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Collapsed Banks: ‘We Take Responsibility But Can’t Be Blamed’ – Seth Terkper

By
Daniel Opare
-

Former Finance Minister Seth Terkper has accepted responsibility for the collapse of some seven indigenous banks in the country that has caused almost 2,000 job losses within a year.

Mr. Terkper however said he cannot be blamed for the financial mess that has shaken the foundation of the banking industry.

“I will take responsibility not the blame; you can do the blame game,” he told Johnny Hughes when he appeared on TV3 morning magazine show, New Day on Thursday to speak about the issue.

Seven indigenous banks have collapsed in the last year after the Bank of Ghana revoked their licence for being highly insolvent.

While the Ghana Commercial Bank took over the good assets of UT and Capital banks which collapsed in August 2017, five others whose collapsed were announced by BoG on August 1, 2018 have been consolidated to form the Consolidated Bank Ghana Limited.

They are Royal, Construction, Beige, UniBank and Sovereign banks

When asked Thursday whether he accepts blame for the collapse, Mr. Terkper responded negatively, contending that the government at the time took steps to prevent the crisis which has been squarely been blamed on the Bank of Ghana as well as the directors and the boards of the collapsed banks.

The former finance minister said through ESLA, the government paid a substantial amount of the VRA’s legacy debt, which he observed, weighed heavily on the banking sector at the time.

The debt, he said “exposed the banking sector to the possibility of systemic risk as the magnitude of the exposure weigh heavily on the assets quality of the banks”, adding that as at the end of December 2016, “$228.82 million [of the debt] had been paid”.

Again, Mr. Terkper indicated that the debt of state owned enterprises, especially to contractors in the road sector had serious consequences on the banks in the country.

“The largest component of arrears which is owed to contractors is owed banks.”

In his view, if the current government should have followed in the line of the past government by seeking a similar restructuring for the road sector as did with the energy sector, the situation at the banking sector could have been averted.

“…Could a similar restructuring [like the energy one] early enough save us the situation? I believe so because when we did it there weren’t a lot of noise, there wasn’t fear and panic and we were open and said this is the solution,” he argued.

He implied the IMF conditions prevented the Finance Ministry from having a hand in the affairs of the Bank of Ghana which is responsible for the banking sector.

“Under my watch in the overall management of events, I believe you were also privy to the debate; a very intense one which was IMF condition about how government was to allow autonomy to the central bank,” he said but added “That doesn’t absolve us”.

Beyond that, he pointed out that it is not only the governor of BoG who works at the central bank as there are other people who work there “who may have different motives”.

While he said the BoG carried out its audit, “we also did some audit particularly on SOEs and saw the impact. But what I’m saying is that should we have the central bank beyond anybody’s oversight? Probably we need to look at that just like the Federal Reserve and others don’t come to the Minister of Finance because there could be interference. They go to parliament”.

Asked whether feel responsible for the job losses arising out of the collapsed banks he said: “If I didn’t feel responsible, I would go in an election year or close to an election year to ask for a levy to save jobs and we did this restructuring with 11 banks, I believe 13”

3news

US Open: Serena, Venus To Meet For 30th Time

By
Daniel Opare
-

Serena and Venus Williams will clash for the 30th time on Friday with a place in the last 16 of the US Open at stake.

Six-time champion Serena eased into the third round encounter with a 6-2, 6-2 win over German world number 101 Carina Witthoeft on the back of 30 winners and 13 aces.

Venus, the 2000 and 2001 champion in New York, made the third round for the 17th time with a 6-4, 7-5 victory over Camila Giorgi of Italy.

Friday’s match will be the earliest the sisters have met at a Slam since the 1998 Australian Open in what was also their first ever clash. It will be their sixth in New York.

Venus won their second round clash in Australia in 1998 but Serena, bidding for a record-equalling 24th Grand Slam title, has built up an advantage over the last two decades, enjoying a 17-12 head-to-head superiority.

“Friday will be incredibly hard,” said Serena before she jokingly hit back at Venus’s claim that when they last met at a Slam in the final of the 2017 Australian Open her sister had an advantage as it was “two against one.”

That was a reference to Serena being in the early stages of pregnancy with her daughter Olympia.

