TIG Post

Tag: collapse

  • Ashanti region: One killed following heavy rainstorm at Jacobu

    Ashanti region: One killed following heavy rainstorm at Jacobu


    A 37-year-old man tragically lost his life in Jacobu, located in the Amansie Central District of the Ashanti region, following a severe rainstorm that caused numerous facilities to collapse.

    Reports from residents indicate that the deceased, identified as Kwabena Emma, was swept away by the deluge on Sunday, April 21, 2024.

    According to eyewitnesses who spoke to OTEC News Reporter Jacob Agyenim Boateng, Kwabena Emma sought refuge in front of a shop during the relentless rainfall but later attempted to return home as the downpour persisted.

    Under circumstances suggesting possible intoxication, Kwabena Emma stumbled and tragically drowned in a large gutter along his route home.

    Furthermore, the rainstorm wreaked havoc on the technical block of Jacobu Senior High Technical School, causing significant damage to the roofing. The boys’ dormitory also suffered flooding, affecting numerous students.

    Expressing concern over the situation, Amansie Central District Chief Executive, Micheal Donkor, emphasized the gravity of the events. He pledged the Assembly’s support for the affected victims, particularly the school, while urging charitable organizations and individuals to join efforts in providing relief for the affected students.

  • Over-subscription of govt bonds will collapse banks – Report

    Over-subscription of govt bonds will collapse banks – Report

    A fiscal analysis conducted by Banking Consultant, Dr. Richmond Atuahene and Data and Research Analyst Isaac Kofi Agyei presents a bleak outlook for Ghana’s banking industry, largely due to the over-subscription of government bonds.

    Entitled ‘Thirsty Banks: Ghana’s 2023 Challenge with High Cash Reserve Ratios,’ the report underscores the prolonged maturity period of government bonds, scheduled until 2031, as a significant concern for numerous banks.

    This elongated waiting period poses a risk of depleting banks’ resources, ultimately leading to insufficient liquidity for their day-to-day operations.

    According to the report, a substantial portion of commercial banks’ total deposits, totaling GH¢224 billion, has been diverted towards acquiring government bonds following the domestic debt exchange program.

    The report suggests that the Bank of Ghana should have taken into account the GH¢50.6 billion of bonds that were restructured before implementing the new, higher Cash Reserve Ratios (CRR).

    Ignoring this could lead to double accounting, and many bank boards and management teams are worried that this new directive could quickly drain their resources.

    “The Bank of Ghana should have considered the GH¢50.6 billion of bonds that were restructured before implementing the new, higher Cash Reserve Ratios; otherwise, it amounts to double accounting. The government bonds have a final maturity period in 2031, and many bank boards and management teams are concerned that this new directive could lead to a depletion of their resources soon as many banks may not be liquid enough to operate.

    “The central question remains: How did the Bank of Ghana establish the new Cash Reserve Ratio without factoring in the restructured bonds held by commercial banks, primarily funded by depositors’ money? Besides Bawumia (2010) argued that the high level of reserve requirements was a legacy of high fiscal deficits so why the heavy dependence on monetary policy to solve a problem deeply rooted in fiscal recklessness?”

    The central question raised is how the Bank of Ghana established the new Cash Reserve Ratio without considering the restructured bonds held by commercial banks, which are primarily funded by depositors’ money. Additionally, the report questions the heavy reliance on monetary policy to address a problem deeply rooted in fiscal irresponsibility.

    Recommendations put forth in the report suggest that the Bank of Ghana should reassess Cash Reserve Ratio reductions and address Non-Performing Loans (NPL) to restore resilience and economic stability within the banking sector.

    The proposed measures emphasize a balanced approach, urging the BoG to reconsider CRR reductions, account for restructured bonds, and mitigate NPL risks.

    Furthermore, fiscal measures, including significant budget cuts, are deemed critical to alleviate inflationary pressures and redirect credit to the private sector.

    This comprehensive strategy aims to bolster banking sector resilience, foster economic stability, and facilitate sustainable growth in Ghana.

    “Recommendations emphasize a balanced approach, urging BoG to reconsider CRR reductions, factor in restructured bonds, and mitigate NPL risks. Fiscal measures, including substantial budget cuts, are critical to easing inflationary pressures and redirecting credit to the private sector.

    “This holistic strategy aims to restore banking sector resilience, promote economic stability, and foster sustainable growth in Ghana.”

  • Tamale: 72 collapsed during Independence Day parade – Red Cross Society

    Tamale: 72 collapsed during Independence Day parade – Red Cross Society

    During the 67th Independence Parade at the Tamale Jubilee Park on March 6, a total of 72 individuals, including students, service personnel, and soldiers, collapsed due to severe dehydration exacerbated by the harsh weather conditions of the day.

    The extended exposure to the scorching sun led to the collapse of the students and personnel who stood for hours during the event.

    The northern regional head of the Ghana Red Cross Society and part of the paramedic team at the regional Independence Day parade, Yakubu Amin Abukari, reported that all 72 individuals have been successfully resuscitated.

    The parade, attended by dignitaries such as the northern regional minister, Shani Alhassan Shaibu, and the mayor of Tamale, Sule Salifu, witnessed the unfortunate incident.

  • Eight injured including students after school collapse in Eastern Region

    Eight injured including students after school collapse in Eastern Region

    A school building collapse in the Upper West Akim District of the Eastern Region has resulted in eight individuals, including four basic school pupils and a teacher, being in critical condition.

    The incident occurred during the Domeabra Zonal Inter School Sports on Wednesday, with three community members who were observing the tournament also becoming victims.

