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Ghana’s finance minister, Ken Ofori-Atta, ‘truly sorry’ over country’s economic troubles

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Amidst the recent economic turmoil in the West African country, its embattled finance minister, Ken Ofori-Atta said he is “truly sorry” for the country’s economic situation.

Mr. Ofori-Atta apologised for the economic hardship but defended himself against accusations by lawmakers that he is unfit for the job.

The minister has faced criticism over his handling of what has become Ghana’s worst economic crisis in a generation. This comes when he is leading negotiations with the International Monetary Fund (IMF) for a relief package of up to $3 billion.

Recall that the Ghanaian parliament had also called for the sack of the finance minister, and his deputy, in order to “restore hope in the financial sector.”

There are allegations that Ofori-Atta has been benefiting from Ghana’s economic woes through illegal payments and unethical contracts, among other charges but added that the accusations were unfounded.

“The people of Ghana are enduring hardships. I feel the pain personally, professionally and in my soul,” Ofori-Atta said.

The Ghanaian President, Nana Akufo-Addo appears to have yielded when he sacked the country’s Minister of State for Finance, Charles Adu Boahen, over allegations of corruption on Monday.

The country’s currency, Cedi was the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

The country is currently battling debt, 20-year-high inflation, a weak currency, and rising inequality.

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Egypt to issues panda bond at the ‘right moment’ – Deputy Finance Minister Ahmed Kouchock

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Egypt’s Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk has revealed that the North African country plans to issue its first panda bonds by the end of this fiscal year.

Kouchock made the revelation on Sunday at an event at the American University in Cairo, adding that the country is  ” just waiting for the right moment,” Kouchouk told

Egypt hinted in August that it has completed all necessary procedures to issue panda bonds in the Chinese market at an expected value of $500 million.

Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers.

Earlier, local media quoted Finance Minister Mohamed Maait as saying the issuance was expected to be at $500 million.

The country is open to flexible terms of setting the value of the external financing within the framework of extending the debt tenor and the current average term of external debt of 12 years, Kouchouk pointed out.

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Nigerien President, Mohamed Bazoum wants employment quotas for African immigrants

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Niger’s President Mohamed Bazoum wants employment quotas for African immigrants tailored to job needs from European countries.

President Bazoum made the position in an interview with an Italian newspaper, La Repubblica. on Friday.

The president’s argument is that the quota will address European countries’ needs for its labour market and could help resolve the problem of illegal migration and human trafficking.

“In France, Spain, and Italy you have many jobs in sectors of employment where Africans can work,” Bazoum said.

“These numbers need to be established, country by country, and then the consulates entrusted with the responsibility of enforcing them.”

Surveys of African migrants in or heading toward Europe reveal that the majority were either employed or in school at the time of their departure. Yet, they felt despair over their economic prospects.

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