CAG Employees Credit Union unable to declare dividend to members

Accra,- The Controller and Accountant General’s Employees Co-Operative Credit Union (CAGECCU) has not been able to declare any dividend payment on members’ shares in the 2020 financial year.


This is because the financial year recorded a drastic decline in the net surplus of the Credit Union.


Mr Isaac Dupay, the outgoing Chairman of the Board of Directors of the CAGECCU, however, said the Union’s assets value grew significantly during the year under review from GH¢19,213,189.70 to GH¢22,136.722.77 in 2020.


That indicated a difference of GH¢923,533.07, representing 15.22 percent, he said.


Mr Dupay made these known at the 22nd Annual General Meeting of the Credit Union in Accra on the theme: “Soaring Beyond Challenges. The Credit Union Factor.”


He said it was worthy of note that members’ savings increased considerably by 19.97 percent in that financial year as compared to the previous year.


GH¢19,359.686.19 was realised in 2020 as against GH¢16,137,251 08 in 2019, he said.


Net Surplus of the Credit Union during the year under review dropped from GH¢497,053.57 in 2019 to GH¢74.756.76 in 2020 due to non-payment of interest on the Union’s locked up investments with the defunct financial houses, Mr Dupay said.


He said the shares portfolio during the period also grew marginally as compared to the previous year’s due to the increment of the share value from GH¢100.00 to GH¢300.00 for members.


“The total value of shares in 2019 amounted to GH¢545.298.43 as compared to that of 2020, which summed up to GH¢696,867.54 recording a rise of 27.80 percent,” he added.


Mr Dupay said total loans disbursed to members amounted to GH¢3.359.102.02 as compared to the 2019 figure of GH¢2.372.832.89 a difference of GH¢986,269,13, representing a significant percentage of 41.57 percent.


“On investments our liquid investment has increased appreciably from GH¢10,758,591.76 in 2019 to GH¢12 297.257.60 in 2020, registering a difference of GH¢1,538,665.84,” he said.


Mr Kwasi Kwaning Bosopem, the Controller and Accountant-General, commended the leadership of the Union for the success chalked over the years, having survived the challenges that came with operating a financial organisation.


He encouraged the Board and Management to undertake continuous review of their risk assessment procedures on investments to ensure the net worth of members’ savings were maximised.


Mr Bosopem said credit must go to the Government for its bold step to embark on the financial sector clean-up and restructuring amongst other measures to ensure a much more robust system to protect the deposits and investments of employees.


“The Union can count on your continued support in the discharge of your mandates as we look forward to a closer collaboration that is mutually beneficial,” he said.


He said a lot of Ghanaian workers had not had access to appropriate financial advice, which had been a long standing challenge that had plunged many into deep financial and emotional crises.


As part of events marking the AGM, elections were held to choose new leaders who would steer the affairs of CAGECUU.


The new Board of Directors are Christian Osei- Yaw; Chairman, Cephas Dosso; Vice Chairman, Kofi Afrifa; Treasurer, Isaac Dupay; Member, and Julian Addo-Yobo, Member.


For the Supervisory Committee, the leaders are Emmanuel Kevin Vanderpuye; Chairman, Patience Tetteh; Secretary and Aiyshatu Sulemana, Member.


The Loans Committee comprises Patience A. Ndebugre, Chairperson, Evelyn M. Dzidzornu; Secretary, and Beatrice Nantwi, Member.


Source: Ghana News Agency


Ghana Stock Exchange engages pensions industry on investment opportunities

Accra,- The Ghana Stock Exchange, in collaboration with the National Pensions Regulatory Authority (NPRA) and the Securities and Exchange Commission (SEC), has held a workshop for players in the pensions industry to discuss investment opportunities on the Exchange’s markets.


The workshop shared the current impressive performance of the Exchange and the opportunities, especially in the Exchange’s equities markets, that abound for knowledgeable and patient investors like pension fund trustees and managers.


The Exchange’s Composite Index as of June 30, 2021, was up an impressive 36.16%; value of equities traded grew by 58.53% to GH¢307.56 million during the first half of 2021 compared to same period in 2020 and the fixed income market traded a volume of 107.6 billion, up 117.3% over same period last year.


The performance culminated in the Exchange being adjudged the best performing in Africa for the first half of this year.


Addressing participants, which included trustees of employer-sponsored pension schemes, corporate trustees, pension fund managers and licensed stockbrokers of the Exchange, the Managing Director of the Ghana Stock Exchange, Mr. Ekow Afedzie said, “The opportunities the GSE platform provides for pension funds are enormous in realizing good returns for their principals.”


He said although pension fund investments in fixed income securities continued to increase, the same cannot be said of equities.


“Since pension funds are long-term in nature, opportunities exist for players in this space to invest in equities as well,” he said, adding that “growth in equity investments is critical in making patient capital available for businesses to expand and grow to support the national economy.”


The workshop also discussed opportunities in the Exchange’s three markets: the Main Market, Ghana Alternative Market (GAX) for SME’s and Ghana Fixed Income Market (GFIM). These three platforms have been created to provide options for businesses and the investing public for their investment and capital mobilization decisions.


