BoG to close all foreign accounts in Ghana

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Category: Business & Finance

Created on Thursday, 07 June 2012 00:00

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07 June 2012

BoG to close all foreign accounts in Ghana

In a latest move by the Bank of Ghana to halt the depreciation of the Cedi as a long term measure, Citi Business News has learnt the Central Bank is considering abolishing the holding of forex or foreign accounts.

This would mean individuals and companies would not hold bank accounts either in US Dollars, Pounds or Euros in Ghana. Existing foreign accounts would be converted into cedi accounts if this is implemented.

According to Citi Business News sources at the Central bank, Managing Directors of eight of the top banks in Ghana have been assembled by the Bank of Ghana to deliberate on the consequences of abolishing forex accounts in Ghana.

The move if implemented will augment processes of mitigating the high levels of dollarization in the country. Dollarization is when individuals and companies use foreign currencies like the dollar for financial transactions and quotations of goods and services.

Citi Business News understands that the eight Bank Managing Directors are expected to share their expert opinion on the Bank of Ghana’s intensions and are expected to meet on Friday June 8 to deliberate on the matter.

Meanwhile there are mixed opinions by financial analysts and economists on considerations by the Bank of Ghana to abolish the holding of forex accounts in the country.

The head of Gold Coast Securities Samuel Ampah arguing in favour of the Central Bank’s considerations said, “We have had an issue in this country where everything is dollarized and that is not helping the economy at all so we should be trading in the local currency but if we entertain the attitude of holding or dollarizing every activity it goes a long way to affect or put pressure on the Cedi.

“When people hold dollars in their accounts it puts them in a situation where they always want to do transactions in foreign currencies or dollars. But I believe the point the Bank of Ghana is trying to make is that if we live in a country that our local currency is the Cedi, all transactions should be in Cedi”.

But a lecturer in Economic Securities, Lawyer Ali Abdallah thinks otherwise. “If it is for their business transactions, and other purposes, then I wouldn’t see why you would restrict anybody from holding such an account.

I think that before you open a forex account there are forms you fill and questions about the need for that particular account you answer so all the banks should help the Bank of Ghana and ensure that all those who want to open such accounts indeed them for the purposes of their business and not for the sake of holding a foreign denominated accounts”.

Source: Nana Boakye – Yiadom/Citifmonline

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48 Centres Selected For Mop-Up Biometric Registration Exercise In Western Region

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Category: Elections & Governance

Created on Wednesday, 06 June 2012 00:00

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48 Centres Selected For Mop-Up Biometric Registration Exercise In Western Region

{sidebar id=11 align=right}The Electoral Commission (EC) has selected 48 centres in the Western Region for mop-up exercises on the biometric voter registration.

According to the Western Regional Director of the EC, Mr Stephen Opoku-Mensah, the mop-up exercise would be undertaken between June 9 and 10 of this month.

He mentioned some of the districts where centres had been selected as Jomoro, Prestea Huni Valley, Tarkwa Nsuaem, Amenfi East and West.

The rest were Bibiani-Anhwianso-Bekwai, Aowin-Suaman and Ahanta West.

Mr Opoku-Mensah said the mop-up were being undertaken in communities where the electoral equipment broke down during the 40-day nationwide biometric voter registration from March 24 to May 05.

Commenting on delayed payment of allowances of registration officer, the regional electoral director said he had not received the cheque for the payment and advised the registration officers to exercise patience.

He entreated those who could not register during the nationwide voter registration to do so during the mop-up exercise.

He urged those who would be registering to provide the necessary documentation to enable them to register.

Mr Opoku-Mensah noted that the various district electoral committees would adjudicate on those whose eligibility was challenged in last month biometric registration by party agents.

According to him, this would enable the EC to give back the voter identity cards to those who qualify to vote while those found culpable would have their cards confiscated.

Source: GNA

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CPP to Kick Start Election 2012 Campaign on June 12

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Category: Politics

Created on Wednesday, 06 June 2012 00:00

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{sidebar id=10 align=right}CPP to Kick Start Election 2012 Campaign on June 12

The Convention People's Party (CPP) on Tuesday unveiled series of activities to kick start its Election 2012 campaign slated for June 12.

