Ghana: Announcement by Ken Ofori-Atta – Ghana’s Domestic Debt Exchange (04.12.2022)

Ghana: Nortern Regional Youth Network – Press Statement released by the Northern Regional Youth Network on the 2023 Budget Statement by the Finance Minister (24.11.2022)

Opinion: 2 Trillion shillings is suddenly needed to cover the deficit

A letter dated to the 7th November 2022 by the Minister of Finance, Planning and Economic Development, Matia Kasaija was leaked titled “Request for Proposal to Finance the Government of Uganda Budget for the FY 2022/23”. In that letter, the Minister is specifying the needs to borrow €500 million euros. When you convert this to Ugandan Shillings it ends up being 1,957,704,000,000 or about UGX 2 Trillion Shillings. That’s a lot of money that the Government and the MoFPED needs to borrow.

This is the definition of deficit financing. The cycle of bad loans in combination of lacking domestic revenue. The only way to be able to cough up funds for the short-fall in the short-term is to add additional loans. So, the cycle continues, the state take one loan after another. Loans upon loans to cover for the old loans. While also borrowing more money to be able pay expenditure and government expenses.

That’s why the idea that the MoFPED is asking for this now isn’t surreal. It is the bleak reality and the misfortune of a bloated government. The government has to many entities, to many representatives and a local government structure, which is too expensive. Expensive in the sense, that the government cannot foot the bills and don’t have the revenue to carry the expenses. That is living lavish and someone else is picking up the tab.

We already know the state is running out of loss, when the budget was forecasted with a huge leap of faith that grants and such would cover about 40% of the budget. That is telling and it’s really showing the lack of it when the state this early in the Financial Year needs another 2 trillion shillings loans to cover it’s expenses.

The MoFPED wouldn’t call for this loan and at these levels… if they didn’t know there was a short-fall or a lack funds. There is deficit and that’s not shocking. It is just worrying that it’s happening at this extent and is so normalized. While we are seeing the 11th Parliament is following where the 10th Parliament left off. Accepting loans after loans on development projects and other additional expenses, which only creates a huger debt-burden down the road. These roads or infrastructure projects has to be covered and they are not money generating enterprises. Therefore, the cost of doing it will be ten-fold in the long run. Especially, when you don’t have money for the upkeep or the ones doing the day-to-day works on it.

That’s why you know the latest revelation of this loan is just concerning. It is not a winning bargain, but a proof of mismanaged and lacking progress. When the state cannot sustain itself or be able to get a tax-base to cover these expenses. That’s because the state is wasting funds on paying for old debts and interests, which are far over the grace-period. Peace.

Opinion: Sunak’s mixed cabinet…

I will unite our country, not with words, but with action. I will work day in and day out to deliver for you. This government will have integrity, professionalism and accountability at every level” – Prime Minister Rishi Sunak (25.10.2022).

The Prime Minister with his announced cabinet reshuffle is really re-issuing some known faces from Boris Johnson and giving way to some of the appointees of Liz Truss. This isn’t a sign of a new era or a change towards reform. No, this is a continuation of the latter years and not much significant changes either.

Prime Minister Rishi Sunak isn’t doing anyone any real favours here. Appoint the likes of Dominic Raab and Michael Gove. Neither is the likes of Therese Coffey or Suella Braverman choices of reason. The pick of Penny Mourdaunt seems just to buy peace, as she was his competition for the office in the first place. Others are re-appointments or re-shuffling into new positions. The one who has been everywhere this it seems, Nadhim Zahawi. That just shows it all and the public should understand the game now.

PM Sunak is just trying to find the sweet spot between the ERG, the Boris clique and the alliance around Truss. Just so he has everyone covered and within his reach. That will be tricky position and it won’t be easy to pull off. No, he has to be on the proximity of all these groups and still able to play ball. If he has shortcomings or isn’t finding the right path. There will be resignation and claims that he differs from the “mandate” and what the Tories was “elected to do”. That will be the end-game here.

Heck, what is striking that Sunak has even appointed people who was in the cabinet of Theresa May. He is re-appointing and using old heads who haven’t made things better. That’s the likes of Jeremy Hunt, who also was appointed in the last minute of Truss cabinet too. Therefore, Sunak is really just trying to play with everyone.

While his only appointing a few loyalists of himself too. Nevertheless, it doesn’t seem to be many of these. That means that the ones around him are people who can turn on him quickly. The moment the buck stops and the knives are out… they will turn on him and bury him like they did the predecessors.

