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Business Archives - Passion 4 Excellence

August 22, 2019
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Chief Executive Officer of Public Procurement Authority (PPA) A.B Adjei has been suspended following a documentary titled “contracts for sale” by freelance journalist, Manasseh Azure Awuni. President of the republic of Ghana, Nana Akufo Addo has referred the allegations to CHRAJ and the office of the Special Prosecutor.


In Manasseh Azure Awuni’s latest expose, ‘Contracts for Sale, PPA boss was said to have established his own company under the name Talent Discovery Limited incorporated in June 2017 which has won some government contracts through restrictive tendering.

According to revelations In the 46-minute video, it also emerged that the company was engaged in the sale of contracts and was ready to sell one worth a ¢22.3 million to a non-existent entity during an undercover investigation.

A press release form the seat of government read, “The president of the republic, Nana Addo Dankwa Akufo Addo, has suspended form office with immediate effect the Chief Executive Officer of the Public Procurement Authority (PPA), Mr. AB Adjei. The President has also notified the Chairperson of the Board of the PPA to ensure that, Mr. Adjei hands over his office expeditiously to Mr. Frank Mante, the Deputy CEO of the PPA” excerpts of the statement.

Full statement below

 

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August 2, 2019
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Exclusive documents secured by JoyNews, a multimedia outlet has revealed that Power Distribution Service paid the required amount of $12.2million to secure the takeover of Electricity Company of Ghana (ECG). Details of the document revealed PDS paid $12.2million premium to secure guarantee to complete takeover of ECG.

In a letter dated 21st February 2019, Cal Bank Ltd. wrote to Millenium Development Authority (MiDA) with the notice that, the  receipt of an amount of $8 million as a deposit for the payment of the charges for the issuance of the demand guarantees for a total value of $350 million. Later in May 2019, the final installment of $4.25million was settled from PDS account at Cal Bank.

Joy News also noted according to the document that once Cal Bank received the payment from PDS it worked with Donewell Insurance to finance the deal.

Donewell Insurance also engaged Jordanian based broker Jo Australia Reinsurance Brokers who were tasked with the job of finally making the required payments to secure the final demand guarantees from Qatar based insurance firm, Al Koot.

It is Al Koot which on July 16, 2019, through its Chief Officer General Insurance, Mr Osman Hag Musa, wrote to ECG, revealing  to them about a situation of fraud which the initial guarantee submitted was allegedly forged by an employee of the company who does not have the authority to issue such a guarantee.

Few days ago, government suspended the PDS concession agreement based on fraudulent happenings and has started an inquiry into the matter and is expected to submit its findings within 30days.

 

 

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July 26, 2019
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CEO of Menzgold, Nana Appiah Mensah has been granted Ghs1billion by an Accra circuit court presided over by Jane Helen Akweley Quaye. This happened when he appeared in court early Friday morning 26th of July 2019 for the commencement of his trail. Kwame Akuffo who is a lawyer of the accused, who processed the bail application told the court his “client was not a flight risk and will always be available to stand trial. Nam1 is however expected to report himself to the police every Wednesday. He is also expected to present five surities, three of whom must be justified. Nana Appiah Mensah spent almost seven months in United Arab Emirates where he was detained in police custody.He has been charged with two counts of abetment to to defraud by false pretense and two counts of abetment to carry out banking business without a license which goes against banking rules and regulations in Ghana. Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).

Menzgold customers have reacted to the bail positively. To them, it is a great opportunity for the embattled CEO to redeem his name by paying them their investments

 

 

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July 19, 2019
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Ghana’s total dept stock is now Ghs200billion as at May2019. This means that in a period of one year that is from May 2018 to 2019, the country’s total dept stock has gone up by Ghs45.9billion. This was obtained from the report of the Bank of Ghana (BoG) in their summary of financial and economic data which has reviewed the main health of Ghana.

The data showed that out of Ghs200billion total dept stock, external dept accounted Ghs105billion on the dept expressed in dollar terms which is about $20billion.

The funds are reported to have been borrowed locally and internationally. The local funds stood at Ghs94.6billion representing 17.5% of Ghana GDP. The increase of the dept stock has attributed to the Ghana Cedi marginally depreciated and the recent clean up of the Banking and non Banking sectors of the economy.

 

 

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July 18, 2019
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Law practitioner Maurice Ampaw has defended CEO of defunct Menzgold, Nana Mensah Appiah on recent comments he made in regard to the status of the young businessman. According to Lawyer Maurice Ampaw, NAM1 is a very genuine businessman who has good intentions for his customers and Ghana as a whole. He made his comments on one Kumasi based radio station, Otec fm.

