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Category: Business News

  • Contractors’ in Trouble With Ghana First Judgement Debt Looms For MMDAs

    Contractors’ in Trouble With Ghana First Judgement Debt Looms For MMDAs

    Contractors’ in Trouble With Ghana First Judgement Debt Looms For MMDAs

    In an interview with PRO For GFCL Mr Kwame Owusu Bampoe, into the ongoing impasse between contractors and Ghana First Company Limited (GFCL) over the construction of Clean Ghana Sanitation facility, has established that the Metropolitan Municipal and District Assemblies (MMDAs) could be dancing their ways into paying huge judgment debt.

    It would be recall that some contractors recently abrogated their contract with Ghana First Company Limited, citing ‘fraud’ and fundamental breaches in the whole contract.

    These contractors who have abrogated their contract with the company claimed to be in consultation with some other foreign company to take over the contract; and hence will soon be entering into a service contract with the said company on the project.

    This paper has established during its investigations that the decision taken by the contractors could land government into paying huge judgment debt as the Project Owner (Ghana First Company Limited) is indemnified and the Project Partner (MMDAs) cannot take the project away from the Owner for a period of 30 years.

    A Clean Ghana Sanitation Facility Agreement signed between Ghana First Company Limited and the MMDAs indicted clearly that the Project Owner shall provide the entire funding for the construction of ultra-modern toilet facilities within the districts whilst the Project Partner shall provide land(s) and not funding for the project.

    In Clause 3(ii) of the said Agreement, it was stated succinctly that, “the Project Partner hereby covenants that the land it shall provide shall be its self-acquired land with title, right and or interest in the said land having vested in the Project Partner. Furthermore the land so provided shall be vested to the project owner who is authorized to use the respective land for the purpose of securing funding only for this project.”

    In indemnifying the Project Owner (Ghana First), it was noted that the Project Partner shall ensure that the “Assembly itself, agents, privies, assigns, servants, workmen whomsoever or otherwise howsoever during the tenure of any government shall not dispose the Project Owner from its ownership and that no person at law shall take over the property comprised in the project herein either permanent or temporarily and that the project is indemnified against all government interferences.”

    However, the parties in the project agreed to enter a 30 years contract period during which period Ghana First will continue to own 90 percent of the facility built on the land whilst the Assemblies have ten percent equity.

    Checks have revealed that, the Assemblies have until 30 years after which they can either decide to take over the project or allow the Project Owner the first option of renewal for another ten years, hence any other company coming in at this time to take over the project is an impossibility.

    Meanwhile, the Agreement Clause 3(viii) states also that, “Where renewal is denied, ownership of the project is transferred from the Project Owner to the Project Partner. The Project owner then has the first option of a Management Franchise agreement with the Project Partner if the Project Partner so desires.”

    The MMDAs being the Project Partners, will be paying all related legal cost arising out of any government interferences in the project.

    It is also however revealing that, the contractors who have accused the Ghana First of defrauding them because it failed to pay them and for not paying them 60% of the contract sum as they claimed, have not completed the project within the stipulated and agreed period.

    According to the contract signed with the Project Owner, the Contractors are mandated to complete the project within a period of three (3) calendar months, yet almost all the contractors are yet to complete the project even two years into the contract.

    The contractors who have all signed onto the their various work schedules which will guide them in meeting the three months period, were to work on their various site on the project for 28 continuous days, yet have also flouted that provision in the contract.

    Information received has indicated that the contractors who have written to the Project Owner (Ghana First) abrogating their contract with the company are taking steps to write to the Metropolitan Municipal and District Assemblies (MMDAs) of their intention to bring in another company for the Assemblies to take the contract away from Ghana First.

  • AM SO PROUD OF NANA B – FORMER TESCON PRESIDENT STATED

    AM SO PROUD OF NANA B – FORMER TESCON PRESIDENT STATED

    Former president of sunyani technical university, Mr Daniel Gyamebi has noted that all loyal people of NPP and Ghanaians should join hands together so that they can applaud and appreciate the good works of nana B.

    NanaB is the national youth organizer for the new patriotic party NPP is also the father to TESCON members . He is responsible for grooming n mobilizing the NPP youth to fit into the Ghanaian society .