In remarks read on his behalf, the CEO of the NPRA, Mr. Hayford Atta Krufi, said, stressed the need for a vibrant equities market with rewarding returns for pension schemes to channel more investments in making real impact on the economy.


He said collaboration between all capital markets players was critical to ensure retirement income security and social protection for all Ghanaians.


On his part, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh called for pension fund players to invest in long term securities, including equities in their portfolios.


He said the stock market offered interesting investment opportunities for asset owners who have time on their side, such as pension funds.


He also indicated that the implementation of some initiatives in the recently launched Capital Market Master Plan would aid in improving liquidity and listings on the Ghana Stock Exchange.


The GSE shared some key initiatives in their 3-year strategic plan, including the introduction of new products such as green bonds and derivatives to broaden their offers, listing more companies and undertaking investment literacy programmes for key players and the public.


These initiatives are aimed at moving the Exchange from a frontier to an emerging market, making the Exchange the preferred platform for investment and long-term capital mobilization.


Source: Ghana News Agency

Sarkodie, Darkoo steal the show at ‘Ghana Party in the Park’

Accra,- Multiple award-winning Ghanaian artiste Sarkodie and United Kingdom based female rapper Darkoo ignited the ‘Ghana Party in the Park’ event when they took to the stage as they produced an electrifying and memorable performance.


The hundreds of fans gathered at the Trent Park in London to witness the biggest Ghanaian festival outside Ghana were taken by surprise with the stage appearance of Sarkodie and Darkoo as they couldn’t resist the tremendous stagecraft exhibited by the duo.


Sensational Ghanaian male vocalist King Promise who also made a surprise appearance at the event, demonstrated why he is considered one of Ghana’s best performers when he thrilled fans with back to back hits.


Rising music stars Yaw Tog, Kweku Flick, Amerado and Kofi Jamar all had their turns on the big stage as they produced some memorable performance in their first show outside Ghana.


Reigning New Artiste of the Year, Mr Drew didn’t disappoint on stage having showcased his dancing skills coupled with his lyrical vibes with the likes of Camidoh, Sefa, D-Black, Highlife crooner Kawbena Kwabena, also putting up a good show.


Some Ghanaian football stars including Chelsea’s Callum Hudson-Odoi and Arsenal’s Thomas Partey were there to party with their fellow compatriots.


The festival hosted by marketing Akwaaba UK and supported by Ghana High Commission UK and Ireland witnessed an amazing display of Ghanaian arts and culture which preceded the musical show with visitors from all over the world.


This year’s ‘Ghana Party in the Park’ festival was sponsored by CBG, WorldRemit, GTP, OSTEC, among others.


Source: Ghana News Agency


Tamale Central Hospital gets new Eye Clinic

Tamale,– The Ghana Red Cross Society has handed over a new Eye Clinic to the Tamale Central Hospital to provide effective ophthalmological services to clients.


The Clinic, built with funding support from the Swiss Red Cross, formed part of the Ghana Red Cross Society’s Eye Health Services (EHS) project.


The EHS project is being implemented in partnership with the Ghana Health Service and supported by the Swiss Red Cross in the Northern, North East and Savannah regions.


Dr Thomas Gurtner, the Director of International Cooperation at the Swiss Red Cross, during the commissioning of the clinic, said the facility would contribute to increased access to eye health services and improve the general well-being of the people of Tamale and its environs.


He said good sight was an important part of human well-being, and encouraged residents to go for early eye screening before their eye problems got complicated.


Dr Gurtner said as part of the EHS project, his organisation had, over the years, contributed to improved eye health of the people in the implementing regions, including screening of school children for eye problems and treatment.


He implored management of the Hospital to ensure proper maintenance of the facility to guarantee its sustainability to the benefit of all.


Dr John Bertson Eleeza, the Northern Regional Health Director, commended the Swiss Red Cross and its partners for supporting the Tamale Central Hospital with the Eye Clinic and said it would help to boost Ghana’s aspirations to attain Universal Health Coverage.


“I wish to pledge the commitment and oversight of the Regional Health Directorate towards the maintenance and proper operationalisation of the facility,” he said.


Mr Abdulai Fatawu, the Administrator of the Hospital, expressed gratitude to the sponsors and pledged his commitment to ensuring that the Clinic was put to good use.


Meanwhile, Dr Gurtner, who was on a monitoring tour to some of the EHS project areas, visited and interacted with some beneficiaries receiving various eye treatment services, including cataract surgeries at the Kumbungu Health Centre.


Source: Ghana News Agency

‘Pockets of Promise-Ghana’ sensitises pupils on personal hygiene

Aniehu (W/R),- Pockets of Promise-Ghana (POP), a global community providing quality education and nutrition to children in impoverished communities, has taken more than 20 adolescents through personal hygiene and good grooming at Aniehu near Apowa in the Ahanta West Municipality of the Western Region.


The beneficiaries, drawn from the various schools, took part in the after-school literacy programme and were given items like sanitary pads, panty liners, deodorant, bathing soap, toilet rolls, and toothpaste and brushes.


They were also provided with copies of the Young Advocate children’s newspaper in addition to being served with food and drinks.