Prime Minister Sunak promised a government of integrity, professionalism and accountability… while he has chosen similar characters and MPs into cabinet, which has shown the opposite. The PM has taken in people who has broke the ministerial code and haven’t valued the Nolan principals either.

The PM has to prove his words, but the appointed ministers proves these words was all fluff. It was for publicity, but he appointed the opposite to unite the party. He didn’t appoint these ones to be more professional or show integrity.

Who appoints Braverman and Gove for integrity? Who appoints Raab for professionalism?

Well, this cabinet is just the Tories best-of-hits… and it’s not looking good. It is just the first day, but it’s not looking good for Sunak. Who isn’t changing tune, but is just another one. Peace.

Opinion: Sunak have no wiggle-room to fail

The ones that is rising up in hopes and grabbing their chair of joy. I would say your turning the tables a bit to fast. People should remember the time that Rishi Sunak, one of the wealthiest men in the United Kingdom was the Chancellor. He held that role for some time and had the ability to shift economic policies. That’s why this period has to be considered now that his officially the new Prime Minister of the United Kingdom.

I don’t want any ill for the man. This is his moment of prestige and prominence. He is taking over from a hectic turmoil of Truss and the falling pendulum of Boris Johnson. All the things that the Tories has done for 12 years and the shifts of policies are now rearing it’s ugly head. That’s not Sunak’s fault, but he was a part of it. He had plenty of time to make a difference, but he chose to align and work within those perimeters.

That’s why as his becoming the Leader of the Conservative Party and the Prime Minister. This is happening with the blessing of the Tories MPs and not the electorate. His the third PM of the 2022. Previously in the year he lost the campaign to Truss and now he succeeded the second time. Meaning his resilience and will to get there pushed him over the finish-line.

Because of that backdrop, I dropping a few breadcrumbs from the outlook on his term. The people he picks or appoints in cabinet will be detrimental and show his real alliances. Just like Truss chose to be aligned with ERG group of MPs. The same will be important to follow with Rishi.

That’s why these texts are important!

When it comes to tax and spend, Rishi Sunak is proposing nothing beyond current government policy in the short term – unsurprisingly, given that he set these policies as Chancellor. We therefore know a lot about what we would get under his premiership, at least initially, without his having to say much. We would have tax heading towards its highest sustained level in 70 years as a share of national income, though with an intention to bring taxes down once he has ‘gripped inflation’” (…) “There would be some headroom against the government’s fiscal targets – including the target of taxes covering all day-to-day spending by 2024-25 – though not enough to allow the Chancellor to rest easy, given the degree of economic turbulence and uncertainty. In the longer term, Mr Sunak has been clear that he does wish to cut taxes, but not until inflation has fallen back” (Stuart Adam Robert Joyce Isabel Stockton Tom Waters and Ben Zaranko – ‘ Tax and spending policies of Conservative leadership contenders’ 21.07.2022, The Institute for Fiscal Studies (IFS)).

The hike and the controversial loan-not-loan to deal with rising energy prices is “Treasury’s revenge for profligacy,” said another senior MP. But for many, it also highlights the line between good politics and good economics. If you hurt people in their pocket, it’s unlikely they are going to reward you at the polls. “The economic problems are starting to stick to him,” says another senior backbencher. “I think we are past peak Rishi.”” (Catherine Neilan – ‘’Past peak Rishi’: Why Conservative support is ebbing from Sunak as favourite to replace Boris Johnson’ 14.02.2022, Business Insider).

Whether Sunak has penned a note for his successor quipping that the money is all gone remains to be seen. He undoubtedly should. The Chancellor leaves a worse legacy than perhaps any predecessor of modern times. Inflation is running at nine per cent. The trade deficit has blown out to a mind-boggling eight per cent of GDP. The pound is tanking on the currency markets, real wages are collapsing, strikes are rampant, and the economy is heading for a recession. It is possible that Tony Barber, Edward Heath’s Chancellor of the early 1970s, left the nation’s finances in a worse state. But even that is debatable” (Matthew Lynn – ‘Rishi Sunak won’t be missed as Chancellor’ 05.07.2022, The Spectator).

There are certain aspects here that will key for the future. It is not like Sunak isn’t in favour of tax-cuts as well. That was the downfall of Truss and Kwateng. Certainly and hopefully he doesn’t usher in another “biscotti”. Who knows if his naive enough to do so?

What is striking is that his time as a Chancellor bought him enough peace in Westminster, but not across the Kingdom. Neither does he have the confidence or the grand support as other Prime Ministers. There is already calling for a snap election or a General Election. Since, the coronation of Sunak will be questioned. He don’t have a mandate or a popular vote behind him. His just a MP crowned because the two previous PM’s failed miserably.

