Ghana is studying the onerous means why oil generally is a blessing and a curse. The onset of business crude manufacturing helped flip the West African nation into one of many continent’s prime funding locations, but additionally prompted successive governments to borrow to the hilt. Skittish traders have offloaded Ghana’s bonds and foreign money, the cedi, amid mounting concern over its capability to settle its money owed. The tumbling alternate price has precipitated inflation to soar. President Nana Akufo-Addo’s administration has appealed to the Worldwide Financial Fund for an help bundle of as a lot as $3 billion, and insists debt holders received’t should take successful.
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Analysis | Why Ghana Went From Hero to Zero for Investors
1. Why was Ghana so standard amongst traders?
The primary sub-Saharan African nation to realize independence after colonial rule, Ghana has been a bastion of stability in a area stricken by civil unrest and coups. Peaceable elections have been held frequently for the reason that Nineties, energy has modified arms between rival events and presidents, and it has an impartial judiciary and a vibrant parliament. The world’s second-biggest grower of cocoa and Africa’s No. 2 producer of gold, it started exporting oil in late 2010. The next 12 months, gross home product leaped by virtually 14%. The economic system has expanded yearly since then, albeit at a extra modest tempo, with the federal government’s embrace of a free-market system serving to to lure overseas capital and financing.
The federal government deserted fiscal self-discipline and opened the spending faucets in anticipation of an oil windfall. However the income it earned was inadequate to cowl a succession of pricey flagship applications and it borrowed extra to plug funding gaps. Overspending was significantly rife in election years. Akufo-Addo’s administration has scrapped charges for senior highschool college students. In 2021, the federal government spent $1 billion on refinancing loans owed by non-public energy producers, a transfer that was meant to scale back the state’s electrical energy payments. A plan to strengthen a banking trade that’s been weakened by unhealthy loans has value greater than 25 billion cedis ($1.8 billion), and an estimated 8 billion cedis extra is required to finish the method. Covid-19 dealt an extra blow to the state’s already stretched funds. After promoting eurobonds for every of the earlier 9 years, Ghana was shut out of worldwide capital markets in 2022 as traders misplaced religion in its capability to service its loans. The federal government shunned an initiative that will have enabled it to droop curiosity funds, and vowed to not faucet additional help from the IMF, earlier than altering its tune in July 2022.
3. How precarious are Ghana’s funds?
The nation is on the verge of a fiscal disaster. Its 402.4 billion cedis of debt equated to 68% of gross home product on the finish of July 2022, up from 62.5% 5 years earlier. When it may now not faucet worldwide markets, the federal government resorted to taking out home loans, paying annual rates of interest of virtually 30%. The central financial institution stepped in to supply the federal government with funding after it risked defaulting on its native debt, nevertheless it plans to restrict additional help to remain inside its authorized lending threshold. The IMF has warned that the authorities should take remedial motion, together with restructuring its liabilities, to qualify for help ought to the state’s debt be deemed unsustainable.
4. How have traders responded to the meltdown?
There’s been an exodus from the foreign money and bond markets. The cedi’s decline of greater than 55% within the first 10 months of 2022 made it the world’s worst performer. Its dollar-denominated bonds commerce at yields of greater than 10 share factors above these of US Treasuries, an indication of misery.
5. What are the authorities doing to deal with the state of affairs?
In late October, Akufo-Addo dismissed hypothesis that an IMF funding deal may translate into losses for any of Ghana’s debt holders. He’s pledged to revive monetary self-discipline by lowering complete public debt to 55% of gross home product by 2028 and peg exterior debt-servicing prices to not more than 18% of annual income by that 12 months. Lawmakers need Finance Minister Ken Ofori-Atta to take the autumn for the financial disaster and have referred to as for his dismissal. The Financial institution of Ghana raised its key lending price by 10 share factors to 24.5% within the first 10 months of 2022 to help the foreign money and assist tame inflation. The central financial institution additionally elevated the money reserves that banks are required to carry and commenced shopping for {dollars} from mining and oil corporations working within the nation — strikes that have been geared toward bolstering depleting overseas reserves.
–With help from Moses Mozart Dzawu and Yinka Ibukun.
Extra tales like this can be found on bloomberg.com
Washington
Washington Street closure extended in Quincy
QUINCY (WGEM) – The road closure for Washington Street between 7th and 8th streets has been extended for fire hydrant repair.
Officials stated that the closure has been extended to Jan. 15.
Officials also warn motorists to use alternative routes and drive with caution.
Copyright 2025 WGEM. All rights reserved.
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A brief history of presidential inaugural speeches, from George Washington to today
The only constitutionally mandated event on Inauguration Day is for the president-elect to take the oath of office. But on the first Inauguration Day, in 1789, George Washington did something else.
He gave a speech.
Every president since has followed his example and delivered an inaugural address as part of the national celebration.
These addresses are more than just a series of individual speeches. Rhetoric scholars Karlyn Kohrs Campbell and Kathleen Hall Jamieson argue that each inaugural address is not simply marking one stage in the ritual of political transition. Each is also part of a genre that has characteristics which, at some level, are expected and understood by speakers and audiences. There have been 59 inaugural addresses, starting with Washington, and while they may have differed in style and even specific subjects, virtually all feature these characteristics, which range from calls to unify the country to setting forth political principles.
The political history collections at the National Museum of American History, where I am a curator specializing in the history of presidential campaigns and campaign rhetoric, include several objects that illustrate these characteristics.
