Connect with us

BUSINESS NEWS

Nduom’s PPP ‘fires’ Addison over ‘inaccurate, misleading’ remarks

Published

on

 

Founder of the Progressive Peoples Party, Dr Papa Kwesi Nduom

The Progressive Peoples Party (PPP), a party founded by businessman Dr Papa Kwesi Nduom, has criticized the Governor of the Bank of Ghana (BoG) Dr Ernest Addison for what they claim is inaccurate, unfortunate and misleading remarks made about him in relation to a suit in the United States.

A statement signed by the Director of Communications for the PPP, Felix Mantey, described the Governor’s comments as second wave of vicious attacks against the person of Dr. Nduom and also is a face-saving exercise for a botched and politically motivated financial sector reform

“This statement is to address and respond to a number of inaccurate, unfortunate and misleading remarks made by the Governor of the Central Bank, Dr. Ernest Addison. In a response to a question relating to the suit filed by Birim LLC against Groupe Nduom in the United States, at the 100th Monetary Policy Meeting, the BoG Governor effectively made the following unfortunate statements: That the suit is evidence out there that the BoG’s financial sector reform was not a political witch-hunting exercise especially in relation to GN Bank.”

“That the US court system is more expeditious than our courts; That shareholders and directors took assets from the collapsed banks.”

“We find the above remarks very unfortunate, misleading and mischievous and wish to respond as follows: – That the suit is evidence out there that the BoG’s exercise in the financial sector reform was not a witch-hunting exercise especially in relation to GN Bank.”

“On this statement, we wish to state that the suit filed in the United States by Birim LLC is actually a continuation of the deliberate and well-orchestrated political smear campaign against a Ghanaian businessman and politician, Dr. Papa Kwesi Nduom by some elements in the current administration.”

“We see the suit as an attempt to divert attention from the negative image that the government has suffered for its high-handedness in the reform agenda.”

“The suit is an attempt by elements in the government, working with their collaborators, to strenuously seek some form of external or third-party vindication for their deliberate collapse of the businesses of the veritable entrepreneur Dr. Papa Kwesi Nduom.”

“That is why we see the governor’s comments as a corollary to the bizarre suit and an unfortunate attempt to give the suit a cloth of legitimacy and currency.”

It added “The Governor of the Bank of Ghana is seemingly rejoicing over something which has not taken place. Is he sitting in Ghana pronouncing victory for a case in the US which has just begun?

“The Governor has left his field of expertise and is now acting like a clear political foot soldier. In fact, the BoG Governor was so much in a hurry to vilify Dr. Nduom that he refused to notice that the suit in the United States side-stepped his own instituted procedure for claims against the so called companies under receivership. Some faceless entity like Birim LLC has conspired with Margaret Sekyere to IGNORE your own stated procedures, and yet you are happy to report their actions as a vindication of the deliberate collapse of Ghanaian companies.”

“We would rather consider their action as a vote of no confidence in your stewardship. For the avoidance of doubt, per the claims of Birim LLC, they should have taken over the interest of Margaret Sekyere in the suit she filed in Ghana and also her claims she filed against Gold Coast with the SEC.”

“This is what the lawyers call Lis pendens, instead of filing this frivolous case far away in the United States as an agent of elements in government determined to destroy a Ghanaian businessman. These attempts will never fly.”

Below is the statement:

Source: 3news.com

BUSINESS NEWS

Here is how the cedi is performing against major foreign currencies as of June 21

Published

on

By

 

The cedi traded against the dollar at a mid-rate of 5.7512

• The cedi traded against the dollar at a mid-rate of 5.7512

• It’s trade value against the Pounds Sterling stands at 7.9450 mid-rate

• The Euro, however, went up at a mid-rate of 6.8242

On the interbank board today, June 21, 2021, the Ghana Cedi is trading against the dollar at a buying price of 5.7483 and a selling price of 5.7541 as compared to last Friday’s trading of a buying price of 5.7483 and a selling price of 5.7541 to open the 25th trade week of the 2021 fiscal year.

Against the Pound Sterling, the cedi is trading at a buying price of 7.9407 and a selling price of 7.9493 as compared to last Friday’s trading of a buying price of 8.0040 and a selling price of 8.0126.

