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Two friends in police grip for fighting over pussycat

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Two friends in police grip for fighting over pussycat
The two friends - Atta [in shirt] and Evans
The two friends – Atta [in shirt] and Evans
Two friends are in Police grips for causing harm to each other over a misunderstanding arising out of the stealing of a pussycat belonging to one of them.

The two – Kwesi Atta and Enne Evans – have been issued with medical forms to seek treatment after which they would be charged with ‘acts tending to disturb public  peace’, TV3’s Josephine Frempong has reported.

Police say 43-year-old Atta who is a labourer at the Tema Port, accused his unemployed friend,  39-year old Evans, of stealing his cat and thus confronted him last Saturday resulting in exchanges but they were prevented from fighting.

On Monday, Atta was said to have confronted Evans on the issue again, leading to a fight during which Atta inflicted cutlass wounds on Evans who also used a club to attack Atta.

The Tema Community 11 Police was immediately called at about 10:30am to intervene in the fight which took place at a popular place called Water Melon Avenue in Community 10.

Both men were brought to the Police Station with various degrees of injury and with blood oozing out of their bodies.

Evans told Police investigators that he used the club in self-defence because Atta attacked him with a cutlass.

By Stephen Kwabena Effah|3news.com

Twitter @steviekgh

Abossey Okai ICGC threatened by engulfing refuse

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Refuse

Sandwiched between the International Central Gospel Church (ICGC) and a mosque at Abossey Okai in Accra is a heap of refuse.

This pile of refuse has infamously gained accolades including ‘Temple Refuse’ and the ‘Rubbish of Babel’.

For congregants of ICGC, worshippers at the mosque, workers and residents of the area, the stench emanating from the pile of refuse is nauseatingly bad.

Speaking on 3FM’s Community Connect, Reverend Albert Ocran of the ICGC said the heap of refuse started piling up a couple of years from about 100 meters away from the church.

“It started a couple of years ago. Where the refuse is now was occupied by five football pitches constructed by the church for kids in the community. All these investments were made to beautify the place but the rubbish has overrun these pitches,” said Rev. Ocran.

He said the area occupied by the refuse is not earmarked as a place for dumping refuse.

“City authorities have categorically confirmed that the area is not meant for dumping of refuse. Earlier this year, they put up a sign post instructing people not to dump refuse there but at the same time, you have some persons who stand on that refuse dump to charge people who come to dispose off their waste.”

He stated further that the stench from the stinking refuse travels to a far distance that people in the community find it unbearable.

“You can imagine the impact on the church,” Rev Ocran said.

“We spend thousands of Cedis deodorizing and disinfecting the environment. In spite of that, when it rains, some blackish liquid just flows from the environment into our space,” Rev Ocran added.

Community Connect’s attempts to get reactions from the Mayor of Accra, the PRO, and the Head of Health at the Accra Metropolitan Assembly have all not been successful.

3FM will follow up on this issue and will bring you updates.

Community Connect airs on Mondays from 7pm to 8pm on 3FM. The show interrogates issues in your communities for the appropriate authorities to act upon them.

By Solomon Mensah|3FM|tv3network.com|Ghana

Meet the blind model – Blessing Henebeng

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Meet the blind model – Blessing Henebeng

Blessing HenebengVisually impaired Blessing Henebeng, a first year Social Work student of the University of Ghana, Legon, says she is not deterred by her condition and is raring to be a super model in Ghana and across the world.

Blessing lost her sight six years ago, when she was in class at Ejisuman Senior High School, and has never been able to regain her sight.

She, however, believes she still has what it takes to walk the runway just like every other model. She also believes this is her time to make an impact as a model.

Speaking on TV3’s morning show New Day, Blessing recounted how she lost her sight and shared the aftermath of her experience with host Moonn Sangmoor.

“When I had my sight, I really admired the models and anytime I saw someone modeling, I go like wow I would love to do that.

“I tried to model a few times way back in school during our entertainment shows and I thought it was amazing.”

She tells how she suddenly went blank in class one day and how she thought that had brought life to an end for her.

“I thought my whole world had come to an end because I didn’t know what to do again at that very moment.

“I wasn’t eating, talking to anybody, wasn’t getting close to anyone and all I used to do was cry everyday and lock myself up in the room.”

Blessing spoke about her favorite model, Menaye Donkor, who is the wife of Black Stars midfielder Sulley Muntari.

She described Mrs Muntari as a mirror of herself.