    In an interview with the former president for TESCON , he stated that ever since Nana B became the national youth organizer for NPP he has brought unity among the youth ..he also makes sure that the views of the youth are taken into consideration that is the main reason why I am so proud of him ..so today I hereby say that NanaB is a good leader, deserves to be learnt from and taken as a role model for the good exemplary life he has laid among the NPP youth..
    Call Mr Daniel Gyamebi on 0558755161 or 0248167956

    STORY BY: MAVIS DAVOR [DFM ]DIKODER.COM]

  • Neoplan Ghana Ltd Shuts Down on January 31

    Neoplan Ghana Ltd Shuts Down on January 31

    Neoplan Ghana Limited, one of the country’s surviving coach manufacturing businesses in the 1970s, has announced a total shutdown on Friday, January 31, 2020 because it is no longer viable.

    A memo to all staff of the company in Accra and Kumasi announcing the closure of the company, which was established on December 12, 1974, cites the lack of contracts and recurring monthly losses as reasons for the shutdown.

    The company said the last time it was given a government contract was in 2002, which ended in 2010 and saw the production of 450 DAF/VDL buses for the Metro Mass Transit Ltd.

    Dated January 15, 2020, and titled “Closure of Neoplan (Ghana) Limited”, the memo signed by the Managing Director of the company, Mr. Georges Nassar, a copy of which is in the custody of the Daily Graphic, states: “Management regretfully informs you that Neoplan (Ghana) Limited will be closing down its branches on 31st January 2020.”

    “This is due to the lack of contracts and recurring monthly losses incurred. As a result, all employment contracts with the company will be terminated as of the said date until further notice,” the memo added.

    Mr. Nassar confirmed the imminent shutdown. He said the decision had been informed by the inability of the minority shareholder, the Fadoul Group, to continue funding the company all by itself, while the government which was the majority shareholder contributed nothing to its running.

    “In the past six, seven years, we have been running the company ourselves without any contribution from the government. In 2016, we asked the government to buy additional shares from them so that we can finance the company ourselves.

    “In 2016, we paid them for the shares. They didn’t give us the shares and they kept the money with them,” an exasperated Mr Nassar said, adding that the money paid for the shares was $173,000.

    He explained that the money was paid to the Divestiture Implementation Committee (DIC) but the cheques were never released, yet the money was never returned.

    In addition, he said since 2016 the minority shareholders had invested about GH¢10 million in the company, while about GH¢260,000 had been lost every month in revenue during the period.

  • Ghana launches 2020 Chocolate Day

    Ghana launches 2020 Chocolate Day

    Ghana on Tuesday launched the 2020 National Chocolate Day celebrations with a call for patronage and usage of “Made in Ghana Chocolate”.

    Mrs Barbara Oteng Gyasi, the Minister of Tourism and Creative Arts, who launched the programme, encouraged the use of chocolate as a ‘Gift of Love’ to all during the celebration.

    This year’s celebration will commence from February 10 and climaxed on February 14, on the theme; “My Chocolate Experience: My Holistic Well-Being”.

    Mrs Oteng Gyasi said the Ministry, in 2005, instituted the National Chocolate Day to coincide with Valentine‘s Day, February 14, to promote the consumption of Made-in-Ghana chocolate and cocoa based products.

    She said it was also to position cocoa and the chocolate experience as a strong element of the Ghana tourism experience, saying this had been largely successful with the Day being an important feature of the tourism calendar of events.

    She said this year’s celebration would begin with a Digital Campaign Competition where contestants would post a picture of themselves enjoying chocolate or any product produced with chocolate at a hospitality establishment on social media.

  • FORMER MP FOR NKWANTA SOUTH DONATES FERTILIZERS TO FARMERS IN HIS CONSTITUENCY

    FORMER MP FOR NKWANTA SOUTH DONATES FERTILIZERS TO FARMERS IN HIS CONSTITUENCY

    The former Mp for Nkwanta south constituency who doubled as the ex majority chief whip, Honourable Gershon Gbediame, identified some cocoa farming communities in the constituency during his days in the office as Mp and resourced them with cocoa seedlings and cutlasses to promote agricultural productivity in the area.

    The former Mp who has endless love and support for his constituents three days today went to some of these cocoa farming communities to donate free organic concept fertilizers to all the cocoa farmers there in order to augment productivity and also to alleviate poverty as well as sufferings of the people.

