Tuesday, March 9, 2010

CREDIT UNION MAKES STRIDES (GRAPHIC NSEMPA, PAGE 3, FEB 8, 2010)

By Akwasi Ampratwum-Mensah, Sunyani

THE Sunyani Municipal Teachers’ Co-operative Credit Union recorded a net surplus of GH¢10,642.35 in its operations in the last financial year.
The amount was about 100 per cent improvement over the previous year’s figure of GH¢5,130.42. Consequently, the union had maintained its Grade “B” status.
Within the same period, the union disbursed a total of GH¢405,620.74 as loans to its members, representing an increase of about 66.9 per cent over the previous year’s amount of GH¢244.207.
The purpose of the loans to the members, was to enable them to meet urgent financial obligations such as payment of school fees, settlement of medical bills, housing projects, agriculture, purchase of vehicles, promotion of small-scale businesses as well as meet other social needs.
Mr Emmanuel Boafo, the Chairman of the Board of Directors of the union, who disclosed this at the Annual General Meeting (AGM) of the union in Sunyani, also disclosed that there was an increase in members’ savings from GH¢413,874.66 in 2008 to GH¢555,202.03 in 2009.
He explained that the increase was mainly due to the trust and confidence members had in the leadership of the union.
According to Mr Boafo, the total share capital for members was now GH¢45,233.26 as against that of the previous year’s total of GH¢32,106.28.
He pointed out that the management of the union had embarked on a membership drive, which involved hardworking committee members of the union moving from house to house, work and marketplaces to educate people and introduce them to the use of micro savings boxes.
That activity, he said, yielded positive results and that the union now had 1,230 members as against 748 the previous year.
He added that the union had distributed 313 macro savings boxes as against 116 in the previous year.
Mr Jerome Adopley, the Brong Ahafo Regional Director of Co-operatives, announced that the existing co-operative law would be reviewed to give emphasis on employment generation and poverty reduction.
Under the review, he said, provision would be made to support co-operatives in areas of tax benefits, access to loans and credits, while artisans and other tradesmen and tradeswomen, including farmers would be encouraged to form strong district, regional and national associations.
According to the Regional Co-operatives Director, there would also be capacity of members in the areas of basic knowledge about their income and expenditure to enable them to desist from frivolous spending.

ASUTIFI RURAL BANK MAKES STRIDES (GRAPHIC NSEMPA, PAGE 5, FEB 1, 2010)

By Akwasi Ampratwum-Mensah, Sunyani.