“I love Sulley Muntari’s wife because she’s one person I admire so much because she’s bold, intelligent and has made Ghana proud.

“I used to see myself in her when I had my sight because I had the chance of seeing her on TV, magazines and newspapers.”

Blessing is billed to model at a fashion show to be organised by Ghanaian fashion designer Barimah K.K Mensah at the Akropong School for the Blind on May 21.

By Nana Afrane Asante|3news.com|Ghana

News

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News

News from all parts of the country and beyond with detailed reports.

 

NDC man threatens to quit party over unfair treatment

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NDC man threatens to quit party over unfair treatment
Mr Sumaila Nartey
Mr Sumaila Nartey

A caretaker at the Bolgatanga Constituency office of the National Democratic Congress, Sumaila Nartey, has threatened to quit the party due to what he claims to be unfair treatment and lack of respect for him by the party members.

He told TV3 that the party members have accused him of assaulting a woman, which has resulted in a court case before the Bolga Magistrate Court. The case is scheduled to be called in Court Wednesday.

Mr Nartey denied assaulting the woman, noting that he only cautioned her against the misuse of facilities, especially electricity, at the constituency office. According to him, electricity bills for the office are paid from his pocket aside maintaining the party’s office.

He alleged that the constituency office has become the centre for some party members to heat water, charge their mobile phones  and use other appliances, something he said leaves him with huge electricity bills at the end of each month.

The man accused the constituency executives of the party of being behind the woman in a bid to tarnish his image, all because he supported an aspiring parliamentary candidate during the NDC primaries last year.

He said notwithstanding these sacrifices for the past 16 years, he has not benefited from the party, claiming job opportunities are sometimes given to other party members in his presence without being considered.

Attempts at getting the constituency executives and said woman to respond to the allegations against them have proved futile.

By Rabiu Tanko|3news.com|Ghana

Bawumia wants Tekper to resign, insists on parliamentary probe over $250m transfer

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Bawumia wants Tekper to resign, insists on parliamentary probe over $250m transfer

Seth Terkper (L) and Dr. Mahamudu BawumiaThe running mate of the New Patriotic Party, Dr. Mahmudu Bawumia is calling for a parliamentary inquiry into a transaction where an amount of $250 million was transferred from the Bank of Ghana to a private bank UBA.

Dr. Bawumia is also calling for the resignation of the Finance Minister Seth Tekper adding that the transfer of the country’s Foreign Exchange to a private bank is in violation of the Bank of Ghana Acts (Act 612) Section 53 that states: “The Bank shall hold all foreign exchange of the State and be responsible to Parliament in the performance of its function in relation to the foreign exchange.”

Though Mr. Tekper admitted to the transaction but insisted that the money has been invested in the interest of the country.

He said Dr. Bawumia’s statement is “factually wrong, technically deficient and gives a wrong impression to both the Ghanaian public as well as to our international investors and development partners,” adding that the funds from the Eurobond are intact and have been invested in the name of the Ghana Infrastructure Investment Fund (GIIF).

The Finance Minister further pointed out that plans are far advanced to invest funds lying idle in order to earn some capital for the country indicating that “If Ghana is to move on, I am saying that the money which is sitting in the commercial bank is for you and for me as taxpayers and I don’t think it is prudent for me to allow that money to be sitting there for a bank – whether government bank or private bank – to invest and earn interest at our expense whereas we can place the money at a minimum call or invest in known government securities when the funds are not being utilized.”

But Dr. Bawumia has expressed shock at the Finance Minister’s pronouncements that the fund was lying “idle.” He asked? “Why do you borrow funds and pay interest on it if you do not have use for them at the moment? It is clear that the GIIF does not have a portfolio of projects ready to invest in and it is weird to allocate a whopping sum of $250 million to them at this time.

“Is the Minister aware that the country owes N-Gas some $100 million? What about other contractors who are owed money by the government? How can you owe so much, have so much to do and yet claim to have “idle” borrowed funds?”

A statement released and signed by Dr. Bawumia concluded that “the placement of the $250 million by the Minister of Finance is a violation of the law as well as imprudent financial management.
The Ministry of Finance along with the Bank of Ghana are supposed to enforce the Bank of Ghana Act and not to be party to breaking it.

“Under the current IMF program there is supposed to be a new Bank of Ghana Act. It will not be worth much if the existing one is being violated with impunity by the very sponsors of the new Act. What would private sector players make of this?”

