Category: Business News

  • Ghana Airport Company breaks silence on alleged plans to privatize company

    Ghana Airport Company breaks silence on alleged plans to privatize company

    Source: www.ghanaweb.com

    The management of the Ghana Airports Company Limited (GACL) says it is shocked by the decision of the workers to protest over an alleged sale of the company.

    Workers of GACL on Wednesday, embarked on a demonstration against plans by the government to privatize the company.

    But in a statement copied to www.ghanaweb.com, the GACL moved to clear doubts and misinformation about a proposal it has received from the TAV -SUMMA consortium.

    According to GACL, there is no such plan to sell the company to the Turkish firm as being alleged by the workers.

    It maintained that the proposal which is yet to be considered is a partnership proposal, and not one putting the outfit up for sale.

    Contrary to assertions by the staff that they have been kept in the dark about the plans, the GACL noted that it has engaged them and explained in detail, the content of the proposal.

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    Below is the statement from GACL

    Management of Ghana Airports Company Limited (GACL) met with the Divisional Union on Tuesday, June 30, 2020 to discuss issues relating to a purported “Sale of Kotoka International Airport”.

    At the meeting, the Managing Director of GACL, Mr Yaw Kwakwa, confirmed receipt of a proposal for Partnership from TAV-SUMMA which was yet to be considered. He assured the Divisional Union that they would be consulted when the process begins.

    The Chairperson of GACL, Madam Oboshie Sai Cofie in an interview with Daily Graphic on July 3, 2020, said the Board had received the proposal but that no discussion had started.

    The Minister of Aviation, Hon. Joseph Kofi Adda, also in a statement denied the allegation and assured the general public that his outfit and its stakeholders were considering a proposed Strategic Partnership arrangement to improve service delivery and expansion of infrastructure at KIA to achieve government’s vision of making Ghana the Aviation Hub within the West African Sub-Region.

    Today’s agitation therefore, came as a surprise to Management of GACL. Management has always maintained a cordial working relationship with its stakeholders including the Divisional Union and wishes to assure the general public that the situation has been brought under control.

  • BoG dead silent on new cedi notes video – As man captured in footage dies mysteriously

    BoG dead silent on new cedi notes video – As man captured in footage dies mysteriously

    Source: The Herald

    A video containing huge bundles of the newly printed GH¢100 and GH¢200 notes believed to be amounting to billions of Ghana cedis, has hit the internet igniting wild speculations among social media users and political party fanatics, as to who owns it and what it was meant for.

    The amount seen in the footage, could only have come from the Bank of Ghana (BoG), as the commercial banks could not be allowed to harbour such.

    The video, which has been making the rounds for some days now, has raised eyebrows, but the BoG is yet to provide answers on ownership of the money estimated to be in the region of GH¢4.5 billion or GH¢5 billion, and for what purpose, although the video and pictures have been in circulation for some days now.

    However, the lack of answers is not even the interesting part. The only man, whose face was shown in the video identified as Richard Baah Appiah alias “Abrokyire”, The Herald gathered, has suddenly died, fueling fresh speculation that, he might have been murdered by some element among his circles for filming and releasing the footage on the cash.

    He is said to be a card bearing member of the governing New Patriotic Party (NPP).

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    Richard is said to have died three days after the video and a picture which was taken of him sitting on the huge cash. He wasn’t sick, The Herald gathered, he just died, while the whereabouts of the person, whose home the said the money was packed continue to be a mystery.

    It is speculated that, Richard was flushed out because those behind the money don’t want it to be in the public domain, since he was the only one whose face was in the picture and could be the only credible source for investigation.

    Other views are that, Richard, might have attempted blackmailing the owners of the cash, hence got killed to silence him.

    Richard is alleged to be the relation or close to an unnamed minister in the Akufo-Addo government whose home the monies were packed.

    The picture of Richard sitting on the arranged bundle of cash, hit the internet at the same time the death of the former General Secretary of the governing NPP and Executive Secretary of the Forestry Commission, Kwadwo Owusu Afriyie aka “Sir John” was reported last Wednesday night.

    Richard, who sat comfortably with his facemask hanged under his chin with another unidentified man behind him at a distance, wore a long sleeve shirt and trousers.

