TIG Post

Tag: Africa Money

  • Dialysis patients are trading their properties for kidneys – Renal Patients’ president

    Dialysis patients are trading their properties for kidneys – Renal Patients’ president

    The President of the Renal Patients Association, Baffour Kojo Ahenkorah, has revealed the severe financial burdens that kidney disease patients in Ghana face in accessing essential dialysis treatment.

    Speaking on Joy News’ PM Express, Mr Ahenkorah disclosed that, with the soaring costs of dialysis, many patients are resorting to desperate measures, including paying millions of cedis and also trading their property for a kidney.

    His statements come after Vice President Dr. Mahamudu Bawumia’s announcement that, from December 1, 2024, the government will cover the cost of dialysis treatment under the National Health Insurance Scheme (NHIS), which aims to reduce the financial pressure on kidney patients.

    Reflecting on his personal experience, Ahenkorah shared how the costs of dialysis over the last decade have been overwhelming.

    “If I’m to calculate the 10 years now, the money I’ve spent, I could have done a transplant easily with that money,” he said.

    “But the point is, I don’t have the bulk money to go and do it. So at least then, if I get ¢1000, I go and do a session and see if I can get bulk money. Day in, day out, the time is running. So it’s all about the money.”

    Mr Ahenkorah pointed out that while many patients can afford dialysis, they struggle to save for a kidney transplant, which is available at hospitals like Korle Bu and Bank.

    One of the major challenges discussed was the shortage of kidney donors. Ahenkorah revealed that economic hardships have led some people in Ghana to sell their kidneys.

    “If this thing was there for the last 10 years, probably I could have saved enough or the money that I have, I would have used it to do my transplant, and I’m off,” he explained, expressing hope that the upcoming free dialysis treatment might help patients save towards transplants in the future.

    Donations from family members, traditionally the primary source of kidney donations, are becoming increasingly rare.

    According to him, the price for a kidney ranges from ¢3 million to ¢4 million, with some people even accepting a two-bedroom apartment as part of the exchange.

    However, purchasing a kidney is only part of the financial burden. Mr Ahenkorah emphasized that after buying the organ, patients are still required to pay around $25,000 for the transplant surgery.

    “Now, the country is hot; people need money. So if I can live on one kidney, why not?” Mr Ahenkorah stated. 

    “Some people don’t mind. If they check and you are compatible, that’s it. Some people are selling it for about ¢3 million or ¢4 million. Once you do the labs and you are compatible, it’s ready; they are willing to give it to you. Somebody will say, ‘Get me a two-bedroom apartment, let me go and stay there, and I’ll give you one of my kidneys.’”

    In addition to the cost of dialysis and the transplant procedure, Ahenkorah shared how continuous medication, including Erythropoietin and blood pressure drugs, has also drained his finances.

    “We need to get it, because now, for somebody even to give this kidney to, people are selling it. People are doing it indirectly. In Ghana, people are doing it indirectly,” he disclosed. 

  • Kasoa ritual killing: Ads on rituals must be abolished – Father of victim to govt

    Kasoa ritual killing: Ads on rituals must be abolished – Father of victim to govt

    Frank Mensah Abdullah, the father of Ishmael Mensah Abdullah, a 10-year-old tragically killed in Kasoa during a botched money ritual, has called on the Ministry of Communication and Digitalisation to intensify its efforts in eliminating media promotions of money-doubling schemes.

    He argued that these advertisements not only encourage criminal activity but also endanger public safety.

    Mr Abdullah recalled the Ministry’s previous initiatives aimed at curbing such dangerous advertising, particularly on TV, and urged that these measures should extend to radio stations as well.

    “The government must embark on an exercise to clamp down on radio stations that advertise money rituals and money doubling. I remember the Minister of Communication and Digitalisation began an earlier exercise. They must continue the exercise again to deal with stations that are into such practices. This will prevent others from engaging in such acts,” he added.

    While Mr Abdullah felt some relief at the life sentence given to Nicholas Kini, one of the accused, he expressed frustration over the legal outcomes for Kini’s 15-year-old accomplice, who was directed to a juvenile court.

    He advocated for legislative revisions regarding juvenile sentencing in serious crime cases.

    “We have indeed had judgement and we must come together as a family. The issue has put my family into debt. We are trusting God for something good.

    “We thank the judges for bringing the matter to a logical conclusion. The government must take a second look at the law that refers a juvenile to a juvenile detention centre. They must revisit the laws.”

  • IMF slashes borrowing fees by 36% for debt-laden countries

    IMF slashes borrowing fees by 36% for debt-laden countries

    The International Monetary Fund (IMF) has reduced borrowing costs for some of the world’s most debt-burdened countries, following mounting criticism that its fees were overly harsh amid rising global interest rates.