“I guess I had a little advantage but it’s going to be hard for me on Friday,” said 36-year-old Serena.

“It’s a tough match to have so early in the tournament. We would have liked to have played later but it is what it is. It’s not the end of the world.

“As always we will come out and try our best. So cheer for me, cheer for Venus. Whatever, it will work.”

AFP

Judges relocate to make way for National Cathedral

By
Daniel Opare
-

Judges whose houses whose houses were affected following government’s decision to construct a 5000 seater national Cathedral have started relocating, the Deputy Minister of Lands and Natural Resources, Benito Owusu Bio has revealed.

Nana Akufo-Addo on Monday, March 6, 2017, cut the sword for the construction of a 5000 seater national cathedral for interdenominational worship in Accra.

The Project when started will see to the pulling down of buildings housing the Scholarship Secretariat, the Passport Office and some nine bungalows occupied by Appeals Court Judges.

In an interview with Accra based Adom FM on Thursday, Deputy Minister of Lands and Natural Resources, Benito Owusu Bio refuted claims that judges whose homes were affected, objected to government’s promise to relocate them.

He added that government has no qualms with the proposed site for the National Cathedral.

The General Superintendent of the Assemblies of God Church and a member of the board of trustees for the National Cathedral who spoke on Atinka FM’s morning show earlier said Ghanaians have failed to look at the future purposes of the National Cathedral.

Meanwhile, the Former National Youth Organiser of the Convention Peoples Party (CPP) Kwabena Bomfeh Jnr, Popularly Known as "Kabila" is currently at the Supreme Court, seeking to quash the government decision.

According to him Government has no business to construct any edifice for a religious sect or organise religious pilgrimage such as the hajj. 

Ghana | Atinkaonline.com

National Cathedral: Critics myopic –  Dr. Frimpong Manso

By
Daniel Opare
-

 

General Superintendent of the Assemblies of God Church, Rev. Dr Paul Frimpong-Manso, says some Ghanaians have failed to look at the future purposes of the National Cathedral.

According to the man of God, the National Cathedral when erected will to a large extent, bring Ghana together as a nation and lift us up as a nation under God.
The President of Ghana Nana Akufo-Addo on Monday, March 6, 2017, cut the sword for the construction of a 5000 seater national cathedral for interdenominational worship in Accra.

Some structures will be pulled down to make way for the project. Buildings like the Scholarship Secretariat, the Passport Office and some nine bungalows occupied by Appeals Court Judges have been earmarked for demolition.

Speaking to Kaakyire Ofori Ayim on Atinka AM Drive, General Superintendent of the Assemblies of God Church and a member of the board of trustees for the National Cathedral explained that the criticisms against  the National Cathedral  are based on prejudices "with no one bothering to look at the benefits of the country having the facility.

According to him, the 5000 -seater building will serve as a place where national ceremonies will be held.

Meanwhile, the Former National Youth Organiser of the Convention Peoples Party (CPP) Kwabena Bomfeh Jnr, Popularly Known as "Kabila" is currently at the Supreme Court, seeking to quash the government decision.

According to him, Government has no business to construct any edifice for a religious sect or organise religious pilgrimage such as the hajj. 

Ghana | Atinkaonline.com | Vivian Adu Boatemaa

National Cathedral; the most vital monument in Ghana’s history

By
Daniel Opare
-

by Rev John Ntim Fordjour, MP

“God bless our homeland Ghana and make our nation great and strong…” For all intents and purposes, we nationally and unanimously recognize and accept that indeed, it is the blessings of God that would build a great and prosperous Ghana. Constitutionally, Ghana is a secular nation.

However, in essence, cognizant of the estimated 70% Christians and 17% Muslims together with the Traditional and other significantly religious segments of our population; and the role these indispensably key actors in our society play in shaping development and culture, make it even the more expedient for a visionary leader to foster congenial relations with religious leaders. 

I revere profoundly, the boldness and vision of President Akufo-Addo in supporting the building of this all-important national monument which to my mind, should have been built some 60 years ago.

It is extremely infantile and misguided for any individual or group to think that an improved and cohesive relations between the Government and religious leaders are deemed ‘interference in religious matters’. When the government focused attention on the development of Islam-dominated communities by committing substantial resources for the Ministry of Zongo & Inner City Development, that was not deemed ‘religious interference’ and ‘misplaced priority’.

