• 25 banks below 50% of GHC400m capital requirement

    Twenty-five banks in the country will have to race against time to meet the new capital requirement announced by the Bank of Ghana (BoG) as their current capital is less than 50 percent of the 400 million cedis quoted by the central bank, a Credit Risk Consultant and Banker, Emmanuel Akrong has said.

    According to him, even though all 35 banks in the country are required to present their restoration plans, 3 will easily meet it while seven are in a position to meet it but for the payment of dividends and exclusion of unaudited accounts for the first half of 2017, among others.

    The Bank of Ghana recently increased the capital requirement of banks from 120 million cedis to 400 million cedis to strengthen the financial system of the country.

    Speaking to Bernard Avle on the Citi Breakfast Show, Mr. Akrong stated that banks in the country have to present their capital restoration plans within 45 days after the announcement by the Bank of Ghana.

    “Twenty-five banks have below 50 percent of the 400 million cedis. They all have up to December 2018 to meet it but this is the status quo as at now. Section 105[of the Banking Act] says you have 45 days to present a capital restoration plan”.

    After the 45 days, Mr. Akrong explained that banks in the country will have 180 days to meet the requirement by presenting the capital requirement to the bank of Ghana.

    “So if by April 2018 you have not meet it and the time is exhausted, then you have missed section 105. Missing section 105, you can’t lend, you can’t open branches you can’t do so many things,” he noted.

    He added that the law provides some allowance of days to give banks some more time to meet the requirement.

    “After that you have another 90 days grace period and another 180 days. If you add all up, it gets you to December 2018. If after that you don’t meet it then section 107 kicks in, then BoG may in January 2019 appoint an official administrator if the bank is deemed to be insolvent by virtue of section 123”.

    Source: citibusinessnews.com

  • Film producers, Actors petition Asantehene over influx of Telenovelas

    Film Producers Association of Ghana (FIPAG) and Actors have impressed on government through Asantehene, Otumfuo Osei Tutu II to save the dying Ghana movie industry.

    The group is worried about the influx of Telenovelas on national TV stations which, according to them, is affecting the progress of the local movie industry.

    The association together with other stakeholders walked through some principal streets of Kumasi in what they call ‘Yegey Y’adee’ peace march and petitioned the Asantehene.

    They said localising foreign programmes into Twi and other local languages through voice-over was an insult to the Ghanaian movies and pose serious negative effect on the socio-cultural and economic fabric of Ghana.

    Bantamahene, Baffour Owusu Amankwaatia VI, received the petition on behalf of Asantehene.

    The petition also indicated that if nothing was done to mitigate the rise of these foreign folktales, drama and love series which use the native language to sell their contents to viewers, in few years to come, will die out.

    Board Member of Audio Visual Rights Society of Ghana (ARSOG), Abeiku Sagoe, said the local movie industry employs more than 3,000 people including actors, producers among others. According to him, the situation has rendered the majority of these people jobless.

    The association and other stakeholders are also calling on Parliament and authorities to intensify efforts to pass the broadcasting bill into an Act and enforce the Film Act with a Legislative Instrument.

    The Film Act, for instance, will allow for a Film Fund which will help facilitate activities of the industry, they said.

    In the petition, it is stated that effective implementation of the 70/30 policy in favour of local content, would go a long way to protect the local movie industry.

    Assistant Secretary for FIPAG, Eugene Moratt, believes their call holds the potential to ensure the industry bounce back to life again.

    The petition said public sexual acts and plays in foreign Telenovelas, like kissing and fondling with the opposite sex, should not be entertained, especially when such programs are shown at a time when kids and children are home.

    Meanwhile, another demonstration has been planned for the Greater Accra Region to target Parliament and other policymakers.

    Source: Myjoyonline.com

  • SSNIT scandal hits $81m

    The amount involved in the Social Security and National Insurance Trust (SSNIT) scandal has reportedly hit over $81 million.

    DAILY GUIDE learnt that preliminary information being gathered by the security agencies is showing that the total amount involved in the troubled SSNIT biometric project dubbed, ‘Operation Business Suite,’ popularly called (OBS), may even go higher.

    The head of the OBS Project, John Hagan Mensah, a confidant of the immediate past SSNIT Director-General, Ernest Thompson, is reportedly in the grips of the security agencies assisting in the investigation.

