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Thursday, April 1, 2010
NDC sympathizer suspects foul play in trials of ex-gov’t appointees
Thursday, March 25, 2010
CORRUPTION: Carl Wilson has been sacked
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Monday, March 15, 2010
¢28 Billion Vanish From Offshore Account
A whopping $2,000,000.00 (Two Million United States Dollars), secured by President John Agyekum Kufuor and the New Patriotic Party (NPP) administration, with a Sovereign Guarantee, to rehabilitate some Ghanaian embassies, appears to have vanished without trace.
The amount was part of a $5Million loan, whose term sheet, states “shall be utilized exclusively for the renovation of selected Ghanaian Chanceries for Ghana’s 50th Independence Anniversary Celebrations.”
A statement of account on the Ministry of Finance & Economic Planning (MOFEP) bank Account number 0232002034552 with Stanbic Bank, opened for the transaction did not show a release of the $2,000,000.00 to the Government of Ghana.
The term sheet, dated December 7, 2006 addressed to the Kufuor administration through its Minister of Finance, indicates that ‘US$2,000,000.00 of the loan shall be booked with Standard Finance (Isle of Man) Limited,’ an offshore account.
Dr. Anthony Akoto Osei, who was a Deputy Minister of Finance and Economic Planning, signed as accepting the terms of the $5,000,000.00 loan on behalf of the Government of Ghana.
On December 11, 2006 US$3,000,000.00 (Three Million Dollars) was released to the MOFEP Account at Stanbic Bank. This amount was repaid on April 20, 2007.
On 14th May 2007, the MOFEP account with Stanbic Bank was again debited with US$3,800,000.00, described as Loan Granted to MOFEP.
The release of this $3.8Million after the repayment of the earlier amount of $3.0Million, all within the term period of the loan made the transaction appear like a revolving loan, with a ceiling of $3.8Million.
Subsequent transactions on the statement following the release of the $3.8Million reveal the various interest charges as well as repayments made to Stanbic Bank.
The $2.0Million was never released to the Government of Ghana, and it was not clear into whose account the amount was paid in the offshore bank.
The $5Million was part of a $17Million Commercial Loan Agreement approved by Parliament on 29th November, 2006. The other $12Million of the loan was to be used for UN Peace Keeping Operations.
The Ministry of Finance and Economic Planning (MOFEP) subsequently requested for a disbursement of the approved loan and issued a Sovereign Guarantee to secure the entire $17Million facility.
The Sovereign Guarantee, dated 7th December, 2006 to Stanbic Bank Ghana Limited, was signed by Dr. Akoto Osei.
By a term sheet dated December 7, 2006 Stanbic Bank Ghana Ltd granted the term loan of US$5,000,000.00 (Five million United States Dollars) to the Government of Ghana.
The $5 Million and interest on it was to be repaid in full within 36 months from the date of drawdown, and had October 26, 2009 as the Final Repayment date.
As of October 31, 2009 days after all outstanding amounts on the loan account should have been cleared, however, an amount of $883,332.00 was still owed to Stanbic Bank.
Mr. Akoto Ampaw, lawyer for the Chief Executive of the Ghana@50 Secretariat, had written to the Commission of Inquiry (Ghana@50) on December 8, 2009 denying his client’s knowledge of any transaction with Stanbic Bank.
In the said letter, which was titled: RE: CONTINUING INVESTIGATIONS OF THE COMMISSION OUTSIDE THE PUBLIC DOMAIN, and published by the New Crusading Guide of December 9, Mr. Ampaw complained that the Commission had written to Dr. Wereko-Brobby, ‘requesting for information in respect of a loan transaction between the Government of Ghana and Stanbic Bank Limited’ and that ‘he knows absolutely nothing about the transaction referred to in your letter.‘
According to Akoto Ampaw, ‘Neither the Ghana @ 50 Secretariat nor the National Planning Commission entered into any loan agreement with Stanbic Bank, either directly or through the Ministry of Finance and Economic Planning.’