When land was acquired for and resources committed in the ongoing creation of Astro Turfs plus many other monumental development projects in Islam-dominated communities, that was not deemed ‘religious interference’ and ‘misplaced priority’. But when a proposed National Cathedral comes up, which is to be built at the cost of the Christian Community, all manner of misguided and infantile criticisms are emerging.

I must emphatically establish the point that even if resources of the States were to be committed into the building of the National Cathedral for Ghana, that would be the most vital Government spending in the history of our nation-state Ghana. Why are people not rather concerned about the retrieval and retention of the estimated $3billion lost by Ghana through corruption every year? That’s where the real opportunity lies for massive infrastructure and a transformed and efficient health system.

President Felix Houphouet Boigny of Ivory Coast built a $300 million National Cathedral to be known as the Basilica of Our Lady of Peace in Yamoussoukro for a country with just 30% Christian population at the time.

In 1990, Pope John Paul II commissioned this monumental Cathedral in Ivory Coast. St George’s Chapel in England, which serves as National Cathedral and a place of worship by the Queen of England and where extremely important ceremonies are held, was built in the 14th century not with private funds but state funds. Washington National Cathedral, which is a leading tourist attraction is a sacred monument built to host major national ceremonies including state burial service for distinguished statesmen in USA. 

In all these, the most disheartening and disappointing observation is Christians who have joined in rationalizing ill-informed criticisms being heaped on this long-overdue monumental vision. The National Cathedral shall be built, it shall be built to honor God and to serve us all! 

God bless Ghana and make our nation great and strong!

N\R: Family of five sustain fire burns in West Gonja District

By
Daniel Opare
-

A family of five in the early hours of Wednesday got burnt in a fire accident at Kotito II,a farming community near Damongo in the Gonja west District of the Northern region.

Mr Musah Alhassan, 42 years of age was involved in the incident including his wife Madam Sala Alhassan 30, their three children Alhassan Mohammed Alhassan 16, Alhassan Suraya 12 and Samed Suraya 8-year-old.

“Their properties got burnt in the process. It took neighbors closed to an hour to break through the room to rescue the victims since the door was in serious flames. Apart from Mohammed Alhassan, the entire household has been referred to the Tamale Teaching hospital.” An eye witness, Zion Abdul Rauf narrated to Atinka news.

He said Alhassan Suraya, one of the children complained of cold, and the mother set fire in a coal-pot which she doused with a small quantity of petrol.

“The entire family apart from the two were fast asleep. Madam Sala did not close the gallon containing the petrol which was few meters away from the coal-pot. The fire immediately spread from the coal-pot to the gallon, which Madam attempt to throw the gallon outside the room, the petrol poured on the floor making the entire room to start burning”.

According to him there was no escape route as the  door to the romm was in flames ,thereby preventing the entire family from escaping.

He said neighbors who rushed to the accident scene couldn’t rescue the victims, until  part of the room was demolished.

He said the entire family were subsequently taken to the West Gonja hospital for medical health care.

The eyewitness indicated that the Sawla ambulance was later called upon to help evacuate the victims to the Tamale teaching hospital where they are receiving medical attention.

Ghana | Atinkaonline.com | Nurudeen Ibrahim

N\R: Family of five sustain fire burns in West Gonja District

By
Daniel Opare
-

A family of five in the early hours of Wednesday got burnt in a fire accident at Kotito II,a farming community near Damongo in the Gonja west District of the Northern region.

Mr Musah Alhassan, 42 years of age was involved in the incident including his wife Madam Sala Alhassan 30, their three children Alhassan Mohammed Alhassan 16, Alhassan Suraya 12 and Samed Suraya 8-year-old.

“Their properties got burnt in the process. It took neighbors closed to an hour to break through the room to rescue the victims since the door was in serious flames. Apart from Mohammed Alhassan, the entire household has been referred to the Tamale Teaching hospital.” An eye witness, Zion Abdul Rauf narrated to Atinka news.

He said Alhassan Suraya, one of the children complained of cold, and the mother set fire in a coal-pot which she doused with a small quantity of petrol.