    The IMF’s executive board approved a cut to surcharges, which are additional fees levied on top of regular interest for countries borrowing beyond their quota or taking longer to repay. This decision primarily affects major borrowers like Argentina, Egypt, Ukraine, and Ecuador, who have borne the brunt of these fees.

    Kristalina Georgieva, the IMF’s Managing Director, announced on Friday that the reform would lower IMF borrowing costs by 36%, saving countries $1.2 billion annually. The number of nations paying surcharges is expected to drop from 20 to 13 by fiscal year 2026.

    However, it’s uncertain whether this concession will satisfy critics. Leaders from countries like Argentina and Brazil have called for a complete suspension of surcharges, arguing that the relief is minimal compared to the broader $1.62 trillion of dollar-denominated debt in emerging markets, with $132 billion due next year.

    Georgieva, ahead of hosting global financial leaders in Washington this month, emphasized the need to address the concerns of indebted nations. The reform includes raising the threshold for surcharge imposition and lowering the margin over the prevailing interest rate.

    The IMF has traditionally used surcharges to deter excessive dependence on its financial assistance. Despite calls to eliminate them entirely, the executive board upheld the fees, with Georgieva stressing that they are essential to encouraging responsible borrowing.

    The surcharges have contributed to the IMF’s precautionary reserves, which are meant to safeguard against potential losses. With the fund reaching its $34 billion target for these reserves earlier this year, the need for continued surcharge collection has diminished.

  • 54.1% inflation surge in 2022 was not solely caused by money printing – Dr Frank Bannor

    54.1% inflation surge in 2022 was not solely caused by money printing – Dr Frank Bannor

    A Development Economist and Head of Research at the Danquah Institute, Dr. Frank Bannor, has cautioned against the oversimplification of attributing Ghana’s post-2021 inflation surge solely to the Bank of Ghana’s money printing to finance government deficits.

    During an appearance on Metro TV’s Good Morning Ghana on August 15, 2024, Dr. Bannor engaged in an in-depth discussion with host Randy Abbey, examining the complex factors that contributed to the inflation spike in 2022, which peaked at 54 percent.

    Dr. Bannor emphasized that several intertwined factors, such as the depletion of Ghana’s reserves, the depreciation of the cedi, and disruptions in global supply chains, were pivotal in driving the inflation surge.

    He pointed out that the depletion of reserves following the COVID-19 pandemic significantly weakened the cedi, leading to higher import costs and contributing to the overall rise in inflation.

    “It cannot be the fact that the central bank printed money to finance government deficits. That is why we had a higher inflation rate… In 2022, that was when Ghana had one of its worst reserves. During the COVID time, the president stated that our debt needed to be suspended, in terms of debt service, which wasn’t done. For that matter, in 2020, Ghana had one of its highest reserves since independence, about 4.8 months of import cover. So, we expended most of these reserves in servicing debt due to revenue shortfalls and other expenses. Therefore, we virtually depleted our reserves, causing the cedi to lose its value,” he explained.

    Dr. Bannor noted that the global surge in freight prices and the skyrocketing costs of essential commodities, including fertilizers from Ukraine and Russia, further intensified the inflationary pressures faced by Ghana.

    “2022 was worsened because of the pricing of fuel. President Joe Biden himself said Putin has weaponized fuel. In fact, food inflation was one of the highest inflations we had in 2022. Why? Because most of the inputs we get to produce food come from Ukraine and Russia. Ukraine and Russia are the two major suppliers of fertilizer. When Putin invaded Ukraine, the global price of fertilizer went up about 15 times. Most IMF reports will tell you that sub-Saharan Africa, in particular, suffered from that incident,” Bannor stated.

    Dr. Bannor also highlighted that other countries, such as Turkey, experienced similar inflationary pressures.

    However, Randy Abbey insisted that the central bank’s substantial increase in money supply must be considered when analyzing inflation.

    He acknowledged that external factors like the Russia-Ukraine conflict and COVID-19 played major roles but emphasized that the central bank’s policies were also a key factor in the inflationary trend.

  • Mother allegedly beats 15-year-old son to death for stealing GHS80

    A 15-year-old boy has tragically lost his life in Kasoa American Town after allegedly being beaten by his mother for stealing GH¢80.00.

    Reports indicate that the boy’s mother, who runs a well-known bakery in the area, noticed her GH¢80.00 missing and suspected her son of theft over the weekend.

    She reportedly beat him and threatened to report him to the police if he did not confess.

    Unfortunately, the boy passed away in a taxi while being transported to the police station.

    On Monday, GNA visited the boy’s home, where relatives were observed mourning in traditional attire. They chose not to comment on the situation but confirmed that the incident had been reported to the Kasoa Divisional Police Command.