    TV3, based in Accra, reports that the victims are currently undergoing treatment at the Adeiso District Hospital.

    The Zonal Vice Chairman, John Priestly Badu, confirmed the incident, explaining that the event initially took place at the Sukrung Awemfi D/A primary grounds. Due to rain, attendees sought shelter in a deteriorated school building, leading to the collapse of three classrooms (classes one to three) around 4:30 pm.

    Bystanders managed to rescue the victims and promptly transported them for medical attention.

    Despite multiple appeals to the Member of Parliament (MP) and District Chief Executive (DCE) to address the deteriorating condition of the school, no favorable response has been received, according to John Priestly Badu.

    Gyasehene Edward Kotey and Mbrantihene Edem Atiemo have visited the victims at the health center.

  • Collapsed Zimbabwe gold mine kills 6, traps 15

    A mine shaft collapse in Zimbabwe has resulted in six fatalities and the entrapment of 15 others, according to state media reports.

    The incident occurred at the Bay Horse gold mine in Chegutu, located 100km (62 miles) west of the capital Harare on Friday morning, leaving over 30 individuals trapped.

    Thirteen miners have reportedly escaped or been rescued, while efforts to reach those still underground are ongoing, as reported by the television channel ZBC.

    The cause of the collapse remains unknown. The Zimbabwe Miners Federation has announced that its secretary general and the chairman of the Chegutu Miners Association will visit the site to investigate the incident.

    Zimbabwe, rich in gold, platinum, and diamond reserves, frequently experiences mining accidents due to rudimentary mining methods and lax safety standards.

    In 2019, heavy rain led to the drowning of numerous miners in the Silver Moon and Cricket mines near the town of Kadoma in the country’s center.

  • Collapsed wall kills 15-year old girl at Mankessim

    Collapsed wall kills 15-year old girl at Mankessim

    The collapse of a fence wall at Mankessim in the Mfantseman Municipality of the Central Region has claimed the life of a 15-year-old girl.

    Three others, however, escaped this unfortunate incident.

    According to reports, the victim known as Winnifred Abena Binney was playing with her three other siblings while raining when the incident happened.

    The report added that due to the heavy rains, the fence wall which was under construction suddenly collapsed on her.

    Janet Binney, mother of the deceased whiles speaking to Kasapa News said, immediately after she saw what happened, she quickly called for help from neighbours.

    The neighbours then rushed and removed the collapsed wall from the girl, but was found dead.

    Her body, according to the report, has been deposited at the Roman Catholic Hospital Mortuary at Mankessim.

    The incident which happened on Saturday, June 10, 2023, has been reported to the Police.

  • Two killed in second deadly Kenya building collapse in three days

    A second tragedy in three days. In the outskirts of Kenya’s capital, a multi-story building under construction collapsed on a neighboring home, killing at least two people on Thursday (Nov 17), authorities said.

    Housing is in high demand and unscrupulous developers often bypass regulations.

    Construction authorities have warned of unsafe buildings. Fredrick Kamau’s parents didn’t make it alive.

    “Mum and Dad were inside the house when the building started collapsing, then collapsed on them. When the ambulance came to rescue them they found them already dead and the construction was not fully completed.”

    Three other people have been rescued alive from the family home that was next to the collapsed building located in the Ruaka suburb.

    “This is not the first story or rather instance. In the course of this one week we have had two buildings that have collapsed. We have lost innocent lives”, resident Willy Kamau lamented.

    Last month we had a woman and her children that were buried; innocent they were also same case. They were not in the building, but a building near their house collapsed and the mother and the children just died like that. So we are asking this is the work of the county government it is not even the national government. The approvals, the drawings and everything is the work of the county government.”

    After building collapses in Kenya in 2015, the presidency ordered an audit to see if the country’s buildings were up to code. The National Construction Authority found that 58% of the buildings in Nairobi were unfit for habitation.

     

    Source: African News

  • At least three die after Nairobi building collapse

    At least three people have died after a building collapsed in Kenya’s capital, Nairobi.

    As we reported earlier, a search operation was underway to rescue at least 10 people, most of whom were thought to be construction workers.

    Reports now say that six people have been rescued from the seven-storey building which was still under construction.

    A supervisor in charge of the site twice ignored warnings from authorities to stop construction work following concerns over its stability, the Nation news site reports.

    The collapse of buildings under construction is not uncommon in the city.

    Source: BBC

  • Nigeria’s national grid collapse leads to nationwide blackout

    Nigeria’s electricity national grid has collapsed again, the 6th time this year.

    The last national system collapse was recorded on June 13, 2022.

    The National System Operator’s data showed that as at 12 noon today no power generation plant was on the grid.

    Further checks showed that as of 10 am, 19 plants were generating a combined 3,302 Megawatts with Shiroro Hydro at 573MW.

    In a notice to its customers, the Enugu Electricity Distribution Company PLC, EEDC, informed its “esteemed customers of a system collapse which occurred at 10:51 am today, September 26, 2022. This has resulted in the loss of supply currently being experienced across the network.

    “Due to this development, all our interface TCN stations are out of supply, and we are unable to provide service to our customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.

    “We are on standby awaiting detailed information of the collapse and restoration of supply from the National Control Centre (NCC), Osogbo”, the statement by Emeka Ezeh, Head, Corporate Communications, stated.

    The Transmission Company of Nigeria, TCN, which manages the grid was yet to advance reasons for the latest collapse at the time of filing this report.

     

    Source: mynigeria