UniBank takeover: No customer will lose money – BoG

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The Bank of Ghana has assured customers of uniBank that their savings are safe, despite handing over management of the financial outfit to KPMG.

The Central Bank, as regulators, said the audit firm will manage uniBank for at least six months, because the bank’s “capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below 5%).”

“Under section 108 of Act 930, the Official Administrator is authorized to exercise a variety of powers to rehabilitate and return the bank to regulatory compliance within a period of six months, at the end of which the bank will be returned to private ownership and management,” a statement from the BoG said.

“The appointment by the Bank of Ghana of the official administrator is aimed at saving
UniBank from imminent collapse. It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system,” it added.

Announcing the takeover, the Governor of the BoG, Dr. Ernest Addison, served notice “nobody will lose money.”

“The bank will continue to run as usual, all depositors’ funds are safe. Nobody will lose money. We’ve proven that earlier and nobody will lose money in this exercise. All that the Bank has done is to put in a new team to manage the bank. We are trying to save the bank from imminent collapse. We are saving an indigenous Ghanaian-owned bank,” Dr. Addison stated.

Politically motivated

Meanwhile, an economist Prof. John Gatsi believes the Bank of Ghana’s directive was “politically motivated.”

The development is coming on the heels of a recent botched agreement between the largest shareholders of adb, Belstar Capital, and uniBank.

Speaking on the latest directive from the Central, Prof. Gatsi who is also a Senior lecturer at the University of Cape Coast (UCC), said: “This is politically motivated because of the kind of things going on between the managers of uniBank Ghana Limited and the Minister of Finance.”

He added that: “I doubt if the bank can come to its feet after the six months period.”

Prof. Gatsi averred “the situation is not a good one”, especially when management of uniBank has not officially commented on it.

However, he noted that “most indigenous banks have been suffering and there’s the need to bring them up. It’s a matter of BoG ensuring that banks do not collapse unnecessarily.”

The Central Bank has given the assurance that uniBank will operate as usual and customers will not suffer any loss.

“KPMG as Official Administrator will assume control of the bank and all its branches and carry out the responsibilities of the shareholders, directors, and key management personnel of UniBank with effect from today. In line with its powers under Act 930, KPMG will ascertain the state of the bank’s assets and liabilities, and exercise a variety of powers under Act 930 to rehabilitate and return the bank to regulatory compliance and viability within a period of six months, at the end of which the bank will be returned to private ownership and management.

“During the period of official administration of UniBank, the bank will remain open for business under the management and control of KPMG overseen by the Bank of Ghana, and is not being closed and liquidated,” the statement added.

http://www.starrfmonline.com/

 

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International Women’s Day 2018 theme is #PressforProgress

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International Women’s Day lands Thursday in a year that saw women from all walks of life rise up in protests, power building and advocacy over issues of equality and harassment.
Organizers of International Women’s Day 2018 hope to ride that wave of activism with this year’s theme: #PressforProgress — a push for gender parity worldwide.
Here’s what you need to know:
What is International Women’s Day?

International Women’s Day is a global celebration of the social, economic, cultural and political achievements of women. The day is also a call to action through events large and small focusing on equality.

How is the day celebrated?
It is marked by rallies, panel discussions, seminars, networking events and performances.

The Women’s Day site offers downloadable resources for teachers and parents such as activity booklets and fact sheets. And there is a recommended reading list for all ages.

What is the day’s history?
The first women’s day was observed in February 1909 when 15,000 women marched through the streets of New York demanding improved pay, shorter hours and voting rights.

The day was mostly celebrated by socialist movements and communist countries in the following decades.

In 1975, the United Nations proclaimed the year International Women’s Year and christened March 8 as Women’s Day.

Source: USA Today

Ebony confirmed dead in a car crash

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Twenty-year-old Dancehall star, Ebony Reigns, has been confirmed dead in a car crash at Mankranso in the Ashanti Region.
Ebony, real name Priscilla Opoku-Kwarteng, was returning from Sunyani in the Brong Ahafo Region when the Jeep she was travelling in crashed into a VIP bus on Thursday evening, according to police.
Ebony was travelling with three other people, and two of them have also been confirmed dead. The two include a young lady, Ebony’s assistant, and a man in military uniform believed to be a soldier.
The driver of the Jeep survived the crash, but is currently unconscious and receiving treatment, according to police.
The Divisional Commander of Mankranso, DSP John Adusei, confirmed the accident to Citi News narrating that Ebony was on her way from Sunyani where, “at the intersection of the road between the Nsuta and Bechem junction, [her car] collided with a VIP bus which was also coming from Kumasi towards the Sunyani direction.”
“…so three of them passed on. Now the bodies are at Mankranso. We have a morgue here so we have deposited the bodies over here,” DSP John Adusei added.
No causalities have been recorded from the VIP bus.