It also stated that “In light of the confirmation of this transaction from the Ministry of Finance, I believe that:

• There should be a parliamentary inquiry
• The transaction should be reversed”

By Martin Asiedu-Dartey|3news.com|Ghana
Twitter: @NewsyMartin

A tour through Accra in search of a clean town

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A tour through Accra in search of a clean town

refuseIt is not long the sun peeped through the window at the eastern corridor at the Kwame Nkrumah Circle, this is without doubt the centre of Accra. It is the home base of both legal and illegal businesses.

On any given day, you will find traders, pick pockets, artisans, and the list goes on. Pedestrians, here, move to and fro like ants on a hill. Indeed the Nkrumah Circle is one busy center.

But underlying all this activity is the issue of sanitation. As the centre of Accra, what can be said of its sanitation? Mahatma Gandhi, while leading a non-violent movement for India’s independence from the British in 1947, spoke about the need to improve hygiene in his country. He said; sanitation is more important than political independence.

Join me as I search for a clean community, starting from here [Kwame Nkrumah Circle].

A road sweeper, Comfort Anaba, clad in a long overall with an Accra Metropolitan Assembly vest over it, holds in her hand a long broom as she sweeps an area close to the Obra Spot.

“As I am sweeping here, I have already finished sweeping under that overhead [she points to the direction of Busy Internet – about a kilometer away]. There is a refuse dump around so we dump the waste we sweep there,” she says.

The place Madam Anaba says they dump their refuse to be collected later by Zoomlion, a waste management company, is a few meters away from the Nkrumah Circle’s Commercial Bank Tower. Sitting close to it is a trotro (commercial bus) station.

refuse2The drivers tell me the stench is a big challenge.

“What you see there, (he refers to a heap of refuse) has been there for over three days now. The stench is unbearable. Authorities must come to our rescue,” driver Abdulai says.

The drivers direct me to yet another heap of refuse close by. This time, it is very close to the Commercial Bank Tower and the New Life Seventh-day Adventist Church.

House flies hover around as food vendors file past the refuse. I speak to this passerby.

“We the citizens as well as the authorities are all to be blamed for this filthy environment. At least, two or three dustbins here will help save the situation and we must not litter anyhow,” says Kwakye Boadi.

Going back to interact with Madam Anaba, she says she feels very worried when she sees people littering indiscriminately.

“It pains me because I will be the one to sweep. When the city gets dirty, we are the ones who will sweep and authorities will say we are not working.”

I have walked round almost everywhere at the Kwame Nkrumah Circle. Sanitation here is nothing to write home about.

From Circle, I toured Tudu, Tema Station, Labadi, Teshie, Nungua, Madina, Lapaz, Mallam and Kaneshie among others. These places like the Kwame Nkrumah Circle are the same. Sanitation here, to put it mildly, is very bad.

At a place like Mallam, food vendors mount their food on very smelly and choked gutters. At Kaneshie, market women who sell on the shoulders of the road mostly do so close to stinking piles of refuse.

It will be no exaggeration to say a falling stone will find it difficult to hit the bare ground at the Tema Station. Almost every space is covered with empty sachet water rubbers and other wastes.

Madam Comfort Anaba wants the hands of the law to apprehend people who litter indiscriminately.

“I want people who just drop waste anyhow be arrested and punished. When the offenders are punished, they will not repeat littering,” she says.

But there are clean places too. I found areas like Ridge, Cantonments, Labone, Spintex and a few more rather refreshing. These places are very neat.

As I bring my tour to an end, I ask myself one question. Do we, as Ghanaians, value sanitation and for that matter hygiene?

 

Story by Solomon Mensah/3FM/tv3network.com

Police officers deny Peter Amewu’s assault allegation

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Police officers deny Peter Amewu’s assault allegation

police2Police in the Volta Region have “flatly denied” an assault charges leveled against some police officers by the NPP Regional Chairman.

Peter Amewu claimed some police officers assaulted him when he attempted to take pictures of a police vehicle he suspected was being used to perpetuate electoral fraud.

Although the Volta Regional Police Commander, DCOP PeterKin Yentumi Gynae confirmed that the issue has been reported, a different account was given by the accused police officers.

Speaking on 3FM’s Sunrise morning show, DCOP Yentumi Gynae explained, “They have made a complaint that the policemen were assisting the electoral officers to take machines to a village near Togo border for registration and he objected, and he was assaulted by the police, that was the complaint”.