    Public outrage

    The scandal sparked public outrage when it emerged that about $72 million was used for the OBS project, which has now reached $81 million as investigations continue.

    Some of the faces behind the scandal are also beginning to unravel.

    In what can be seen as a clear case of conflict of interest, a source has told DAILY GUIDE that the head of the troubled OBS is allegedly in a relationship with the vendor, whose company was contracted to install the OBS software.

    Bidding cost

    The contract had been awarded to Perfect Business System/ Silver Lake Consortium, whose CEO is Juliet Kramah, in 2011 during the Mills/Mahama-led National Democratic Congress (NDC) administration. There was an initial bidding cost of $27,610,791, but by 2016 the total cost had ballooned to $66 million, later $72 million and now $81 million – and still counting, perhaps.

    The cost, according to SSNIT sources, may go up further after the audit by PriceWater House.

    Bizarrely, after its installation, the OBS software is not running as expected, although the whopping amount was paid for it. SSNIT sometimes resorts to manual registration instead of electronic because of reported deficiencies in the OBS system.

    According to sources, the biometric features which are unique to every individual had been compromised, allowing access to biometric data of another person.

    Perfect Business System was one of the highest bidders but SSNIT settled on it, apparently looking down on lower bidders with potential value for money indicators.

    Unconfirmed sources say the Perfect Business System boss is believed to have strong links with the powerful former first family; and it is alleged that invoices emanating from the private firm appeared to have gone through without any serious queries at the Trust.

    Last gap payments

    According to the sources, Ernest Thompson, on December 9, last year, allegedly ordered the payment of $9 million to Perfect Business Systems after the NDC had lost the election in 2016 and was on its way out of power.

    It was alleged that SSNIT agreed to pay $4 per card that was to be issued to pensioners in the contract but the amount increased miraculously to $7 and the Trust ended up paying the private company $7.1 million for one million cards.

    DAILY GUIDE learned that the whole project was not based on SSNIT’s requirement and that the vendor reportedly came in with an already-prepared provident fund system in order to modify it for SSNIT, which runs social security.

    Fund modification

    The provident fund modification was not SSNIT’s idea but the decision of the project manager and the private firm.

    The source said when SSNIT requested for thumb print devices that could scan all the ten fingers at once, the vendor provided a single finger device and therefore, a contributor registering needed to put the fingers on the device one at a time thereby wasting productive hours.

    “When staff complained, it was never provided. Meanwhile, SSNIT paid for the ten devices at a whopping cost,” he told this paper.

    Batch system

    The source said the vendor could not provide the OBS software but rather brought a batch system where a client could only see his/her data reflecting after a day, saying, “SSNIT staff cannot work 24 hours because every staff is asked to sign out of the system after 5pm else the whole SSNIT or that SSNIT branch cannot work the following day,” he added.

    There were several outstanding issues according to the source, that needed to be sorted out regarding the OBS project and anytime the company was asked to correct a defect they allegedly asked the Trust to pay hefty bills.

    This paper gathered that SSNIT caused the transfer of the well-qualified staff who had deep insight into the OBS project, and brought in the Director-General’s alleged lackeys, including the head of IT, Caleb K. Afaglo – who has been caught allegedly using fake degrees.

    Inflated cost

    It turned out that SSNIT paid a whopping $500,000 for a product that costs $16,000 on the world market under the OBS Project.

    Legal objection

    It even emerged that SSNIT’s senior corporate law officer, Jaezel Orleans-Lindsay, wrote to warn the Trust’s management against certain aspects of the contract that was being exploited by the private company.

    “What it means is that SSNIT will have to pay the annual SLA fee of $2,000,000 immediately upon signing the agreement (to cover for September 2014 to September 2015) and pay another $2,000,000 in September this year, when in effect it would have just received 9 months of service under the SLA instead of the contractual 2 years. This is objectionable!” the lawyer said in a letter to his bosses on January 16, 2016.

    Source: dailyguideafrica.com

  • Special Aide to National Security capo got contract for €2.4m useless ambulances

    It has emerged that the previous administration led by John Mahama directed the Finance Ministry not to pay for the delivery of 30 defective ambulances procured in 2014.

    According to National Democratic Congress (NDC) MP for Tamale Central, Alhassan Fuseini Inusah, the government then, had identified that the vehicles were not fit for the purpose.