    Minutes after the picture hit social media, a poster showing his one-week celebration also emerged from nowhere revealing the event was marked on Sunday, June 7, 2020, at Akim Manso in the Birim Central Municipality of Eastern Region. It also falls under the Asene Akroso-Manso Constituency where George Kwame Aboagye is the NPP Member of Parliament.

    Akim-Manso, is said to be a community with a population of about 7000 people.

    The town has a presence on Facebook. Indeed, on Saturday, June 6 this year, at 10:58 am a notice was posted from Akim Oda, announcing his week funeral event which took place on Sunday, June 7, 2020, at the “forecourt of the family house” at 8 am.

    It read “Tomorrow is the one-week Celebration of our late brother and a friend, Richard Nana Baah… It will take place tomorrow Sunday, June 7 at Akim-Manso… All have to be there to show our condolences to the bereaved family members…”

    Attached to the message, was black, white and gold electronic poster bearing Richard’s picture. The notice shows he is known within the Akim-Manso community.

    Although details of the 35-year-old were not readily available, a social media user, claimed she knew him from Tema and that she was even at his one-week celebration last month.

    “I know him, he’s late was at his one week just last Saturday. He spent much of his young life in Tema and moved to Accra later but his aunty and family are still in Tema”, Akorfa Adzo Adanuvor said.

    According to Akorfa, Richard spent most of his young life at Tema, but later moved to Accra, while the rest of his family still remained. Another also claimed he knew him and that in Accra; he was based at Asylum Down.

    It is unclear why the one-week event happened in Akim-Manson and not Tema, where he was said to have spent his childhood and where his parents were said to reside.

    It is also unclear, why the event was not held in Asylum Down, where he was said to have relocated after leaving Tema.

    Meanwhile, people continue to speculate on the death of the 35-year-old, saying it might be politically motivated. According to them, Richard might have been killed by people within his political circles, having being captured sitting on the money.

    Before the picture of the deceased surfaced on the internet, a video of the cash had first hit the internet around June 30, 2020, with some faceless youth numbering about four, arranging at one side of what appears to be the hall of a very rich person.

    The leakage of the pictures and video 23 days after the one-week event at Akim-Manso, therefore, suggests someone has had access to the information either from Richard before his death or got it after his death, and decided to release them.

    While the young men, who spoke Akan, fantasized about the bundles of money, legendry Daddy Lumba’s onetime hit, Theresa Abebreseh, was played at the background.

    In the hall where the money was arranged, a framed photograph of the owner of the house was captured in the footage, however, it was not clear enough to identify the person.

    Though none of the young men’s face was shown, one of them who took the video was encouraged by the rest to go ahead and take it, while another indicated that after they were done arranging them; he will also take a shot of it for future use.

    “Yes, I will also take a shot for future use”, he said while they arrange the money in excitement.

    Another teased the other, saying “You, the company you work for have they seen such huge money before”?

    Some party fanatics of both the governing NPP and the opposition National Democratic Congress (NDC), have accused each other of being the owners of the money, claiming it is for the December 7 election campaign.

    What has not been identified since the video went viral, is who exactly is keeping these huge monies in his home at where and for what purpose.

    It is not clear, if Richard, has been buried yet and whether an autopsy had been done on him to know the cause of his death.

    It is also unclear if anything has happened to the rest of the young men, whose voices were heard in the video.

  • BOST closes down its head office after 36 staff test positive for coronavirus

    BOST closes down its head office after 36 staff test positive for coronavirus

    The Bulk Oil Storage and Transportation Company Limited (BOST) has on Monday, July 6, 2020, shut down its head office located at Dzorwulu after numerous staff tested positive for coronavirus.

    The coronavirus cases were detected after the company embarked on a mass testing of staff.

    A press release copied to GhanaWeb said, “BOST would like to announce for the information of the general public that it has closed down its head office at Dzorwulu in the Ayawaso West Municipality from Monday, 6th July to Monday 13th July 2020”.

    “This has become necessary due to a mass testing of staff carried out by the company at the head office in the wake of a staff of the IT department testing positive for the virus. After the mass testing, a number of the staff tested positive and arrangements are being made for their treatment,” the statement added.

    GhanaWeb sources reveal that about 36 staff have contracted the deadly Coronavirus.

    The oil company has therefore called on the Ghana Health Service to get in touch with these affected persons for treatment.

    BOST has however assured staff of fumigating the office to ensure their safety when work resumes on July 14.

