Build our beloved and free Ghana not political campaigns for the devil.

Building Ghana involves understanding the internal and external vulnerabilities and the causes of inflation and meet them headlong.

My friends, focus on building Ghana!
It is on that keel we can be proud of our beloved country Ghana.
G. K. Berko 11 years ago

One would think that there would be a document to authenticate any of the claims the BDC boss is making of the Government regarding this forex differential payment.

For a business transaction, or contractual agreement of ...
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One would think that there would be a document to authenticate any of the claims the BDC boss is making of the Government regarding this forex differential payment.

For a business transaction, or contractual agreement of this magnitude, why did the BDC not demand signed evidence of the Finance Minister's or the President's agreement to pay that difference?

This shows how business is done in Ghana at the highest levels of our Economic management. It indicates a certain lackadaisical approach to handling our most crucial business affairs. No wonder Corruption is believed to be so rampant. The Government has to be more serious about managing our Economy than this story portrays.

If we cannot have a consensus with our Business partners as to how we need to run the Economy, then how can we earn the confidence of foreign Institutions whose ratings of our Economy affect the strength of our currency that directly affects our general purchasing power? Potential foreign investors all get discouraged with this kind of ineptitude, and our creditors remain increasingly skeptic of our ability to repay them on time, thus calling for more pressure on the Economy.

Long Live Ghana!!!
mr amin 11 years ago

depreciation of cedi can distabilize this ciuntry if no checked. i dont under stand why govt index import duties in dollers. Why not in cedis? n wont that make goods expensive on the market n creat haship? some one should hel ...
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depreciation of cedi can distabilize this ciuntry if no checked. i dont under stand why govt index import duties in dollers. Why not in cedis? n wont that make goods expensive on the market n creat haship? some one should help me.
The Minor Prophet 11 years ago

What does the author of this information seek to achieve? This is absolute negative reportage. We want to read positive information not this trash.

What does the author of this information seek to achieve? This is absolute negative reportage. We want to read positive information not this trash.
Benny 11 years ago

It is like that and don't ask why. TAKASHE until one surruders. If two bodies are negotiating on money palaver this is the scene. We expect more than this one but patience has to be exercise but not gentility other than that ...
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It is like that and don't ask why. TAKASHE until one surruders. If two bodies are negotiating on money palaver this is the scene. We expect more than this one but patience has to be exercise but not gentility other than that one goes home with a loosing hat..Ghana is watching you for the future debt we and our great grandchildren are acqrueng. God bless Ghana
duke 11 years ago

LACK OF MINISTERIAL DECORUM ENOUGH SAID

LACK OF MINISTERIAL DECORUM ENOUGH SAID
nyasa 11 years ago

the same negative npp press at work. so does this evil work make the npp happy? how stupid and foolish they look. they lack patriotism.

the same negative npp press at work. so does this evil work make the npp happy? how stupid and foolish they look. they lack patriotism.
NII 11 years ago

OPPOSITION IS NOT AN ENEMY ..POLITICS WITHOUT OPPOSITION IS NOT POLITICS ...HABA NDC ..NO ONE IS PERFECT ...IF YOU MAKE IT GOOD .GHANAIANS WILL HAIL YOU ...IF YOU MAKE IT BAD ...HAHAHAHA ...

OPPOSITION IS NOT AN ENEMY ..POLITICS WITHOUT OPPOSITION IS NOT POLITICS ...HABA NDC ..NO ONE IS PERFECT ...IF YOU MAKE IT GOOD .GHANAIANS WILL HAIL YOU ...IF YOU MAKE IT BAD ...HAHAHAHA ...
K APPIAH 11 years ago

I DEY BEEEEEEE KEKE.U SEE MAHAMA'S LIES HAS AFFECTED EVERYBODY IN GHANA

I DEY BEEEEEEE KEKE.U SEE MAHAMA'S LIES HAS AFFECTED EVERYBODY IN GHANA
HAZOR 11 years ago

NDC thinks deceive Ghanaians with their well plan bogus propaganda AND THE SAME PROPAGANDA MAGIC IS GOING TO WORK on IMF officals thinking they are fools like Ghanaians soo to say.The way and manner things are going between G ...
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NDC thinks deceive Ghanaians with their well plan bogus propaganda AND THE SAME PROPAGANDA MAGIC IS GOING TO WORK on IMF officals thinking they are fools like Ghanaians soo to say.The way and manner things are going between Ghana government seeking bailout and IMF,it seems IMF has realise the magnitude NDC NDC has rape Ghana kiity and no development has initiated for tax payers to have value for their money.realising it will be a crime against Ghanaians if they bailout NDC administration puting Ghc63 billion into NDC pocket for free and tax payers did not benefit from .Will IMF trust this corrupt criminals and bailout them out when they discovered inconsistances in they forex losses.it will not be even fair if they write of Ghana debt under NDC rule.this is even humilating to IMF.
f q amegah ex minister ghana 11 years ago

Bravo and congratulations to our honest and very responsible ministe
Tekper! You stood gallantly for mother ghana
The so called independnt newspaper can go to hell
We lack patriotism too much some of you ghanaians! Shame ...
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Bravo and congratulations to our honest and very responsible ministe
Tekper! You stood gallantly for mother ghana
The so called independnt newspaper can go to hell
We lack patriotism too much some of you ghanaians! Shame on you and the source at the meeting
E. hegemony 11 years ago

The kookoose people want to clinch power by all means so that they can fully implement their all die be die mantra. Mahama all the way.