ASUTIFI Rural Bank Limited in the Brong Ahafo Region was established in the early 1980s as a financial institution initially to serve the people of the Acherensua Traditional Area and its immediate environs.
 It was proposed by the Omanhene, Agyewodin Adu Gyamfi Ampem, who surcharged each household in the community to provide the initial share capital (seed money) to set up the bank.
Some individuals in the community also purchased shares and at that time, the maximum value of shares any individual could buy was GH¢10,000 (GH¢1,000
The total share capital required to open a rural bank was ¢30 million (GH ¢3,000 today).
The Bank has its head office at Acherensua and started operations in September 1984 with a skeleton staff trained by the Wamfie Rural Bank Ltd.
The staff was drawn from the community. They included teachers, typists and school leavers while the members of the board of directors were mainly opinion leaders, traditional rulers and teachers drawn from the community.
Unfortunately, some of these people were illiterates and semi-literates who lacked the basic understanding of the operations of banking.
The bank drew its customer base from Acherensua and the immediate environs.
For the first twenty years of the bank’s existence, it did not register any significant growth in most of its performance indicators due to initial teething problems.
At a point in time, the bank could not pay interest on deposits.
With time the board of directors, management and staff teamed up to surmount some of the challenges in the areas of capacity building, technological advancement and the adoption of best financial practices and today the bank is making giant strides in its operations.
Despite the challenges in 2008, the bank recorded some gains in its performance in capital adequacy ratio.
Secondly, total deposit of the bank marginally increased by 0.55 per cent from GH¢832,523.34 in 2007 to GH¢837,137.09 in 2008 but the total assets decreased by 4.3 per cent from GH¢1.35 million in 2007 to GH¢1.29 million in 2008.
The bank’s investments in treasury bills and other short term instruments stood at GH¢400,000.00 in 2008, showing an increase of 125.05 per cent from GH¢177,736.00 in 2007, while advances (Loans and Overdraft), also stood at GH¢607,233.99 in year 2008, representing a decrease of 8.52 per cent as against GH¢663,805.00 in 2007.
Its profit before tax stood at GH¢56,370.26 in 2008 as against GH¢33,448.44 in 2007, registering an increase of 68.53 per cent.The income surplus account, which stood at GH¢35,813.56 in 2007 decreased by 50.28 per cent to GH¢17,805,51 in 2008 as a result of the board’s decision to recommend a transfer to stated capital.
The bank managed to build the share capital from GH¢2,270.00 in 2001 to GH¢69,742.82 in 2008
It is the objective of the board that, by the close of this year, the shortfall of about GH¢30,257.18, would have been met to meet the Bank Of Ghana’s (BoG) minimum stated capital requirement of GH¢150,000.00.
Based on the above situation, the board did not recommend the payment of dividend for 2008.
With a relatively unstable base rate by the BoG, the bank will have to respond accordingly, like all other banks, by maintaining a carefully tracked lending rate and improving the interest rate on deposits to remain competitive.
The catchment area of the bank will continue to be an attractive financial market for both small and large financial institutions due to the gold mining activities in the Ahafo area. With the fast changing phase of banking in the country, the Asutifi Rural Bank ought to adapt to current dynamics and the tide of e banking.
It has to respond by investing in e-equipment and e-infrastructure such as computers, scanners, and the installation networks, while banking halls must have to be made computer friendly, and the environment face lifted.
To maintain comparative advantage and safeguard the interest of shareholders and other stakeholders, the bank plans to continue to ensure good corporate governance and good ethics.
It is the bank’s aim to ensure compliance with the statutory requirement of BoG and ARB Apex Bank, and improve customer care and service as well as enforce internal control measures and strengthens the Internal Audit Unit.
In 2008, the credit department of the bank recovered a total of GH¢32,487.03 bad debts and overdue loans.
As Asutifi bank celebrates its near success stories over the period, it is expected that, the current board, management and staff will appreciate the sacrifices and the commitment of their predecessor teams and work towards raising the image of the bank.

CREDIT UNION INCREASES SHARE CAPITAL (GRAPHIC NSEMPA, PAGE 14, FEB 1, 2010)

By Akwasi Ampratwum-Mensah, Dormaa Ahenkro

THE share capital of the Dormaa Teachers’ Co-operative Credit Union in the Brong Ahafo Region increased from GH¢100,492.18 in 2007 to GH¢148,438.30 in the last financial year.
Consequently, a total of GH¢20,098.44 was paid to members as dividend for the last financial year.
The Chairman of the board of directors of the union, Mr Kwasi Siaw, disclosed this in his report at the 10th Annual General Meeting of the Union at Dormaa Ahenkro.
He further disclosed that at the beginning of the year under review, the total savings of members stood at GH¢966,092.72, and at the close of June 2009, members’ total savings stood at GH¢2,120,306.63, representing an increase of 119.472 per cent.
He noted that the figure would have been far more than what was realised, if members had not withdrawn part of their savings, and therefore, appealed to members to create savings withdrawals account, in order to maintain the union’s monthly contributions towards their retirement.
The chairman added that members ought to take loans, rather than withdrawing from their savings
According to Mr Siaw, the total amount given out as interest on members’ savings increased steadily for the period under review.
The chairman indicated that a total of GH¢1,520,305.12 was granted as loans to members for various purposes during the year under review.
He explained that the loans were taken for housing, education, health, transport bills and other businesses
He, however, noted that their loan recovery had not been good as expected.
On the union’s total assets, Mr Siaw revealed that at the beginning of the year under review, it stood at GH¢1,160,319.22 and that, at the end of June last year, the total assets had come up to GH¢2,460,855.59.
“It has been budgeted that, by 30th June next year, our assets will increase to GH¢3,800,000.00”, he said.
The General Manager of the Credit Union Association (CUA), Mr Emmanuel Oduro-Darko, advised that credit unions that wanted to exist as liable financial intermediaries in the years ahead should adhere to increasing its membership by opening the common bond and also encourage members and potential ones to increase their savings.
He also admonished them to introduce new products and services based on members’ needs, as well as become conscious of profitability, assets quality and capital adequacy levels.
Mr Oduro-Darko stressed that poverty alleviation was foremost on the agenda of governments of developing countries, saying, “Although the incomes of the poor may be tiny and irregular, there are many times when poor people need money that are bigger than what they have in hand”.