    The revelation has provided fresh information for further probe into why the government single-sourced the contract to one Richard Dzakpa, a former aide of former National Security Coordinator, Joseph Nuno Mensah.

    Information Minister, Mustapha Hamid indicated earlier on Newsfile on Joy FM, Saturday, that the contract which was entered between the government and Dzakpa@Business in 2010, did not go through any competitive bidding process.

    Mustapha Hamid

    “Richard Dzakpa of Dzakpa@Business, was just asked to supply these ambulances to the Ministry of Health,” Mr. Hamid disclosed.

    The company then approached a foreign dealer, Big Sea, which then chose Dzakpa@Business as its local agents.

    He added further, soon after the arrival of the vehicles into the country, a report on a technical examination conducted on the vehicles in 2015 by global automobile manufacturers, Mercedes Benz, detected as many as 18 different defects on all the vehicles.

    The technical report dated February 10, 2016, advised that the government is better off using the vehicles as 13-seater mini-buses because they were not suitable for conversion into ambulances.

    The report by the German automobile company also described the electronic gadgets fitted in the vehicles as dangerous and “are of very poor quality”.

    Another report dated February 15, 2015, from a similar examination by technical officers from the National Ambulance Service produced virtually same outcomes.

    The Information Minister said, Big Sea later shipped the remaining equipment to be fitted in the vehicles but a legal tussle between Big Sea and Dzakpa@Business further stalled the installation process.

    Interestingly, however, the government had on August 12, 2014, issued letters of credit for the payment 50% of the cost of the vehicles totaling almost 4million Euros, a year before the technical report reached the government.

    The government approved the payment of bank charges in excess of GHȻ806,000.

    The non-payment order

    A member of the previous administration, Inusah Fuseini was surprised as to how the payments were made because the President then, John Mahama had ordered the “payment should not be effected” because “they were substantially not fit for purpose”.

    Charging the state to retrieve payments made for the letters of credit, the former Roads and Highways Minister conceded that, “This transaction has more questions than answers”.

    Inusah Fuseini

    His colleague, Alex Segbefia who took over from Benjamin Kumbuor at the Health Ministry during the Mahama administration told Joy FM earlier in the week that the fear of judgement prevented him from abrogating the deal.

    But Mr. Fuseini was dissatisfied with that reasoning indicating, Alex Segbefia should “have sought the advice from the Attorney-General” when he found himself in two minds.

    “What judgement debt are you going to suffer?” when you ordered for rice but you are supplied maize?, he analysed.

    He also criticised current Health Minister, Kweku Agyemang Manu making unfounded claims that vehicles had been paid for while he could not provide any documentation to support that claim

  • UK Parliament worried over Central Medical Stores fire – Jon Benjamin

    UK Parliament worried over Central Medical Stores fire – Jon Benjamin

    Monday 12th June , 2017 10:30 am


    The outgoing UK High Commissioner to Ghana, Jon Benjamin has said the UK Parliament is worried over the Central Medical Stores fire in Ghana which occurred some two years ago.

    According to him, UK pumped about 4 million pounds worth of medicines into Ghana which were destroyed in the fire hence the UK Parliament’s seeming interest in the case.

    “In the Central Medical stores, there were 4 million pounds worth of medicines bought by the UK through our DFID programme that were there and were destroyed and we had to account for that money and questions were asked in the UK Parliament. So we had to say what had happened and what was being done about it. So I think that was a legitimate reason for us to raise our concerns,” added Jon Benjamin.

    About $80 million worth of medicines were burnt into ashes in 2015 when fire razed the Central Medical Stores at Tema in the Greater Accra Region resulting in the destruction of medical supplies and equipment.A committee established to investigate the case blamed it on arsonnaming one Samuel Dogbe, a labourer at the Medical Stores as being behind the fire.

    In 2016, 12 officials of the Ghana Health Service who were also accused of playing various roles in the arson were also interdicted.

    Speaking on the Citi Breakfast Show on Monday, the outspoken Jon Benjamin subtly called for the prosecution of persons indicted in the arson.

    He noted that the interdiction of the officials was in the right direction but called for “sanctions for people found lawfully guilty of being the perpetrators.”

    Donors threaten to cut funds to Ghana

    Jon Benjamin’s remark comes on the back of comments by the Minister of Health, Kwaku Agyemang-Manu that some donor partners have threatened to cut funds to Ghana if government fails to bring the suspected arsonists in the Central Medical Stores case to book.

