Daniel Ofori vrs Ecobank Ghana Limited, Securities and Exchange Commission & Ghana Stock Exchange

Ecobank Ghana PLC (Ecobank), Securities and Exchange Commission (SEC) and Ghana Stock Exchange (GSE) have been in court with one Daniel Ofori for the past 13 years over a share trade transaction in 2008. Ecobank, SEC & GSE won at the High Court in 2011 and the Court of Appeal in 2013. The Supreme Court reversed the decision of the Court of Appeal in 2018 and awarded interest in favour of Daniel Ofori based in part, on an investment arrangement between Ecobank and Daniel Ofori.

Subsequent to the Supreme Court decision, a forensic examination conducted by the Criminal Investigations Department of the Ghana Police Service on the investment agreement tendered in evidence by Daniel Ofori, showed that it had been altered in material parts. Investigations conducted by Ecobank further showed that Daniel Ofori had collected dividends running into millions of Ghana Cedis as well as bonus shares in respect of the same shares he had sworn on oath, both at the High Court and Court of Appeal, that he had sold and therefore were not his.

Ecobank therefore applied to the Supreme Court to re-open the matter to take cognizance of the new evidence obtained by the Bank in order to do justice between the parties. The application by Ecobank was refused. Ecobank then obtained leave of the Supreme Court to apply for a review of the decision out of time. Ecobank has since filed the application for review which is pending in the Supreme Court.

In the meantime, Daniel Ofori has garnisheed Ecobank’s funds with the Bank of Ghana. The garnishee proceedings have been stayed pending the outcome of the application in the Supreme Court. Notwithstanding the foregoing, Daniel Ofori has purported to attach Ecobank’s Head Office building and has gone around press houses with video clips of the purported attachment. This is simply a desperate and misplaced measure on the part of Daniel Ofori in the light of the current proceedings before the Supreme Court.

We wish to assure our cherished customers and shareholders that there is no cause for alarm and that Ecobank will pursue the matter to its logical conclusion in court.

Source: Ghana Web

Assembly Members urged to study GIFMIS payment system

Akosombo (E/R),- Assembly Members of the Kpone-Katamanso Municipal Assembly (KKMA) have been asked to study the Ghana Integrated Financial Management Information System (GIFMIS) and to understand the financial operations of the Assembly.

Mr Coleman Gyandor, Facilitator Boundless Consulting Group, said Assembly Members needed to understand GIFMIS, which was rolled out to cure financial lapses in the various government institutions.

Mr Gyandor was addressing Assembly Members at a workshop organized by the Kpone-Katamanso Municipal Assembly (KKMA) at Atimpoku in the Eastern Region.

He said Assembly Members could review and certify payment applications for the supply of goods and services under the GIFMIS system if they understood the operations of the system.

He said the Assembly Members must help the public to understand the various government policies and programmes, including procurement and expenditure.

GIFMIS is an electronic platform used by the government to manage commitments made against appropriation and payment. It enables the central government to deal with some lapses, which normally occur during transaction processes.

Mr Gyandor said the GIFMIS system was to help improve government budgetary estimates, financial management and the reporting processes.

Justifying the training, Mr Samuel Okoe Amanquah, the Kpone-Katamanso Municipal Chief Executive, said Assembly Members as representatives of various communities needed the skills to perform their duties.

Mr Amnaquah said the Assembly members must also be familiar with the code of ethics, rules and regulations that govern Assembly operations.

He said the Assembly Members would help the Kpone-Katamanso Municipal Assembly to bring development to the people.

Mr Joseph Kwesi Gbeze, Presiding Member Kpone-Katamanso Municipal Assembly, expressed gratitude to the Assembly Members for attending the workshop.

He urged the Assembly Members to ask the relevant questions to aid them in the performance of their duties.

Mr Gbeze said it was important the Assembly Members build good relationships with the electorate, saying the three-day workshop would enhance their capacity to create a good rapport with the people they serve.

Source: Ghana News Agency

Young entrepreneurs urged to focus on solving societal problems

Takoradi,– Young and prospective entrepreneurs have been encouraged to concentrate on creating businesses that solve societal problems.

Mr Nii Kpani, Deputy Chief Executive Officer (CEO) of the Sekondi-Takoradi Chamber of Commerce and Industry (STCCI), who made the call, noted that though many businesses were springing up, they did not meet the economic needs and development of society.

In an interview with the Ghana News Agency (GNA), Mr Kpani implored young entrepreneurs not to enter into business with the mindset of getting rich quickly but think of satisfying a need in society.

Mr Kpani acknowledged that starting a business from the scratch could sometimes be difficult but insisted that with the right knowledge coupled with skills and determination, one could succeed.

“Being self-employed can be challenging but with the right knowledge and skills such as proper bookkeeping and accounting, among others, one can make the business thrive in the competitive markets,” he said.