    However, further inquiries at the police station revealed no record of such a report. Additionally, the mother’s bakery was found closed during the GNA visit.

    The boy’s body has been taken to the Mother and Child Hospital in CP, a suburb of Kasoa.

  • This is embarrassing! – Man decries immigration officers allegedly asking money from passengers at Kotoka

    This is embarrassing! – Man decries immigration officers allegedly asking money from passengers at Kotoka

    A Ghanaian man has raised concerns about the trend of some staff at Kotoka International Airport (KIA) soliciting money from passengers.

    This particular act by these individuals, he said, reflects poorly on the country as a whole and could potentially damage its reputation or pride.

    His remarks have sparked widespread discussions on social media, with many individuals recounting similar encounters.

    In a widely circulated video online, the man highlighted that this issue has been noticeable for some time and seems to be worsening.

    He recounted an incident involving a Nigerian traveler who complained about being approached for money while passing through Ghana.

    Initially defending his country, he later admitted that the problem is pervasive, extending from the airport gates to the boarding areas, where various personnel frequently request money from passengers.

    ‘There is this thing that I have observed for some time now. I used to think it was a thing happening in Nigeria but it looks like increasingly, Ghana is becoming even more notorious

    Last week I met a lady in Nigeria and she was complaining to me how she transited through Ghana and people were demanding money, I tried to defend us but you go see say the thing be true and you know, from gate to boarding, everybody asks for money

    It’s out of hand,” he said, adding that even a Canadian friend had similar complaints about immigration officers demanding money.

    The man further detailed a troubling incident involving a staff member at a boarding gate who subtly hinted at needing financial assistance.

    “She said, ‘Oh, I’m done oo. I’m looking at you.’ Doing stuff suggestively that you are looking for money or demanding for money. You guys are embarrassing Ghana,” he lamented.

  • Smooth financial operations depend on compliance and internal auditing – BoG Governor

    Smooth financial operations depend on compliance and internal auditing – BoG Governor

    Governor of the Bank of Ghana, Dr. Ernest Addison, has called on savings and loans companies to prioritize adherence to prudential regulations and ensure robust internal audit functions.

    He emphasized that these measures are essential for maintaining safe and ethical financial operations.

    Dr. Addison made these remarks during a dinner event marking the 20th anniversary of Opportunity International Savings and Loans Limited (OISL).

    He highlighted the importance of growth coupled with strong risk management, which is vital for regulated financial institutions to operate securely, ethically, and within legal frameworks.

    He encouraged savings and loans companies to enhance their corporate governance practices to support operational expansion.

    The Governor also reassured the industry of the Central Bank’s dedication to its advisory role, ensuring all financial institutions comply with regulatory requirements to foster trust and confidence in the sector.

    Additionally, he urged savings and loans companies to collaborate with banks and telecommunications firms to adopt emerging technologies.

    The Central Bank will continue to work with sector players to address their challenges, he assured.

    The anniversary dinner of Opportunity International Savings and Loans Limited showcased its journey and achievements, reflecting its growth and commitment to providing top-tier financial and non-financial services nationwide.

    A variety of distinguished personalities from the financial sector attended the event, including Dr. Nii Ayi-Bonte II (Gbese Mantse), Nii Abossey Okai III (Chief of Abossey Okai, representing the Ga Mantse), and King Tackie Teiko Tsuru II.

    The immediate past board chairman of OISL, welcomed guests, Mr. Katey Assem, noting,”We have stood the test of time, surviving and standing tall as one of the leading savings and loan companies in Ghana.”

    He attributed the institution’s success to its commitment to sound corporate governance, risk management standards, accountability, transparency, and ethical conduct.

    He also acknowledged the contributions of past and present board members, staff, and clients.

    Mr. Kwame Owusu-Boateng, CEO of Opportunity International Savings and Loans Ltd, reiterated the company’s commitment to compliance with all regulatory frameworks and standards.

    He highlighted the institution’s significant progress, growing from just three branches in 2004 to thirty-five branches and three agencies serving over 668,000 clients.

    “In addition to the loans that are advanced to clients in these sectors, the institution also provides tailor-made non-financial services to create the right impact on its clients,” he said.

    Mr. Owusu-Boateng also noted the institution’s achievements, including 45 industry awards since 2018 for innovative products like the Empowerment Loan, a special product for the physically challenged.

    He reaffirmed the institution’s dedication to its core values, leveraging technology for sustainable growth, and expanding operations to the remaining six regions of Ghana.

    4o

  • Brilliant but needy student seeks for funds to pursue nursing career

    Brilliant but needy student seeks for funds to pursue nursing career

    A 2023 brilliant but needy Senior High School (SHS) graduate, Smakato Miranda Bakata, has called on Ghanaians for financial assistance in order to further her tertiary education.