Ebony’s passing comes on the back of a stellar 2017 where she rose to superstardom in Ghanaian popular culture.
The singer was discovered by renowned music entrepreneur Bullet of Ruff n Smooth fame in 2015, when she sent in a demo. She was signed to Bullet’s Rufftown record label a day after.
Known for her risqué onstage acts and vivacious performances, Ebony captivated Ghanaians with her hit singles which included Maame Hwԑ, Kupe, Poison and Sponsor.
She was widely tipped to be the Artiste of the Year at the Ghana Music Awards in April 2018.

Source: Citifm

Fidel Castro’s son ‘takes own life’

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The 68-year-old son of Cuban revolutionary Fidel Castro, Fidel Ángel Castro Díaz-Balart, has died in Havana after taking his own life, according to state media.

He was found on Thursday morning and is said to have suffered from depression.

Popularly known as “Fidelito”, he was first born son of the former president, who died in November 2016.

Castro Díaz-Balart worked as a nuclear physicist and an adviser to the Council of the State of Cuba.

He trained in science in the former Soviet Union, and served as vice president of the Academy of Sciences and Scientific Adviser of the State Council.

“Fidel Castro Diaz-Balart, who had been treated by a group of doctors for several months due to deep depression, took his life this morning,” Cuba’s official newspaper Granma reported.

Source: http://bbc.com/

Gitmo 2 leaving Ghana

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It is turning out that the two suspected Al-Qaeda terrorists from Yemen, who were deported to Ghana from the United States Naval Base in Guantanamo Bay on the orders of former President Barack Obama, have agreed to leave the country.

They reportedly reached an agreement with the government of Ghana to send them to a third unnamed country.

Charles Owiredu, Deputy Minister for Foreign Affairs and Regional Integration, who made the disclosure on Joy FM, said the two supposed Al-Qaeda terrorists – Mahmud Umar Muhammad Bin Atef and Khalid Muhammad Salih Al-Dhuby – had informed the Akufo-Addo administration to send them to a different country, and added that the negotiations regarding their preferred country had been ongoing.

“So of course, we sought their consent before these negotiations were done,” the deputy minister said.

“Per the laws, the 1951 Convention and 1957 Protocol on Refugees, you would need their consent.

“And so now, you have their consent and they say when you find a country we are ready to leave….. Not as easy as you put. They are aware that government is in negotiation with a third country for them to exit.”

Minority attacks

Last week, the agreement between the erstwhile Mahama’s National Democratic Congress (NDC) government and the Obama administration to repatriate the terror suspects to Ghana resurfaced when the two-year deal expired.

The opposition NDC, which caused the mess whilst in government, had turned around to put pressure on the NPP administration to decide the fate of the two detainees.

In the ensuing heat, it emerged that the Mahama administration attempted to change the names of the suspected terrorists and ended up issuing them with Ghanaian passports, which DAILY GUIDE sources say will expire in August 2018.

They were also given wives, allowing them to integrate into the Ghanaian society.

Refugee status

Majority leader in parliament and Minister of Parliamentary Affairs, Osei Kyei-Mensah Bonsu, said on radio last week that the Mahama administration surreptitiously granted the two – who according to US authorities, were Osama Bin Laden’s foot soldiers – refugee status before the expiry of the two-year agreement.

He said one of them is married to a Moroccan but had vowed never to go to the Maghreb country for reasons best know to him.

$300,000

The majority leader further said that per the agreement, the over $300,000 released by the Obama administration to Ghana under the deal covered the terrorists up to the end of the two-year deal signed.

Mr. Kyei-Mensah Bonsu added that with the expiration of the agreement, the people of Ghana are the ones footing the bills for the two guys, who the US security intelligence said are dangerous.

He said then Foreign Minister Hannah Tetteh had created the impression in parliament that the so-called deal was subject to renewal after two years – which elapsed about two weeks ago – although the same Mahama administration had secretly undermined the two-year agreement and granted them refugee status.

Mr. Kyei-Mensah-Bonsu said the NDC government, before altering the agreement, did not even have the courtesy to include it in the handing over notes to the NPP government during the transition in early 2017.

Supreme Court ruling

Last year, the Supreme Court declared as unconstitutional the admission of the two suspected terrorists into the country by the Mahama administration.