    The Minister said the donors are “threatening to withdraw some of the donations they give to us until some issues have been resolved.”

    The US Ambassador to Ghana, Robert Jackson, had also questioned the lack of action or prosecution on the matter of the arson.

    He insisted that the arson could not be swept under the carpet because the warehouse had about $7 million worth of items donated by American taxpayers.

    By: Godwin Akweiteh Allotey/citifmonline.com/Ghana

  • Insults in Kumwood movies are a reflection of society – Akrobeto

    Veteran actor Akwesi Boadi, popularly known as Akrobeto, has rubbished claims that Kumawood movies are mostly brimful of insults.

    He noted with resentment that, Kumawood movies are a true reflection of the Ghanaian society of which insults are a part.

    For some time now, movies produced by local language practitioners, particularly Twi, have come under a lot flak and public scrutiny for their incessant use of offensive words.

    Some critics and industry professionals have called for a system to control and curb the development before it gets out of hand.

    But Akrobeto doesn’t agree.

    Speaking in an interview on Personality Profile on Drive Time on Joy FM with Lexis Bill, the actor noted that Kumawood movies only portray happenings in Ghanaian society.

    He said “movie, is all about acting” and the things that happen around us are the same things that go into movies.

    He observed that even a child, who does not watch movies, learns to utter insults first when he or she tries to speak.

    The veteran actor stressed that they don’t just insult “but we are teaching you something.”

    Akrobeto faulted practitioners who are into the English movies for trying to use the insults tag to “pull them down” but they did not succeed.

    Asked if the practitioners in the English movie space respect them, he said there is a general societal problem where people who don’t have any formal education are looked down upon.

    He cautioned against looking down on people who do not have formal education because, some of these people are very smart and own some big businesses in the country.

    The ‘Owuo Nti’ was quick to deny rumours that some Kumawood producers ask for sex or sleep with female actors before they give them roles to play in movies.

    Source: Myjoyonline.com

  • I’ll depoliticize prosecution of corrupt officials – Nana Addo

    I’ll depoliticize prosecution of corrupt officials – Nana Addo

    Friday 26th May , 2017 6:38 am


    President Nana Addo has promised to depoliticize prosecution of corrupt public officials in his government.

    The President indicated that government will create the “office of special prosecutor which will not be a creature of the government, but an independent person who will have the power to decide who to prosecute” to successfully achieve this aim.

    While pledging to ensure that the laws are fully applied without fear or favour, the President stated emphatically that he will not protect any corrupt public official in his government.

    President Akufo-Addo made this known on Wednesday when he addressed a meeting of Ghanaians living in Sierra Leone, as part of his 1-day working visit to that country.

    The President stressed that “when people get caught up in the net, I am imploring people not to come to me and say that ‘Oh! Nana, this man is my relative, so spare him’. That is the problem in Ghana. You find people going to speak to your wife with the hope of trying to influence you. I am not going to listen to that, because my concern is Ghana and not one or two individuals.”

    He, therefore, urged Ghanaians to help him in the fight against corruption, “so that we can put that Ghana behind us, and get a new deal for our country.”

    I’ll block revenue leakages- Nana Addo

    Citing the recent arrest of the some customs officials responsible for the loss of some GH¢1.2 billion in revenue to the state , the President said his government is taking measures to block revenue leakages at the country’s ports.

    “That money was going, not into the government’s coffers, but into private pockets. We have importers who evade duty because they split the duty with customs officials. It cannot continue like that in Ghana,” the President said.

    He continued, “I want to assure you that, so long as I have the opportunity, and I have breath and power, I am going to do something about it, so we can stop the leakages. I know that if we stop the leakages, we will have the money to do our own development. We are not going to be dependent on some people coming to say they are going to give us charity or grants. We will finance our own development ourselves.”

    The President also revealed government’s intentions of  turning a “new page in the history” of Ghana.

    “We are a rich country. I refuse this idea that Ghana is poor. I will not accept the language that Ghana is poor. Ghana is not a poor country. Ghana is a rich country, and we want to make it a rich country once again in our time.”

    By: Marian Ansah/citifmonline.com/Ghana

  • NGO supports school under tree in Volta Region

    NGO supports school under tree in Volta Region

    Friday 26th May , 2017 11:58 am


    A non-governmental organisation, Pencils of Promise is putting up a new classroom block for the Avekpordome Basic School in the Ketu North District of the Volta Region.