They were sensitised on premarital sex and personal hygiene habits like hand washing, brushing and flossing of teeth, taking regular baths, keeping their finger and toe nails trimmed, and proper eating habits.


Reverend Seth Ameyaw Danquah, the Programmes Coordinator of POP-Ghana, said proper grooming and healthy personal habits could help one ward off illnesses and feel good about oneself.


He said hand washing, brushing and flossing of teeth, among other things, would help keep bacteria, viruses and illnesses at bay.


“Practising personal hygiene helps you feel good about yourself, which is important for your mental health,” he said, and urged the children to get a lot of rest so as to be refreshed and ready to take on the day every morning.


Rev Danquah said Pockets of Promise would continue to provide education and nutrition assistance to more than 150 children and their families in the communities.


Mr Dominic Coleman of the POP, who led the exercise, said people who had unkempt hair and clothes, body odour, bad breath, missing teeth, and the like were often seen as unhealthy and may face some kind of discrimination.


Keeping one’s finger and toenails trimmed and in good shape would prevent problems such as hangnails and infected nail beds and urged the children to always practice good hygiene.


“Ideally, you should brush your teeth after every meal, at the very least brush your teeth twice a day and floss daily, brushing minimises the accumulation of bacteria in your mouth, which can cause tooth decay and gum disease,” he said.


Mr Coleman said flossing helped to maintain strong and healthy gums and teeth, which made it comfortable to chew food properly to aid digestion.


“Washing one’s hands before preparing food or eating, after visiting the toilet, sneezing and coughing, and after handling garbage goes a long way to prevent the spread of bacteria and viruses,” he said, and urged the children to wash their hands regularly with soap under running water.


Source: Ghana News Agency

MTN FA Cup: Amankwah sends Hearts into semis, AshantiGold ease past Top Talent

Accra,- Caleb Amankwah curled in a superb free-kick for Hearts of Oak as they secured a spot in the semi-finals of this year’s MTN FA Cup competition.


Elmina Sharks proved to be a difficult opponent for the reigning Premier League Champions as regulation time ended goalless with the game going to extra time.


Amankwah struck in the 109th minute to ensure Hearts went to the semis as they set sights on winning their 10th FA Cup trophy.


The first match of the quarter-finals saw AshantiGold edge Division Two side Kintampo Top Talent FC 4-2 at the Obuasi Len Clay Sports Stadium.


The Miners were two goals past the half hour mark courtesy Frank Akoto and Isaac Agyemang but an own goal by Kwadwo Amoako in the 35th minute gave the away side hope of a comeback.


The Miners showed class as they took an emphatic 4-1 lead with a quarter of the game left as Obed Aboagye’s late strike for Top Talent could only serve as consolation.


The other two teams to join Hearts and AshantiGold in the semis will be decided on Sunday as Medeama take Division two side Attram Di Visser while defending champions Asante Kotoko lock horns with Berekum Chelsea at the Obuasi Len Clay Sports Stadium.


Source: Ghana News Agency


Hasaacas ladies suffer painful defeat to River Angels in CAF Women’s Champions league qualifiers

Accra,- Hasaacas Ladies suffered a painful defeat to Nigerians Rivers Angels in the opening match of the TOTALEnergies CAF Women’s League WAFU Zone B qualifiers ongoing in Cote D Ivoire.


The Ghanaian team, guided by Coach Yussif Basigi lost 2-0 to Rivers Angels on Saturday at the Stade Robert Champroux.


River Angels’ Deborah Abidun put her side ahead after beat Hasaacas goalie, Grace Banwaa in the 17th minute.


From recess, Mary-Ann Ezenagu doubled the lead on the 54th minute to extend the lead over the Ghanaian team.


Hasaacas would have to win their next match against AS Police of Niger to brighten their chances of qualifying to the maiden CAF Women’s Champions League tournament in Egypt in November, this year.


Source: Ghana News Agency


RTU makes a return to GPL

Accra,- Real Tamale United (RTU) has made a return to the Ghana Premier League (GPL) after eight years. RTU defeated Unity FC 2-0 on Sunday at the Aliu Mahama Stadium in Tamale to ensure their return to the Ghanaian top-flight.


Accra,- Real Tamale United (RTU) has made a return to the Ghana Premier League (GPL) after eight years.


RTU defeated Unity FC 2-0 on Sunday at the Aliu Mahama Stadium in Tamale to ensure their return to the Ghanaian top-flight.


This was after after Bofoakwa drew goalless with Berekum Arsenal at the Golden City Park.


RTU and Bofoakwa were tied at 65 points after the last league matches, but the former gained promotion with a better head-to-head after the later drew goalless with the Bofo boys in Sunyani and winning 2-0 in Tamale in the reverse fixture.


RTU were relegated from the Ghana Premier League in April 2013 after losing 4-1 to New Edubiase United with seven matches to the end of the season.


The Pride of the North ended the season without a win in 30 matches – five draws and 25 defeats.


RTU made their debut in the topflight in the 1978 season and finished 3rd on the league log and had since been a force to reckon with.


Source: Ghana News Agency