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Menzgold accuses SEC of bad faith; says clients’ "gold trades are very safe"

By
Porcia Oforiwaa
-

 


Gold-trading firm, Menzgold Ghana Company, has accused the Securities and Exchange Commission (SEC) of bad faith.

The company has been directed by SEC to suspend its gold trading operations with the public, accusing it (Menzgold) of dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

According to SEC, Menzgold actions contravene “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

However, in a statement, Menzgold said :“This needless leak believed to be coming from the Securities and Exchange Commission is, to say the least, in very bad faith and distasteful; as it defeats our confidence in the body and an affront to cooperation. We totally condemn it!” 

It explained said it was  very unfortunate that a letter relating to business discussions between the organisation and the Securities and Exchange Commission  found its way to the public.

“Menzgold, in the wake of the Bank of Ghana’s warning to the public to desist from doing business with the organization, availed itself of all relevant state institutions for various consultations and dialogues designed to arrive at a productive and sustainable resolution.

“One of such organisations is the Securities and Exchange Commission with whom we have been hopeful of arriving at a cordial resolution to all matters, if any, then we submit to its standards, if we must.”

“This needless leak believed to be coming from the Securities and Exchange Commission is, to say the least, in very bad faith and distasteful; as it defeats our confidence in the body and an affront to cooperation. We totally condemn it!,”  Menzgold said 

According to the company , its lawyers  are dealing with the matter and assured anxious customers that their  “gold trades are very safe and business is proceeding as usual.” 

Ghana | Atinkaonline.com | Barimah  Saakwa

SEC orders Menzgold to suspend ‘illegal’ trading operations

By
Porcia Oforiwaa
-

 


Menzgold Ghana Limited has been asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC says, is in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company has however been cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

The SEC said in its statement, dated September 7, that it has been investigating Menzgold since 2017 but paid a working visit to the company on August 23, 2018 where they met with the Commercial Manager, Nana Yaw Offei and an adviser to the company’s CEO, Derek Akubia.

SEC stated that despite being licensed to only purchase and export gold from licensed sellers also sells and purchases gold collectibles from the general public through its agent, Brew Marketing.

The Commission has since requested for “detailed information” on the activities of the company which the lawyers of Menzgold have agreed to provide within 14 days.

The SEC, however, believes that this notwithstanding, the company’s activities constitute an illegality and are “a threat to unsuspecting and uninformed investors.”
The statement from the SEC added that failure by Menzgold to comply with the directive “will lead to the SEC employing other relevant measures under the law to enforce compliance.”

The Commission also called on the Minerals Commission which licensed the operations of the gold trading company to “call Menzgold to order and direct it to conduct its business  in accordance with the licenseissued to it by MINCOM”


Multiple warnings

Menzgold Ghana Limited was in 2017 cautioned against its persistent sale of gold to unauthorized persons.

The Minerals Commission in a letter to the company had also given it 10 days to correct its “misrepresentations” in the media concerning its operations and license.

The company, which has recently courted controversy over its operations, was licensed solely to buy gold in Ghana and export to other countries.

However, the Minerals Commission observed that the company was misinterpreting the authority granted it by its license by selling gold to the general public who are not licensed to buy gold.

The Economic and Organised Crime Office (EOCO) subsequently invited the Chief Executive Officer Menzgold Ghana Company Limited, Nana Appiah Mensah for questioning.

This development follows public notice by the Bank of Ghana (BoG) indicating that it was moving against Menzgold, which is suspected to be carrying out unlawful transactions by taking deposits.


Chief Executive Officer Menzgold Ghana Company Limited, Nana Appiah Mensah
CEO retreats; apologises for mocking BoG

Meanwhile,the Chief Executive Officer of Menzgold Ghana Company Limited, Nana Appiah Mensah, has apologized to the Bank of Ghana (BoG) for mocking its warning to the company over perceived unlawful operations.

In a post on Social Media, Nana Appiah Mensah said Menzgold is currently cooperating with the BoG and other state agencies.


citinewsroom


 

MTN receives four awards at Ghana Procurement & Supply Chain Awards 

By
Porcia Oforiwaa
-

 


MTN Ghana has won four awards at the just ended Ghana Procurement & Supply Chain Awards 2018. MTN received awards in the following award categories:
    Excellence in Procurement & Supply Chain – Telecom
    Supplier Development Company of the Year
    Procurement & Supply Chain Team of the Year – Gold
    Most Innovative use of Technology 
In addition, Mr. Patrick Afari Acting General Manager of Supply Chain & General Service at MTN Ghana was listed among the Top 20 Procurement Leaders in Ghana.  

The awards seeks to celebrate exceptional talent, teams and organizations that have demonstrated excellence in delivering best practice and innovation in the Procurement and Supply Chain sector in Ghana. Ghana Procurement and Supply Chain Awards (GPSCA) is the first of its kind that celebrates such outstanding achievements.

