Dear Hon Mr. Fiifi Fiavi Kwetey (Mr. Arise for Ghana),
I write to commend you for the introduction of a vehicle for effective national cohesion hence for the positive and rapid National Development Codenamed as ‘Arise of Ghana Series’ which as elucidated by you is a thought provoking online episodic communication, intended for addressing critical national issues related to governance, attitudes, values, leadership and actions aimed at shaping national development.
Sir, as stated by you this is an initiative for all patriots of Ghana thus irrespective of their ideology or political party background or lineage to Arise for Ghana by coming on board a vehicle which considers Ghana First, that is putting the Nation above all other Consideration, hence with the adage One Nation, One People, One Destiny, therefore the principle will be Patriotism, Honesty and Discipline. Which as a litmus test I wish to register or demo as one of the patriots of Ghana you have in mind thus one of the nominees on Board the Vehicle to be driven by you.
Sir, since the democratic system in this Fourth Republic of Ghana is neither One-Party System nor Two- Party System but a Multiparty System but is unfortunately dominated by the NDC and NPP in the political landscape, hence the nemesis (misfortunes) of Ghana. Consequently, the litmus test for your sincerity that all patriots of Ghana must put the interest of the Nation above all other Consideration and come on board the Arise for Ghana ’s vehicle , then you as the Originator, Champion or the Driver of the vehicle for the Arise for Ghana Series need to brace yourself to ensure the accommodation of all shade of opinions and interests and always conduct critical evaluation of submissions from patriots of Ghana for proper action notwithstanding the fact that Arise for Ghana is the brain child of Hon Mr. Fiifi Fiavi Kwetey, the indefatigable General Secretary of the great NDC Political Party.
Mr Champion of Arise for Ghana, Sir, there are too many talks rather illegal clamor for a Military Coup as well as intentional or unintentional acts to precipitate a Military Coup in Ghana which will imply the overthrow of the 1992 Constitution hence the Fourth Republic. Consequently, the first assignment for Arise for Ghana hence the Fourth Republic which is anchored by the 1992 Constitution is to work hard to disabuse the minds of the affected persons the repercussions of a Military Coup.
Sir, Ex-President Mahama, besides being a Constitutionalist or a lover Democratic Rule, though he said Ghana is not immune to a Coup because he was only saying what is in Ecclesiastes 1.9 that ‘What has happened will happen again’ he might have taken cognizance that his second coming may be hampered in case of a Military Coup, since the fact had it that most Coup Makers are opportunists who want to take power and stay for at least three years either to satisfy personal ego, or for Corporate Interest as in the few Amenities or Kakos fish Coup of 1972 or as a showdown to the Head of State by his Presidential Guards, the norm nowadays who normally take him as hostage and for fear they may kill him, made/makes difficult for the general Armed Forces or the Army to make an attempt to foil the Coup.
So Sir, it true that Ghana is not immune to a Coup, as in Ecclesiastes 1.9 says it all that ‘What has happened will happen again’. So we need to be very circumspect with our utterances thus avoiding making reckless utterances. Hence, you as Mr Champion for Arise for Ghana, need to work hard to get some of the Citizenry to tone down both the rhetoric and tone down their behaviours. So’ sir a litmus test for you is the to halt the ugly noises on the issues of Bank of Ghana in the front burner since 07 August 2023, that if you see wisdom in this submission. I know it may be very difficult to do so, because they are carrying or bought very heavy loads on their heads, so egos may be involved, so the only way is a win-win solution with the Ghana Police. But please get them to tone down their demand.