Exploring the genre of inaugural addresses through quotations and objects from the past can help listeners better understand the opening speech of a new administration, the first act in a job that began with the taking of the oath.
(Re)Unification of the audience
Inaugurations serve as the transition point between the competition of a campaign and the needs of an administration beginning to govern. For the audience to properly fulfill their role as witnesses to this investiture of power, they must be unified and reconstituted as “we the people.”
In the words of political scientist Lee Sigelman, these speeches are “literally brimming with verbal tokens of unity.”
There are references to our founders, our nation and the future we face. In 1957, Dwight Eisenhower spoke of the purposes “to which we, as a people, are pledged,” and Benjamin Harrison called his 1889 inaugural moment a “mutual covenant” between himself and the people. George W. Bush in 2001 united his listeners, saying, “Americans are generous and strong and decent, not because we believe in ourselves but because we hold beliefs beyond ourselves.”
Thomas Jefferson’s first inaugural in 1801 may have been the most explicit: “We have called by different names brethren of the same principle. We are all Republicans, we are all Federalists.”
Reaffirmation of national values
New presidents must also establish their qualifications for the office by demonstrating they understand and will preserve the shared values that are key to what Bill Clinton in 1993 called “the very idea of America.”
These traditional values are expressed in words such as freedom, liberty, democracy and courage. In 1981, Ronald Reagan reminded the audience, “Freedom and the dignity of the individual have been more available and assured here than in any other place on Earth. Jimmy Carter in 1977 summarized these values into “our belief in an undiminished, ever-expanding American dream.”
Setting forth political principles
Unlike many other presidential addresses, most notably the State of the Union, the inaugural does not advocate specific legislation but rather articulates more general philosophies that will guide a new administration. When policies are offered, they are less a call for action than a demonstration of a president’s commitment to the democratic system.
In 1845, James Polk promoted his “plain and frugal” economic plans because he said a national debt “is incompatible with the ends for which our republican Government was instituted.” Herbert Hoover said that the policies he listed in his 1929 address would be tested against the “ideals and aspirations of America.”
Even William Howard Taft, whose 1909 inaugural was among the most policy specific, framed his ideas with respect to the “proper” role of the federal government “in what it can and ought to accomplish for its people.”
Enacting the presidential role
Candidates give speeches that are, for obvious reasons, partisan and self-promoting. But when the campaign ends and governing begins, presidents must demonstrate an understanding of their role within the broader system.
In his first inaugural in 1933, Franklin Roosevelt moved out of campaign mode and acknowledged the constraints on his “leadership of frankness and vigor.” He pledged to rely on his “constitutional duty” to work with Congress.
Rhetoric scholars Campbell and Jamieson add that these speeches must also enact the “public, symbolic role of president of all the people” by revealing traits such as humility and reliance on a higher power. A typical example is found in the conclusion of Warren Harding’s 1921 address: “I accept my part with single-mindedness of purpose and humility of spirit, and implore the favor and guidance of God in His Heaven. With these I am unafraid, and confidently face the future.”
Fulfilling ceremonial expectations
Because of the celebration that surrounds them, inaugural addresses are expected to reflect stylized, ceremonial speaking. Such speeches strive to reach beyond the immediate situation to evoke timeless themes using memorable phrases.
In 1961, John Kennedy challenged Americans across the decades to “Ask not what your country can do for you – ask what you can do for your country.” The phrases “mystic chords of memory” and “better angels of our nature,” among the most memorable words in presidential rhetoric, have been applied to countless situations since Abraham Lincoln first uttered them in 1861.
Not all inaugural addresses achieve greatness. Some have been quite forgettable. But each of them has tried to fulfill these expectations, helping to sustain what Franklin Roosevelt in his second inaugural called “our covenant with ourselves.”
Washington
Rainier Beach vs. Eastside Catholic: Live score, updates of Washington high school boys basketball (1/13/2025)
Dre Morris scored a game-high 27 points, and No. 1 Rainier Beach won the rematch of last year’s WIAA Class 3A championship game with a 99-72 victory Monday over reigning state champion Eastside Catholic.
Jaylen Petty and Kaden Powers added 23 points apiece as the Vikings built a 24-5 lead just 4:43 into the game.
The two programs met at 7:30 p.m. Pacific time.. A live feed is available on NFHS Network (subscription only).
SBLive is tracking scores across the state of Washington through Week 9. Stay with us for the latest score and game updates from pregame to teardown. Refresh this post and scroll down for the latest.
FINAL: RAINIER BEACH 99,. EASTSIDE CATHOLIC 72
GAME HIGHLIGHTS
FOURTH QUARTER
Beach 99, Eastside Catholic 72: Morris led all scorers with 27 points. Petty and Power had 23 apiece to round out Viks’ scoring. Dawson and Aklog led Crusaders with 19 points apiece.
THIRD QUARTER
Beach 68, Eastside Catholic 54: Dawson has kept Crusaders within earshot with his perimeter shooting, nailing a pair of 3s. But Powers picked it back up with 9 in quarter.
SECOND QUARTER
Beach 51, Eastside Catholic 35: Petty got going with seven points, including first FG at 4:13 mark.
FIRST QUARTER
Beach 34, Eastside Catholic 17: Viks start on 24-5 run, making their first three 3-pointers. Morris had 17 points in quarter.
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About Rainier Beach
Key players— G Dre Morris, G Jayden Petty, G Kaden Powers,
About Eastside Catholic
Key players— F Yabi Aklog, G Dash Ingram, F Achilles Reyna.
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