Thursday, March 11, 2010
CJA Pushes For Prosecution Of Gh¢166m Embezzlers
The Committee for Joint Action (CJA) has called on government to immediately prosecute all public officials cited for embezzling about GH¢166.1 million in the 2008 Auditor General’s report.
According to the committee, it will be detrimental for government to ignore the call for accountability on the part of public officials, who have engaged themselves in financial malfeasance and blatant thievery, as has been officially captured by the report.
“Government must, as a matter of urgency, prosecute these crooked officials,” a leading member, Mr. Edward Bawah, charged, insisting that “punitive actions ought to be taken against the offending officials in order to deter others from engaging in similar practice.”
Mr. Bawah, who was speaking at a press conference in Accra, warned that, the CJA will not relent on its call for corrupt officials named in the report to face the law.
He regretted that despite numerous exposures made by the CJA in the past, government, especially the Kufuor-led administration, made no effort at instilling accountability in government agencies by prosecuting offenders. Giving details of the report, Mr. Bawah mentioned that over 20 government agencies, including some ministries were involved in cash irregularities which amounted to GH¢166.1 million, representing 177.4% over that of 2007.
He stated that the cash irregularities accounted for 92.8% of the total financial irregularities mainly due to four factors, which are imprest holders refusing to account for imprests, lack of supervisory controls over revenue collection; failure of officers to obtain supporting documents for funds disbursed, and the ineffectiveness of Internal Audit Units within the Ministries.
Procurement and stores irregularities cost the nation GH¢ 898,350 in 2008, indicating an increase of 24% over that of 2007. Payroll overpayments amounted to GH¢ 762,886, while contract irregularities amounted to GH¢3.4 million.
Stating some specific findings, Mr. Bawah mentioned that the VAT Service acquired the Bannet building, near Busy Internet, Accra, for GH¢874,154. He stated that interestingly, the building was rehabilitated at a cost of GH¢ 2,387,216 although it was leased for only 11 years with no possibility of extension.
He added that three Oil Marketing Companies (OMCs), which reneged on their scheduled payment plan to the tune of GH¢ 2,768,908.00 were not asked for guarantees and have not paid their debts.
MINISTRY OF TRADE
On Ministry of Trade, Mr. Bawah quoted from the report that “contrary to regulation of the Financial Administration Regulation, the Ministry opened and operated an account at the Accra High Street Branch of Barclays Bank in October 2005.”
“An amount of GH¢2 billion was transferred into it from the ministry’s main account which earned an interest of GH¢7.8 million, and the GH¢ 2 billion withdrawn,” he said, adding that the GH¢2 billion was not accounted for, neither was the GH¢7.8 million,” he asserted.
Still on the Ministry of Trade, the report captured that two private enterprises in the garment industry that were given grants totaling GHc288,000 to undertake capacity building abandoned the projects . “No attempt has been made to recover the monies,” he said, pointing out that a draft agreement commissioned at a cost of GHc 4,650 were never utilized. A building in Kumasi that was renovated by the ministry in 2006 at a cost of GHc11,492 was still standing unused in 2008 because additional funds were not made available for completion of the project.
Also, a strategic plan prepared at a cost of GHc45,696 in 2006 has been left to gather dust, he added.
He stated that the ministry made payments amounting to GH¢ 273,310 for repairs and maintenance without certification.
MINISTRY OF INTERIOR
Under the Ministry of Interior, cash irregularities amounted to GH¢286,241 and US$13,485.
These were in respect of misappropriation of proceeds of tender documents; disbursements from revenue collected and unauthorized use of internally generated fund.
MINISTRY OF HARBOURS AND RAILWAYS
Here, management misapplied an amount of GH¢600,000 out of GH¢2,150,000 voted for the payment of end of service benefits for 674 retrenched Railway workers. “It is worth noting that during this period, workers of the Railway company had not been paid for years,” he said, hinting that it may have accounted for the non-payment of salaries.