    These communities are Pusupu, Brewaniase, Bontibor, Abruburwa, Fankyeneko, salifu, Obanda and kpena.

    He is still having more of these cocoa farming communities in the constituency to donate more of the fertilizers, he’s hoping to cover the entire municipality by next week to ensure a fair and transparent donation of the fertilizers to all the farming communities in the municipality.

    Hon Gershon believes that, vegetable farming is one of the best investments in the agriculture sector, hence he’s poised to donate more of the fertilizers to people willing to go into vegetable farming, he is ready to promote vegetable farming to make Nkwanta south constituency the best suppliers of vegetables in the Oti region and Ghana at large.

    Addressing some farmers over 500 people at Brewaniase, he advised the youths to invest more in agric, most especially vegetables farming, he believes that will promote entrepreneurship and also provide economic freedom for them as young ones to be self dependent.

    The former Mp has vowed to support constituents of Nkwanta south constituency in his little way, despite the fact that he is no more in office, he still believes that, helping others does not require a political power to do that.

    The former majority chief whip want to use this opportunity to assure farmers in the Nkwanta south constituency that, he has more plans to support them, those who farms cassava and yam will soon get a support to also explore more in the production of those crops.

  • SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    SEC LISTS CBG BRANCHES FOR INVESTORS TO BEGIN VALIDATION PROCESS

    The Securities and Exchange Commission has directed investors with locked-up funds in the 53 collapsed fund management companies to visit some specific branches of the Consolidated Bank Ghana to begin processes to retrieve their investment.

    In a statement issued on Wednesday, the capital market regulator the designated CBG branches will from November 18, 2019, open to receive from clients of the affected FMCs, evidence of investment claims such as investment certificates, account statements, receipts and other relevant documentation for validation.

    “The offices of the affected FMCs will remain closed until further notice. We will issue further notice on commencement of payment to investors whose claims have been validated,” the statement.

    Attached is the list of the CBG’s branches for customers to commence their validation processes.

    by: Pearl Abaidoo-Abbam

  • ANGLOGOLD ASHANTI SNATCH 2 AWARDS AT GHANA BUSINESS AWARDS

    ANGLOGOLD ASHANTI SNATCH 2 AWARDS AT GHANA BUSINESS AWARDS

    AngloGold Ashanti Obuasi Mine featured prominently at the 2nd Edition of the Ghana Business Awards.

    The mining giant was adjudged overall winner for Excellence in Health, Safety and Environment Quality (HSEQ) award while the Managing Director, Eric Asubonteng received the Excellence in Business award.

    The recognition for the HSEQ award was for the mines adherence to regulations, sustainability, operational excellence, innovation in the areas of safety, health and environment across since the inception of the Obuasi Redevelopment Project early this year.

    This year’s awards ceremony was held on Friday, 25th October 2019, in Accra, under the theme: “Driving Corporate Entrepreneurship via Industry-Academia Partnership”.

    The Excellence in Business award was for the exemplary leadership demonstrated by the Managing Director for successfully leading the mine through its Care and Maintenance, Relaunch and Redevelopment Stages preparing for its first gold pour by end of the year.

    Mr Asubonteng was positive the awards were in recognition of the good leadership and teamwork being exhibited on the Obuasi mine and would motivate them to continue to forge ahead and propel them towards its first gold pour in December this year.

    He said since the reopening of the Obuasi mine, they have demonstrated track record of consistently creating shared value for their Communities and all stakeholders whiles maintaining operational excellence.

    The Ghana Business Awards is a prestigious awards programme that recognises and rewards individuals and companies that play a significant role in the growth and development of their business sector in Ghana.

    Story by: Pearl Abaidoo-Abbam

  • MENZGOLD TO COMMENCE VERIFICATION OF DOCUMENT FOR SETTLEMENTS

    MENZGOLD TO COMMENCE VERIFICATION OF DOCUMENT FOR SETTLEMENTS

    Menzgold has announced outlets in the various regions for their customers to go and verify their documents in order for settlements to be made to them.

    A statement by the gold collectible firm said the document authentication period will begin on October 28, 2019 and end on November 28.

    The outlets where the exercise will take place Mile 7 in Accra, Osu, Kasoa, Bogoso among others.