He further stated, “I quickly sought to hear from my men and they have a different version, they denied flatly that he was assaulted. They rather said the Electoral Commission officials were duly taking the machine to a place that has been designated for registration and the youth of the town objected but when they showed the schedule on the sheet to them they all calmed down and they try moving down the village.”

However, Mr. Yentumi Gynae said the police have begun investigations into the incident.

 

Story by Collins Essuman 3FM 92.7 | tv3network.com

Second suspect in JB Danquah murder case remanded by court

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Second suspect in JB Danquah murder case remanded by court

JB Danquah suspectOne more person has been put before a District Court  in Accra in connection with the murder of the late Member of Parliament  for Abuakwa North, Joseph Boakye Danquah-Adu.

Vincent Bosso was arraigned Tuesday on a charge of conspiracy to commit murder and has been remanded to appear again on May 18.

He becomes the second person to be put before court in the murder of the MP at his residence at Shiashie in Accra on February 9. The Police arrested Asiedu February 11 as the prime suspect in the murder of the 52-year-old MP.

Prosecutors say Bosso aided Asiedu to gain access to the room of the late MP with the use of a ladder.

It is not clear where and how Bosso was arrested. Such information is yet to be revealed to the court, TV3 has gathered.

How he was murdered

Prosecutors told the court hearing the case of Asiedu that the MP was sleeping  when he woke up to find the accused person ransacking his bedroom so held him, but in an attempt to escape, the accused stabbed the MP.

According to prosecutors, Asiedu stabbed the  deceased on the right chest above the breast before pulling the knife through the MPs hands creating “a deep cut in his palm”

Although the MP fell by his bed helpless, prosecutors told the court that the accused “stabbed him again on the right chest below the breast” as he bled to death.

The accused “realising that the deceased was almost dead, left him and took away his two iPhones and a tablet” before escaping through the back of the house, the court heard.

By 3news.com|Ghana

8 reasons to date the girl with a complicated past

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8 reasons to date the girl with a complicated past

relationship2You will not be her first love. But maybe, if you are lucky, you can be her last. She has already felt the highs and lows of love. She has experienced a wide spectrum of emotions that life has thrown at her.

She is a challenge – a work in progress of sorts. But if you are willing to step up to the plate and love her right, I can promise you that the girl with the complicated past will be the best thing that ever happened to you.

1. She knows what she wants

There is a good chance that she has been burned in past relationships. Maybe she was the heartbroken, or the heartbreaker herself. The point is with every relationship we find ourselves in, we learn more things about ourselves.

Each relationship is acquainting us a little better with our own heart. With each relationship failure we become increasingly more aware what we want to look for in our future partner. She is not going to be the woman that up and leaves you for someone else – because once she knows what she wants and finds it, she is not going to let it go.

2. She knows pain

She has been there before, she knows how it can hurt like hell. And she will be hellbent to not cause anyone else the kind of pain that she has been through. She will be gentle with your heart, because she knows what it feels like to have your heart well being completely disregarded.

3. She is not going to waste your time

Her past relationships may have left her resentful for the time and efforts she so tirelessly wasted away. If she sees that a relationship isn’t right she will not let it drag on for the sake of saving your feelings. She knows that hanging on too long can be even more painful than letting go in itself.

4. She loves hard

When she finds a man that appreciates her, she will love him with every ounce of her being. She knows what it feels like to be with someone who does not appreciate her. So when she comes across a man that does she will not let him go. She will appreciate him even more because she has spent time with the wrong men. She can recognize a good thing when she has it, because she has been part of some not so good things.

5. She knows what she deserves

No man needs a pushover of a woman – the “yes dear” type that we see in old sitcoms. A woman that simply does as she is told and does not question you, never challenges you. The girl with the complicated past knows how she deserves to be treated, and she is damn sure to let you know when you are not treating her accordingly. She refuses to be your doormat or your emotional dumping ground – she will challenge you. She will make you a better partner, and a stronger man.

6. She is strong

When something has been broken, it rebuilds stronger. This is what has happened with the complicated girl. She has been forced to rebuild herself possibly time and time again. Each time becoming a little bit stronger. She is not invincible, but she is close. She is well aware of her strength and she knows that she doesn’t need you.

7. She only depends on herself

She has put her faith in another man before, and she has been burned. She knows what it’s like to depend on another person besides herself and the extreme disappointment that comes along when they let you down.