The Euro is trading at a buying price of 6.8208 and a selling price of 6.8275 as compared to last Friday’s trading of a buying price of 6.8468 and a selling price of 6.8536.

The South African Rand is trading at a buying price of 0.4023 and a selling price of 0.4027 as compared to last Friday’s trading of a buying price of 0.4071 and a selling price of 0.4075.

The Nigerian Naira is trading at a buying price of 71.2390 and a selling price of 71.3642 as compared to last Friday’s trading of a buying price of 71.3069 and a selling price of 71.3312.

For the CFA, it is trading at a buying price of 96.0757 and a selling price of 96.1701 as compared to last Friday’s trading of a buying price of 95.7098 and a selling price of 95.8049.

Continue Reading

BUSINESS NEWS

15 years without research vessel worries fishers

Published

on

By

 

Fishing vessel

Fisher associations in Ghana are worried about the unavailability of a research vessel to conduct examinations on the behaviour of the country’s fish species, particularly in closed seasons.

The associations – comprising the National Fisheries Association of Ghana, the Ghana National Canoe Fishermen Council, Ghana Industrial Trawlers Association and the Ghana Inshore Fishers Association – are intensifying their request for the vessel, as the 2021 fishing closed-season is set to begin from July 1 to August 31.

Globally, fisheries research vessels are used to survey and monitor fish populations in the world’s oceans. The results of their investigations help scientists understand the status and development of fish stocks, and also define measures for their protection.

“The implication is that as fish stocks are expected to multiply and replenish in the closed-season, the biggest threat in the season is migration of these fish into other territories, particularly Togo and Ivory Coast. A research vessel will monitor all these activities in the ocean including water temperatures and conditions of phytoplankton, which serves as food for the fish,” president of the Ghana Inshore Fishers Association, Joseph Quaye, told the B&FT.

Unfortunately, the associations indicated that Ghana has been without a fisheries research vessel for the past 15 years. The situation, according to industry stakeholders, is contributing significantly to Ghana’s depleting fish stocks and worsening the illegal fishing burden confronting the country.

In 2017, government hinted at plans to acquire a research vessel to probe Ghana’s territorial waters domain in order to discover the amount of fish species in it.

Named the Dr. Fridtjof Nansen Research Vessel, it was expected to dock in the country on September 13, 2017 and inaugurated on September 14 the same year. However, till date, Ghana does not have any such advanced research vessel.

Meanwhile, the Director of the Regional Maritime Centre, Professor George Wiafe, has also confirmed that the current research vessel at the Ministry of Fisheries and Aquaculture became unworthy for sea since 1995.

However, the Minister for Fisheries and Aquaculture Development, Mavis Hawa Koomson, told B&FT that government is at advanced stage of procuring a modern, sophisticated fisheries research vessel for the sector.

The minister, who was speaking at the announcement ceremony of the 2021 fishing closed-season in Accra, also revealed that apart from the vessel, government, by close of year will procure four patrol boats to enhance monitoring, control and surveillance activities in Ghana’s marine waters. “These are major strides we are embarking on to fight against all forms of illegal, unreported and unregulated fishing activities in our waters, and to protect our stocks,” she said.

Source: thebftonline.com

Continue Reading

BUSINESS NEWS

Heads of State agree to push new ECOWAS single currency to 2027

Published

on

By

 

Dr Jean-Claude Kassi Brou is the President of the ECOWAS Commission

• A new roadmap towards the ECOWAS single currency has been adopted

• The single currency is expected to take off by 2027

• The agreement was arrived at during the 59th Ordinary Session of the ECOWAS in Accra

After many years of planning, a new roadmap to launch the Economic Community of West African States (ECOWAS) single currency in 2027, has been adopted.

This agreement, according to Dr. Jean-Claude Kassi Brou, President of the ECOWAS Commission, was arrived at by all Heads of State of ECOWAS at the 59th Ordinary Summit in Accra, yesterday, reports the GNA.

“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021,” Dr. Brou said.

“We have a new road map and a new convergence pact that will cover the period between 2022 and 2026, and 2027 being the launch of the Eco,” he said.

He also added that the Heads of State had requested of the ministerial committee to take a look at the new roadmap and the convergence pact, considering the lessons the coronavirus pandemic has brought on the sub-region.

Source: www.ghanaweb.com

Continue Reading

Trending

Copyright © 2021, The Press Radio Multimedia