    Below are details of a statement from Menzgold,

    Menzgold schedule for payment: Commencement of Validation As a part of our efforts to finally discharge our financial obligations to our cherished customers, we have tabled down the following schedule to commence the process of validation in order to settle all verified claims of our customers.

    All customers are to take note of the following:

    1. Validation of documentations starts from 28th October to 28th November, 2019. Time: 9am-4pm each working day.

    2. Designation outlets for this exercise are as follows:

    GREATER ACCRA REGION

    a) Osu Opposite Osu Police Station, behind Glory Oil Filling Station. b) Dansoman After Dansoman Roundabout, Bechem Bus stop. c) Odokor Opposite Anointed Electricals Company. d) Mile 7 Adjacent ECOBANK. e) Madina-Tamale Lorry Station. f) Awoshie Opposite Victory Bible Church. CENTRAL REGION a) Kasoa Opposite Walantu Junction, after Justap Clinic.

    ASHANTI REGION

    a) Adum Adjacent Melcom. b) Bremang Behind Bremang Park, adjacent Church of Christ.

    WESTERN REGION

    a) Bogoso Adjacent Multi Credit.

    Story by: Pearl Abaidoo-Abbam.

  • GUTA THREATENS TO HIT STREET

    GUTA THREATENS TO HIT STREET

    The government has been urged to make a definite pronouncement that will quell the rising tension between Ghanaian Traders and their foreign counterparts, particularly those from neighboring Nigeria in the retail trade arena.

    The Ghana Union of Traders Association (GUTA) in the Ashanti region, are threatened to stage a Massive Demonstration against gov’t over foreigners infiltrating local business in the country.

    “He has described the recent closure of Nigeria’s trade borders to Benin and other neighboring countries as Ghana as an outright breach of ECOWAS treaties.

    According to the Public Relations Officer of the Association, Mr. Albert Mensah Offei said, failure on the part of the Foreign Affairs Ministry as well as the ECOWAS parliament to put the member state in check is enough evidence of all treaties and protocols under ECOWAS being ineffective.

    “Nigeria has blatantly flouted ECOWAS protocol if there is even something like that. Surprisingly, the foreign affairs ministry has failed to deal with this issue and for two months Ghanaian goods have been locked up in Nigeria.

    This act by the Nigerian government nullifies the entire ECOWAS Treaty on the free movement of people and goods,” he said.

    “We will stage a massive demonstration against the government, if he refused to address our Challenges.

    Story by Emmanuel koranteng.

  • POULTRY FARMER LOOSE OVER 5,000 BIRDS TO FLOOD

    POULTRY FARMER LOOSE OVER 5,000 BIRDS TO FLOOD

    Mr.Atta Antwi a Poultry Farmer who has been in the farming sector for over 9 years in the Adwmumam in the Adunku electoral area, Bosomtwi District in the Ashanti Region, have loose over five thousand ( 5,000 ) birds to flood.

    This shocking story took place after a heavy downpour of rain during the week and has effected many livelihoods especially the workers who depend there for leaving.

    Speaking with Mr.Atta  on DFM morning show  this morning  he said, to have 7  rooms which the Birds are kept and in each room contains 500  birds and  have over 9 regular and on regular workers and since the Birds are loose left with nothing to talk of he is afraid the workers must also lose their job,

    Hence calling for assistance from the Nadmo, stakeholders and the President Akuffo Addo Dankwah led Administration, for I have also created employment as the Akuffo Addo Government is championing, so they must help me  He emphasized

    Story by Emmanuel koranteng.

  • 5 Million Employed in Illegal Mining Sector – Report

    5 Million Employed in Illegal Mining Sector – Report

    Five million Ghanaians are directly and indirectly employed in the illegal mining sector, which is popularly called galamsey, a new report by the Institute of Statistical Social and Economic Research (ISSER) of the University of Ghana has revealed.

    The report, dubbed: “Ghana Social Development Outlook (SDO) 2018” has, therefore, urged the government to re-examine the sector by streamlining it instead of banning the activities of those involved in the sector.

    In an interview after the launch of the report at the University of Ghana in Accra, the Coordinator of the Social Development Outlook at ISSER, Dr. Elizabeth A. Asante, said putting a total ban on galamsey meant that five million people were going to be put out of a job.