Now as PM Rishi Sunak has not only to prove himself and his worth. Truss has broken the economy and the financial market. The Truss cabinet created worse for pensioners, gilt-markets and the mortgages, as the energy crisis is growing ahead of winter. Therefore, the Prime Minister has to stand tall and isn’t having it easy. That with the costs and burdens of Brexit will be put on him. The ramifications of that in combination of the downturn after the lockdowns and the biscotti “mini-budget” will linger over his head. There is no soft landing or time for a waiting period. He has to carry the weight and pick the right aides to find a way out of this.

As PM Sunak will not have the time or the ability to fail. We see how that cost Truss. He cannot do the same and risk it on the altar of financial speculations. That would again create prolonged agony and further the downfall of the financial market. The Tories has already shown how arrogant or ignorant of the plights of the general public. Now, one of the wealthiest men of the Kingdom has to prove that he cares and have the answers.

Time will tell if he does. It won’t be easy and he has to chose wisely. In the beginning he cannot risk or take gamble. If he does… he can easily follow Truss and be a short-term PM without a legacy worth clinging on too. Peace.

Opinion: They are acting like it’s a two horse race between Sunak and Mordaunt

Even the former Labour Shadow Chancellor admits – I’m the candidate Labour fears most” (Penny Mordaunt, 24.10.2022).

Today there is finally only two candidates for the leader of the Conservative Party and the Prime Minister. The role will be held by the winner after Liz Truss resigned. Last night Boris Johnson pulled out after lying about the support of MPs. However, there are two MPs left chasing the title.

This is Penny Mordaunt and Rishi Sunak. They are both compete for it. While Rishi Sunak has already crossed the threshold and is within the realm of victory. He has over a 100 MPs on his side. He could have a coronation later today or tomorrow for that matter.

Whille Mordaunt is clinging on to her chance. This is the second time she is trying this year. Penny tried last time to, but fell flat to Truss and Sunak then. Now, she hopes to overcome it. Because, we know the degenerates will be on her side and we have heard how Sunak has been cascaded on the radio over his ethnicity. Therefore, she hopes she can pull it through.

This game it’s hard to tell what will happen. Though the one with the most solid backing right now is Rishi. Rishi who is also standing for a second time this year after losing to Truss earlier in the year. He overcame Boris Johnson this time around and Penny shouldn’t have a chance. However, these things aren’t rational at this point.

The Tories are a wreck and on the brink of total collapse. The Tory MPs could say to Penny: “Back down, take the L and move-on”. Though we shouldn’t count on it. Boris could easily say to his allies. Back Penny instead of Sunak. Because, he want to avenge himself now, before he prolongs his vacation, which has lasted since 7th July 2022 and he only returned for his second bid to become the Prime Minister.

These two will now fight it out. Sunak wants to avoid the membership to vote. That’s how Truss certainly won the last time. It wasn’t with a huge margin, but enough to beat Sunak. The same could happen again, if the two was to compete with the membership of the party. Mordaunt clearly wants the membership to vote, because Sunak didn’t win last time. It would be detrimental to Sunak to be coronated swiftly.

Anyone who has followed and seen, Sunak has a chance in this and should be the next PM. However, with knowledge of what could happen. There could suddenly be a surge of support for Mordaunt during the day, which would make this more challenging. While at this moment… there isn’t really a race, but a safe journey for Sunak.

He should be the one in this, but the Tories are easy to come with the knives and change the narrative in a hot minute. Just like so many MPs called for the end of Boris, but just yesterday vouched for him again. Therefore, we cannot totally trust them to be consistent or stable in their train of thought. They will fish for relevancy and possible pay-offs for their “loyalty”. That’s why some things might easily change during the day.

Mordaunt versus Sunak… who knew, right? But that’s where we are in October 2022. Peace.

Opinion: Boris isn’t a solution, but a way of salvaging a damaged party

If the Conservative Party re-elect Boris Johnson to be the Prime Minister and the leader for the Party. Then the Tories are forgetting his past, his blunt lack of accountability, transparency and his open cronyism. Boris isn’t an honest leader or a man of the people. No, he lies, deceive and has no scruples.

That’s why the “Parte after Parte” Prime Minister during the lockdowns aren’t the right fit for a return. Some might say he has the mandate and was elected to do so. Nevertheless, there was reasons for his downfall and him resigning from office earlier in the year. He wasted his opportunity and was more involved in extra curricular activities, than actually busy governing.