As part of electoral activism to gain momentum for the June 12 official launch, leading members of the party including Dr Abu Sakara Foster, CPP Flag bearer and Ms Samia Yaba Nkrumah, Leader and Chairperson, paid a visit to Nkroful, the birth place of late President Osagyefo Dr Kwame Nkrumah recently.

The entourage visited Kwame Nkrumah Mausoleum, where Dr Nkrumah’s mortal remains were first kept as well as River Subre, a mysterious river where Nyaniba, Nkrumah’s mother, was said to have stepped on a fish and his son who was then a child strapped at his mother’s back told her to pick the fish.

The visit to Nkroful to seek spiritual and moral inspiration, Nii Armah Akomfrah, CPP Communications Director, told the Ghana News Agency in Accra.

Other members of the delegation were Mr Bright Akwetey, a leading member of the party, Mr Abu Forgor, National Organiser, Hajia Hamdatu, National Women's Organiser and Mr Gordon Etroo, Western Regional Chairman of the party.

The delegation paid a courtesy call on the Chief of Nkrofu, Nana Kwasi Kutuah V, and mourned with Nkrumah's family for the death of Mr Joseph Eduku Arizi, aged 105, senior brother of Dr Nkrumah.

The delegation introduce Dr Abu Sakara Foster to the elders.

Source: GNA

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Grabbing of state lands - Mills, Mahama benefitted

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Category: Elections & Governance

Created on Wednesday, 06 June 2012 00:00

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Grabbing of state lands - Mills, Mahama benefitted

In a fascinating twist to the simmering feud between the central government and the Lands Commission, Today hounds have intercepted several documents bearing names of some top personalities of the National Democratic Congress (NDC), the New Patriotic Party (NPP) and the Convention People’s Party (CPP) who, way before and since the beginning of this Fourth Republic, have acquired State parcels of land.

{sidebar id=10 align=right}A good number of these State lands are located at Cantonments and Ridge Residential Estates in Accra. And were given out to and acquired by top politicians, public workers and other government officials in deals that, Today gathers, bear certainly moral and probably legal questions marks, since they were given out without Cabinet approval.

It is thus surprising that a newspaper of such high repute, the Daily Graphic, could, in its front page story of Wednesday, May 30, 2012 list names of only NPP and CPP officials who, the paper claims, have designed various illegal schemes to acquire government bungalows and parcels of land without Cabinet approval.

The story, published with the screaming headline, GRABBING OF GOVERNMENT BUNGALOWS/ LANDS, POLITICIANS, PUBLIC SERVANTS CONNIVE, copiously left out names of NDC officials, past and present, who also benefited from the same “illegal deal” the report deals with.

Meanwhile, documents in the possession of Today detail a long list of names of personalities who have acquired State lands since 1985. Below are the names of the personalities along with the file numbers that deal with the acquisitions.

Personalities of the NDC include President John Evans Atta Mills, AC4664; Betty Mould Iddrisu, Professor Kofi Awoonor, 203/87 AC4433; Peter Nanfuri, AC4227 LS297/26, Ac4960; Edward Kojo Salia, 53/99 ac4258; Alhaji Mohammed Mumuni, Mustapha Gariba, Ac4914; Martin B. K. Amidu, Dr. Charles Jebuni, Ac783243/200; Fred W. A. Attoh, Ac 4264 198/86; 31st December Women’s Movement Ac8124; Prof. Yaw Twumasi, Ac4677; Dr. Kobla Gbedemah, Ac4277 l S84/96; Christian Yao Zigah, Ac4285 234/88; Ferdinand Ohene Kena, Ac42973/91, and; Oheneba Kow Richardson, Ac4284164/93.

Other NDC top officials that acquired State lands include Dr. Kofi Ahmed, File No. Ac436236/87; Mark Woyongo, Ac4961; Dr. J. L. S. Abbey, Ac4295103/98; Mrs. Maureen Adadevoh, Ac4292149/88; Mr. J. H. Owusu-Acheampong, Ac43177/89; Baba Camara, Brigadier Benedict Kodjo Akafia, Ac4981; Ahenkora Marfo, Ac4318179/89; Dr. Kwaku Temeng, Ac433641/95; Seth Gustav Okraku, Ac4984; Nana Fosu Randall, ac4984: Carl Henry Clark, Ac4977; Kwasi Tagbor, and; Roland Setsaafa Agbenotor, Ac4894.