    According to her, the government could prevent job losses in the galamsey sector by ensuring that the activities of the illegal miners were properly regulated.

    You are putting five million people out of a job when you criminalised galamsey,” Dr. Asante said, pointing out that “and we are asking you (the government) to reconsider it; why don’t you regularise the galamsey sector?

    She explained that when illegal miners (galamseyers) were taught on what to do and what not to do, it would help to protect the country’s environment whilst creating job opportunities for the various people whose livelihoods depended on the sector.

    Story by Emmanuel koranteng.

  • YOUTH URGED TO RELY ON ARTISANRY JOBS.

    YOUTH URGED TO RELY ON ARTISANRY JOBS.

    One major challenge facing Ghanaians youth is unemployment after completion of tertiary education, the only option is to Join the unemployment graduates association since their desire is to get a white color job.

    For that reason,  Madam Vivian Agbeko who is the CEO of the Pavico2020  Catering service and Sugarcraft Institute has challenged the youth to go into artisanship since they can create job opportunities for themselves and stop depending on office work or relying on the government for a job.

     The Chief Executive Officer further explained that her motive for establishing the institution is to empower their youth to get their own job and have a good standard of living.

    She disclosed this to the media during the 1st graduation ceremony in the Greater Accra region adding that it’s unfortunate for a  country like Ghana having unemployment graduates association.

    Madam Vivian Agbeko was quick to reteraite that, people who go into Artisanry jobs are very brilliant and intelligent but not shallow-minded.

    Story by Emmanuel koranteng.

  • Challenges with purchasing prepaid credit fixed – PDS

    Challenges with purchasing prepaid credit fixed – PDS

    Power distributors, PDS say they have fixed the challenges that made it impossible for some consumers to purchase power during the weekend.

    “Affected customers can now visit their District Office or the closest prepaid vendor shop to buy,” a communiqué from PDS said.

    Consumers took to social media to complain about the difficulty in purchasing power over the weekend.

    Others shared pictures of long queues of people waiting at vending points after dark to purchase the utility.

    PDS did not state the cause of the challenge but apologised “for the inconvenience caused to affected customers.”

    Story by: Pearl Abaidoo-Abbam

  • GOVERNMENT SHOULD ALSO FOCUS ON CASHEW FARMERS

    GOVERNMENT SHOULD ALSO FOCUS ON CASHEW FARMERS

    The former NPP Berekum Youth Organizer in the Bono region Mr. Yaw Berko has appealed to the first gentleman of the land H. E  Nana Addo Dankwa Akuffo Addo and his NPP government to focus also on cashew farmers and other cash crops like he did to cocoa farmers on prices to make it attractive to others especially the youth.

    In an exclusive interview with Rainbow News by Abdul Razark said, though is perfect to focus on cocoa as just yesterday re-opening of cocoa and it’s increasment,  just came is good but the government should not focus on cocoa only on prices but  cashew and other cash crops to make it attractive to the youth also join farming to reduce unemployment in the system.

    He therefore acknowledged the NPP government for increasing the price of cocoa from Ghc 475 to Ghc 515 to make it’s farmers enjoy the Christmas this year .

    Story by Emmanuel koranteng.

  • Transport operators to emabrk on 3days nationwide strike

    Transport operators to emabrk on 3days nationwide strike

    GPRTU super branch chairman at sofoline in the kwadaso municipality of Ashanti region has threatened to go on strike soon over poor road infrastructure.

    According to him, they have complained about poor road conditions over the past years but it seems both Gov’t and his subordinates have decided not to listen to them.  

    Speaking to DFM   morning show he said he has toured the Ashanti region, Bono – Ahafo region, central region, Greater Accra Region and other regions in Ghana to see the mainly Difficulties on our road which causes an accident in the country.  He did this because when there’s a catastrophe,  police jump into the conclusion of blaming drivers but they won’t check out what caused the accident.  He lamented

    However,  if the gov’t continue to give those huge amounts of money to Road advocates and road Ghana road safety commission to train drivers on road accidents without looking out to the priority of fixing the Poor road signages and also drawing Attention to rough Surface roads and other necessary things drivers may need on our road during both raining and night driving.  

    Story by Emmanuel koranteng.