DISEC TO FLUSH OUT FULANI HERDSMEN (GRAPHIC NSEMPA, PAGE 3, JAN 25, 2010)

By Akwasi Ampratwum-Mensah, Atebubu

The Atebubu/Amantin District Security Committee (DISEC) has decided to flush out Fulani herdsmen from the area.
This is in view of the wanton destruction of farmlands by their grazing cattle as well as their alleged involvement in rape and armed robbery cases.
Consequently, the committee has urged all assembly members, chiefs, unit committee members, farmers and other opinion leaders in the various communities to offer their unflinching support to the intended action of the DISEC so that the people could go about their farming activities without fear of attack.
Mr. Sanja Nanja, the District Chief Executive (DCE) for Atebubu/Amantin, who is also the chairman of DISEC, disclosed the decision of the committee at a press briefing at Atebubu in the Brong-Ahafo Region.
According to the DCE, the nefarious activities of the herdsmen had persisted for quite sometime now and several attempts to meet them or their so-called  “agents”, had proved futile, hence the decision to drive them away from the district.
“Destroying our farms and being unwilling to meet us have sparked off our action. We need them with their cattle but we cannot entertain their wicked ways of staying with our community members, especially the women,” the DCE said.
According to him, the DISEC would not use the military in their intended action but would rely on the police and the community members to get the Fulani herdsmen out of the area.
Mr Nanja explained that the involvement of the military had not been worthwhile in driving away the Fulanis in the past, since any time they heard of soldiers, they ran away and came back later.
Besides, he said, the involvement of the military would be a drain on the assembly’s funds, which were mainly meant for development.
The District Police Commander, Assistant Superintendent of Police (ASP) John Adusei, noted that whenever the Fulani herdsmen committed an offence,some people who were self-styled agents pleaded on their behalf but failed to pay whatever compensation was agreed upon.
He gave the assurance that the police would henceforth arrest and prosecute any Fulani herdsman who was caught engaging in any criminal activity in the district.
Mr Amadu Kwasi Addo, the chief farmer for the area, also observed that the adult herdsmen usually left their cattle in the care of their children, who tend to lose control of the animals and, therefore, the animals went astray, especially in the nights and destroyed farmlands.
He pointed out that some of the farmers had taken loans from banks, and when their produce was destroyed they found it very difficult to pay back the loans.
He added that the Fulanis were heavily armed and could inflict cutlass or gunshot wounds on whoever dared to approach them as they undertook their activities.

Thursday, March 4, 2010

BA UNITED DRAG CEO TO COURT (GRAPHIC SPORTS, FEB 5, 2010, PAGE 11)