The kookoose people want to clinch power by all means so that they can fully implement their all die be die mantra. Mahama all the way.
GOWAN 11 years ago

When you have a gov't that just wants to loot and thieve taxpayer funds instead of development, this is exactly what happens.
We were in Ghana when the astute Economist Dr. Mahamadu Bawumia stated clearly that, you cannot d ...
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When you have a gov't that just wants to loot and thieve taxpayer funds instead of development, this is exactly what happens.
We were in Ghana when the astute Economist Dr. Mahamadu Bawumia stated clearly that, you cannot do propaganda with the economy because the exchange rate would expose you. As is usual with the Mahama NDC gov't, they mounted an assault of insults, and battered his person (that is Dr. Bawumia) to the point, of the likes of Fifi Kwetey and Ofosu Kwakye even going to the extent of saying that he Dr. Bawumia, was a disgrace to his parents.
The rather prophetic words of Dr. Bawumia has come to pass and Ghana, is at the feet of the IMF, seeking a bailout with all sorts of conditionalities, clearly exposing the fact that, Ghana's economy and it's finances has collapsed and has been buried under the Mahama/Amissah Arthur NDC gov't as a result of looting, thievery, propaganda and unfathomable incompetence.
The verdict as postulated by various and numerous political commentators and Ghanaians in general is that "Ghana cannot suffer for the gross incompetence of the Mahama led NDC gov't".
The utterances of Seth Terkper at this meeting shows the monumental and very crass lack of credibility of the Mahama/Amissah Arthur/Terkper led Finance ministry fueled by the worst obnoxious form of propagandist posturing. Indeed the statement by Senyo Hosi; which I quote " the BDCs were still in business because since 2012 the government had accepted the responsibility of paying up the forex losses, else they would have stopped operations.
He also indicated at the meeting that, BDC business activity is only dependent on funding support from the banks, adding that, the banks since 2012 upon realizing the forex loss situation continued to fund the BDCs because government through the NPA wrote letters to affirm government liability on forex losses, he told the IMF team"; unquote.
The Mahama NDC gov't accepted liability for those forex losses and indicated through the NPA(National Petroleum Authority)that it accepted same, so when did the policy change for Seth Terkper to retort that and I quote; “Stop the business, I say stop the business, it is voluntary,” the Minister retorted angrily to the bewilderment of the IMF team, insisting that, the current policy was that, they would not shoulder any forex losses and stated that, “if it is a burden and it is a problem, leave the industry, it is as simple as that,” unquote.
Did the policy change at the IMF meeting? When was it communicated to the BDC's and the Banks, who were funding the refined crude purchases?
However introducing another dimension to this drama, the question on the minds of right thinking and well meaning Ghanaians is why is that the Tema Oil Refinery(TOR) is not refining crude and very active steps are being employed by the Mahama/Amissah Arthr led NDC gov't to rundown TOR, and send it to the guillotine, because it has been brought to the attention of Ghanaians by the TOR Workers Union that, Tema Oil Refinery is completely and absolutely capable without any shred of doubt to refine heavy crude and the light sweet crude from the Jubilee fields.
It cannot be emphasized hard enough that the corruption of the Mahama NDC gov't, the incompetence and poverty of thought, as well as the rotten thievery has completely shaken the economic and financial foundation of the country, akin to a magnitude 8 super earthquake and the aftermath is a gargantuan messy mess.
Going forward it is critically imperative that the Mahama/Amissah Arthur NDC gov't is completely and massively voted out at the ballot box.
Ghana deserves the best.
Coulibaly 11 years ago

What is news about this? This happens in tough business discussions. In Japan, they even fight. Elsewhere they hurl shoes at each other.

What is news about this? This happens in tough business discussions. In Japan, they even fight. Elsewhere they hurl shoes at each other.
Yaw Adu-Asare 11 years ago

Terkper has a duty to protect the people and government of Ghana.