The rest are Alfred Kwao Ayivor, Stanley Q. Barnor, James T. Addico, Ac433439/90; George Nikoi Kotey, Ac4343270/90; Dr. Assibi A. Amidu, Aac435599/94; Ridway Brimah, Ac4363120/94; Vincent Assiseh, 65/97 Ac4383; Patrick Nutor, 191/88 ac4426, Niki Bentsi Enchill, Col. Alhaji Ayumah, Wesi Andam, Ac7869; Justice N. S. Gbadegbe, Ac7834, as well as Daniel Kobla Nutsugah, Ac5023.

The top NPP officials who also acquired State lands in Accra are Jake Obetsebi Lamptey, Ebenezer B. Sakyi Hughes; Justice A. K. P Kludze; Ursula Owusu; Dr. Joe Gyekey, 102/85 Ac4434; Prof. Frimpong Boateng, cost of land GH¢250,000, payment made GH¢165,000; Ivor Agyeman-Duah, cost of land GH¢172, 960, payment made GH¢172,960; Kofi Opoku Adusei, cost of land GH¢75,000, payment made GH¢75,600; Dr. Henry Prempeh, cost of land GH¢190,00, payment made GH¢190,000; E. K. Oduro, cost of land GH¢75,600, no payment made; Nana Yaa Abena Asante Faibille; Kwame Osei Prempeh, and; Stanley Nii Adjiri-Blankson.

The rest are Dr. Charles Wereko-Brobbey, Yaw Osafo Maafo, Ms. Shirley Ayorkor Botchway; Dr. Osei Akoto; Mr. J. H. Mensah; Dr. Joe. Blankson; Justice S. A. B Akuffo, and; Prof. A. B. Akosah, a leading member of the Convention People’s Party (CPP).

According to NDC insiders, the top officials who benefitted from these State facilities include the current Vice President, Mr. John Mahama, who acquired his under the same policy Jake Obetsebi-Lamptey benefitted from.

It will be recalled that in the year 1996/7, the Sakumono SSNIT Flats, which had been officially designated as the residence of Members of Parliament of the Republic of Ghana were sold out to the MPs whose terms had just ended. This was done without prior arrangement for incoming MPs, who, for a time, were stranded, in terms of having no official residence to live in.

Our sources also disclosed that the wife of the current Minister for Manpower and Employment, Hon. E. T. Mensah, acquired several State Fishing Corporation (SFC) cold stores in Tema. At that time her husband was serving on the body set up by national administration to handle the sale of certain SFC assets. The sources asked: “Who acquired the catering rest houses around the country when the PNDC sold them?”

One of the sources pointed out categorically that: “The NDC cannot win this moral debate… It only makes the NDC look and sound nauseatingly hypocritical.”

They cited the recent judgement pronounced by the Supreme Court on the sale of a state bungalow to Jake Obetsebi-Lamptey, which judgement has become the subject of controversy between national administration and the NPP stalwart.

The source said: “A competent court has spoken… [but] if it is wrong for former minister, Jake Obetsebi-Lamptey, to acquire state property… offered for sale by the Lands Commission, then it is [equally] wrong for all public officials, including President Mills and Vice President John Mahama, to have acquired state lands by virtue of their position as public workers.”

According to sources close to the Lands Commission, in the year 2001, none of the aforementioned government top officials who acquired state lands paid anything near the commercial value of the property. They only paid “re-development fees” and “processing fees,” the sources disclosed.

One of them said: “If Jake should relinquish his property, because it was immoral, then all those pontificating, including our dear President, should also relinquish the [state] properties… they acquired long before Jake…, and stop making excuses for holding on to theirs. That is not only immoral; it is dishonest and hypocritical.”

Our sources further cautioned the president, to – as matter of urgency – cease the habit of vilifying the Supreme Court and respect the rule of law. “No one is above the law!” The source stressed.**

Source: Koryekpor Awlesu Freeman-Today

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