A seven-member panel, presided over by Chief Justice Sophia A.B. Akuffo, by a 6 -1 majority decision, said the two were illegally staying in the country since the then government allowed them into the country without prior approval by parliament; and the consequential order of the court was that the NPP government should within three months submit the agreement for parliamentary consideration and approval or in default, repatriate the two ex-detainees.

Source: http://dailyguideafrica.com/

George Weah sworn in as Liberia President

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Liberia is ready for kickoff, take off if you like. The West African nation today, January 22, swears in one history maker as the other bows out.

George Manneh Weah will become its president – the first African footballer to achieve that feat while Ellen Johnson Sirleaf – Africa’s first democratically female president will leave office after over a decade in charge.

Weah won presidential elections last year to emerge the successor to Sirleaf beating then vice president Joseph Boakai twice in a space of three months.

In the first round of voting in October 2017, Weah came top but failed to garner the necessary votes. He went into a runoff with Boakai in December and emerged winner with over 60% of votes cast. This will be Liberia’s first democratic handover of executive power in decades.

 

18 killed, 239 injured in South Africa passenger train crash

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A passenger train slammed into a truck in South Africa’s Free State province on Thursday, killing 18 people and injuring 239 others.
The Emergency Services confirmed that the Shosholoza Meyl Train 37012 was traveling from Port Elizabeth to Johannesburg, when it hit a truck at Jeneva level crossing between Henneman and Kroonstad in Free State province.
Transport Minister Joe Maswanganyi said the derailment left 18 people burned to death and 239 injured.
Firefighters and medical personnel have rushed to the scene to help the victims.
Footages sent by passengers from the scene shows a number of carriages laid on the ground and engulfed in flames.

Source: Xinhua

SuperSport launched new app

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Content discovery made easier for SuperSport fans through the newly launched app, designed to provide users with a fresh, modern experience. Navigation has been refined with all the standards like, live scoring, fixtures, results, tables, news and short-form video highlights.

The main difference is that SuperSport’s live channel streaming is now hosted at the DStv Now app, to ensure the breadth of DStv’s channel offerings is contained on a single platform. This will deliver the best viewing experience as DStv Now has been optimally set up to provide the best support and stability for live streaming.
Users of the SuperSport app will be automatically redirected to the DStv Now app if they are seeking live sports streaming. Log-in requirements remain the same as before with users needing to use their DStv log-in details, which require their smart-card number.
Navigation is simple in DStv Now, with users simply having to click on the drop-down menu to “live TV” and then locate their preferred channel. Content is free on the apps, but data charges apply.

Source: nextvafrica.com/supersport-launched-new-app

 

Zimbabwe Vice Presidents Sworn In

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Retired army boss Constantino Chiwenga and veteran politician Kembo Mohadi were on Thursday sworn in as Zimbabwe’s co-vice presidents.
The two were sworn in by Chief Justice Luke Malaba at a ceremony at State House following their appointment by President Emmerson Mnangagwa.
President Mnangagwa took over from former president Robert Mugabe last month and has vowed to resuscitate the economy, fight corruption and create jobs for the people.
Chiwenga led the military intervention that led to the resignation of Mugabe last month, and is among military leaders that have been appointed into government positions by Mnangagwa.
Others are former air force chief Perrence Shiri who is now lands and agriculture minister and retired major general Sibusiso Moyo, now foreign affairs minister.

Source: Xinhua

Zambian gov’t pledges commitment to growth of film industry

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The Zambian government on Wednesday reassured stakeholders of its commitment to the growth of the film industry.
Chief Government Spokesperson Kampamba Mulenga said the government will ensure that it works with all stakeholders in the implementation of a recently approved film policy, adding that the industry has in the past been neglected due to lack of a policy to guide its operations.
The filming sector, she said, could not continue to be silent in the economic affairs of the country because of its huge potential to effectively contribute to the country’s Gross Domestic Product (GDP).
The spokesperson, who is also information and broadcasting minister, was speaking when she met a delegation from Ster-Kinekor, one of the local firms promoting the film industry, according to a statement released by her office.
She further pledged that the government will continue to create an enabling environment that will facilitate the growth of the film industry and appealed to stakeholders to support the successful implementation of the film policy.
Wanda Matandela, the managing director of Ster-Kinekor, said the firm was ready to work with the government and other stakeholders in successfully implementing the film policy which he said was key in the development process of the industry.
He said there is need for Zambian film makers to work hard and produce content that will appeal to the international market in order for the industry to grow.

Source: Xinhua