He cited the inability to wait for businesses to grow steadily and the attraction to affluent lifestyles among the youth as a challenge to creating a successful business.

He urged the youth to have the passion to create their own business and wait for them to grow steadily to help reduce unemployment among the youth.

Mr Kpani contended that being self-employed was beneficial as compared to working for someone, which sometimes came with some job insecurities.

He called on entrepreneurs to take advantage of the opportunities to enhance their knowledge, especially on business management, taxation and digital marketing to grow their businesses.

Source: Ghana News Agency

Ghanaian Table Tennis star Rhoda Boadu donates to Asoba Club

Accra,- Ghanaian foreign-based table tennis player Rhoda Boadu together with Efia Oforiwa, a former national table tennis player have donated table tennis equipment to the Asoba Table Tennis Foundation.

The Asoba Table Tennis foundation which grooms young prospects in the sport received items including balls, kits, racket cases, among others.

Presenting the items to the club in Accra on Saturday, Boadu who is currently studying at the Kingston University in London said she donated the items to support the development of children in the sports.

“These children are the future. Seeing these children have fun and enjoy the sports they love is what motivated me to support and create opportunities to develop.

“I decided to support these children because I wanted to be a part of their success.

“There is a lot of great talent and less opportunities. Supporting these kids would motivate them to strive, work hard and become their better self which would lead to greater success,” she said.

Madam Dorah Sarpong, a coach at the Asoba Table Tennis Foundation, was grateful to these two players for their kind gesture and promised them that the items would be put to good use.

She added that the items would serve as a big motivation for these children who have dreams of winning laurels for the country in the near future.

Source: Ghana News Agency

Breakdown of what goes into fuel pricing in Ghana

Accra,- Fuel prices have been on the rise since April 2021, leading to persistent agitations among industry players and transport operators in the country.

Currently, a litre of petrol and diesel is selling at ¢6.90 at the various filling stations.

The Government has indicated that because petroleum prices in Ghana are deregulated, changes in prices in petroleum products on the world market have a direct impact on prices at the pumps.

However, several variables determine the final price build-up, some of which are beyond the control of the regulator (National Petroleum Authority), importers, and Oil Marketing Companies (OMCs).

Below are the major variables that inform fuel pricing in the country:

World market price

Currently, a chunk of all petroleum products in the country are imported. The malfunctioning of the Tema Oil Refinery, which was intended to boost local capacity, has intensified the country’s dependency on the international market.

As of November 19, 2021, the price of West Texas Intermediate (WTI) crude oil stood at $75.97 per barrel.

In this regard, all the cost that goes into shipping, landing, and discharging of the imported product and all other cost incurred by the importer are added to the world price before it is sold to the OMCs locally.

Both the importer and the OMCs will also add their margins to make some profit.

Cedi depreciation

Because the fuel is imported, the exchange rate plays a major role in the price build-up.

The importers purchase the product in dollars, and thus, the performance of the cedi against the dollar informs how much cedis the importers would need to purchase a certain quantity.

This invariably has a bearing on how much cedis the local OMCs would need to purchase the product from the importer – and that also informs how much the fuel would be sold at the pumps.

For instance, if the OMCs buy a litre of fuel at $1, the same quantity of fuel would be sold for ¢5.90, under the current exchange rate.

Taxes and Levies

Currently, the Government has imposed 12 different taxes and levies on petroleum products, which also determines the price of fuel in the country.

An assessment of the current price build-up indicates that for every litre of petrol now sold at ¢6.9, there was a tax component of about ¢2.70, constituting about 40 per cent of the total price build-up.

The taxes and levies include Energy Debt Recovery Levy, 49p; Road Fund Levy, 48p, Energy Fund Levy, 1p, Price Stabilisation and Recovery Levy 14p; Sanitation and Pollution Levy, 10p; Energy Sector Recovery Levy, 20p; Special Petroleum Tax, 46p, and Primary Distribution Margin, 11p.

The rest are BOST Margin, 9p; Fuel Marking Margin, 5p; Marketers’ Margin 46p, and Dealers (Retailers/Operators) Margin, 30p.

Government has, however, suspended the Price Stabilisation and Recovery Levy (PSRL) on petroleum products for two months, which took effect on November 1, 2021.

Meanwhile, the Institute for Energy Security (IES) says per its assessment, the suspension of the levy is insignificant, given that the accumulated increment in prices is more than the 14p that the levy catered for.

The IES has projected that the price of fuel will hit ¢7.0 per litre by the end of the year.

The Association of Oil Marketing Companies says its members have been compelled to drop their margins, in the wake of the increment in fuel prices.

The Association said if OMCs were to apply their full margins to cover the cost of operations and profit, a litre of petrol would have been sold for ¢7.21 at the pumps.

Source: Ghana News Agency

Africa is not a haven for cybercrime – Tanko Musah

Accra,- Mr Zakaria Tanko Musah, a legal practitioner, has called on the media to use advocacy, development and community journalism to change the narrative that Africa is a safe haven for cybercrime.