Sir at this juncture let me give you a pen picture about myself, an ex-Military Officer/ an armchair student of law and Constitutions of some Countries including Ghana. Hence my unwavering Defence and protection of the 1992 Constitution. Sir between 1991 and 1993, I was the Commanding Officer of the defunct Ghana Armed Forces Farms at Michel Camp Tema from 1991 to 1993 and my godfather was Hon Alhaji Mahama Iddrisu, then PNDC Secretary for Defence from 1985 to January 1993, and Minster of Defence effective 1993 to 1999 was/is my referee because the Unit was also under his direct supervision as a Subvention Unit for receiving direct funding from the Ministry of Finance. He is very aware that I was no nonsense person, may to cover he gave me to see him as my godfather, thus gave me the strength to harass senior Officers for prompt payment for items bought from the Unit. I also worked under Hon Lawyer/Pharmacist Joseph Yieleh Chireh then Chairman of the PNDC Procurement Taskforce/Seized items Disposal Committee (I took care of huge lands at Kasoa and hundreds of Cattle belonging to the late Alhaji MeKinking).
Sir, I was an attendee of the deliberations on the draft of the 1992 Constitution, so in order to follow the deliberations of the framers of the 1992 Constitution, I had to read widely about previous Constitutions, the systems of Governments and the Constitutions of other Countries, so I consider the 1992 Constitution as my own for two good reasons (a) I was always one of the nominees from the then Support Services Brigade of the Ghana Army as one of the attendees from the Ghana Armed Forces for the deliberations of the Consultative Assembly, the final framers of the 1992 Constitution that were anytime they were in or closed by Accra etc (b) Coincidentally the President of the Consultative Assembly , that was the final framers of the 1992 Constitution, then Pi Roland Adiali Ayigatem, the First, then the Paramount Chief of Chiana in the Upper East Region, happened to be my godfather, because he helped sponsor my Secondary School Education both at Navrongo Secondary School and TI Ahamdiyaa Secondary School Kumasi , was the President of the Consultative Assembly, the final framers of the 1992 Constitution, hence I must uphold, preserve, protect and defend his work or name hence the 1992 Constitution.
Whilst as a young Officer, I was very good in the Military Law Course under the Tutelage of then Colonel Allotey and I also read some law books. So I was made a member of a Court Marshal and disposed cases involving a fellow Army Officers, including a client of Lawyer Philip Addison, a brother of Dr Addison, the Governor of Bank of Ghana, infact Lawyer Philip Addison was very amazed with my judgment of the case in favour of his Client which made the Officer only to be dismissed from the Ghana Armed Forces but with his ranks and benefits. So I hope with this info you may appreciate that why I am a student and an ardent supporter of the 1992 Constitution. Hence working in aid of Bank of Ghana a creature of the Constitution.
Now, enter the issues of Bank of Ghana (you may term me as self-appointed arm chair lawyer for the Governor and his two Deputies), Sir for you to appreciate issues and act properly for the Arise for Ghana, let me deviate in order to give you a brief in sequential order and appreciate the threat to National Security hence the Stability of the Fourth Republic so as to get a very clear picture of the situations and the why the actions by Bank of Ghana.
Sir, in 2016, the Parliament of Ghana poorly passed the Bank of Ghana Act 2016 (Act 918) because it fell short of the inclusion of the Force Majeure Clause a sine qua non for the fiscal policy or rule of this Act. It rather made ambiguous decree at Section 16 of Act 918 which amended Section 30 of Act 612 because it woefully did not speak on Force Majeure Situations which was sine qua non since this section affects Fiscal Policy or is a Fiscal Responsibility Rule on ensuring macroeconomic stability and debt sustainability. Section 16 of Act 918 decree that the total loans, advances etc shall not at any time exceed 5% of the total revenue of the previous fiscal year and when the total loans etc is 5% of the previous year’s revenue, the Governor of Bank of Ghana shall notify the Finance Minister and Parliament of the attainment of the limit and the Minister upon notification shall report to Parliament on the remedies to be taken. Hmm this is just full of English language. May be that could be the reason for Act 982 of 2018 which gives a better clarification that is the simple logic that since the Minister is the spending officer, so the one who is going to apply for further support in case of Force Majeure Situation as spelt out by Parliament in Act 982 of 2018, then the onus lies with the Minister of Finance to notify and report to Parliament as in Act 982 of 2018 making the notification to Parliament by the Governor in Act 918 of 2016 to be superfluous redundant or negated.
