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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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Attorney General to challenge Sedina Tamakloe Acquittal at Supreme Court After Court of Appeal Ruling

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The Attorney-General announced plans to challenge Sedina Tamakloe’s acquittal after the Court of Appeal overturned the conviction of former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Ms Sedina Attionu Tamakloe.

The Office of the Attorney-General and Ministry of Justice has directed the Director of Public Prosecutions (DPP) to immediately file a notice of appeal at the Supreme Court, challenging the decision that acquitted and discharged the former MASLOC boss.

In a statement issued on Thursday, July 30, 2026, the Attorney-General said it has taken note of the Court of Appeal’s judgment and believes the matter requires further determination by the highest court of the land.

The Attorney-General has also instructed that an application for a stay of execution of the Court of Appeal judgment be filed, pending the final determination of the appeal by the Supreme Court.

Sedina Tamakloe’s 78 Criminal Charges

Ms Sedina Attionu Tamakloe was previously convicted by the High Court (Financial Division 2), presided over by Justice Afia Serwaa Asare-Botwe, who sat as an additional High Court judge.

She was sentenced to 10 years’ imprisonment after being found guilty on charges involving alleged financial crimes.

The former MASLOC CEO faced 78 counts of offences, including:

  • Conspiracy to steal
  • Stealing
  • Conspiracy to cause financial loss to the State
  • Causing financial loss to the State
  • Causing loss to public property
  • Improper payment of public funds
  • Unauthorised commitments resulting in financial obligations to government
  • Money laundering
  • Breaches of the Public Procurement Act

Court of Appeal Acquits Former MASLOC CEO

Following her conviction, Ms Tamakloe appealed the High Court’s decision. The Republic opposed the appeal through written submissions, arguing that the appeal lacked merit and should be dismissed.

However, the Court of Appeal unanimously overturned the High Court’s judgment and acquitted and discharged the former MASLOC Chief Executive Officer on all charges.

The ruling brought an end to the previous conviction but has now triggered a fresh legal battle at the Supreme Court.

Attorney-General Confident Supreme Court Appeal Will Succeed

The Attorney-General stated that the government remains committed to the rule of law, due process, and the fight against corruption.

According to the statement, the Attorney-General is confident that the Supreme Court will carefully examine the issues raised and deliver a decision in accordance with the law.

“The Government remains firmly of the view that the Court of Appeal’s decision ought to be reviewed by the Supreme Court,” the statement noted.

The Supreme Court will now determine whether the Court of Appeal’s decision to acquit and discharge Sedina Tamakloe should stand or whether further action should be taken in the case.

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A-G Directs DPP to Challenge Sedina Tamakloe Attionu Acquittal at Supreme Court

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Attorney-General and Minister for Justice, Dr. Dominic Akuritinga Ayine, has directed the Director of Public Prosecutions (DPP) to appeal the Court of Appeal’s decision acquitting and discharging former Microfinance and Small Loans Centre (MASLOC) Chief Executive, Sedina Tamakloe Attionu.

Announcing the decision during the Government Accountability Series, Dr. Ayine said the Court of Appeal had unanimously overturned the High Court’s judgment, which convicted Ms. Attionu in absentia after she travelled to the United States for medical treatment and failed to return to continue her trial.

The Attorney-General clarified that the appeal before the Court of Appeal was filed by his predecessor in May 2024. He explained that after assuming office, he reviewed the case and instructed the DPP to oppose the appeal because the government believed the High Court’s judgment was legally sound.

Dr. Ayine disclosed that he has now directed the DPP to file a notice of appeal at the Supreme Court and seek a stay of execution of the Court of Appeal’s ruling.

He explained that if the stay is granted, the legal status quo would remain in force until the Supreme Court hears the appeal and delivers its final judgment.

“I believe that the judgment of the High Court had merit,” Dr. Ayine stated, adding that he had only received a copy of the Court of Appeal’s judgment and was yet to study it thoroughly before settling on the specific grounds of appeal.

The Attorney-General also maintained that the United States District Court had sufficient legal basis to determine that Ms. Attionu was a proper subject for extradition to Ghana, reinforcing the government’s position that the case should be reviewed by the country’s highest court.

He said the government’s decision to appeal reflects its commitment to ensuring that the legal issues raised in the case receive a final determination by the Supreme Court.

