BoG begins DKM liquidation

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BoGThe Bank of Ghana (BOG) on Tuesday denied responsibility for the fiasco involving DKM Micro Financial Limited, adding that it is in the process of liquidating the assets of the company to pay off depositors.
A number of Ghanaians, especially in the Brong Ahafo and the three northern regions, have fallen victim to a bunco scheme by the micro finance companies and lost their deposits. The micro-finance company was alleged to have invested GH₵77 million of its customers’ deposits in its subsidiary companies-KM Airlines Company, DKM Fuel Station, DKM Transport, DKM Shea Butter Company and DKM Mining Company, among others. Millions of cash deposits of customers of the DKM, Jastar Motors, God is Love Fun Club, Perfect Edge and others in the illegal savings business in the affected regions were locked up, following the BoG’s move 2015 to stop the companies from operations due to their violations of the savings and banking laws and regulations. Dr Henry Kofi Akpenamawu Wampah, Governor of the BOG, said the Central Bank could not be blamed for not monitoring the crisis after a number of investors had lost their deposits. Briefing Parliament on the extent of BOG to monitor operations of the microfinance companies, the Governor said the Bank could not be blamed because the law says they should undertake field visits once in a year. DKM Financial Services is a micro-finance company with its head office in Sunyani. It has six branches in Wenchi, Techiman, Bolgatanga, Wa, Berekum, and Nkoranza. The Governor was not certain if proceeds from the sale of assets of DKM would be enough to pay the ¢115 million collected from depositors. He said with emphasis that the Central Bank would not consider any form of bailout package for customers who lost their deposits in the DKM financial services. He said it would not be feasible for the central bank to pay depositors who lost their monies due to bad financial practices by a private micro-finance company. Consequently, the BoG has withdrawn license of DKM and had commenced the process of liquidating the assets of the company to pay off the depositors, although the process can take several months and years. Contrary to calls on the central bank to extend some form of bail out for the depositors, Dr Wampah urged the customers to wait for the liquidation process to proceed for them to get back their deposits and stressed that the bank would not consider any form of bailout. “Any attempt to bailout the customers would set a bad precedence that the Central Bank would always come in to bailout depositors of financial institutions anytime these institutions were being liquidated, “Dr Wampah said. He said customers who lost their deposits to financial institutions which had been liquidated in the past would take advantage of the situation and demand that they should also be compensated for the mismanagement by their financial institutions. Dr Wampah dismissed suggestions that the central bank was negligent in monitoring the misconduct of DKM and other financial institutions and indicated that “this is a normal situation. Institutions do fail sometimes. Even in situations where we have law enforcement agencies, some people will still find a way to violate the law. The Governor announced that Price WaterHouse, an international auditing firm, has been engaged to assist in the liquidation process and indicated that the BoG was ascertaining the total assets of the institution and its related companies as well as the deposit liabilities and other liabilities of the company. “The law clearly states that depositors have the first call of any assets that are identified. Once we identify the assets, then there will be a plan to settle the depositors,” he said. “We cannot go every day to an institution on the mission to see exactly what they do, because the laws of the land demands we go for inspection on yearly basis, and if an institution is not performing well or done something wrong we (Bank of Ghana) would only get hold of the them when we go on inspection,” he said. He said the amount depositors would get would depend on the total assets of the financial institution. Also, the BOG has engaged an institution known as the Ghana Micro-finance Institutions (GAMFI) and given them the needed logistics to assist in the monitoring of the micro-finance companies across the country. Dr Wampah said the BOG would embark on a comprehensive nationwide public education on the dangers connected with depositing monies to financial institutions that promised attractive interest rates in attempt to get more customers. He agreed with the suggestion that the BOG should collaborate with the various District Assemblies to monitor the activities of the financial institutions in their districts to avoid such situations. Source GNA