“NAM1 is a genuine businessman who has very good intentions for the country and his clients. The likes of Kennedy Agyapong and other government appointess insulted him and claimed he was engaged in ponzi scheme. Ican tell you that NAM1 is without blemish and he has shamed him” Maurice Ampaw said

Somewhere early this year, the maverick lawmaker revealed that Nana Appiah Mensah used deception to woo some of his big clients. He pointed that, most of these big men including parliamentarians fell for the fraud and invested because they fell for Menzgold slay queens. He labelled the businessman as a criminal and naturally born bad person who intentionally did everything

 

 

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July 17, 2019
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The above picture is a pictorial view of the National Cathedral Design awarde to his company

President of the republic of Ghana has been petitioned by Ghanaians and “The Association of Designers and Architects” over  top projects awarded to David Adjaye an architect. According to the petitioners, the contracts that are awaded to the business man are based on merit and must be looked into. They noted that David Adjaye’s architect firm “David $ Associates” may be getting these contracts on bias bases.

The current government of Ghana has so far awarded over 12 top projects to the architect firm. Projects awarded to Sir David Adjaye’s firm include the National Cathedral and the recent $200million Parliamentary Chamber that caught the attention of so many Ghanaians.

The Designers Association of Designers and Architect have argued that these two projects including others like the Marine Drive Master Planning, Trade Fair Centre, GNPC Accra head Office and many more of such big projects were all not awarded properly and fairly.

“Our concerns are premised on the total and absolute disregard and non-adherence to principles of transparency, fairness, equity and the laws governing the procurement of professional services by stature companies and bodies. The negative impression and image is being created in the public that locally trained Architects and Engineers are incompetent and not qualified to undertake such projects in the country is totally untrue” they said in the petition

The Association maintained in the petition that David Adjaye and Associates was selected contrary to all notions of fairness to carry out projects when it is clear that anyone firm would be overburdened by projects of such magnitude. They have also attached letter responding to the Ministry of Lands and Natural Resources. And it described the competition for the design of the Parliamentary Chamber “a complex hoax”

 

 

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July 16, 2019
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Director of International Monetary Fund, Christine Lagrade resigns. The Boss of IMF announced her resignation on Tuesday 16th of July 2019. She revealed that, she has submitted her resignation letter to the global lender explaining she had more clarity on her nomination as the next head of the European Central Bank.

“With greater clarity now on the process for my nomination as the European Central Bank President and the time it will take, i have made this decision in the best interest of the fund” she revealed in a statement.

Christine Lagrade’s resignations followed two weeks after she was nominated as the next leader of the ECB. She also noted in her statement that, her resignation 12th of September 2019 paving the way for her new successor.

 

 

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July 12, 2019
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London based business advisory firm, economic intelligence unit (EIU) has predicted that the current government of Ghana will make more expenses in 2020 therefore overspending its proposed budget. According to the report, the current will struggle to lower its expenditure getting close to the 2020 general elections.

Following the end of the IMF program in April 2019 and a period of fiscal consolidation, it expects to see more spending laxity, the EIU has stated in its July 2019 report. However, authorities will refuse and will still remain reluctant reduce public spending prior to the 2020 general elections.

“The public sector wage bill together with high interest payments and capital expenditure to help to deliver ambitious industrialization and infrastructure development promises will drive expenditure increases. And overall we expect fiscal deficit to widen from 3.4% of GDP in 2018 to 5.5% of GDP by 2020 as a result of expenditure” the EIU has said.

However, the economic intelligence unit forecasts a quick return to consolidation, leading to a lower deficit in 2023 of 3.3% of GDP.

 

 

 

 

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July 12, 2019
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Menzgold CEO, Nana Appiah Mensah who is popularly known as NAM1 has been denied bail by the criminal and investigation department, CID. NAM1 arrived in Ghana on the 11th of July 2019 from Dubai. On his arrival, he was picked by the CID to assist in investigations in connection with his gold dealership firm which got into trouble somewhere last year where the company is unable to pay investors.
Nana Appiah Mensah spent almost seven months in United Arab Emirates where he was detained in police custody.
A circuit court in Accra has however remands Nam1 into police custody and his case adjourned to July 26, 2019.
He has been charged with two counts of abetment to to defraud by false pretense and two counts of abetment to carry out banking business without a license which goes against banking rules and regulations in Ghana.

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July 8, 2019
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On Friday 5th of July 2019, A King county washington judge signed an order formalizing the separation between Jeff Bezos and his wife. In the separation deal, $19.7 shares Amazon.com Inc. has been transferred to Mackenzie Bezos’s name. She is now entitled  to 4% value of the company which is enough to place her the 22nd richest person on earth. Her former husband Jeff Bezos who is the CEO of Amazon retains 12% stake worth %114.8 billion and remains the world’s wealthiest person.

The court papers formalizing the divorce revealed little else about the terms of the separation. The couple filed parenting plan for their children earlier this week. Mackenzie Bezos at 49 who is a novelist said in a tweet that she gave Jeff Bezos who is 55 all of her interests in the washington post and space exploration company Blue Origin.

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