    Read below their press statement.

  • ‘We bussed people to demonstrate against Gold Coast’ – leader of group hints

    ‘We bussed people to demonstrate against Gold Coast’ – leader of group hints

    Source:https://www.graphic.com.gh/

    There is confusion among the Coalition of Aggrieved Gold Coast Fund Management Customers after it was revealed that some of the leaders spearheading agitations for their investments to be refunded to them have been collecting monies from them, in the name of using it to organize the agitations and allegedly misappropriating it.

    In addition to that, it has also emerged that as a ploy to send signals that they have many customers in support of their agitations, they have been organising and busing people who are not necessarily customers of Gold Coast to demonstrate against the financial institution under the guise of being members of the Coalition of Aggrieved Gold Coast Fund Management Customers.

    The disagreement between customers and the allegations of misappropriating group financial contributions towards the organisation of agitations were exposed through WhatsApp conversations of the group, monitored by Graphic Online.

    As part of a plan to organise and mount pressure for their investments to be refunded, members of the Coalition of Aggrieved Gold Coast Fund Management Customers formed a WhatsApp group and since they are sparsely located, they nominated some people to lead the conversations and the agitations but it later turned out that, some of the leaders were collecting monies from them and allegedly misappropriating it.

    For instance, through the WhatsApp conversations monitored by Graphic Online, the members are accusing one Charles Nyame of misappropriating their organisational cash.

    In a voice message sent to the group by Mr. Nyame, (published below) he is heard fighting back the allegations the group members have leveled against him.

    In one instance, Mr. Charles Nyame is heard making the claim that the money he collects from members were used to bus people from various places to shore up the numbers to demonstrate against Gold Coast Fund Management since turnout to such events by the customers has always not met their expectations.

    ‘’You will bear me witness to the numbers that attended the demonstration. I have heard chairman saying we claim to have given money to some people to help in the demonstration, I want you to come out and talk, did you not see people come out from buses during the demonstration,’’ he said.

    Mr Nyame makes further allegations that the other leaders elected by the group members have shown little or no commitment to the cause of the group, and therefore have no right to question the operational expenses he makes on the group since they have left the work to him and one Mr Joseph from the Eastern region.

    ‘Mr Owusu lives at Abuakwa and works at Sofoline, Mama Lizzy and Mizpah live at Tech [KNUST area] so why will the people living in Kumasi not rather hold the fort and help in the organisation but everything has been left to myself living at Agona Jamasi [on the Kumsai-Mampong road] and Joe from Eastern region whose fuel cost is Gh¢300 in and out while my fuel cost is Gh¢100 daily from the rounds I do in town trying to organise our front’’, the seemingly livid Mr Nyame stated.

    Reports have been rife that tensions among the Aggrieved Gold Coast Fund Management Customers were boiling due to allegations of extortion and misappropriation of funds by their leaders and these latest voice message exchanges seem to have confirmed the allegation.

    Checks by Graphic Online on the veracity of Mr. Charles Nyame’s investment revealed that he redeemed his investment from Gold Coast Fund Management on June 6, 2016 [See Official Receipt shared on the WhatsApp group below], and has no investment with the company.

    When the members of the group questioned him on having redeemed his investment at Gold Coast long ago, Mr. Nyame explained that his wife and mother have investments with Gold Coast Fund Management and that he was representing them.

    Checks have shown that he has no power of attorney at Gold Coast Fund Management mandating him to act on behalf of his wife.

    In matters of finance, one cannot lay claim on anyone’s investment without a power of attorney, some of the members insisted.

    On the group WhatsApp platform, Mr. Nyame’s initial investment receipt that was given by Gold Coast Fund Management was shared as though he still has an investment with the firm although he has already withdrawn it.

    Nyame reacts

    When Graphic Online reached Mr Nyame, via telephone Sunday morning, he confirmed it was true that he has withdrawn his investment but insisted his mother and wife still have investments there and since he was one way or the other affected by their predicament, he can act on their behalf.

    He said he personally made the investments in their name and therefore has a responsibility to act on their behalf.

    Fighting off the allegations that they have been bussing non-customers to demonstrate, he explained, since it was not everybody who can attend the demonstrations because they were sparsely located, they sometimes nominate people who are one way or the other affected by their predicament to act on their behalf.