She is self-sufficient and knows the only person she can truly count on is herself. She holds her independence above everything else. She will never need you – she is strong and she is self-sufficient. But she will want you.

8. Her love is the lifelong kind

When she finds what she is looking for, it is game over. She is not looking to play immature games with your heart, as she has unwillingly played them before. She is looking for something real, something that she can honor and cherish.

She will challenge you. She will frustrate you. She will make you earn her trust and won’t give away any pieces of herself for free. She will be guarded, but once you break through her walls you will be able to admire her for all that she is.

Like the end of a difficult hike – once arriving at the destination you will be able to stand back and admire all the beauty that she has to offer. All of her past heartbreaks have been building her into the beautifully strong woman that is now standing in front of you.

Source Womanitely

Over 13,000 teachers to get their salary arrears in June

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Over 13,000 teachers to get their salary arrears in June

TeacherA total of 13,268 teachers across the country will from June receive their outstanding salaries that have delayed for the last two years.

It follows an agreement reached between the government and the various stakeholders on April 28 for the payment process to begin. The agreement was reached after the validation of the employment documents of the affected teachers in April this year.

‘‘The last time stakeholders met, the agreement was that steps should start for their payment in June,” the General Secretary of the Ghana National Association of Teachers David Ofori Acheampong told 3FM 92.7.

“We agreed that because of the closeness of time, all paper works should be done in May and send to the Controller and Accountant Generals Department for audit .It was not possible for the process to be completed in five days so we agreed in June,” he said.

Out of the 29,000 teachers whose documents were validated as of April this year, over 16,000 of the them had queries.

Mr. Ofori Acheampong has thus directed the over 16,000 teachers who had queries with their documents to visit the Ghana Education Service website for guidance on how to proceed. He was, however, unable to tell when the exercise will be completed.

“Well, it is going to be difficult to say when exactly the exercise will be completed. Those 16,000 who had queries are now making corrections on their forms. So it’s going to be quiet difficult,” he said

The validation exercise, which is being undertaking by Audit Department and the Controller and Accountant General’s Department, was suspended in April due to various reasons including financial constraint and venue for the exercise.

Currently, the team has resumed its work at the offices of the State Enterprise Commission in Accra.

Sarah Parku|3FM 92.7|3news.com

Teacher unions warn ‘lying’ unpaid teachers

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teachersThe leadership of the three teacher unions in Ghana, Ghana National Association of Teacher (GNAT), National Association of Graduate Teachers (NAGRAT) and the Coalition of Concerned Teachers (CCT) have debunked accusations that they have each received 200,000 cedis as bribe from government to delay the payment of salaries of the Coalition of Unpaid Teachers.

The leadership has therefore warned the Coalition of Unpaid Teachers who is peddling the false information to desist from spreading such falsehood.

The confusion at the teacher’s front stems from the nonpayment of salaries of some teachers for over 2 years. Some of the unpaid teachers say they have had to resort taking loans and borrowing from friends and family for survival.

They accused the leadership of the three teacher unions of not doing much to help them because they (unpaid teachers) do not belong to any of the associations adding that the unions had received GHC 200,000 each to delay their payment.

The group has membership strength of 3,600.

The group has therefore decided to ignore the support of the teacher unions, insiting to  and picket at the Finance Ministry to demand their salaries.

But these teachers, according to the Ghana National Association of Teachers were posted without financial clearance from the Finance Ministry and had worked for three years without being paid.

GNAT says, it has forwarded their names to the Finance Ministry for the clearance but stated, any further accusations by the group would affect the process of payment.

The General Secretary of GNAT, David Ofori Acheampong indicated that “first of all we want them to understand that we are doing this on humanitarian grounds because presently they are not members of any of us…. because you become a member when you pay dues. They have not been able to pay dues mainly because they have not been paid.”

GNAT again asked government to sanction some staff of the GES for recruiting teachers without financial clearance indicating that “in spite of the fact that GES did not follow due procedure, we cannot punish our teachers unduly.

“The Deputy Finance Minister assured that they would consider it and make sure that they give financial clearance to those people.”

So far, over 29,000 names have been validated out of which 13,000 has been approved for payments while 16,000 names have been queried.

However, the 13,000 names which have been approved will receive their salaries at the end of June this year.

By tv3network.com|Ghana
Twitter: @NewsyMartin

EC urged to fast-track activities to meet timetable

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EC urged to fast-track activities to meet timetable

A Senior Lecturer at the Political Science Department of the University of Ghana has asked the Electoral Commission of Ghana to fast-track its activities in order to meet its timetable ahead of 2016 elections.