Sir in 2018, the Parliament of Ghana now with better appreciation of things enacted the Fiscal Responsibility Act 2018 (Act 982) and were wise at this time with the inclusion of the Force Majeure Clause as if they had hints of looming global disasters of both the COVID-19 Pandemic and the Russia- Ukraine War in 2020 and 2021 respectively which could precipitate serious global financial crisis. Hence this law of Act 982 of 2018 technically negates Section 16 of Act 918 of 2016 specifically on fiscal Responsibility Rule. So, this time the law at Section 3 of 982 of 2018 dictates very clear that in event of Force Majeure situation especially pandemic/Declaration of State of Emergency etc the Minister of Finance can suspend the Fiscal Responsibility law and report to Parliament within 30 days.
Sir, the Minister duly complied with the law, you wish for confirmation so Google for Hon Assibey- Yeboah justifies suspension of the Fiscal Responsibility Act. So if there was any error then Parliament and not the Governor of Bank of Ghana must take the blame for shoddy work otherwise like Mr. Bernard Monah said during a discussion on TV3 current affairs discussion on 05 September 2023, the Minister of Finance not the Governor must resign if any act is wrong otherwise members of Parliament must resign or made to refund 5 months pay for shoddy work done otherwise they should stop the ugly noises and bury their heads in shame as well as render apology to the good people of Ghana and the Governor and His Deputies.
Sir, on 22 October 2022, Hon Mr Osafo Marfo detected that Parliament passed the Fiscal Responsibility Act without sanction so he asked for it you may please Google for Osafo Marfo wants the Fiscal Responsibility Act amended to include sanctions for failure to adhere to the rules as by City News Room dated 22 October 2022. As at date nothing has done by Parliament as recommended by Hon Osafo Marfo.
Sir from April 2020 to December 2021, the World Bank committed 44.4 Billion US Dollars for countries participating in the Debt Service Suspension Initiative (DSSI) with 18.1 Billion US Dollars was in the form of grants. This was the period Ghana like other nations in the World had a fair share of the COVID-19 Pandemic which wreaked havoc on the global economy hence the signs of debt crisis looming in the economy of Ghana could be seen by even a pupil of JHS and thus he or she could tell that Ghana was a qualified candidate for Debt Service Suspension Initiative, For senseless national pride, our President (the Buck Stop with the President) failed or refused to opt for this God Send package.
Sir. It is envisaged that the President of Ghana through the Minister of Finance did not make Ghana to opt for the lucrative chance provided by the World Bank by the Debt Service Suspension Initiative may be because he was aware of the window of the lucrative opportunity created by section 3 of the Fiscal Responsibility Act 2018 (Act 982) for in times of Force Majeure as occasioned by (a) the repercussion of the COVID-19 Pandemic which necessitated an matter said as Force Majeure by the law of Act 2018 (Act 982) also defined as the Declaration of the State of Emergency in 2020 and this was lifted in May2023, (b). The effects of the Russia-Ukraine War and (c). The unwarranted and failed E-levy to provide the needed revenue with the associated further down grading of the financial status of Ghana to junk status by International Financial Rating Agencies which culminated in the associated shutdown of the International Capital Market to Ghana, thus required the employment of risk or crisis management tool by the Governor by invoking the mandate granted by the Constitution of Ghana at Section (2) (a) of Article 183 of the 1992 Constitution that was/is after the Minister of Finance has invoked Section 3 of Act 982 of 2018 mandated by the Parliament of Ghana which wordings are in clear or simple English language and not in Latin or Grunshie thus dealing with the core objective of the Bank of Ghana as ensuring the macroeconomic Stability etc.