Receiving the awards on behalf of MTN Ghana, Mr. Patrick Afari, Senior Manager for Sourcing Finance & Services expressed gratitude to Instinct Wave and Ghana Institute of Procurement & Supply for the recognition. He also dedicated the awards to the Management and Staff, Suppliers and Business Partners of MTN.

Commenting on the awards, the Chief Financial Officer of MTN Ghana, Mr. Modupe Kadri said “we are happy to have received these awards and to see our staff receive such recognition. 

“The awards attest to the continuous improvements we continue to make in refining our Procurement and Supply Chain practices. We will continue to invest and implement transformational solutions that will continue to enhance our processes,” he added.   

MTN Ghana has over the years, received some awards in the Procurement and Supply Chain space in the past. In 2015, MTN Ghana received an award from the Chartered Institute of Purchasing & Supply (CIPS) Ghana and the Association of Ghana Industries for its outstanding contributions to local Procurement initiatives.  In 2014, MTN Ghana also received an award from CIPS Africa in Johannesburg for the “Most innovative use of technology in Procurement and Supply.” 

Ghana | Atinkaonline
 

GCB staff, one other charged for stealing GH¢1.158 million from bank

By
Porcia Oforiwaa
-

 

Two persons, including a banker at the Takoradi branch of the GCB Bank, have been put before an Accra circuit court for conspiring with nine others and allegedly stealing an amount of GH¢1.158 million from the bank.

Ferdinand Kofi Amponsah and Issah Alhassan were charged for conspiracy and 23 counts of stealing from GCB from June to September 2016.

They both pleaded not guilty to all the charges and were subsequently granted bail in the sum of GH¢400,000.00 with four sureties, one of which is to be justified.

As part of the bail conditions, the accused persons are to deposit their passports at the registry of the court and to report to the police Criminal Investigation Department (CID) every Wednesday.

A bench warrant has also been issued by the court for the arrest of the nine others at large.

Prosecuting Deputy Superintendent of Police (DSP) George Amegah, told the court that Ferdinand is the Corporate Manager of GCB Bank in Takoradi, while Issah is a mechanic and a customer of the bank.

He said between September and November 2016, the management of the bank received complaints from customers about fraudulent withdrawals, which were carried out with cloned cheques drawn on accounts at the bank’s branches in Accra.

He said it was established that while the true account holders had their genuine cheque books intact, replica copies of leaflets bearing the serial numbers of leaflets, which were not yet used by the account holders were procured with forged signatures.

DSP Amegah said, “These cloned leaflets are drawn on the bank and presented at branches outside Accra and various withdrawals made. It was established that four accounts of the bank had fraudulent withdrawals made on them.”

Investigation revealed that Ferdinand even though stationed at Takoradi at the Corporate Banking Department, used his identification number FC07072, which was assigned to him at Mampong, his previous station, to make several enquiries on the accounts prior to or after the cloned cheques were presented. 

During police investigations, Ferdinand admitted the offence and told the police that it was upon the request of Issah that he made enquiries on the accounts.

Ferdinand further told the police that he took pictures of signature mandates, cheques book serial numbers and other confidential details of High Valued Account Holders, which he forwarded to Issah and others.

DSP Amega said Ferdinand was not permitted to check or query individual customer accounts of the bank but he was engaged in this activity secretly, in collaboration with Issah and his nine accomplices to steal monies from the bank.

He said between the said dates, it was found that the cloned cheques presented at the various branches of the bank resulted in the theft of GH¢365,100.00.

The fictitious counter cheques resulted in the theft of GH¢422,000.00, while the figure obtained for the fictitious payment order resulted in the theft of GH¢184,448,000.00.

Additionally an amount of GH¢48,000.00 was stolen by means of fraudulent transfers from one of the affected accounts.

He said out of the audit report compiled by the public accounts committee, the act engaged in by the accused persons and their accomplices at large resulted in the theft of an amount of GH¢1.158 million from the bank during the period as contained in the charge sheet.

Ferdinand also admitted receiving an unspecified sum of money from Issah. Ferdinand has also built two houses at Adenta and Kasoa, which were suspected to have been built with proceeds from the crime.


Ghana | Atinkaonline.com

'Stage a mutiny!' Duterte dares Philippine military to act if they don't like his leadership

By
Porcia Oforiwaa
-


Philippines President Rodrigo Duterte has dared soldiers to "stage a mutiny" if they aren't happy with his leadership, saying they're free to join the side of his fiercest critic in Congress, Senator Antonio Trillanes.

"Stage a mutiny or revolution or whatever," Duterte said in an interview with Chief Presidential Legal Counsel Salvador Panelo on Tuesday, as quoted by ABS-CBN TV. He added that if his critics believe they would be happier with his arch rival Trillanes, they can support him instead.