Boris Johnson shouldn’t be an option. He shouldn’t be the last resort even. To just imagine another term of Boris is shattering. It is like the Tories never learned or understood what he did. The former Prime Minister promised everything, but gave the public nothing. He said there wasn’t costs to Brexit, but the downturn was already bleak. Truss enlarged the problem of plummeting financial markets, but Johnson was the one that had started the downward spiral to begin with. So, him returning will not be better, but for the worst.

If you thought the first term of Boris was bad. If the Tories gives him a second round. Expect it to be much worse. He has already showed what his willing to do. It is not like he has changed or has enlighten himself. No, he has been on vacation in the middle of cost of living crisis, rising electricity prices and rampant inflation. The former PM was busy living large in the Dominican Republic. If it wasn’t for the leadership crisis… he would have sit by the pool with his wife and enjoyed the perks of leaving office.

His only returning to regain power and be a viable candidate for the Tories. He wants the power and the office. That’s why his in London and not in the Caribbean. Where he enjoyed the drinks, sun and everything was shiny. While the average citizen are getting worried about paying their energy bills, added costs on basic products and a lack of support from the government. That was the time he decided to skedaddle and buzz off.

So, it is interesting that his calling off the vacation and returns early to London. Because, his been in Caribbean since 7th October 2022 and left again on the 21st October 2022. That’s all happening for one reason. He has a shot to return to power, because of the missteps of Truss. She imploded within no-time and could contain the agony she produced.

Now people want Boris back, even saying they are bringing him back. While if they do so. They shouldn’t expect a better government, but another tarnished despicable cabinet of loyalists. It will be a persistent arrogance and incompetence the Kingdom got used too.

Boris Johnson won’t bring back better times. No, he will linger in oblivion and he will live large. Nevertheless, his government won’t bring a helping hand or any sort of support of the citizens in the hour of need. We saw what his government did during the lockdowns and nothing will change now. The NHS was already badly bruised and the same with government services after years of austerity. The Brexit downturn in combination of the biscotti “mini-budget” is just the final straw that broke it’s back.

The Conservative Party is foolish and ignorant, if they are bringing Boris back. They are self-serving and not thinking of what message they sending to the public. With giving him back the reigns. They are not considering all the scandals, mismanagement, the inept aides and all the breaches of laws, which his still under investigation for. Therefore, to pick a man like that is a walking liability and not a credible leader. Not that I want any other Tory either, but Boris has tried and utterly failed. There is no need to revisit or give him a second chance. He has done his bidding and delivered a terrible tenure. It won’t be better now and he will only act more arrogant now. Since, he could see that it had no consequence and he could just return like nothing happened. Peace.

Opinion: Truss only lasted 44 days…

The reign of Prime Minister Liz Truss is one of the shortest. She was officially the Prime Minister from the 6th September 2022 and she resigned on the 20th October 2022. That’s only 44 days in office. She had two Chancellors and two Home Secretaries. While losing the Chief Whip and Deputy Chief Whip over a vote on the final full day, which happened to be yesterday.

We expected the letters to 1922 Committee was already in order. The PM had not only ostracized herself within the party, but also outside. The financial markets had not faith here and the public was alarmed. In the middle of a crisis of living with rising inflation, higher costs on basics and additional uproar over the prices of the electricity. There was enough trouble steering sea to able to cross into a safe-haven. However, Truss and her cabinet would steer right into the storm and never come out alive.

Prime Minister Truss and Chancellor Kwarteng really unleashed the “biscotti”. The wealthy was to live abundantly without fear of taxes or caps. There was supposed slashes in taxes and bankers was bound for a huge pay-off. It was early Christmas for the wealthiest in the Kingdom and they plenty of bounties on the way. However, it had a cost and the price was on the financial stability itself.

As the taxes, the money out of the markets and possible ramifications got consequences quickly. The trust in the gilt market fell exponentially and the mortgages was rising significantly. While the pensions funds was crashing down too. In addition, the Pound Stirling also fell in value and was devalued overnight too. There was no good news, but possible more austerity for the poorest while the richest was to get more gold. That was the project and the mission of the Truss era.

A Truss Era that only lasted a bit more than a month. She lost confidence everywhere. The PM has done several U-Turns, but nothing of she ever did helped her cause. Secondly, she also ended up forcing a fracking vote, which was a sort of confidence vote in her. Where the Tories MPs who didn’t vote on it would be deemed as “independents” and not Tory MPs. However, after seeing what happened today. That sort of forced vote didn’t help her case or the trust in her either.