Sir, the above mentioned problems that confronted the Citizen Budget and the solutions required by a Central Bank of any Country as a Lender of Last Resort can be provided by a student in the SHS in the WASSCE economics or social science paper. Since during crisis time, the Central Bank, hence Bank of Ghana should be judged by actions for the fulfilment of her mandate of maintaining macroeconomic and financial stability and inclusive growth. So let me reiterate that the economy crisis occasioned globally by Force Majeure situations made the Minister of Finance to suspend the Fiscal Responsibility Act passed by the Parliament of Ghana thus culminated in the Constitutional and legal release of a loan or advance of GHC37 Billion by Bank of Ghana to fill the financial gap as occasioned by matters related to Force Majeure situations.
Sir, this should be made clear that it was not a budget overran matter but a matter to meet a budget deficit of the Citizen Budget upon Bank satisfied itself that section 3 of Act 982 of 2018 has been invoked by the Minister of Finance and the act was required for approval and approved by Parliament within 30 days. Sir, what happens within this period of 30 days and what was approved by the Hon Members of Parliament of Ghana composed of members from both the Majority and Minority Groups with their eyes wide opened (filifili) is just a formality in the face of a pandemic like COVID-19 aggravated by the Russia Ukraine War and a failed E-levy passed by the Parliament of Ghana with the associated shutdown of the Capital Market to Ghana.
Sir, one of my dear brothers is his Excellency ex-President Mahama (we share true blood relationship, please you may wish to know or see if I could pass the Honesty Test, so, please check this from both my sister Lawyer Anatu Bogobiri and brother Lawyer Issah both with the NDC Legal group otherwise my brother Hon Adamu Seidu, staying at Sefwi Wiaso and one time ex-Hon MP/ex-Deputy Western Regional Minister in the regime of President Rawlings). My brother, his Excellency ex-President Mahama is the mostly widely experienced Statesman in Ghana and the World by virtue of his occupation of Public Policy Making Offices, like MP, Deputy Minister, Full Minister of State, Deputy or Vice President to President of Ghana and really loves his Country and always felt Ghana First , hence his Second Coming bid, so in 2022, he saw Ghana as a Candidate for the preparation for the ritual IMF Bail Out, so he made a strong recommendation and prayed for Ghana to quickly opt for the IMF Bail Out.
Sir, our President, did not heed to the very good advice from ex-President Mahama for an early (on time) IMF Bailout and when he realized the foolhardiness of his Minister of Finance (hmm Mr. we are proud people, so we will not go to the IMF) and bought the advice of ex-President Mahama, the time was too late for or against Ghana to use a favorable debt level /condition to opt for IMF support by the usual secret terms. So the debt of Ghana reportedly smashed the roof reportedly around 105%, hence very unsustainable debt.
Sir, for Ghana to qualify for the IMF Bailout, the 105% debt level must be reduced by half thus to 55%. Sir this national debt level resulted in the history of Ghana of a proclaimed National debt burden sharing or financial hair cut in what was termed as Domestic Debt Exchange Program in our financial lexicon before Ghana can meet one of the major Conditionalities for the IMF bailout. So, a pupil of JSS could easily tell that there was a looming disaster of the Collapse of the economy of his or her dear Ghana. Thus the stability of the Fourth Republic was under serious threat and could therefore not be guaranteed if no serious measures by our leaders, especially through the use of a risk management tool by the Governor of Bank of Ghana and his two Deputies to rise to the occasion in order to rescue the economy of Ghana from collapsing by invoking the mandate granted by the 1992 Constitution which created Bank of Ghana as a constitutional creature or body for the core objective of ensuring macroeconomic and financial stability and inclusive growth which was/ is sine qua non (necessary condition) in order to preserve, uphold, defend and protect the 1992 Constitution which created Bank of Ghana from being overthrown especially with the promotion or campaigning for a Military Coup in the media by populists.