Taller men, slimmer women have more earning power – study reveals

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Tall man and womanTaller men and slimmer women earn more than those who are shorter and overweight, scientists say. Researchers who have studied the genetics of people who are short or overweight have found that they earn less than their taller and slimmer colleagues.
Studies have previously shown a link between height, BMI and socioeconomic status, with research suggesting that higher levels of poverty could lead to a shorter stature and higher BMI, possibly as a result of factors such as a poorer diet. However, until now, it was not clear if the reverse effect was also true – that height and BMI could themselves influence outcomes such as income, job prospects and education levels. Now researchers from Exeter University have revealed that for every 2.5 inches in height resulting purely from a man’s genetics, his annual income increases by nearly £1600. When a woman, however, has a genetically predicted weight that is two stone heavier than another woman of the same height, she is set to lose out on nearly £3000 in annual income. “This is the strongest evidence by far that there is a causal link from being a bit overweight as a women, being a bit shorter as man, to doing worse in life,” says Professor Timothy Frayling of Exeter University, who co-authored the paper. “This won’t apply in every case. Many shorter men and overweight women are very successful, but science must now ask why we are seeing this pattern. Is this down to factors such as low self-esteem or depression, or is it more to do with discrimination? “In a world where we are obsessed with body image, are employers biased? That would be bad both for the individuals involved and for society.” Frayling gave examples of how a difference in height and weight might affect income. He said: “If you could take the same woman – same intellect, same CV, same background – and send her through life a stone heavier, she would be about £1,500 per year worse off. “And if you took the same man – say a 5ft 10in man and make him 5ft 7in – and sent him through life, he would be about £1,500 worse off per year.” In the largest study of its kind, the new research, published in the British Medical Journal, used an approach known Mendelian randomisation to explore the link. “It’s like doing a randomised control trial,” says Frayling. Using data from the UK Biobank, scientists looked at both measured observations and genetic variants relating to height and BMI in 119,669 white British men and women aged between 40 and 70, in order to tease apart the influence of the traits on five socio-economic markers: annual household income, job class, the chance of getting a degree, duration of education and a metric known as the Townsend deprivation index – a measure of the level of deprivation for a given postcode. “The authors are not trying to say that the many genes that relate to height [and BMI] also have gene-specific biological effects on educational outcome, or income or whatever – just that through their influence on height or BMI they have social effects,” explains Professor George Davey Smith, of the University of Bristol who was not involved in the study. Particularly striking was the influence of height on annual household income. The scientists revealed that for every 6.3 cm (2.5 inches) of height – as estimated from genetics – the annual household income for men increased by around £1580. A smaller effect was seen for women. For BMI, annual household income and level of deprivation were both found to be influenced by the trait – but only in women. An increase in BMI of 4.6kg/m2 (around two stone for a woman of average height), as predicted by genetics, led to the reduction of a woman’s annual household income by around £2940. However, other results showed a weaker relationship. While height showed some impact on job type for both men and women, and a small influence on educational outcomes for men, BMI was found to play a small role – if any – in affecting such outcomes. “I think the results are really interesting,” says Dr Neil Davies, also from the University of Bristol. “These results are consistent with small causal effects of height and BMI for some of the outcomes, but actually for others there is really quite compelling evidence that the associations that we see in the population are unlikely to be driven by height and BMI.” Frayling, however, believes that might be down to the smaller number of genetic variants for BMI compared to height, and limitations in measuring socio-economic outcomes. “We can’t say too much about the negative findings because that might just be a lack of data,” he says. While the research did not explain how height and BMI might drive socio-economic status, the authors suggest there could be many social processes at work, from issues of self-esteem to discrimination. However, the study had limitations. As experts point out, the participants in the study were from a limited range of backgrounds, while the effects of inherited social circumstances could also have had an influence. What’s more, they say, social perceptions can vary from place to place, meaning that height and BMI might play different roles in socio-economic outcomes in different societies. “In past populations and some populations today being heavier was actually positively valued,” says Davey Smith. Source the Guardian