“The entire family apart from the two were fast asleep. Madam Sala did not close the gallon containing the petrol which was few meters away from the coal-pot. The fire immediately spread from the coal-pot to the gallon, which Madam attempt to throw the gallon outside the room, the petrol poured on the floor making the entire room to start burning”.

According to him there was no escape route as the  door to the romm was in flames ,thereby preventing the entire family from escaping.

He said neighbors who rushed to the accident scene couldn’t rescue the victims, until  part of the room was demolished.

He said the entire family were subsequently taken to the West Gonja hospital for medical health care.

The eyewitness indicated that the Sawla ambulance was later called upon to help evacuate the victims to the Tamale teaching hospital where they are receiving medical attention.

Ghana | Atinkaonline.com | Nurudeen Ibrahim

Trump accuses China of stalling progress with North Korea

By
Daniel Opare
-

US President Donald Trump has lashed out at China for undermining its work with North Korea, as criticism over progress on denuclearisation mounts.

In a series of tweets he also said he saw no reason to resume the joint war games with South Korea that have angered North Korea.

Days ago his own defence secretary said military exercises might continue.

China has accused Mr Trump of "shifting blame" in his comments on its relations with North Korea.

A summit between Mr Trump and North Korean leader Kim Jong-un in June ended with a pledge from the North to work towards "the complete denuclearisation of the Korean peninsula". Soon after Mr Trump announced there was "no longer a nuclear threat from North Korea".

But since then many observers say North Korea is not moving fast enough to dismantle its nuclear or rocket sites.

Mr Trump's tweets appear to place the blame for these challenges squarely on China, but he also goes on to praise his personal ties with the leaders of both North Korea and China.

The confusing blend of criticism, praise and veiled threat comes as Washington faces mounting pressure to deliver results following those unprecedented talks.

Just days ago, Washington called off a trip to North Korea by US Secretary of State Mike Pompeo with the president arguing that insufficient progress had been made in dismantling the North's nuclear programme.

In his latest comments on Twitter, Mr Trump says North Korea was "under tremendous pressure from China because of our major trade disputes with the Chinese government".

Beijing is Pyongyang's only significant ally and is thought to have significant influence over its decisions. Beijing is also Washington's most powerful long-term strategic rival in the region.

The US and China are locked in an increasingly tense trade battle and each side has imposed tariffs on one another's goods.

Mr Trump has complained about the size of the US trade deficit with China and what Washington sees as other unfair trade practices.

Despite his strong words, Mr Trump's latest tweet concluded with some optimism, saying the trade issue could be resolved by himself and China's "great President Xi Jinping".

China has attacked Mr Trump's remarks as "irresponsible" and difficult to understand.

"To solve the problem, it should look at itself instead of shifting blame," foreign ministry spokeswoman Hua Chunying said.

Since the June summit, North Korea has halted its missile tests, claimed to have dismantled a nuclear testing site and returned the remains of US soldiers killed in the 1950-53 Korean War.

But Mr Trump has called out Pyongyang for what he said was insufficient progress on their broad agreement on denuclearisation.

A recent report by Vox suggests that Pyongyang is reluctant to proceed because Mr Trump failed to live up to his alleged promise to Mr Kim that he would sign an official declaration to end the Korean War.

After a UN report found that North Korea was continuing to work on its nuclear programme, the US urged the international community to maintain sanctions and economic pressure on Pyongyang.

BBC

 

German Chancellor, Angela Merkel, in Ghana for bilateral talks

By
Daniel Opare
-

German Chancellor, Angela Merkel is expected to arrive in Ghana today, Thursday 30th August, for bilateral talks with President Akufo-Addo as part the former’s three-nation West African tour.

The discussions between Akufo Addo and Angela Merkel, which will emphasize on Efforts at Ghana’s Economic Resurgence and Migration, will take place at the Jubilee House in Accra.

The two, will also hold discussions on security in the sub-region and the role of Ghana in addressing these security issues.

Addressing the media on Wednesday, Minister for Information designate, Kojo Oppong Nkrumah, mentioned that Angela Merkel will also take part in a panel discussion on Compact for Africa focusing on the areas of priority for partnership.