Sir, let me reiterate that the looming economy melt down was occasioned by the three risks especially the repercussion of COVID-19 pandemic, aggravated by the Russia -Ukraine War, failed e-levy with the associated shutdown of the International capital market to Ghana due to downgrading of the financial position of Ghana and most importantly in the minds of some of us may be due to mismanagement by President Nana Addo’s regime. also a major problem otherwise failure to opt for the Debt Services Suspension Initiative before December 2021, demonstrated gross incompetency on the part of the Finance Minister who thought he could milk from the e-levy since he thought it may give a yearly yield of GHC5 Billion which could be used to securitize for loans. So likely greed by the son of man might have clouded somebodies mind, hence the nemesis of Ghana.
So sir in order to meet the Bank of Ghana’s Constitutional mandate or one of the core objective of a Central Bank globally to promote and maintain the stability of the currency of the Country, the Governor and his Deputies used the Balance Sheet of Bank of Ghana with an amount of GHC60Billion Cedis in the proclaimed Domestic Debt Exchange Program which helped in the reduction of the accumulated debt of Ghana since the 1980s which was 105%, thus an unsustainable debt to the sustainable level of 55%, thus facilitated an earlier access to the much talked about IMF Bail Out as earlier on recommended by His Excellency Ex-President Mahama and some members of the Intelligentsias for the booting/Navigation of the economy of Ghana from a reportedly Depression state to upturn level and to ensure the maintenance of macroeconomic and financial stability and inclusive growth.
So sir, Mr. Arise for Ghana, it is said a virtuous person sees truly and judges rightly and Exodus 23.2 commands that ‘You must not follow the multitude to do evil by twisting Justice. Consequently, the litmus test for your integrity/ sincerity is to proof that you are a virtuous person as I envisaged thus a person who sees truly and will judge rightly and you also appreciate Exodus 23.2 that ‘You must not follow the multitude to do evil by twisting Justice .
Sir, if you see wisdom in my submission then let us get all other patriots of Ghana, join us (me and you) to firstly thank the Almighty God with a national prayer on date to be decided by you and let us commend Dr Addison and his two Deputies for the excellent work for Ghana by paying a price for Public good with Bank of Ghana’s balance of GHC60.Billion which made the economy of Ghana as proclaimed by the IMF etc to be seeing signs of economy recovery.
Sir, for the records, GHC48.4 Billion out of the noisy about GHC60Billion was used in the Debt Exchange Program. Also, GHC5.2 Billion was due to exchange rate volatility or movements. And lastly GHC6.4 Billion was incurred on the debts of Cocoa Board (COCOBOD) and others debts in their books but IMF made Bank of Ghana to include these debts as part of Ghana’s debt hence part of the GHC60Billion ,since the value is the same as the debt of Ghana to the outside World which must be the risk of Bank of Ghana, which the Government of Ghana is 100% shareholder or Risk owner.
Sir, it will also demand that all patriots of Ghana must credit Ex-President Mahama with his early idea of Ghana to opt for the IMF Bailout which due to the very difficult crisis situation was a serious threat to National Security hence the Stability of the Fourth Republic and necessitated Dr Ernest Addison, the Governor of Bank of Ghana and his Deputies to use risk management tool and rescued Ghana’s economy from collapse unlike the foolhardiness of his counterpart in Sri Lanka who as the Governor of Bank of Sri Lanka woefully failed or refused to appreciate the dynamics and kicked against or refused to support the idea of IMF bailout for Public good. It is very unfortunate that some citizens, some MPs and other elements in the Nation are making ugly noises and want to demo against the good recommendation of Ex-President Mahama. There must be something wrong with them otherwise they do not want to see the recovery of the economy of Ghana.