MINISTRY DEFENCE
Mr. Bawah stated that in the Support Services Brigade, cash irregularities totaling GH¢473,61) for repairs was unsatisfactory completed and had no certification.
MINISTRY OF FOREIGN AFFAIRS
An amount of 76,761 euros which was transferred to the Copenhagen Mission on 2nd August 2006, could not be traced to the Mission’s accounts.
MINISTRY OF FINANCE AND ECONOMIC PLANNING
The Audit report captured that, total release from Non-Road Accounts in violation of procedures for accessing funds from the consolidated amounted to GH¢3,066,742.
Also, the ministry failed to collect taxes amounting to GH¢2,590,922 at the Abeka Lapaz DTO alone. CEPS The CJA concluded that post clearance short collections amounted to GH¢13,655,166.
Source: Enquirer
Ghana risks being conduit for `dirty money` -UK Attorney
| Ghana risks being conduit for `dirty money` -UK Attorney | ![]() | ![]() | ![]() |
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![]() Ghana has been urged to strengthen institutions and master the political will to ensure that the country does not become a safe haven for money laundering activities, as its offshore banking ambitions 'risk being soft touch magnet for flood of dirty money'. Speaking at a public lecture in Accra yesterday, on the theme Protecting Ghana and Ghana's Emerging Financial Offshore Centre from Money Laundering, John Hardy QC, a UK Attorney touched on the global effect of money laundering and its attendant effect on Ghana, if pragmatic measures were not put in place to minimize to lowest ebb or completely eradicate its occurrence. The UK Attorney cautioned that given Ghana's off-shore ambitions, it is clearly vital that effective regulation, transparency and external monitoring are put in place, if its off-shore centre is not going to be at risk of being a soft touch magnet for a flood of dirty money. He noted that the issue of money laundering has become an international headache and commended Ghana's efforts through legislations such as the Anti-Money Laundering Act 2007 (in force from 22 January 2008), Banking Amendment Act 2007 and others in the country's bid to prevent the transfer of criminal funds in financial systems and also put proper alert mechanisms in place. If the criminal fraternity cannot profit from their crimes, so the theory goes, they will have much less motive to commit them. he emphasized. According to him, because money laundering is an international activity, it can only be restrained and restricted if anti-money laundering is conducted on the basis of international standards, internationally monitored and international co-operation measures which are empowered internationally and simplified so as to work expeditiously and without bureaucratic hindrance. One of the principal difficulties in translating international declarations of principle and intent into effective domestic legislation was the tension between the need to promote transparency in banking transactions on the one hand and, on the other, the principle of client confidentiality which bound the banks, he noted. According to him the 1990 Recommendation of the Financial Action task Force's (FATF), recommendations stated that Countries should ensure that financial institution secrecy laws do not inhibit implementation of the FATF Recommendations. It also stated among others that there must be the necessary legislation to criminalise money laundering and secondly, the legislation must also provide for systems and resources to enforce that law. But mere provision is not enough. There must also be genuine and deep-seated political will to enforce the legislation. That will is reflected in the provision of resources and the effectiveness of the court as institutions of enforcement. Hence regulators, investigators and judges all have their part to play. So, too, do compliance officers and those charged with supervising the ethics of the bank and other financial industries. He noted that each state needs to utilise its own legislative and enforcement apparatus to make conditions within its borders as unfriendly as possible for money laundering. These notwithstanding, he said it was worth noting the creation and resourcing of agencies capable of investigating large amounts of complicated transactions without assistance from the banks and other institutions, that would have involved the establishment of huge, cumbersome, bureaucratic and ineffective organisations at disproportionate expense to the public purse. Equally, the proscription of money laundering through legislation, without the establishment of effective means of enforcement, would have rendered the legislation toothless and futile. In the case of Ghana, he noted that what appears to be a problem in Ghana is a combination of the slow rate of progress, a sense of dithering and a lack of real political will. That lack of real political will he said is not confined to one party. Adding that antimony laundering should be thrust forward to the top of governmental agenda on non-partisan basis. If that can be done here, Ghana will move forward. Source: Daniel Nonor - Ghanaian Chronicle |
Thursday, March 4, 2010
Editorial:WHO WILL DELIVER GHANA FROM NDC AND NPP?