B/A United Football Club, have filed a writ at the Sunyani High Court to Mr. Kwadwo Ntim, alias Micky Charles, a football administrator and the former Chief Executive Officer (CEO) of the club, claiming GH¢42,000 being player transfer fees allegedly received by Micky Charles for and on behalf of the club.
However, according to the plaintiff, the defendant has appropriated the money without accounting to the plaintiff. The amount included interest accrued from the date the cheques were issued up to the date of final payment.
The club is also seeking the recovery of four sets of jersey, 16 leather footballs and all the club’s document including administrative files and records which are in the possession of the defendant who had refused to hand them over, after the defendant had unlawfully vacated his position as the CEO of the plaintiff.
In their statement of claim, the Plaintiff again is demanding general damages for breach of contract of employment between the club and the defendant.
The statement dated February 2, 2010, directed that, “You are hereby commanded that within eight days after service of this Writ on you inclusive of the day of service, you do cause an appearance to be entered for you, and take notice that in default of your so doing, judgement may be given in your absence without further notice”.
The statement explained that, around January 1, 2008, the defendant applied for the position of CEO for the plaintiff’s club and on January 5, 2008, the Plaintiff appointed the defendant as its CEO to take effect from January 5, 2008 for a period of two years, for which the defendant accepted and assumed duty.
The Plaintiff said, during the course of the defendant’s duty, he transferred some players of the club as the CEO to various clubs for valuable consideration or fees but failed to account for the proceeds thereof to the plaintiff.
The statement named the players as (i) Voster, Akelewa, Ishmael, transferred to Royal Knights F/C, Tema for GH¢12,000  (ii) Stephen Manu, transferred to Kotoko for GH¢20,000 and iii. Seidu Dauda transferred to Ashgold F/A for GH¢10,000.
It said, all those transfer fees were paid by cheques in the name of B/A United but the defendant had concealed the transactions he conducted with those cheques from the Plaintiff.
According to the statement, the defendant was required to open a special bank account, where the money from the transfer of the said players could be lodged but he refused to comply with that requirement but instead managed to clear and withdrew all the cheques issued through an unknown bank accounts operated solely by him, even though the cheques were drawn in the name of the plaintiff’s club B/A United.
The Plaintiff said, all efforts to get the defendant to return the money owed it and all the other logistics aforementioned had failed, “Wherefore the plaintiff claims against the defendant as per the reliefs endorsed on the writ of summons”.

MAN WANTED OVER WIFE'S DEATH (PAGE 34, MIRROR, FEB 6, 2010)

From Akwasi Ampratwum-Mensah, Sunyani
  
For refusing to obey his demand that his wedded wife abort a three-month-old pregnancy, Solomon Korang, an employee of the Sunyani Office of the Ghana Water Company Limited (GWCL), is alleged to have struck the wife in the abdomen following a misunderstanding, resulting in her death.
Victoria Amankwah, 30, died at the Sunyani Regional Hospital, where she was rushed for treatment by her brother when she complained of severe abdominal pains last Friday, January 22, 2010.
The Sunyani Municipal Police have, therefore, mounted a search for Korang, a native of Fiapre in the Sunyani West District, who is alleged to have run away after committing the offence.
  An uncle of the deceased, Mr Korang Nyame, who lives at Domase, near Sunyani, told The Mirror within the precincts of the Municipal Police Station that while Takyi was rushing his sister to the hospital, she allegedly told him that the husband had struck her in the belly, following a misunderstanding over pregnancy and his demand for an abortion.
 According to Mr Nyame, there had been frequent fracases between the couple, since they were married about four years ago, for which he had personally been settling those cases that came before him.
 Mr Nyame alleged that the last time the husband came to lodge a complaint about his wife was during the Christmas celebration when the suspect allegedly told him that he would no longer marry her.
 Mr Nyame said he, therefore, advised that the suspect come back again, so that they would follow the due process of abrogating the marriage contract, since they were legally bound together at the Domase branch of the Christ Apostolic Church International (CACL).
 The uncle said he did not see his in-law again until he heard about his niece’s death, adding that but for his intervention, the youth of the town would have lynched the suspect when they heard that Victoria had died as a result of his alleged assault on her.
 Chief Inspector of Police B. Adu Asamoah, the Municipal Police Station Officer, who confirmed the incident, said the police were looking for the suspect to face the law, adding that the body had been deposited at the hospital mortuary for postmortem.