Sir, you may agree with me that the Minority Group of Parliament and their cohorts must be educated by you that they are derailing the second coming of his Excellency Ex-President Mahama because whether the economy crisis was due to mismanagement by President Nana Addo as alleged by them or a combination of both internal and exogenous or external factors or internal problems aggravated by external shocks as alleged by President Nana Addo and his cohorts and the IMF/World Bank, that saw in the History of Ghana and the IMF, a Managing Director of the IMF openly campaigned for Ghana to get early bail out support from the IMF if they cause a coup by any reckless act and this will cause a fatal injury to the second coming of dear my brother or very difficult for him to turn the economy around and make a great impart with his second coming if given the nod.
So you may also agree with me that there was/is only one option or solution opened to Ghana during the crisis. This was/is IMF Bail Out as recommended by his Excellency Ex-President Mahama. If so you may further agree with me that the participation of Bank of Ghana with the GHC60Billion from her Balance Sheet in the nation’s burden sharing effort in the Domestic Debt Exchange Program was to pay for a price for public good which was therefore sine qua non (necessary condition) to facilitate for the IMF bailout, the prayer of his Excellency Ex-President Mahama, so a matter of security or common sense answer and not a paper for PHD degree. HMM our Pull Him Down syndrome in our DNA always clouds our good thinking, the brand of the Ghanaian (by courtesy of Hon Alhassan Suhuyini, Hon MP for Tamale North).
Sir, lastly, Dr Ernest Addison the Governor of Bank of Ghana, must be respected and commended with his excellent acumen and Statesmanship that saw the need to build the gold reserve of Bank of Ghana, involvement in the Gold for Oil Deal to support the Energy or fuel supply sector so as to help sustain the stability of the currency and provision of fuel 24/7 at good price without queuing. We were/are told that the Bank made a profit of GHC1.6 Billion in 2019, GHC1.5 Billion in 2020 and GHC1.4Billion in 2021. So the Governing Board and the Management of the Bank decided to make the dream of the Bank for a fit for purpose new Head Office since 1990 as a reality. Consequently, the Construction of a fit for purpose new Head Office started in the good year of 2019, which is about 42% complete and therefore must be completed since it has a dedicated budget line with voted sums initially as GHC121 Million US Dollars. This should not divide the nations if no serious problem of procurement and cost of the Project, considering the likelihood of variation of cost of inputs etc in volatile global economy.
Sir, aside the traditional role of Monetary Policy and the construction of Bank of Ghana’s Hospital and Guest Houses before 2016, hence the Bank of Ghana supporting the Nation in the provision of infrastructure and employment, thus a related issue of open market operation in support of the fiscal policy in the past, the patriots of Ghana deserved to be informed what other good things the Bank of Ghana did in the past. So people should not be allowed to waste the ears of the good citizenries with ugly noises. Sir it must be made clear to all that considering new taxes introduced by the Government, cost of inputs etc the changes in the cost of the building inputs, cost for new state of the art of equipment and cost of software due to fast IT revolution being introduced with time and Labour demanding for cost of living allowance etc so, the cost of the Project going up should not be a shock to even a pupil of JSS. So variation of the cost of a Project maybe permissible with time.
Mr Arise for Ghana, the Demand for transparency and accountability/probity on the Construction of the new Head Office is both a constitutional and legal imperatives, hence not negotiable at all and must be pursued by the good Minority Group and CSOs. But, why the Project is an infantile question or point, because the Project is a cost effective infrastructure that may also house International Financial institutions like West Africa Monetary Institute (WAMI), that will pay rent, it will also make it possible to release the old site for others at costs to them and revenue to the State/the Bank. Furthermore, it is an open market policy to create jobs in the construction industry and generate revenue by taxes (PAYE, VAT, E-levy etc, SSNIT contributions, Insurance cover premium etc) besides improving the Landscape or skyline of Accra.
It is a prayer that Bank of Ghana like what the Central Bank of Nigeria did in the participation in massive production of rice as import substitution bid may also play an open market operation in the Agricultural Sector. This should be what the patriots of Ghana especially the man on the street should be clamoring for.