ISD workers jubilate over axed acting director

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ISD workersWorkers at the Information Service Department (ISD) are jubilating over the dismissal of their embattled Acting Director, Mr. Francis Kwarteng Arthur.
According to the workers, ever since Mr. Kwarteng Arthur was transferred from the Flagstaff House to the ISD as acting Director on the 7th December, 2015, workers have never been happy. They claimed he was a dictator. A statement released by Communications Minister, Edward Omane Boamah Thursday dawn said “Mr. Francis Kwarteng Arthur has been relieved of his duties as Acting Director of the Information Services Department”. At the back of public criticism of the 59th Independence anniversary’s brochure that was fraught with errors, misrepresentation and inaccuracies, Mr. Arthur on Monday issued a statement to apologise to the president and the people of Ghana on behalf of the ISD, which he claimed, authored the brochure. The brochure among other errors, addressed Kenya’s President Uhuru Kenyatta as the President of Ghana His apology angered staff of the Department who discounted Mr Arthur’s claim, forcing him to retract and apologise to the staff at a durbar on Tuesday. A visit to the ISD, which is under the Communications Ministry, by Onua FM’s reporter, Omari Acheampong revealed that workers are happy over the dismissal. “He is not performing and we are happy for the dismissal,” one of the workers who does not want to be mentioned told Onua FM. Another added, “since he came to the office, we have not been happy because he is a dictator and so he caused the problems for himself”. One of the drivers at the Department said “I have worked here for ten years now and no director has done what he did before”.   Story by Kweku Antwi-Otoo/Onua FM/tv3network.com

Unhappy Addison disturbed by Nii Noi’s decision – camp admits

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Philip Addison (L) and Nii Noi NorteyNPP parliamentary candidate for Korley Klottey, Philip Addison is disturbed by Nii Noi Nortey’s decision to go independent, the former’s camp concedes.
The spokesperson for lawyer Philip Addison’s camp, Norman Yemetey told Onua FM’s afternoon show, Ghana Dadwene hosted by Bright Asempa that the development will seriously affect Addison’s chances of winning the seat. “There is no way Nii Noi will win the election without Addison and there is no way Addison will win the seat without Nii Noi,” he explained. Nii Noi Nortey declared his intention to contest the November 7 parliamentary election as an independent candidate on Wednesday. “It has gotten to this because the masses, the youth, the voiceless are calling onto Nii Noi Nortey to stand as an independent candidate. I am for the people. I aim to serve the people,” explained his decision. Addison polled 396 out of the 765 votes cast to beat Nii Noi Nortey, who polled 367 votes in the recently re-ran primary in the constituency. After weighing the effect of Nii Noi going independent on their electoral fortunes, Norman Yemetey said Addison’s camp will do everything to bring Nii Noi back into the party. “We will see how best we can bring him on board because I don’t think we have lost him. We need Nii Noi in our camp. We need Nii Noi in NPP,” he said.   Story by Kweku Antwi-Otoo/Onua FM/tv3network.com

Embattled ISD boss sacked

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The acting Director of ISD, Mr ArthurActing Director of the Information Services Department, Francis Kwarteng Arthur, who has come under fire over the error-ridden Ghana’s Independence Day anniversary brochure, has been sacked.
A statement issued Thursday and signed by Communications Minister Dr. Omane Boamah said the Ministry has assumed responsibility for communications at the Presidency in what the government says, is a restructuring of its communications systems. At the back of public criticism of the brochure that was fraught with errors, misrepresentation and inaccuracies, Mr Arthur on Monday issued a statement to apologise to the president and the people of Ghana on behalf of the ISD, which he claimed, authored the brochure. The brochure among other errors, addressed Kenya’s President Uhuru Kenyata as the President of Ghana “The Department, which authored the content of the brochure, accepts responsibility and wishes to unreservedly apologise for the development,” the statement said But that did not go down well with the staff of the Department who discounted Mr Arthur’s claim, forcing him to retract and apologise to the staff at a durbar on Tuesday. He, however, insisted that he was responsible for the content of the error-ridden independence anniversary brochure, which has since sparked controversy and grabbed international headlines. “After meeting with my colleagues, and [after] deliberations, I have acknowledged that I should have issued it  [the apology] in my capacity as the chair of the Communications subcommittee of the National Planning Committee. I’m assuming full responsibility. I have listened to their suggestions and I’m prepared to move along with my team collectively,” Mr Arthur told journalists after the meeting. Again, at said durbar, Mr Arthur claimed that the Flagstaff House approved the error-filled Independence Day brochure for publication, stating that the final work did not come from the ISD but the Flagstaff House which designed and printed the brochure whose content he personally produced. He also revealed that he deliberately forged the ISD letterhead that he used for the Monday’s misleading apology statement to the President and the people of Ghana “Yesterday Monday, I did not have a copy of the ISD letter heads in my file… When push came to shove, I didn’t have access to [the official letter head] so on my laptop, I had the coat of arms there so I just lifted the coat of arms and with my computer skills that I have, I typed under it.” “So what you see there is what I generated and this is to explain the reason why it is not on an official and a notable letterhead that all of you are familiar with,” he added. By Stephen Kwabena Effah|tv3network.com|Ghana Twitter @steviekgh

