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SEC: Menzgold Cannot Be Included In Government Bailout Fund

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The Security and Exchange Commission (SEC) of Ghana has declined a request by the Coalition of Aggrieved Customers of Menzgold Ghana’s (CACM) to include the embattled gold dealership firm’s in the government’s bailout package established to pay locked up funds of depositors of collapsed financial companies.

In the reply dated September 9, the Commission emphatically mentions that members of the Coalition cannot be included in the bailout fund because “the target of the bailout is clearly defined and does not cover Menzgold customers”.

“The SEC is implementing the bailout provided for in the Mid-Year Review of the Budget Statement and Economic Policy of the Government of Ghana and Supplementary Estimate for the 2020 Financial Year. Section 239 of the Budget Statement approved by the Parliament was very specific” it reads.

The letter, which was assented to by the Director-General of the SEC, Reverend Daniel Ogbarmey Tetteh and addressed to the Chairman of the Coalition, Mr. Isaac Nyarko further explains that Menzgold was not an asset management company under SEC’s modulation.

CACM called on government to include them in the bailout fund when the SEC announced a week back that clients of collapsed fund management companies will start receiving their locked up funds before the end of the year.

According to the industry regulator, the decision to pay these persons followed a relief granted by the Official Liquidator, the Registrar General, to liquidate 22 fund management companies (FMC’s) whose licenses were revoked by the SEC in November 2019.

But the CACM says its members have been subjected to “suffering and unbearable hardships” since the company’s shut down in 2018.

Source: myjoyonline.com

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Prez Commends Otumfuo For Releasing 150-acre Land For Kumasi Composting And Recycling Plant

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THE President Nana Addo Dankwa Akufo-Addo has commissioned a $95m Intergrated Composit and Recycling Plant in Kumasi aimed at processing sold waste into reusable material, organic product and plastics.

The $95m project which is located at Adagya in the Bosometwe Consituency in the Ashanti Region when completed will have the capacity of receiving 2400 tonnes of sold waste which is above the daily generation of 1200 tonnes of waste in Kumasi.

Nana Akufo Addo said the project is the largest in Africa and Ghana as a whole comprising of one cubic meteric sold waste, restaurant, a clinic, cafeteria, lecture halls, administration block, a conference hall and other auxiliary facility.

He said the project if completed will employ 800 directs and indirect jobs and help reduce unemployment in the country.

He said the government remains committed in partnering the Public Private Partnership in this case in the area of sold waste management and thanked the Hungarian government for patterning with Zoolion Ghana Limited.

He said the integrated plant has a 90% recovery rate, boost the economy and serve as a tourism in the Kumasi metropolis.

The President task all MMDCEs to collaborate with the company in it operations and charged of the Sanitation Ministry to see to the completion of all the 16 projects across the country.

He call on all Ghanaians to follow the safety protocols adding that the Coronavirus is not yet over but the numbers are quite encouraging.

He Express gratitude to the Ashantihene, Otumfo Osei Tutu II for his support for the project.

The CEO of Jospong Group of Companies, Dr Joseph Siaw-Agyapong said the project if completed with recieve 2400 tonnes of sold waste daily above the daily waste generated in Kumasi metropolis which is 1200.

He said the $95m project will create 800 direct and 1500 indirect jobs for the teeming youth adding that the projects was an Australian technology.

Mr Siaw Agyapong said research has shown that the Coronavirus can survive in plastic waste for five days, wood for four days, paper for four days and glass.

He said currently Zoomlion has 600 staff capacity with 45000 operatives making a total of 51, 000.

The Ashanti Regional Minister, said when the NPP government took over the helm of affairs, Kumasi was bedeviled with two major problems that was bad read network and sanitation issues.

But today one can attest to the fact that our governor has done well in terms if road construction.

The second problem which was sanction has also recieved a major boost through the commission of the Composit and Recycling Plant aimed at processing sold waste into plastic, fertilise and other produce for reuse.

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Gov’t Has Expended GH¢27 Billion To Implement Social Interventions – Veep

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Vice President Dr Mahamudu Bawumia has said the Akufo-Addo-led government has spent GH¢27 billion on the implementation of key social interventions since assuming office in 2017.

These programmes included the roll-out of the Free Senior High School policy, restoration of the teacher/nursing trainee allowances, the Nation Builders Corps, and provision of free water and electricity for lifeline consumers for six months amid the COVID-19 pandemic.

However, the Mahama-led administration could not raise GH¢70 million to pay for the teacher/nursing trainee allowances, he said.

Dr Bawumia made the remarks on Tuesday at a durbar of teachers and artisans at Metaheko/Flamingo in the Ablekuma Central Constituency of the Greater Accra Region to begin his four-day tour of the Region.

He said Ghanaians were witnessing much better governance and leadership under President Akufo-Addo with the cedi depreciating by only two per cent this year amid COVID-19 pandemic and an election year.