    Pupils of the school have been studying under trees and other precarious structures like shades made of palm fronds but the intervention of the NGO will bring a lot of relief to the school.

    Pencils and Promise is currently constructing a five and six unit classroom blocks with auxiliary facilities for the school.

    Speaking at the ground breaking ceremony to kickstart the commencement of the blocks, the headmaster, Mr Patrick Dotsey Ahiave said the new blocks would go a long way to improve academic work in the school.


    He was also confident that the new structures when completed would now make the school one of the preferred choices for pupils and teachers who seldom patronize it.

    Safe in mind that education is the surest way to defeat poverty, ignorance and inequality, the Country Director of Pencils of Promise, Mr Freeman Gobah said his outfit will continue to fund school projects in the country to enhance quality teaching and learning.


    Torgbey Avadada Esu IV, Chief of Avekpordome also expressed his gratitude to Pencils of Promise for deeming it right to select the school for the project with regards to other surrounding community schools adding that the community as a whole will put in their best to see a successful completion of the project.

    By: King Norbert Akpablie/citifmonline.com/Ghana

  • Fuel smuggling: Ghana lost $150m in 2 months

    Ghana lost over $150 million to fuel smuggling in September and November 2016, the Executive Secretary of the Chamber of Petroleum Consumers has said.

    Duncan Amoah believes the country will lose billions if the activities of black marketeers are not halted.

    He was speaking to Joy News about the illegal activities of a fuel smuggling syndicate that appear to be rife in Ghana.

    “We have insisted the government should go after these people, arrest and prosecute them and as much as possible, put in measures to curtail these illegal activities which are making the country lose so much,” he said.

    Mr Amoah does not understand why in other countries those who evade taxes are dealt with ruthlessly, yet in Ghana, many people who have found disingenuous ways of making money are allowed to go scot-free.

    “…People have been able to use unapproved routes to bring products into the system and have been able to sell same and no individual has been arrested,” he regretted.

    He warned the Chamber will soon name and shame those protecting the people engaged in the illegal activities if they do not stop.

    “Let us send a word of caution to those officials who are also shielding these criminals that we will be forced to expose themselves very soon if they continue shielding these criminals who bring these products into the country and refuse to pay any taxes whatsoever,” he stated.

    He said OMCs which used to buy 6million litres of fuel a month are now doing half despite the fact that demand and purchase of fuel has gone up.

    “…It is not because Ghanaians are no longer buying fuel or the Ghanaian economy has ground to a halt.

    “What is happening is that people are still buying fuel. Demand has rather gone up because there are more vehicles on the street but surprisingly the OMCs that pay genuine taxes to the state seem to be losing volumes because there is an influx of products into the market from these black galamsey oil operators and we think the government must take it seriously,” he stated.

    In a reaction, the National Petroleum Authority says it has made some strides in the fight against illegal fuel operators.

    The Acting Chief Executive of the NPA Hassan Tampuli said they are vigorously arresting the culprits but do not want to go public on it.

    He said they are also liaising with their counterparts from neighbouring countries like Burkina Faso to help in the fight against fuel smuggling.

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  • PHOTOS: Adom FMs ‘Fabɛwoso’ demo underway in Accra

    The host of Adom FM’s flagship morning show ‘Dwaso Nsɛm’ Captain Smart is leading a demonstration dubbed ‘Fabɛwoso’ to raise awareness about the high levels of corruption in Ghana Friday.

    adom fm demo

    Tens and thousands of protestors will converge at the Obra Spot at Kwame Nkrumah Circle and march towards the Farrisco Traffic Light, through to TUC before arriving at the offices of the Economic and Organised Crime Office (EOCO).
    adom fm demo 1

    Participants who would be clad in red and black with placards calling for investigation and prosecution of persons alleged to have been involved in corrupt acts in various reports especially, the Auditor General’s report, will then pass through the Farrisco Traffic Light through to TUC before arriving at the offices of EOCO.

    adom fm demo

    “Corruption has taken over this country; from the Presidency to down to the Labourer. Virtually everybody in this country thinks that corruption is now normal,” said Captain Smart.

    Adom fm demo4

    Meanwhile, the Greater Accra Police Command has given clearance for today’s peaceful demonstration.

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