According to him, Ghana has been incorporated in the Compact for Africa and about 100 million Euros are going towards energy and financial services as part of the Government’s efforts to improve the situation in the aforementioned areas.

“Moving forward, it’s important to discuss the relationship around the compact and what next steps to take,” he added.

Angela Merkel will also tour Nigeria and Senegal as part of her three-nation West African tour.

Ghana | Atinkaonline.com

E-Waste Recycling Facility To Be Constructed In Agbogbloshie – Akufo-Addo

By
Daniel Opare
-

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has revealed that the construction of an integrated e-waste recycling facility, at Agbogbloshie, a suburb of Accra, will commence in October this year.

Speaking at the launch of national integrated e-waste management programme, on Wednesday, 29th August, 2018, President Akufo-Addo noted that the down-side of the ICT revolution has meant the production of high volumes of electrical and electronic waste.

With an estimated 40 to 50 million tons of e-waste generated annually, and with Ghana serving as the final destination for e-waste, the President noted that e-waste is a major global problem, and one of the top environmental challenges of the 21st century.

Used electronic and electrical equipment imported into the country continue to be the major source of electronic waste, as many have not been tested for functionality, and in contravention of regional and international laws, such as the Bamako Convention, the Basel Convention, and EU e-waste shipment regulations.

President Akufo-Addo noted that with Near End-of-Life used equipment not covered by existing international or regional conventions. Government has passed the Hazardous and Electronic Waste Control and Management Act, Act 917 (2016).

The Act, the President explained, marks the initiation of two key provisions of Act 917, which are critical to the successful implementation of this new Law.

“First is the designation of the external service provider, i.e. SGS, to verify, assess and collect the Advance Recycle Eco Fee on all electrical and electronic equipment, under the Fifth Schedule of Act 917, imported from all exporting countries. Second is the establishment of a state-of-the-art recycling facility to be constructed at Agbogbloshie, in fulfilment of section 31 of Act 917,” he said.

President Akufo-Addo assured that the recycling facility will not be a stand-alone entity, as there is a component of the project that will support the establishment of a network of collection centres to provide continuous supply of raw material to sustain the operations of the facility.

This component, he said, will create over twenty-two thousand (22,000) self-sustaining jobs for the Ghanaian youth.

President Akufo-Addo was confident that “we are about to see an end to this global environmental challenge in Ghana, that is fast becoming a national security threat to most governments on the continent.”

One important aspect of the Act, the President highlighted, is the establishment of a fund to support key trade associations, such as the Ghana Union of Traders’ Association (GUTA), the Association of Ghana Industries (AGI), and the Media, and to support research in academic and research institutions.

“The Fund will offer incentives for collection, transportation and disposal of electrical waste, and promote public education on the safe disposal of electrical and electronic waste and negative effects of electronic waste,” he said.

He, thus, urged, all agencies involved in theproject to co-operate and develop a strategic business plan which will put the e-waste fund into productive use for the benefit of all.

“I encourage members of the various scrap dealers’ associations, across the country, also to take full advantage of this programme. I appeal to them to halt the burning of electrical and electronic wastes, as it only pollutes our environment and the quality of air we breathe. They have an opportunity, through this programme, to expand their scrap collection ventures into big businesses,” President Akufo-Addo stressed.

As co-Chair of the Group of Advocates of Eminent Persons for the implementation of the 2030 UN SDGs, President Akufo-Addo was excited that the implementation of the National Integrated E-Waste Management Programme is directly linked to addressing six (6) of the 17 United Nations Sustainable Development Goals.

They include Goal 3, i.e. ensuring healthy lives and promotion of well-being for all; Goal 6, i.e. ensuring availability and sustainable management of water and sanitation for all; Goal 8, i.e. promoting sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all; Goal 11, i.e. making cities and human settlements inclusive, safe, resilient and sustainable; Goal 12, i.e. ensuring sustainable consumption and production patterns; and Goal 14, i.e. conserving and sustainably using the oceans, seas and marine resources.

“So, from Monday, 1st October, 2018, the operationalisation of Act 917 will begin with the collection of the Advance Recycling Eco Fee on all electrical and electronic items from all exporting countries. Construction of the integrated e-waste recycling facility will also commence in October this year,” President Akufo-Addo added.

Ghana | Atinkaonline.com 

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