EC undertakes pilot voter registration Saturday

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Electoral CommissionThe Electoral Commission will on Saturday test-run its upgraded Biometric Registration Kits [BVR Kits] in a pilot voter registration exercise some selected polling stations across the country.
A statement issued by the Commission said the upgrade of the kits is meant for the “impending limited registration exercise and subsequent registration exercise” Meanwhile, the Commission has explained that the data collected during the pilot registration will not form part of the national register, and allayed the fears of a possible registration. Also, the commission said a new voters who register in Saturday’s pilot exercise will still have to register in the limited registration exercise before their names could be on the national voters’ register. The Commission said all individuals who have registered before or are new voters are qualified to partake in the pilot exercise which starts from 9:00am to 4:00pm “All political parties and prospective voters in the selected polling stations are entreated to participate fully to ensure a successful exercise” it concluded. EC The slected polling stations for the pilot exercise By tv3network.com|Ghana

Poland’s Constitutional Court clashes with new government

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The Constitutional Court's ruling came at the end of a two-day sittingMany changes Poland’s new conservative government has made to the functioning of the top legislative court are unconstitutional, judges have ruled.

However the government has indicated it will not recognise the Constitutional Court’s judgment. The new rules increase the number of judges needed for a ruling and change the order in which cases are heard. The court’s verdict means the country is heading towards a constitutional crisis, observers say. The government is already coming under scrutiny from both Brussels and Washington for allegedly endangering democratic checks and balances, says the BBC’s Adam Easton in Warsaw. Since coming to power in October, the Law and Justice party (PiS) has regularly come to blows with the media and the opposition.

‘Dramatically limiting’

Late last year the government passed legal amendments changing the way the Constitutional Court operates. They require a two-thirds majority of the 15 judges to support a ruling for it to be valid, and also stipulate a quorum of 13 judges for rulings to be valid. Critics says the changes have paralysed the court The PiS says the changes are needed to reflect the new balance of power after its landslide election win last year, Reuters news agency reported. Prime Minister Beata Szydlo said the Constitutional Court’s judgment would not be legally valid because the court had failed to adhere to the rule changes introduced by her party. But critics say the changes mean the court is now unable to examine government legislation. “Dramatically limiting the court’s ability to function independently and thoroughly contravenes Poland’s (political) system and cannot be tolerated,” said Judge Stanislaw Biernat, announcing the ruling after a two-day session. This issue has sparked protests against and in support of the government’s stand. The amendments to the law governing the court are being investigated by the European Commission for a possible breach of the rule of law. Last month, a draft report by the Council of Europe – a human rights watchdog – said the changes make it extremely difficult for the court to take decisions, thereby endangering the rule of law.   Source: BBC

Don’t transact business on social media – Police Chief cautions

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Suspect Michael AsareThe Director-General of the Ghana Police Service in charge of Operations, COP Christian Tetteh Yohunu has advised persons transacting business using social media platforms to desist from it because it is not safe.
 COP Tetteh Yohunu’s comment follows the arrest of a 19-year-old junior high school drop-out, a resident of Agbozume in the Volta Region, for impersonating the police chief. “People who transact business on social media should be extra careful because mine may be a small but yours may involve a huge amount of money which cannot be retrieved,” COP Yohunu told Onua FM’s Yen Sempa host Kwame Karikari on Wednesday. The Criminal Investigation Department (CID) of the Ghana Police Service picked up Michael Asare for creating a facebook account in the name of COP Yohunu and using it to dupe innocent people of helping to recruit them into the Service. COP Yohunu advised, “let us get personal contact with the people we are dealing with especially when it comes to business because social media is not safe”. Asked whether he has a facebook account, the Police chief explained, “I don’t have facebook account. I don’t know how to operate facebook so the public must desist from such people or report such people who deal with you on social media to the Cyber Crime Unit of the Police Service”. COP Yohunu urged that “people who are victims must come out to tell us their stories”, and also called on the media to help the police in the crusade against cyber crime.   Story by Kweku Antwi-Otoo/Onua FM