Dr Bossman Asare, however, expressed no qualms about the EC’s ability to deliver on the set date of November 7.

“I am very optimistic that the EC should be able to run everything on November 7,” he said on TV3’s News 360 on Monday, May 9.

“The main thing is that they have to start fast-tracking their activities: the deletion of names, those who used the NHIS cards to register.

“The EC must create the platform for them to come if they have other identifications or there is evidence that they have attained 18.”

The Commission completed a 10-day limited voter registration exercise on Sunday, May 8.

Though there have been calls for an extension of the exercise at some centers, the EC has expressed satisfaction with it and plans an exhibition of the compiled register for next month as scheduled.

Dr Asare asked the EC to learn from fallouts of the registration exercise for its subsequent activities.

Source: 3news.com|Ghana

TOR is not for sale – President Mahama

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TORPresident Mahama on Monday gave the assurance that government would do everything under its purview to help the Tema Oil Refinery (TOR) regain its position in the refinery industry.

He said:”Government has no intention of selling the Tema Oil Refinery and we will rather assist TOR to re-establish itself as a vibrant state enterprise in petroleum production.”

President Mahama said this when he and the visiting Prime Minister of Trinidad and Tobago, Dr Keith Christopher Rowley, visited the company to assess its performance since its full resumption in February this year.

The TOR, which had to partially close down due to financial difficulties, has been given some lifeline which enabled it to resume operations early this year.

President Mahama said plans were afoot to build a new refinery on the premises of TOR to increase production to 100,000 barrels daily.

He said the revival of TOR and its achievement was exemplary and that he would recommend it to other crawling state enterprises to learn from its performance and practices.

The President congratulated the Management and staff of TOR for working assiduously for the revival of the company and gave the assurance that government would continue to support them to achieve their goals.

Prime Minister Rowley said both Trinidad and Tobago and Ghana shared the same socio-economic goals and values and would, therefore, work around them to bring about mutual benefits.

He commended President Mahama for working hard to turn around the fortunes of the TOR and putting back smiles on the faces of the workers and their dependants.

Prime Minister Rowley also used the visit to ascertain areas of co-operation with his country.

Few years ago the TOR run into financial crisis which nearly crippled its operations until government recapitalised it to resume full operations early this year.

President Mahama and his guest also visited the Volta Aluminium Company.

Source GNA

Terkper schools Bawumia on ‘secret’ $250m Eurobond fund

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Terkper schools Bawumia on ‘secret’ $250m Eurobond fund

Seth Terkper (L) and Dr. Mahamudu BawumiaThe Minister of Finance, Seth Emmanuel Terkper, has lashed out at Vice Presidential Candidate of the New Patriotic Party (NPP) Dr Mahamudu Bawumia for peddling a “technically deficient” statement about proceeds from Ghana’s $1.5 billion Eurobond.

Addressing students of Accra Polytechnic last week, Dr Bawumia accused government of stashing $250 million of the fund for 2016 campaign purposes.

But reacting to Dr Bawumia’s assertion, Mr Terkper on Monday, May 9 described the statement as “factually wrong, technically deficient and gives a wrong impression to both the Ghanaian public as well as to our international investors and development partners”.

He said the funds from the Eurobond are intact and have been invested in the name of the Ghana Infrastructure Investment Fund (GIIF).

“We wish to assure all Ghanaians that the seed money as well as other flows that were moved to the commercial bank is intact and earning interest and for the avoidance of doubt it is in the name of GIIF.”

The Finance Minister pointed out that plans are far advanced to invest funds lying idle in order to earn some capital for the country.

“If Ghana is to move on, I am saying that the money which is sitting in the commercial bank is for you and for me as taxpayers and I don’t think it is prudent for me to allow that money to be sitting there for a bank – whether government bank or private bank – to invest and earn interest at our expense whereas we can place the money at a minimum call or invest in known government securities when the funds are not being utilized.”

Read full Statement below:

PRESS RELEASE – REBUTTAL TO DR. BAWUMIA’S STATEMENT ON THE EUROBOND AND THE GHANA INFRASTRUCTURE INVESTMENT FUND INTRODUCTION

1. Government’s attention has been drawn to a statement by Dr. Mahamudu Bawumia, the running mate to the Flagbearer of the New Patriotic Party, that Government is diverting US$250 million of the US$1.0 billion Eurobond issued last year to the Ghana Infrastructure Investment Fund (GIIF), which he claims not in operation, to a private account in a private bank, for election campaigns ahead of the November polls.