The PM has not only failed the United Kingdom, but she has also failed the Conservative Party. Truss has shown the world not to govern. She even lost to a lettuce. The lettuce lasted longer than Truss.

Truss and her allies said the opposition was a “coalition of chaos” and an “anti-growth coalition”. However, the Tories themselves are these things and can only be seen as projections. Instead of looking into its own actions and what they have caused. The Tories have only caused chaos and been anti-growth. The Tories at this point is the creator of chaos… and their financial polices have only decreased the options for businesses or the financial markets. Therefore, Truss and such should be a bit more self-reflective about the actions made by herself or her appointed cabinet secretaries.

Liz Truss will be an example how in crisis to make things worse. Truss has shown how you can self implode and self-destruct without spending time in office. She is just the proof that even seasoned politicians can lack common sense and flexibility in concern to make wise decisions. That’s what she has achieved… and it’s a unique achievement.

The next successor better be aligned with some sound people in her cabinet. Secondly, better be careful with financial policies and the way forward. Truss has shown that you have to modify and carefully move forward. Not just go all in and thinking it doesn’t have consequences. Because, of the biscotti has now lost the office and her reputation.

So, I doubt you will see her sitting in a cafe in Norfolk in the future eating on a biscotti on the side of cuppa of tea. Peace.

Opinion: Truss, sacked in the morning?

Today has been a horrific day for the Prime Minister Liz Truss. Not only had she a bad day at the Prime Minister’s Questions (PMQs) in the House of Commons. Where she was taken new U-Turns and wobbling back-and-fourth. She has no confidence and things are falling apart.

Not only did the Home Secretary resign earlier in the day. Suella Braverman MP resigned and she has appointed a new one. Grant Shapps MP has now accepted this office, but it won’t be his for long. Expect it to be as long as the stint of Michelle Donelan MP who was Secretary for Education for two days in July 2022. The same might happen to him now.

Why do I say this?

Well, the Chief Whip Wendy Morton and Deputy Chief Whip Craig Whittaker has both resigned this evening over the rebellion in the fracking vote in the House of Commons. Certainly, nothing is going to plan or even as scheduled. The Prime Minister isn’t able to steady the ship.

No messaging is the same in the morning, as in the afternoon and then another change by the late evening. It is not strange that people give up. The PM even changed her perspective or promises on triple locking the pensions earlier today. After the U-Turns on the “Mini-Budget” and taxation in general. This after the gilt market, the pensions and the Pound Stirling has fallen in value. The markets are not trusting this government and why should they?

There is no stability or coherent messaging. The message is ever changing and the PM is following the wind. Certainly, the ERG haven’t helped her, but now she shouldn’t fear them. The PM should fear the call of the 1922 Committee in the morning. Because after tonight. There might be ramifications and a notification from Sir Graham Brady MP. Who has to pull through and have a “no confidence” vote.

If there isn’t enough letters sent to the 1922 Committee by end of today. I don’t know what is up or is down. There is nothing in the political sphere or in reach of a normality. It is just self-destruction, self-deprecating and depressing really. That the rebellion from within is happening so swiftly. However, Truss has created this quagmire and was able to usher this one in.

It is impressive and tragic at the same time. All of her career down the drain within 43 days. Whatever she was able to do before is now all gone. Boris Johnson, Theresa May and David Cameron can at least hold their heads high somehow compared to her. Even though Boris left with to many crisis and was deemed to fall eventually. While May just couldn’t carry the weight of Brexit. Just like Cameron didn’t want to be part of it. Because he knew it would be detrimental to his name. That’s why the ramifications of Brexit, the lockdowns of COVID-19 and the new “Mini-Budget” have all been feeding the fire. Truss didn’t handle the pressure and only made things worse.

Truss is actually the leader of the “anti-growth coalition” and the “coalition of chaos”. Nothing about the Tories right now oozes stability or growth. Everything the Tories tries to commit to or act upon, only turns sour. There is nothing that tastes good or is promising about the Truss government. The only thing that could be good.

Is the press release from Sir Graham Brady saying a “no confidence vote” is scheduled after meeting the threshold for letters from MPs. If so… there is a hope for a new tomorrow. Becasue, right now?

Everything is grim and nothing looks promising. Truss has been an inept and utter failure. She has only depleted and destroyed. Truss has acted like a bull in a china-shop. We are seeing the results and to be blunt. It is bollocks and knob-heads who still believes in Truss. The rest who has a few marbles working has given up on her. Peace.

United Kingdom: Prime Minister Liz Truss letter to Suella Braverman MP (19.10.2022)

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