He explained that though the continent records online crimes, the attention given to it by the foreign media was disproportionate.

Mr Musah, also a Lecturer at the Ghana Institute of Journalism, was addressing selected media personnel across Ghana during a two-day training workshop organised by the Internet4good Initiative and supported by the Bosch Alumni Network.

It was to empower practitioners to change the reportage of the “African scammer” stereotype in the media.

Mr Musah said online criminal activities were more than financial fraud (sakawa), which Africa had been accused of, citing cyber terrorism, cyber extortion, cybersex, cyber trafficking, stalking, and ponography as cyberattacks committed in other parts of the world.

He said no African country was even part of the top 20 countries noted for cybercrime in the world.

The world had become interconnected and there was the need to change the narrative by journalists in Africa, he said.

He called on the media to help create a new frame by projecting the positives of Africa and urged the youth to use the internet to improve their lot and not dwell on the negatives.

That, he said, had to be consciously done by not looking at news from the perspectives of the western world and let the positives make the headlines rather than the negatives.

Ms Mercy Mangwana, Project Team member, Internet4Good, charged participants to be innovative in reshaping the narrative about Africa’s image.

Oyindamola Adegboye, Team lead, Internet4Good, said gone were the days when people saw the internet as evil, adding that it had brought interconnectivity, making the world a global village with a number of benefits.

Ms Caroline Anipah, Ghana Country Programme Officer and Editor of Dubawa, advised the media to do fact-checking in the course of their work to avoid misinformation as the public take their information as the “Gospel truth.”

Source: Ghana News Agency

Roads in Sekondi-Takoradi to see a facelift

Takoradi,– Re-construction works on access and link roads within the Sekondi-Takoradi Metropolis (STMA) have begun in earnest.

The projects when completed would ease traffic congestion and improve accessibility to the Central Business District (CBD) of the metropolis.

The roads include Anaji Excess Lodge road, New Takoradi road near the Youth Center, Amaja roads near SIC, Kokompe Number one Scrap area, Mrs Asmah Road – Beach road, Protea Hotel roads – Africa Beach Hotel roads, and GHACEM Club House road – Mrs Cudjoe Junction road.

The rest are Timber Bar and Nasiriyah School roads, Essikafo-Ambantem Number one and two roads, Presby Quarters road, Airport Ridge (Uncle Ebo Coker) Areas, Bank of Ghana – Railway Hotel, Mexico road, and Kwesimintsim Trotro Station and Aponkye Nkrakra area roads.

There is also the asphalting of a community park at Essikafo-Ambantem Number two and resurfacing of Justmoh road (Accra Station area), 11/11 area road, Takoradi Hospital and Circuit Courts near Harbour View, GBC road and Effia-Nkwanta Laboratory road.

In an interview with the Ghana News Agency, Mr Kwabena Okyere Darko-Mensah, Member of Parliament (MP) for Takoradi, said the road upgrades would reduce transportation costs and traffic congestion in the Metropolis.

Mr Darko-Mensah, who is also the Western Regional Minister, said the government in its first term embarked on an aggressive road development across the country.

He said the Government’s commitment to developing the road network was on course and it would bridge the country’s road infrastructure deficit.

Source: Ghana News Agency

Motorbike thief sentenced to 24 months imprisonment

Tema,- The Ashaiman District Court has sentenced John Gospel, a 19-year-old driver’s mate, to 24 months imprisonment for stealing a motorbike.

The court presided over by Mrs Eleanor Kakra Banes Botchway sentenced the accused on his plea of guilty to both counts of unlawful entry and stealing.

The convict was sentenced to ten months in hard labour for unlawful entry and 24 months in hard labour for stealing, both to run concurrently.

Chief Prosecutor Samuel Apreweh said complainant Kwesi Hammond is a 29-years-old businessman, residing at Lebanon Zone two while the convict John Gospel resides in Atadeka.

The fact of the case was that on November 5, 2021, at about 1300 hours, the complainant was fast asleep when the accused unlawfully entered the house and stole his black Royal motorbike with registration number GT1929 valued at GHC3,000.00.

Prosecutor said Hammond woke up about 1830 hours and realized his motorbike was stolen.

Prosecutor told the court that the complainant then went in search of his motorbike.

He said the complainant spotted the accused person about 300 meters away from his house, together with a motor mechanic, trying to change the ignition key of the motorbike.

Prosecutor Apeweh said when the accused saw the complainant he took to his heels.

The complainant, with the assistance of two others, chased him and managed to arrest him.

They brought him to the police station, together with the stolen motorbike, and lodged a formal complaint with the police.

During investigations, the accused person admitted the offence and informed the Police that he stole the said motorbike.

However, the accused person could not lead police to arrest the mechanic and after investigation, the accused person was charged with the offences and arraigned after a full trial was convicted.

Source: Ghana News Agency