Terkper has a duty to protect the people and government of Ghana.
Whatever 11 years ago

It was about time we tell this business crooks calling themselves. They just want milk Ghana off. You private business nobody forces you to lift oil into the country. If you go and lift that on your own and u expose your fin ...
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It was about time we tell this business crooks calling themselves. They just want milk Ghana off. You private business nobody forces you to lift oil into the country. If you go and lift that on your own and u expose your finances. You want the people of Ghana to bear the risk. We are not forcing them to lift and like Terkper said they can get out of the industry. Is not by force
RPG 11 years ago

Investments thrive on credibility and on trust and predicated on the fact that, one sinks his funds into an instrument with the understanding that over a period she/he would accrue a return. Once that is lost, you have nothin ...
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Investments thrive on credibility and on trust and predicated on the fact that, one sinks his funds into an instrument with the understanding that over a period she/he would accrue a return. Once that is lost, you have nothing, the investment floats away whilst whistling to itself a fine tune. What the IMF is taking away from this is that, the investments of the BDC's and Banks have suffered a breach, and it's ramifications cannot be lost on investors. The exchange between the BDC's and the Mahama NDC gov't represented by Seth Terkper at that meeting is a self-indicting exercise of an economic and investment catastrophe. It's amazing and coupled with the incompetence and looting, the prospects could be anybody's guess. This unfortunately has been the policy of the NDC gov't concerning statutory payments, arrears due workers, arrears due contractors, etc, etc. There's no confidence, no credibility and the Mahama NDC gov't has to go.
baz 11 years ago

Why did the Journalists have to wait for 13 good days to put this at public? Where were they at the time? Tweeeeeeaaaaahhhhhh!!!!

Why did the Journalists have to wait for 13 good days to put this at public? Where were they at the time? Tweeeeeeaaaaahhhhhh!!!!
John Musah 11 years ago

God save us from the IMF and Kwesi i Botchway. There is only one Minister vetted by Parliament, all these hangers on running to the IMF like Kwesi Botchway, should be told to back off and let the Finance Minster do his job.

God save us from the IMF and Kwesi i Botchway. There is only one Minister vetted by Parliament, all these hangers on running to the IMF like Kwesi Botchway, should be told to back off and let the Finance Minster do his job.
Northern Concern 11 years ago

It means BDC does not even file tax? Why are they against that. Mr. Minister you are right, let them go to hell! Where do they get the dollars to start the business? Ghana is being raped by these illiterate private sector!

It means BDC does not even file tax? Why are they against that. Mr. Minister you are right, let them go to hell! Where do they get the dollars to start the business? Ghana is being raped by these illiterate private sector!
grundguds 11 years ago

once a again u cant cook the books & figures cos u are gonna get exposed in the long run

once a again u cant cook the books & figures cos u are gonna get exposed in the long run
ABIBU ALIDU 11 years ago

Here is another example of a government employee displaying his ignorance.
People with feces in their heads as brain like this finance minister does not deserve this post.He does not know where he stands.

Here is another example of a government employee displaying his ignorance.
People with feces in their heads as brain like this finance minister does not deserve this post.He does not know where he stands.
Whatever 11 years ago

I fully support Terkper and congratulate him. I thank God that he has begin to see the problem the nonsense of this BDC and their activities. And I agree nobody is asking them to lift oil into the country. They can go to hell ...
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I fully support Terkper and congratulate him. I thank God that he has begin to see the problem the nonsense of this BDC and their activities. And I agree nobody is asking them to lift oil into the country. They can go to hell. such racketeering cannot be allowed in Ghana
OBINNA 11 years ago

THIS IS TYPICAL OF THE WAY GHANAIANS DO BUSINESS; INSULT, SHOUT AT, SCREAM AT OR DISRESPECT EACH OTHER. THIS COULD HAVE BEEN A DECENT DISCUSSION - AGREE TO DISAGREE POLITELY BUT NO; RAIN INSULTS AND CAST ASPERSIONS AND INNUEN ...
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THIS IS TYPICAL OF THE WAY GHANAIANS DO BUSINESS; INSULT, SHOUT AT, SCREAM AT OR DISRESPECT EACH OTHER. THIS COULD HAVE BEEN A DECENT DISCUSSION - AGREE TO DISAGREE POLITELY BUT NO; RAIN INSULTS AND CAST ASPERSIONS AND INNUENDOS. THE MINISTER SHOULD HAVE BEHAVED BETTER ACCORDING TO HIS CLASS.
Dr Robert K Glah 11 years ago

Ghana’s Finance Minister, Mr. Seth Terkper on Thursday September 18, allegedly attacked the Chief Executive of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, at a meeting between government and the Internati ...
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Ghana’s Finance Minister, Mr. Seth Terkper on Thursday September 18, allegedly attacked the Chief Executive of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, at a meeting between government and the International Monetary Fund (IMF) representatives currently in the country.

The New Independent newspaper reported that government sources told them the debate between the two at a point got worse while IMF officials and other members of the government delegation looked on in utter disbelief.

Ghana Finance Minister, Mr Seth Terkper, is our best Finance Minister so far. He is a technocrat and is well-armed with the weapons to protect and defend his Ministry.

My friends, stand with him for our recovery.

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'Blows' at IMF meeting over gov't’s debt owed BDCs

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