    Smakato Miranda Bakata an alumni of Okuapeman SHS aims to be a nurse, however, she lacks the wherewithal to bring her dreams and aspirations to fruition.

    In a passionate plea, Ghanaian blogger, Zion Felix called on the public to assist the SHS graduate to help get her back to school.

    A post shared by the blogger read “Please let’s help her.. she needs to continue her education. We cant let her dream cut short with all these grades. Her number is on the pic”.

    The blogger’s post was accompanied by Smakato Miranda Bakata’s West African Senior School Certificate Examination (WASSCE) results.

    Persons who would like to extend a helping hand to Smakato Miranda Bakata should call 0534666560.

  • Ghanaian jailed 48 months in US for involvement in $3.8m romance scam

    Ghanaian jailed 48 months in US for involvement in $3.8m romance scam

    A Ghanaian national, Emmanuel Quamey, has been sentenced to 48 months in prison for his involvement in defrauding vulnerable and elderly victims in the United States, according to asaaseonline.com.

    United States District Judge Carol Bagley Amon handed down the sentencing, which also includes a forfeiture order of $3.3 million and restitution totaling approximately $3.8 million to the victims.

    Quamey, who pleaded guilty in October 2023 to conspiring to receive stolen money, was part of a scheme laundering the proceeds of romance scams, exploiting victims’ trust and companionship desires, resulting in significant financial loss.

    Breon Peace, United States Attorney for the Eastern District of New York, underscored the seriousness of the crime, condemning romance scams as callous crimes preying on vulnerable victims.

    “Romance scams are callous crimes in which perpetrators steal money from vulnerable and elderly victims by taking advantage of the victims’ trust and desire to form human connections,” Peace stated.

    “This sentence serves as a warning to individuals like the defendant that there are real consequences to participating in these cruel scams. This Office and our law enforcement partners are committed to bringing these fraudsters to justice and getting the victims’ money back.”

    Peace emphasized the consequences for participating in such scams, affirming the commitment to bringing fraudsters to justice and recovering victims’ money.

    Special Agent-in-Charge Ivan J. Arvelo of Homeland Security Investigations (HSI), New York, commended the investigators for their efforts.

    According to court filings, between September 2019 and March 2023, Quamey and his co-conspirators orchestrated a scheme receiving over $3.8 million in fraud proceeds from vulnerable U.S. victims of romance scams.

    These scams involve scammers posing as potential romantic partners on social media or dating sites, tricking victims into sending money under false pretenses.

    Quamey’s role was to receive and launder the victims’ money, personally receiving approximately $3.3 million wired into bank accounts he controlled.

    Using multiple bank accounts in the United States and Ghana, Quamey and his co-conspirators transferred the victims’ money overseas to Ghana.

    “Romance scams are callous crimes in which perpetrators steal money from vulnerable and elderly victims by taking advantage of the victims’ trust and desire to form human connections,” Peace stated.

    “This sentence serves as a warning to individuals like the defendant that there are real consequences to participating in these cruel scams. This Office and our law enforcement partners are committed to bringing these fraudsters to justice and getting the victims’ money back.”

  • Barima Sidney reveals why he didn’t sue Wendy Shay over copyright infringement

    Barima Sidney reveals why he didn’t sue Wendy Shay over copyright infringement

    Following the release of her track “Africa Money,” Ghanaian songstress Wendy Shay faced potential legal issues as bloggers urged Barima Sidney to sue her for allegedly sampling his song.

    In a recent interview on Cape Coast-based Property FM, Sidney clarified why he chose not to pursue legal action.

    “I’ve refrained from commenting on Wendy Shay sampling ‘Africa Money’ because I don’t perceive it as her sampling my song,” Sidney stated.

    “Bloggers tried to create conflict between us, but I don’t see any resemblance between her work and mine. I’m not the originator of the terms ‘Africa’ or ‘money.’”

    He further explained, “If I’ve used the phrase ‘Africa money’ and she has also incorporated it into her work, it’s perfectly acceptable. Therefore, I didn’t see any cause for concern. It was the bloggers who suggested I was planning to take legal action against Wendy Shay, but I never made such a statement.”

    Sidney emphasized that artists often use common words in their songs, and there’s a limited vocabulary to draw from.

    “What I express today may have been articulated by someone else before,” he added.

    He continued, “I didn’t perceive any wrongdoing and considered it a normal occurrence. My only grievance was when bloggers fabricated stories to pit me against Wendy Shay to elicit a response from her.”

    “I will never assert that Wendy Shay sampled my song just because she used the words ‘Africa’ and ‘money.’ I didn’t coin those terms, so if someone combines them to create something new, there’s no issue,” Sidney concluded.