There is too much poverty in the country: in the cities and in the countryside, two-thirds of Ghanaians live on two dollars a day. That is very bad indeed for a country that has exported gold, diamond, timber and cocoa for decades.
There is too much corruption in the country: in both major political parties NDC and NPP; and in the police and immigration service; at Tema and Takoradi harbours and
The illiteracy level in the country is very high: Close to 30% of the adult population cannot read and write. Unemployment is very high too. Unofficially it hovers between 25 and 50%. Many of the youth have no jobs and have resorted to activities such as armed robbery, prostitution, hawking and other social vices. Graduates from our universities are without jobs either and many are doing their best to live in poverty.
In many homes basic facilities such as water and toilet are absent. Many people in our cities and towns are without quality and quantity of water. In some communities, residents have to live without water supply for weeks if not months.
In most of our rural areas people live in mud houses, roofed with raffia leaves. They are without electricity, water and social security. In the cities people have no mortgage; they face high renting and utility bills with poor services. Power cuts is everywhere in the country, yet every month the minister of energy receives millions of cedis for not providing the people with the energy thy need.
Farmers have no access to tractors and fertilisers and have to plant using cutlasses and hoes during the planting and harvesting seasons. Even when tractors are imported for them to use the corrupt politicians always hijack them. The farmers have no access to irrigation facilities and if nature fails to provide them with water then they are doomed.
Poverty is driving more and more children into the streets of
There is entropy of infrastructure decay in the country: break down of the rail sector, energy shortages, poor roads, poor and inadequate housing, inadequate water and sanitation delivery systems. There are no proper waste management systems. The traffic jams and pollution in
There is food shortage everywhere and prices are beyond the reach of ordinary Ghanaians as a result malnutrition is increasingly affecting most of the children especially in the rural areas.
Most hospitals are without essential medicines and medical staff is in short supply in most health institutions. Patients sleeping on the floor of hospitals due to inadequate beds are a common feature in our hospitals. The minister of health says there is no money for medicines but every month taxes are paid to his government and we cannot tell where the money goes.
We have been told that
The Children are Kwaku Osae Asante 11, Nana Yaw Asante 9, Angel Akua Asante 6, Kofi Asante 4 and Esi Asante 1.” Source: myjoyonline.com, Tuesday, 05 Jan 2010.
Nothing is manufactured in the country not even bicycles let alone tractors, cars, computers, mobile phones, dish washers and heavy equipments that help nations to develop. We are a nation that depends on what others in Europe, North America,
NDC and NPP have been promising to build castles in
Water pollution and poor sanitation is everywhere in our cities. The people of Teshie and Nungua are using the sea and the coast as places of convenience because they have no access to toilets. In
In many of the country, for example; Sewerage is almost non-existent, with only a portion of
There are few cities and towns with reliable piped water supply. Many residence of
Rawlings and his P(NDC) spent 19 years joking with Ghanaians and the problems facing them. For better part of his 19 year reign Rawlings busied himself with celebration of June 4th and 31st December anniversaries than the welfare of Ghanaians. There is nothing remarkable in the country that can be associated with his 19 year reign. The SSS now (SHS) that he brought to
The NDC and the NPP are toying with Ghana's secondary school system: 3 years for NDC, 4 years for NPP meanwhile they are busy sending their children to be educated abroad leaving Ghanaians to suffer from their selfish and ill thought-out policies. Nkrumah built universities and the current NDC and NPP leadership enjoyed it for free. During their time it was one student to a room, free breakfast, lunch and supper. But go to Kwame Nkrumah University of Science and Technology,
"Experts from Ballest-Nedam, the Dutch company that installed the control panel at the intake pump station of the Weija Headworks are expected in
Another news item reads: "Straight-talking Charles Kofi Wayo has poured scorn on engineers working at the gutted Tema Oil Refinery, asking if they qualify to even be called engineers when they cannot manufacture common bolts and have to wait for three months for foreign expertise to fix the minutest of problems. "If you have engineers there why is it that one small bolt you have to wait for a white man two, three months. You can’t even make your own bolts…You can’t even tool anything down there, even gasket - common gasket when it blows, you shut down the RFCC and stuff like that so where are the engineers? Where are the engineers? Source: www.myjoyonline.com, Thursday, 21 January 2010.