"You are free to do that. As a matter of fact, I’m encouraging you," Duterte said.

The president's comments came after he voided an amnesty granted to Trillanes, a former Navy officer who joined past mutinies, and ordered his arrest. He is asking the Department of Justice and the military to restart criminal proceedings against the senator, which Trillanes and some legal experts say would violate the country's constitution.

In his proclamation, Duterte stated that Trillanes's amnesty was void because the senator failed to file a formal amnesty proclamation and admit guilt for his involvement in previous failed coup attempts. However, Trillanes denies Duterte's claims and has used news reports and Defense Department documents to support his case. He has also asked the Supreme Court to declare Duterte's moves illegal.

The decision to revoke Trillanes's amnesty prompted the country's largest association of lawyers, the Integrated Bar of the Philippines, to ask the courts to resist "creeping incursions" on their independence and to warn of judicial "chaos."

Trillanes has long been a foe of Duterte, accusing the president of large-scale corruption and involvement with illegal drugs. Duterte has denied all allegations. He is known to be sensitive to criticism, both domestically and internationally, particularly surrounding his controversial war on drugs which has left thousands dead since he took office in mid-2016.

The Philippine president's Tuesday remarks are the latest in a string of bold words delivered by the leader – including calling former President Obama a "son of a b*tch" and threatening to "burn down the United Nations." He also called former UN Secretary-General Ban Ki-moon a "devil" and referred to the UN human rights chief as a "son of a whore" with an empty, big head.

Source: rt.com

Mahama blasts civil society for 'keeping quiet' over NPP’s misgovernance (Audio)

By
Porcia Oforiwaa
-

 


Former President John Mahama has taken a swipe at Civil Society groups in the country for keeping quite over the current government’s misgovernace.

He claimed that civil society groups change the rules depending who is in power. "You don’t change the rules depending on who is in power,” he said.

“Ghana belongs to all of us… whoever is president, whoever forms the governance, we must hold them to the same standard of accountability. Civil society has gone quiet, moral society gone quiet …. " he said.

He also accused president Akufo Addo of engaging in nepotism and also running a bloated government.

"The thing is in politics, be careful what you say because tomorrow it will come to haunt you; and that is exactly what is haunting them [NPP]…Now today relatives everywhere and when you raise it — nepotism — they say 'no it doesn't matter if it's the President's relative. It depends on whether they are qualified,” president Mahama said.


Listen to full audio:
 

Samira Bawumia donates books on Int’l Literacy Day

By
Porcia Oforiwaa
-


 
The Second Lady Samira Bawumia has donated books to schools in the Wenchi and Techiman Municipalities in the Brong Ahafo region.

Ten schools benefited from her benevolence under the auspices of her not-for-profit organization – the Samira Empowerment and Humanitarian Projects (SEHP).
 
Announcing the package to the schools during the celebration of International Literacy Day, Mrs Bawumia was optimistic it will go a long way to cultivate a habit of reading in students.
 
“As part of the activities to celebrate International Literacy Day and in commemoration of Prof. Kofi Abrefa Busia, I am donating books to 10 schools in the Wenchi and Techiman Municipalities, as part of our Library in a Box project. I believe that cultivating a habit of reading is important, and will provide a springboard for our students to excel,” the Second Lady stated.
 
Mrs Bawumia donated the books during the Busia 40th Anniversary celebration at Wenchi in the Brong Ahafo Region on Saturday, 8th September 2018. She advised students to make reading a habit to broaden their knowledge as well as make them critical thinkers.
 
“I encourage all of us here to let us join hands to promote reading across different disciplines,” Mrs. Bawumia stressed.
 
She added: “As a priority, let us engage students in extensive reading and help them become self-directed readers.”
 
Mrs. Bawumia promised to use SEHP to “contribute significantly to raising the next generation of leaders and critical thinkers” such as the late Prof. Kofi Abrefa Busia among others.


 
“As we celebrate the late learned Professor, we are reminded of the theme for this year’s International Literacy Day – ‘Literacy and Skills Development’.
 
“Professor Busia's scholarly contribution was invaluable and is regarded as one of Africa's most influential scholars whose parallel academic and political career made for a good blend of academic and practical knowledge to solve problems,” she extolled the late academician.
 
Over the years, SEHP has been at the forefront in improving literacy, critical thinking and cultivate a culture of reading among pupils in Ghana.
 
International Literacy Day is an occasion to remind all about the importance of the ability to read and write, as well as highlight the opportunities that could be taken up by those who learn these skills.


 
The Day is also used to celebrate the successful endeavours of individuals and organisations that have made outstanding contributions in education.

Ghana | Atinkaonline.com 
 

Kotoka Airport Terminal 3 to be operational September 15

By
Daniel Opare
-

 

The Managing Director of the Ghana Airports Company Limited, Mr John Dekyem Attafuah, has announced that the newly constructed Terminal 3  at the Kotoka International Airport will become fully operational on September 15 ahead of its official inauguration by President Akufo-Addo on October 2.