Tuesday, March 2, 2010

ATEBUBU DISEC TO EJECT FULANI HERDSMEN (PAGE 35, MIRROR, JAN 23, 2010)

From Akwasi Ampratwum-Mensah, Atebubu

The Atebubu/Amantin District Security Committee (DISEC) has decided to eject Fulani herdsmen from the area to check the destruction of farmlands by their grazing cattle, as well as their alleged involvement in rape and other criminal activities.
Consequently, the committee has urged all Assembly members, chiefs, Unit Committee members, other opinion leaders and farmers to support the intended action to ensure that the people go to farm without fear of attacks from the Fulani men.
Mr Sanja Nanja, the District Chief Executive (DCE) for Atebubu/Amantin , who is also the chairman of the DISEC, disclosed the decision of the committee at a press briefing at Atebubu in the Brong Ahafo Region.
According to the DCE, the nefarious activities of the Fulanis had persisted for sometime now and that several attempts to meet them or their so-called “agents” had proved futile, hence the decision to drive them away from the district.
“Destroying our farms and unwilling to meet us has sparked off our action. We need them with their cattle but we cannot entertain their wicked ways of staying with our community members, especially the women folks,” the DCE cautioned.
Mr Nanja said the Assembly had no intention to arrange for any military force but would rather rely on the police and the community members, who are the direct sufferers of the harassment of those foreigners.
Mr Sanja Nanja explained that the involvement of the military in the past had not been successful as anytime the Fulanis heard of the soldiers, they ran away and came back later to take their positions.
Besides, he noted that, the reliance on the military would be a drain on the Assembly’s funds, which are solely meant for development.
The District Police Commander, Assistant Superintendent of Police (ASP) John Adusei, noted that whenever  a Fulani herdsman committed an offence, some people who had styled themselves as agents came to plead on their behalf but failed to pay whatever compensation had been agreed upon.
Mr Amadu Kwasi Addo , the Chief Farmer for the area, also observed that the adult herdsmen normally left their cattle in the care of their children, who tend to lose control of the animals during grazing, resulting in the destruction of the farms.
He pointed out that the Fulanis were heavily armed and could inflict machete or gunshot wounds on whoever dared to approach them as they grazed their cattle.
A Station Officer of the Ghana National Fire Service (GNFS), Emmanuel Tetteh, alleged that the Fulani herdsmen usually set fire to vast areas during the dry season so that their cattle would enjoy the fresh shooting leaves of trees and grass.  

POLICE HUNT FOR MURDER SUSPECT (PAGE 37, MIRROR, JAN 16, 2010)

From Akwasi Ampratwum-
Mensah, Sunyani

The Sunyani Municipal Police are searching for a middle-aged man from Wamfie in the Dormaa East District in the Brong Ahafo Region for allegedly stabbing a 42-year-old farmer to death and wounding the deceased’s brother.
   Kofi Kontoh, who was on a visit to his brother, Seidu Adama, who stays in the same house as the deceased, Kwame Kyeremeh, and his wounded brother, Yaw Oppong, for the Christmas, is alleged to have committed the offence in the night of December 27, 2009 after which he bolted.
   Police Superintendent (Supt) Charles Botwe, the in-charge of the Sunyani Municipality, who briefed The Mirror, said Kontoh visited a drinking spot behind his brother’s house at Abesim, near Sunyani, to enjoy himself alongside other merry makers.
Mr Botwe said the music from the spot was so loud that about 11 p.m. Kyeremeh went to ask the lady operator of the bar to reduce the volume and she obliged.
He said this did not go down well with Kontoh, who confronted Kyeremeh about his orders to the lady to reduce the sound of the music, leading to a scuffle between the two men.
He said they were separated by the other occupants of the house, after which Kontoh went for a bath, left the house and indicated that he was going back to where he came from that night.
   However, according to Mr Botwe, Kontoh returned to the house to find Kyeremeh lying on a bench in the house. Kontoh allegedly drew a knife and stabbed Kyeremeh in the belly, exposing his intestines.
   The police officer said a scream by Kontoh drew the attention of his brother, who quickly came out of his room to find out what was amiss and, to his surprise, found the suspect holding the knife.
   Mr Botwe further alleged that an attempt by Mr Oppong to snatch the knife from Kontoh failed and Kontoh inflicted some wounds on Oppong’s body and bolted.
   The Municipal Police Commander said Kyeremeh and his brother were quickly rushed to the Regional Hospital in Sunyani, where they were admitted for treatment but Kyeremeh died two days later while his brother has since been discharged.