    He said their petition to President Akufo-Addo on the matter of recouping their investments from Gold Coast has since been referred to the Bank of Ghana (BoG) and they were waiting to hear from the BoG.

    He alleged that when they (leaders) of the group recently met the management of Gold Coast, they [Gold Coast] proposed that each customer signs a document giving the power of attorney to the leaders of the group to act, take decisions and meet with the management on behalf of all customers but they rejected it.

    He denied the allegations of misappropriation of group funds and said, “it is never true.”

    He suggested it was probably due to his stance on matters that was why some of the members wanted to kick him out but declined to give further details when Graphic Online probed, insisting that the issue of differences among the members have since been resolved and there was no need going back to it.   

    Gold Coast has been under pressure from organised groups demanding for their locked up capital for some months now.

    There has been some demonstrations by some customers against Gold Coast asking that their locked up investments should be given to them.

    They recently organised a demonstration in Kumasi and later presented a petition to President Akufo-Addo. 

    Following that, the petition has been forwarded to the BoG.

    But the Gold Coast has always maintained that they keep disbursing funds to their clients anytime government paid contractors who were pre-financed by Gold Coast.

    According to Gold Coast, they have made disbursements close to Gh¢70million in less than eight months.

    more to follow…

    Writer’s email: enoch.frimpong@graphic.com.gh 

  • Court throws out BoG’s appeal in GN Savings case

    Court throws out BoG’s appeal in GN Savings case

    Source: Starr FM

    The Court of Appeal has thrown out an application from the Bank of Ghana (BoG), which challenged the jurisdiction of the High Court.

    BoG had argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence.

    It argued that the only lawful forum for resolving the GN Savings concerns is the Ghana Arbitration Centre.

    However, the High Court dismissed its application in December 2019; thereby causing the BoG to seek redress at the Court of Appeal.

    Dismissal

    Ruling on BoG’s appeal today, the Court of Appeal unanimously dismissed BoG’s application and directed it to go back to the High Court and justify the revocation of the licence GN Savings.

    Lawyer for GN Savings, Justice Srem-Sai, expressed concern about BoG’s legal gymnastics all aimed at stalling the case and thereby, perverting the course of justice.

    The court was presided over by Justice Ackah Yensu with Justices L.L. Mensah and Anthony Oppong.

    Background

    In October 2019, BoG and the Attorney-General raised a preliminary legal objection to the case brought by the Dr Papa Kwesi Nduom and two other shareholders of GN Savings and Loans Limited.

    In the objection, the BoG and the Attorney-General argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence. According to the Attorney-General and the Bank of Ghana’s lawyers the only lawful forum for resolving the Applicants’ concerns is the Ghana Arbitration Centre.

    This argument was opposed by Mr Srem-Sai.

    In December 2019, the presiding High Court judge, Justice Gifty Adjei-Addo, dismissed the legal objection as frivolous and without merit.

    She then ordered the BoG, the Attorney-General and the Receiver of GN Savings to file their defences by January 17, 2020.

    The BoG and the Attorney-General failed to file their defence on January 17, 2020 as directed by the court.

    Rather, BoG appealed the High Court’s decision. It also filed an application at the High Court for a stay of the High Court’s proceedings pending the determination of the appeal.

    Lawyers for Dr Nduom, again, opposed the application for stay of proceedings, arguing that it was a mere ploy to delay the proceedings as the BoG has not demonstrated that some exceptional circumstances exist to justify a stay.

    The application for stay of proceedings was accordingly dismissed as without merit.

    By this time the case had reached mid-March 2020.

    Further Orders

    The trial judge, then, ordered all the parties to file their defences and closing address by April 13, 2020 but the BoG and Attorney-General failed to do so.

    While still yet to file a defence to the substantive case in the High Court, the lawyers for the BoG rather appealed to the Court of Appeal against the High Court’s ruling which dismissed their application for stay of proceedings.

    While all this was going on, the lawyers of the Bank of Ghana had not taken any steps to prosecute their first appeal. For example, they failed to attend the High Court Registrar’s summons to settle the records of appeal. They also failed to satisfy the conditions of appeal which was served on them way back in February 2020.

    Fed up with the delays and evasiveness of the Bank of Ghana’s lawyers, the High Court Registrar wrote to the Court of Appeal Registrar and recommended that the Court of Appeal should strike out the entire appeal for abuse of the court process.