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Sedina Tamakloe-Attionu Acquittal: Lawyer Hails Court of Appeal Ruling as Victory for Rule of Law

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Sedina Tamakloe-Attionu’s acquittal has been described by her lawyer, Enoch Deegbe, as a victory for the rule of law following the Court of Appeal’s unanimous decision to overturn the former Microfinance and Small Loans Centre (MASLOC) Chief Executive Officer’s conviction and 10-year prison sentence.

Speaking shortly after Thursday’s ruling, Mr Deegbe welcomed the judgment but cautioned against concluding until the court releases its full written decision.

The Court of Appeal, in a unanimous ruling delivered on Thursday, July 30, acquitted and discharged Ms Tamakloe-Attionu after finding that the prosecution failed to prove its case beyond reasonable doubt.

The ruling brings to an end a high-profile criminal case that attracted significant public and political attention.

Lawyer Commends Court of Appeal

Speaking to JoyNews after the ruling, Mr Deegbe thanked the three-member panel for what he described as a carefully considered judgment.

“First of all, let me seize the opportunity to thank My Lords for the erudite judgment they have given,” he said.

He confirmed that the court had indicated the written judgment would be ready later in the day.

“As you may already know, the judgment will be ready by the close of today. Sedinam, my client, is indeed acquitted and discharged,” he added.

Written Judgment Needed Before Full Analysis

Despite expressing satisfaction with the outcome, Mr Deegbe said he would not immediately discuss the legal reasoning behind the decision until he had studied the court’s written judgment.

He explained that doing so prematurely could misinform the public.

“I want to see the reasoning of My Lords—whether they agreed with me entirely or perhaps had other considerations—so that we do not misinform the public,” he stated.

According to him, once the certified judgment is available, his legal team will provide a detailed legal analysis of the decision.

Defence Argued Charge Sheet Was Defective

Mr Deegbe revealed that one of the central arguments presented by the defence was that the charge sheet against his client was fundamentally defective.

According to him, the alleged defects undermined the entire prosecution.

“The charge sheet which founded the allegations against her was defective and therefore could not have formed the basis of the entire process.”

He maintained that once the legal foundation of the prosecution collapsed, every subsequent proceeding became unsustainable.

However, he reiterated that the public should wait for the court’s written judgment before making conclusions about the exact legal basis for the acquittal.

Legal Team Begins Release Process

Following the Sedina Tamakloe-Attionu acquittal, Mr Deegbe disclosed that his legal team had already applied for a certified copy of the judgment to facilitate her release.

“We’ve just applied for the certified copy,” he said.

“We will take the necessary steps and bring the judgment to the attention of the Republic.”

When asked when his client could regain her freedom, the lawyer expressed hope that all administrative procedures would be completed promptly.

“From my end, I would wish that she were released immediately,” he noted.

“However, there are procedural steps that must be followed. We will ensure that everything required is done today and, as much as possible, we anticipate that she should be out before the end of the week.”

Client Never Lost Faith

Mr Deegbe also described Ms Tamakloe-Attionu as someone whose faith remained strong throughout the appeal process.

“In matters like this, she has always been prayerful. She is a person of faith,” he said.

He added that she remained convinced the Court of Appeal would eventually clear her name.

“She has always believed that once the Court of Appeal considered the matter, she would be set free.”

“Victory for the Rule of Law”

Describing the outcome as a significant legal milestone, Mr Deegbe said the ruling represented a triumph for justice.

“For us, this is a victory for the rule of law,” he declared.

He, however, refused to comment on the political implications of the case, insisting his responsibility was strictly legal.

“I am a lawyer, so I can only speak to issues of law. I am not a politician, so I cannot speak to politics.”

He urged journalists, lawyers and members of the public to obtain copies of the judgment, court proceedings and legal submissions before offering interpretations of the ruling.

“Anyone who wants to do a proper job should apply to the court, obtain our submissions and the proceedings, and they will appreciate our case much better,” he said.

“The law is the law.”

Source:myjoyonline

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Mahama Jamaica Visit: President Heads to Jamaica to Deepen Ghana-CARICOM Relations

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Mahama Jamaica Visit will take centre stage from August 2 to August 5, 2026, as President John Dramani Mahama embarks on a four-day official visit to Jamaica to strengthen diplomatic, economic, and cultural relations between Ghana and the Caribbean nation, while advancing the global reparations agenda.