He cited the restoration of the teacher/nursing trainee allowances, implementation of the Free Senior High School policy for which government pays GHc2.2 billion annually, payment of GHc21 billion to 4.6 million depositors whose funds were locked up in the banking sector clean-up, and provision of infrastructure such as roads, libraries, classroom blocks, and health facilities.

The government, he said, had recruited 90,000 teachers since assuming office in 2017.

The Vice President further explained that in view of the fulfillment of about 80 per cent of the NPP 2016 electioneering campaign promises with more ongoing projects, Ghanaians could trust the government with four more years to deliver more developmental projects.

Dr Bawumia outlined some policies and programmes the Akufo-Addo-led government intended to implement when given the nod in the December 7 elections.

They included the National Transport Recapitalization Scheme, Leasing programme to enable commercial drivers own new vehicles, Tertiary Loan Scheme for university students to receive loans and pay it after completion of school, and National Rent Allowance Scheme for workers to rent decent accommodation and later deducted from their salaries.

The teachers and artisans asked government to provide stimulus package for private schools to cushion them against the COVID-19 pandemic, employ graduate teachers, and ensure that the One-Student, One-Laptop policy was fulfilled.

Vice President Bawumia, responding to their requests, said President Akufo-Addo had directed the Finance Minister, Mr Ken Ofori-Atta, to look at the COVID-19 Alleviation Fund and find support for the private schools.

In addition, government wanted to find a local manufacturer to produce laptop computers in the country so that every teacher and student could get one each.

Dr Bawumia said government would provide free internet service to all senior high schools, 46 colleges of education and 260 education offices across the country by the end of the year.

Some dignitaries in the Vice President’s Team were Ms Shirley Ayorkor Botchwey, Minister of Foreign Affairs and Regional Integration, Anthony Abeyifa Karbo, Deputy Minister of Roads and Highways, Alhaji Saad Habib, Member of Parliament for Bortianor,Ngleshie/Amanfrom, and Mr Sylvester Tetteh, CEO of the National Youth Authority and NPP parliamentary candidate for Bortianor/Ngleshie/Amanfrom.

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Minority’s Volta MPs tour areas ravaged by Togolanders

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The Volta Caucus of the Minority in Parliament has toured parts of the Volta Region that came under attack from secessionist groups in the area.

Led by North Tongu MP Mr Samuel Okudzeto Ablakwa, the caucus visited the areas that experienced the attacks including the STC yard.

They also paid a visit to the family who lost their loved one in the crossfire that ensued between the secessionists and the security personnel on Friday, 25 September 2020.

The secessionist groups insist the region is independent Western Togoland.

Meanwhile, the Dean of Academic Affairs at the Ghana Armed Forces Command and Staff College (GAFCSC), Dr Vladimir Antwi-Danso, has said there is no clause in the agreement signed between the then-Gold Coast and the French Togoland for the latter to break away from Ghana after 50 years despite agreeing through a plebiscite to become part of independent Gold Coast in 1956.

His comment comes in the wake of recent militia attacks by secessionist groups such as Western Togoland Restoration Front; and Home Study Group Foundation (HSGF), among others, in the Volta Region.

The Togolanders, through the violent insurgence of their separatist groups, have intensified their call for independence.

Last week, members of HSGF blocked roads leading to the region, hoisted their flags, captured three police officers and exchanged gunfire with security agencies as parts of agitation for their independence.

In the early hours of Tuesday, 29 September 2020, a sister separatist group attacked the STC yard in Ho and burnt two of their buses.

The narrative has been that the French Togoland could break away from Ghana after 50 years of independence, according to a treaty they signed with the League of Nations and the Gold Coast ahead of independence.

But reacting to this development, Dr Antwi-Danso noted on the Executive Breakfast Show (EBS) on Class91.3FM on Tuesday, 29 September 2020 that the history has been distorted.

According to him, no part of the treaty talks about the French Togoland breaking away from Ghana after 50 years.

He further told show host Abdul Karim Ibrahim that the narrative that all Ewes want to secede was also false.

“Unknown to many of us, check the then-map before the plebiscite, the Tongu area and the Anlo area all the way to Peki was in Gold Coast already.

“It is being made as if all our brothers and sisters in Ewe land want some kind of secession and that all Ewe land was part of the Trans Volta Togoland. That’s false.

“If you check the map, you’ll see that Keta and others were all part of Gold Coast already, so, they didn’t take part in the plebiscite,” Dr Antwi-Danso stated.

He continued: “The second one is that there is a clause in the agreement which stated that 50 years after the marriage, they could abrogate the marriage; that’s not true… A treaty is the first port of call when you’re talking about international law and it will tell you that, that is never how to write a treaty.”

According to Dr Antwi-Danso, in writing a treaty, “you state the terms of how to abrogate the treaty, so, it is false, it is not true that there is a clause that allows them to move away. That’s false,” he stressed.

Dr Antwi-Danso, therefore, described the actions of the separatists as “pure terrorism” and called on all Ghanaians to condemn it while the state security brings the perpetrators to book because they pose a grave danger to lives and property.

Source: Class FM

 

 

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