2. The Government wishes to state unequivocally that, the statement is factually wrong, technically deficient and gives a wrong impression to both Ghanaian and international investors and development partners.

THE GIIF ESTABLISHMENT

3. We note that the passage of the Ghana Infrastructure Investment Fund Act, 2014 (Act 877) established a Fund which is owned by the Republic of Ghana to mobilise, manage, coordinate and provide financial resources for investment in a diversified portfolio of infrastructure projects in Ghana for national development.

4. Section 5 of the Act provides for the sources of money for the Fund, which includes a portion of the Annual Budget Funding Amount (ABFA) from of the oil revenue; and moneys borrowed and raised from local and international capital market or from its affiliates. Further, as noted, a portion of the Bond proceeds was given as seed money to GIIF.

5. Furthermore, the Fund is mandated by Section 3 of the law to invest in, purchase, maintain and realize any investment of any kind.

6. Consequently, GIIF is set up as Sovereign Wealth Fund and it’s a Statutory Fund just like the District Assemblies Common Fund (DACF), Ghana Education Trust Fund (GETFund) and the National Health Insurance Fund (NHIF) and is by law operationally independent.

7. The Funds of GIIF are, therefore, not to be comingled with central government funds.

8. The Board of the GIIF has been inaugurated with the Ag. CEO in place the Fund is in operation. The administrative processes for its full operation has begun and an Ag. CEO has been appointed.

9. Following from the above facts, a key strategy of GIIF is to use its resources to leverage investor funds for accelerated infrastructure development. It is in line with this that the Government allocated an amount of US$ 250.0 million as a seed fund for the GIIF in 2014 and not in 2015 as stated by Dr. Bawumia.

10. Accordingly, the Board which has the powers under Section 3 of the Act to manage and invest contributions made to the fund and to reinvest into the fund to generate returns could put its resources in a commercial bank for the sole purpose of investment.

11. Section 3 of the Act also confirms the provision in Section 21(2) of the Financial Administration Act that makes provision for the investment of public money in securities.

12. Consequently, the funds which goes into GIIFs Account in any Commercial Bank, cannot be misapplied for election purposes. Rather, any idle fund will earn interest to support infrastructure development of the country.

13. It must be noted that Public Funds do not only reside in the Bank of Ghana. There are public funds in Commercial Banks and International Financial Institutions where necessary, acting as agents for the Bank of Ghana. This is all accounted for as part of Public Funds.

USE OF EUROBOND PROCEEDS

14. In a related development, Dr. Mahamudu Bawumia is mixing operations of the Eurobond funding in both 2014 and 2015.

15. It may be recalled that in 2014, Parliament gave approval for Government to source for a Eurobond to finance infrastructure budget of Government in 2014. Considering that the GIIF is now a special vehicle for the purpose of developing infrastructure budget of Government, the Eurobond financing of the 2014 infrastructure budget was the most appropriate thing to do.

16. The 2015 Eurobond of US$1,000.0 million is for refinancing of domestic debt purposes only. This amount was on the back of a World Bank guarantee (US$400 million).

The guarantee and the amount was solely for refinancing of domestic debt. Nowhere in the prospectus or the policy statements of Government has the issue of budget financing been linked to it. 17. We may recall that as part of the IMF Extended Credit Facility Programme, The Bank of Ghana would no more finance Government budget deficit. This is what we call the zero financing of the budget by the Central Bank.

Consequently, Government’s strategy to manage the financing of the budget is to explore alternative financing instruments. One of the strategies is the earning of interests on Government’s own idle funds in the Banks. Following from this, a number of Request for Proposals (RFPs) and stakeholder engagements have been held to implement this strategy.

CONCLUSION

18. In conclusion, we wish to assure all Ghanaians that the US$250 million seed money to GIIF lodged by the Board with a Commercial Bank is safe and has already started bearing interest to the idle Fund.

19. It must be noted that Ghana now sources for some of its financing from the international capital market. The market has stringent rules and international law backing these transactions.

20. It should be note that misinformation of Ghanaians and the international community in this manner, creates uncertainty in the minds of investors and could damage the appetite for Ghana bonds and such misinformation should cease.

 

Source: 3news.com|Ghana

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