According to a statement issued on Thursday, July 30, President Mahama will hold a series of high-level engagements in Kingston designed to deepen cooperation between Ghana and Jamaica and reinforce ties between Ghana and the Caribbean Community (CARICOM).

A major highlight of the Mahama Jamaica Visit will be the President’s participation in a high-level Reparations Dialogue at the University of the West Indies (UWI), Mona Campus. During the event, President Mahama will join Chairman of the CARICOM Reparations Commission, Sir Hilary Beckles, to advocate for greater international support for reparations over the transatlantic slave trade and its lasting impact on African descendants.

President Mahama is also expected to hold bilateral discussions with Jamaican Prime Minister Andrew Holness. Their talks will focus on expanding cooperation in trade, investment, culture, and South-South collaboration, while exploring new opportunities to strengthen economic partnerships and boost commercial exchanges between the two countries.

As part of the visit, the Ghanaian leader will address a joint sitting of Jamaica’s Houses of Parliament at the George William Gordon House. He is expected to present Ghana’s vision for stronger Africa-Caribbean relations and enhanced collaboration with the African diaspora.

The itinerary also includes a Trade and Investment Dialogue and a tour of the Kingston Freeport, where discussions will centre on positioning Ghana as a strategic gateway for CARICOM’s economic engagement with Africa.

To honour the long-standing historical and cultural ties between Ghana and Jamaica, President Mahama will lay a wreath at the shrine of Jamaica’s National Hero, Marcus Mosiah Garvey, at the National Heroes Park. He will also visit the Ghanaian Village Houses at Seville Heritage Park in St. Ann, a heritage site that preserves the shared ancestral connections between the two nations.

The President is further scheduled to pay a courtesy call on Opposition Leader Mark Golding and attend the “Mello-Go-Roun” cultural celebration at the National Arena as Jamaica marks its 64th Independence Anniversary.

Governor-General Sir Patrick Allen and Lady Allen will later host a State Dinner in honour of President Mahama.

The Presidency says the Mahama Jamaica Visit is expected to usher in a new chapter in Ghana-Jamaica relations by strengthening economic cooperation, promoting Ghana as CARICOM’s gateway to Africa, supporting the global reparations campaign, and advancing South-South partnerships for shared development.

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Court of Appeal Acquits Former MASLOC CEO Sedina Tamakloe-Attionu, Quashes 10-Year Conviction

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Court of Appeal acquits Sedina Tamakloe-Attionu after overturning the conviction and 10-year prison sentence imposed on the former Microfinance and Small Loans Centre (MASLOC) Chief Executive Officer. The Court of Appeal ruled that the prosecution failed to prove its case beyond reasonable doubt, leading to the acquittal and discharge of the former MASLOC CEO and bringing the long-running criminal case to an end.

In a judgment delivered on Thursday, the three-member appellate court ruled that the prosecution failed to prove the charges against the former MASLOC boss beyond reasonable doubt. As a result, the court set aside the convictions and sentence previously imposed by the High Court.

The decision followed an appeal filed by Tamakloe-Attionu, who challenged both her conviction and the legality of being tried and sentenced in absentia. Her lawyers argued that the charges were legally flawed and that the evidence presented by the prosecution was insufficient to secure a criminal conviction.

The former MASLOC CEO was extradited from the United States to Ghana on June 9, 2026, after failing to return to the country while standing trial. She began serving her 10-year prison sentence at the Nsawam Medium Security Female Prison on June 24, 2026.

Tamakloe-Attionu had travelled to the United States in 2021 after obtaining permission from the High Court to seek medical treatment during the trial. However, she remained abroad and did not return to continue proceedings.

In 2024, an Accra High Court convicted her on several counts, including causing financial loss to the state and stealing. The charges stemmed from allegations that she misappropriated and diverted state resources during her tenure as Chief Executive of MASLOC.

However, the Court of Appeal has now overturned that judgment, concluding that the prosecution failed to establish the offences to the required criminal standard. The ruling effectively clears Tamakloe-Attionu of all convictions and nullifies her 10-year custodial sentence.

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