The simple truth is that our students are not able to invent neither do our experts able to repair even broken machines. We cannot blame our universities for failing to produce high quality graduates and experts because they have mounting resource problems. The Universities lack well trained lecturers. They lack modern facilities such as state of the art libraries, laboratory simulation facilities, studios, computers, projectors, internet facilities, constant energy supply and books. They lack them because the NPP and NDC governments have failed to invest and build the infrastructures needed to deliver 21st century education. As a result we have to import the equipments and books from countries that have done their home work well and have invested heavily in education notably in science and technology.
Hundreds of loan agreements have been signed and billions of dollars have been received by our governments (Rawlings and Kuffour and now Mills) and we are paying heavy interest fees for it yet Ghanaians cannot trace where the money has gone, how it was spent or the projects it has been used to complete. We only hear of the loan agreements and the interests we are paying but not the money.
For the past 28 years Ghana has been governed by two main parties: the ruling National Democratic Congress and the New Patriotic Party but it is no point arguing that both parties have been the cause of Ghana’s economic demise. For decades they have toyed with
Frustration, hopelessness and desperation can be found in the face of many Ghanaians. Since Nkrumah was overthrown in 1966 Ghanaians have been without a true leader. A leader who will provide jobs for the youth; a leader who will provide infrastructure for the economic take off, a leader who will transform Ghana's railway sector into viable transportation industry; a leader who is a problem solver and not just arm-chair president.
Come 2012 NDC and NPP politicians aided by some corrupt media practitioners will come with the same pack of lies, deceits, pledges and promises and with smooth words: vote for us and we will do this and that but once they get to parliament they cannot even put a bill together to solve some of the problems. Once they become ministers they cannot even formulate policies let alone implement one.
Ghanaians are suffering not because we are poor in terms of natural resources. We are poor because those entrusted with the management of the nation have sought create wealth to benefit themselves at the expense of the poor majority who live in 18th century conditions. We are poor because we have of bad political leaders who are interested in getting power without using the power to help develop the nation for all to benefit. Those entrusted with the management of the nation are simply visionless. They love to drive in convoy at the expense of the nation yet have no idea how to help
It is so sad that the leaders who came after Nkrumah have done very little to add to the foundation he laid. I don't know what would have happened to
Rawlings and his P(NDC) couldn't even maintain the things Nkrumah developed let alone adding some to it. Rawlings and his bootlickers had to allow them to decay because they did not have any idea how important those things were to the economy of our country. Kuffour spent 8 years selling Ghana Telecom and he cannot tell us what he used the money for. He thought Mo Ibrahim would give him 5 million dollar reward for managing
If Nkrumah had been alive he would have turned the oil find into jobs for Ghanaians to enjoy; he would have used it to build houses for the poor in the country; he would have constructed another Akosombo dam to solve the energy crisis facing the nation; he would have developed and modernise the railway sector to ease the congestion facing our cities.
Can Mills save
Will NPP's Alan Kyeremanteng and Akuffo Addo save
NPP and NDC share one common characteristic: both parties rely on lies, deceits, bribery, and corruption to win votes while doing nothing to improve the social and economic situation in the country. That is why for the 28 years that both parties have governed
Such leadership cannot be found in the NDC and NPP and that is why it is important for Ghanaians to consider voting for independent candidates or parties that have the track record of laying the foundation for
By Lord Aikins Adusei
(
Friday, February 19, 2010
"Probe into UK diplomat’s allegations a wild goose chase"
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