Briefing the press moments after guiding the Minister of Aviation, Mr Joseph Kofi Adda on a tour of the terminal on Friday (September 7), Mr Attafuah said the project which cost $275 million, is ready for use after being tested in about 36 simulations.

He said: “For some of us, we even have forgotten that it’s a new terminal because of all the prior tests that we conducted. We have had about 36 simulations so far and so for us it’s like second nature now.

“Last Monday we started live flights from this airport, we had four flights on Monday, four airlines used here but for Emirates, for example, they came in went to Abidjan and came back in.

He further disclosed that Terminal 2 will now be used for domestic flights. 

Mr Kofi Adda minister of aviation in his assessment after the tour described Terminal 3 as a ‘top class’ facility comparable to the best terminals in airports across the world.

The Minister also charged all staff of the GACL and users of the terminal to ensure that the maintenance manuals of the facility were adhered to.

“We have seen Terminal 3 before it’s been commissioned. I am sure, it speaks for itself. What we see is top class comparable to any terminal that you will find anywhere in the world. Professionally done, neat, things well organised, the markings are there in terms of where to go to get whatever service,” he said.

Ghana | Atinkaonline.com | Frank Eshun 

CBG to maintain 'sizable number' of employees of defunct banks

By
Daniel Opare
-

The Ministry of Employment has announced that as part of the Consolidated Bank of Ghana’s (CBG) integration and rationalization process, the bank will maintain a sizable number of workers of the defunct banks.

Bank of Ghana (BoG) in August this year merged The Royal Bank, The BIEGE bank, Sovereign Bank, Construction Bank and Unibank to form Consolidated bank of Ghana.

This decision of BoG comes after the failure of the five banks to meet the GHS400 Million minimum capital requirement.

Announcing the merger, BoG's governor Dr. Ernest Addison noted that the merger forms part of the Central Bank’s financial sector streamline plan.

A statement signed by the Minister for employment, Ignatius Baffour Awuah, indicated that the Ministry met with the relevant stakeholders to discuss issues affecting workers of the defunct banks.

According to the statement, the five defunct banks were bankrupt hence the BOG’s decision to assume the assets and liabilities of these banks.

According to the statement, there will be other engagements between the receiver and the Unions to collectively address the issues to be tabled for discussions.

The government has, however, assured the general public that it will continue to monitor outcomes of the engagement between the receivers and the relevant stakeholders as well as the unions to ensure amicable resolutions of the issues affecting the workers.

Ghana | Atinkaonline.com

Global hunger increasing, UN warns

By
Porcia Oforiwaa
-

 

The number of people suffering from hunger has increased during the past three years, after years of decline, a UN report suggests.

According to the analysis, 821 million people globally were undernourished in 2017 – about one person in every nine.

And nearly 151 million under-fives – 22% of the global total – have their growth stunted by poor nutrition.

The authors say extreme climate events are partly to blame for the rise and call for urgent global action.

The report, The State of Food Security and Nutrition in the World, also says difficulties accessing nutritious food is contributing to the growing problem of obesity in the world, with one in eight adults – more than 672 million – being classified as obese.

'Complex and frequent'
The authors note the frequency of extreme climate events – floods, heat, storms and droughts – has doubled since the early 1990s.

And they say: "The report sends a clear message that climate variability and exposure to more complex, frequent and intense climate extremes are threatening to erode and even reverse the gains made in ending hunger and malnutrition."

Climate extremes have a direct impact on crop yields and food availability but can also reduce:

the number of fit and healthy people available to grow and harvest crops
the time and money people have to find nutritious and safe food
And hunger is significantly worse in countries where agricultural systems are sensitive to variations in rainfall and temperature and where many people depend on agriculture for their livelihoods.

'Urgent help'

The authors say: "Climate variability and extremes – in addition to conflict and violence in this part of the world – are a key driver behind the recent rises in global hunger and one of the leading causes of severe food crises."

And they call for coordinated global and local action so countries become more resilient to climate-related disasters.

Commenting on the report, Robin Willoughby, from Oxfam, said: "It is shocking that after a prolonged decline, this is the third consecutive year of rising hunger.

"The inescapable fact is that climate change is now leaving people around the world without enough to eat.

"Hunger is significantly worse in countries hit by severe droughts and flooding. A hotter world is proving to be a hungrier world.

"The people behind these stark statistics need urgent help. Our political leaders must redouble efforts to cut the use of fossil fuels and commit funds to help poor countries adapt to climate crises."

The report was compiled by the Food and Agriculture Organization of the United Nations, the World Food Programme, Unicef, the World Health Organization, and the International Fund for Agricultural Development

BBC

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