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Think-thank warns of danger ahead after gov’t absorbs 50% of electricity bills
The Africa Centre for Energy Policy (ACEP) has raised concerns about the government’s decision to absorb 50% of the electricity bills of residential and commercial users for the next three months.
The Centre is convinced that the decision could be the final nail in the coffin of the debt-stricken sector which is already facing challenges.
ACEP revealed that the decision is likely to cost the government about GHC1 billion each month, bringing the total cost to approximately GHC3 billion.
Minister advises Ghanaians to reduce internet use and find other sources of entertainment
The Minister of Communications, Ursula Owusu-Ekuful, has called on Ghanaians to limit the use of the internet during the lockdown period.
According to her, it would be preferable if other sources of entertainment are found and utilised.
Speaking at a press briefing organised by the Ministry of Information, she explained that the quality of network services has been generally affected because there has been a spike in internet use.
COVID-19: Ghanaians abroad now send less money home due to COVID-19 - World Bank report
The World Bank has disclosed that the outbreak of the coronavirus has affected the inflow of remittances to Africa.
In its 2019 report, it was realised that Ghana placed 11th on the list of African countries that received the most volumes of funds from abroad.
Ghana recorded remittances of about 5% of its Gross Domestic Product (GDP) in 2019.
3 months electricity relief would cost government GHC1 billion - Minister
The Minister of Energy, John Peter Amewu, has revealed that the government would pay GHC1 billion for the three months of relief from electricity bills by consumers.
According to him, the electricity produced would cover 4.8 million metres across Ghana.
On Thursday, April 9, 2020, President Akufo-Addo announced that the poorest of the poor in Ghana would pay nothing for electricity while residential and commercial users would pay 50% of the cost per month, using the March 2020 bill as a benchmark.
OVER THE WEEKEND:
MPs back IMF $1bn loan terms:
Parliament has approved the terms and use of the $1 billion sourced from the International Monetary Fund (IMF) through the Rapid Credit Facility (RCF) to manage the economic impact of the coronavirus outbreak in the country.
The money, according to the Finance Minister, Ken Ofori- Atta, will be used for budget support and to address potential Balance of Payment (BOP) pressures caused by the pandemic.
Ghana strong to pay back US$1bn COVID-19 loan – IMF
The International Monetary Fund (IMF) says Ghana’s track record of repaying debts will enable her to repay the US$1bn COVID-19 facility it lent the country with ease.
In a staff report and statement by the Executive Director for Ghana, the Fund said Ghana’s track record of servicing debts to the Fund, improvement in macroeconomic stability and commitment to fiscal discipline over the medium-term suggest that repayment risks are contained.
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