Court slaps injunction on Manhyia North NPP primary

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Collins Owusu Amankwah is NPP's MP for Manhyia North ConstituencyThe parliamentary primary of the New Patriotic Party (NPP) in the Manhyia North Constituency scheduled to be held on Sunday, March 13 has suffered another jolt after a court injuncted it.
Details of the injunction are scanty, our correspondent reports, but regional executives are already meeting over the issue. TV3’s William Evans Nkum quotes the party’s Ashanti Region chairman, Bernard Antwi Boasiako, as saying the exercise will be held a week later, on Sunday, March 20. Mr Boasiako confirmed that an emergency meeting will be held by the regional executives on the latest development, our correspondent says. Last Monday, the party announced that the long-standing litigation in the constituency, which saw it exempt from the June 13 nationwide primaries, has been resolved. The resolution team was led by former National Chairman and 2016 Campaign Chairman Peter McManu. Incumbent Member of Parliament (MP) Collins Owusu Amankwaa is being challenged by Nana Osei Prempeh and the party was in a process of compiling an album for Sunday’s polls. Source: tv3network.com|Ghana

Access to free maternal care must be fundamental to women – Otiko

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OtikoThe National Women’s Organizer of the New Patriotic Party (NPP), Otiko Afisa Djaba, says Ghana’s growth  from a lower-income to a middle-income status can be only be achieved if women are empowered to go to into farming and trading, which are the two major areas that drive the growth of every nation.
According to her, most Ghanaian women who are supposed to work and move the nation forward are dying in labour due to lack of access to free maternal healthcare delivery and malfunctioning of the National Health Insurance Scheme (NHIS), which should be the fundamental right to every woman in the country. “All those women who are supposed to have maternal healthcare delivery are not having and they are dying including their babies are all princesses and princes of mother Ghana and  we must ensure that we bring back the ‘free maternal healthcare’ and the NHIS in full force. “It is not about numbers, it is access to quality healthcare delivery so that the woman and her children and family will have good healthcare delivery to be productive to mother Ghana and increase growth.” Madam Otiko Djaba made the remark in an interview with journalists on the sideline of an event to commemorate the International Women’s Day celebration organized by the NPP women’s wing on Tuesday in Accra. In attendance were scores of women groups made up of the civil society organizations, politicians, human rights activists, nurses, the disabled, widows and kayayes amongst others. Mad. Otiko Djaba bemoans Ghana’s growth has reduced drastically to 3.5 per cent including the falling of agriculture which is the said to be the engine of growth for the economy of any nation. She lamented the malfunctioning of the NHIS system, calling for a complete restoration of the scheme. She urges all women in Ghana to rise up and speak for themselves in order to bring about the change they deserve. For his part, Elizabeth Sackey, Member of Parliament for Okaikwei North Constituency, advised the women to use the day to reflect on the struggles of womanhood and emulate the gestures of powerful women in the society who have distinguished themselves through hardwork and perseverance. Meanwhile, Madam Otiko Djaba and Mrs. Stella Agyapong, C.E.O of Oman Fm and Net2 Television, used the occasion to donate some relief items to the disabled, widows and Kayayes who trooped to the venue to observe the International Women’s Day Celebration. The items included 2 bags of mosquito net, 12 bags of ladies clothes, 2 bags of men’s clothes, 10 boxes of toilet soap, 10 boxes of hand sanitizer, one box of mackerel, six bottles of frytol cooking oil, 32 cans of tin tomatoes and 8 bags of rice. According to Otiko Djaba, the items are intended to put a smile on faces of the vulnerable women in the society especially during the International Women’s Day Celebration. By Joseph Kobla Wemakor|Accra|Ghana