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Russia’s Economic Forum Overshadowed by War and Rising Financial Uncertainty

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At the St. Petersburg International Economic Forum this week, economic hardship was on everyone’s mind—whether they said it outright or not.

 

When one Russian MP asked me, “Are you going to bomb Iran?” the bizarre exchange reflected an unease that went beyond the economy itself.

 

President Vladimir Putin’s keynote speech on Friday began with a focus on economic growth, but what grabbed headlines was his comment afterwards: “Where the foot of a Russian soldier steps, that’s ours.”

 

For a leader hoping to attract investors, this bold talk of seizing territory hardly made a strong pitch. But Putin’s remarks underlined Russia’s true priority since the 2022 invasion of Ukraine: winning the war, even at the cost of economic progress.

 

While the Kremlin paints a rosy picture of growth powered by state spending on its military and defense industry, even that is losing steam. Putin dismissed concerns with a literary quip that rumors of Russia’s economic demise were “greatly exaggerated.” Yet nervousness was evident among officials at the forum.

 

Economic Development Minister Maxim Reshetnikov warned that Russia was “on the brink of recession,” while Central Bank Governor Elvira Nabiullina admitted that most of the unused capacity driving recent growth had now been exhausted.

 

Once seen as a polished showcase for Russia’s economy, the St. Petersburg forum this year reflected the deep scars left by Western sanctions and the exodus of international companies. Even as Kirill Dmitriev, Putin’s envoy for foreign investment, spoke of U.S. investors interested in returning, it was clear that any comeback would depend on an end to the war.

 

Robert Agee, president of the American Chamber of Commerce in Russia, noted that companies would need more than promises—they would need peace.

 

More than three years into the war, with inflation high and recession fears mounting, Russia faces an uncertain future. And as debate grows over the economy’s prospects, the path to recovery looks as unclear as ever.

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General News

Ghana Armed Forces Promote Soldier Who Rejected Galamsey Bribe and Arrested Illegal Miners

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The Ghana Armed Forces (GAF) have promoted Private Solomon Asare Teye-Tsu to the rank of Lance Corporal for his exemplary integrity and patriotism in rejecting a bribe from illegal miners, popularly known as galamsey operators.

 

The promotion was announced at an all-rank durbar held at Burma Hall in Burma Camp, Accra, on Friday, July 11, 2025. Lance Corporal Teye-Tsu, currently serving with the Department of Public Relations, was decorated by the Chief of the Defence Staff (CDS), Lieutenant General William Agyapong, who commended him for his outstanding professionalism.

 

As part of his reward, Lance Corporal Teye-Tsu has also been nominated to serve with the United Nations Interim Force in Lebanon and was presented with a special citation acknowledging his integrity.

 

Addressing the gathering, which included top military officers, the CDS emphasized the Armed Forces’ commitment to rewarding ethical conduct:

“While misconduct attracts sanctions, professional behaviour such as that demonstrated by L/Cpl Teye-Tsu will always be recognized and rewarded,” Lt. Gen. Agyapong said.

The promotion follows a widely-praised incident in late 2024 when then-Private Teye-Tsu, on official guard duty at Bibiani Gold Mines, was offered a substantial bribe by illegal miners seeking unauthorized access to mining pits. Demonstrating his commitment to the national fight against illegal mining and environmental degradation, he rejected the bribe, apprehended the suspects, and handed them over to authorities.

 

His heroic act also earned him public recognition from Ojeyz Security Limited, the private firm responsible for the site’s security. He received an “Outstanding Staff Recognition” citation signed by the company’s CEO and founder, Captain Haruna Adamu (Rtd), praising his professionalism and unwavering dedication.

 

Lance Corporal Teye-Tsu, 30, hails from Odumase-Krobo in the Eastern Region. He is a 2023 recruit of the Ghana Armed Forces and an alumnus of Manya Krobo Senior High School and King David College. He is also an active member of Kloma Gbi, a youth group advocating for the development of the Krobo States.

 

 

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General News

Kwame Nkrumah Avenue to Temporarily Close for Emergency Road Repairs — AMA Announces

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The Accra Metropolitan Assembly (AMA) has announced the temporary closure of a portion of Kwame Nkrumah Avenue in Accra’s Central Business District (CBD) to allow for urgent repair works.

 

In a statement signed by the Head of Public Affairs, Gilbert Nii Ankrah, on behalf of AMA Chief Executive Officer Michael Kpakpo Allotey, the closure will take place from 8:00 p.m. on Saturday to 12:00 a.m. on Sunday.

 

The affected section covers the U-turn area at Lava and the stretch from the Derby Avenue/Kwame Nkrumah Avenue intersection to the Selwyn Market Street/Kwame Nkrumah Avenue intersection.

 

The AMA explained that the repairs are necessary due to the development of severe potholes and road depressions, which have disrupted smooth traffic flow and posed safety risks to both drivers and pedestrians.

 

Motorists are advised to use alternative routes during the closure and adhere to all traffic management arrangements put in place. Directional signs will be installed, and officers from the Ghana Police Service’s Motor Traffic and Transport Department (MTTD) will be on-site to assist with traffic flow.

 

Following the sectional repairs, the Assembly will proceed with paving works to improve the road’s durability and long-term performance.

 

The AMA apologized for any inconvenience the temporary closure may cause and urged all road users to cooperate as the city works to enhance transportation infrastructure and ensure safer, more efficient mobility for the public.

 

 

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Crime and Investigation

Small Scale Miners Chairman Arrested for Interfering with Anti-Galamsey Operation in Desiri Forest

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The Chairman of the Small Scale Miners Association, Kojo Peprah, has been arrested by the Special Anti-Galamsey Task Force deployed by the Inspector General of Police (IGP) for obstructing an operation against illegal mining in the Desiri Forest Reserve, Ashanti Region.

 

Police reports indicate that Mr. Peprah confronted the special team during their mission to flush out illegal miners from the forest reserve, questioning the legitimacy of their operation and demanding explanations.

 

Following his arrest, Mr. Peprah claimed he had received reports that the task force had entered what he believed to be his legally licensed mining site within the forest reserve.

 

However, authorities have clarified that small-scale mining licenses do not permit mining within forest reserves, casting doubt on the activities of miners operating in the protected area.

 

According to the latest data from the Forestry Commission, the Desiri Forest Reserve is currently the only “red spot” among 44 forest reserves recently invaded by illegal miners.

 

Mr. Peprah has since been handed over to the Nkawie Police Command to assist with ongoing investigations.

 

 

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