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Rainbow Radio - Items filtered by date: Thursday, 02 August 2018
Banker and Economist, Isaac Annan Yalley, has called on banks to focus on the need to serve with the needed speed and quality instead of focusing on opening more branches. He was speaking on the topic, ‘Why banks fail and banking economy at the 2018 African Journalists for Economic Opportunities training which was organised by the institute for Liberty and Policy Innovation The banker in an exclusive interview with rainbowradioonline.com said, the priorities of some banks are misplaced. Competition in the sector he suggested leads to a situation where some banks rush in opening more branches when these banks may not necessarily have the needed capital. The decision by banks to open more branches he said comes at a cost since you would to have to employ people, rent and ‘’when the branches are unable to work sufficiently and raise the needed capital, it will affect the operations of the bank. The Monetary Economist for policy think tank, Institute for Liberty and Policy Innovation, ILAPI,  said, when these challenges start coming; the bank involved may not raise the needed capital to pay workers, service depositors and other obligations. Mr Isaac Annan Yalley believes when a bank is unable to service depositors and other obligations, then it is a clear sign of collapse. He added, there are some international banks operating with few branches and making it and yet, local banks rush in opening new branches unnecessarily and yet fail at the end. For him, he does not have a problem with more banks been allowed to operate but the economic issue is that, if the majority of people are not working and banks are coming in and the economy is not expanding with a limited income; that is where the competition will increase and when the competition increases, people will break down the rules and even offer loans to unqualified clients in order to meet their targets. The Bank of Ghana has merged five banks into a Consolidated Bank of Ghana Limited. The banks are BEIGE, Sovereign, Construction, UniBank and Royal Bank. It follows the insolvency of the five banks after investigations by Bank of Ghana (BoG). uniBank and Royal Bank were identified during the AQR update in 2016 exercise to be significantly undercapitalized. The two banks subsequently submitted capital restoration plans to the Bank of Ghana. These plans however, yielded no success in returning the banks to solvency and compliance with prudential requirements. In the case of Royal Bank, an on-site examination conducted by the Bank of Ghana in 31st March, 2018 revealed a number of irregularities. Its non-performing loans constitute 78.9 percent of total loans granted, owing to poor credit risk and liquidity risk management controls. In the case of Sovereign Bank Limited, as part of Bank of Ghana’s investigations into the failure of Capital Bank Limited (currently in receivership), it emerged that Sovereign Bank’s licence was obtained by false pretences through the use of suspicious and non-existent capital. The bank is insolvent and unable to meet daily liquidity obligations falling due. Liquidity support granted so far to the bank amounts to GH¢21 million as of 31st July 2018.
Published in Business
The Vetting Committee in Parliamnt will from August 20-23, 2018 vet some new Supreme Court judges who were recently nominated by President Nana Addo Dankwa Akufo-Addo. An announcement issued by the House also invited a written Memoranda on the nominees from the general public. The programme for public hearing is as follows: 1. Prof. Nii Ashe Kotey – Monday 2oth August 2018 2. Justice Agnes Mercy Abla Dadzie – Wednesday, 22nd August 2018 3. Nene Abayaataye Ofoe Amegatcher – Wednesday 22nd August 2018 4. Justice Samuel Kofi Marful-Sau – Thursday 23rd August 2018 Pursuant to his powers listed in Article 144 (2) of the Constitution, the President settled on two Court of Appeal judges; Justice Samuel K. Marful-Sau, Justice Agnes M.A. Dordzie, Nene A. O. Amegatcher and an academic, Prof Nii Ashie Kotey, a former Dean of the Faculty of Law of the University of Ghana. As at 2016, there were 14 Supreme Court judges, but at least three Supreme Court judges have retired or are expected to retire in a few years. The new additions were made after counsel from the Judicial Council, a statement copied to Parliament said. The statement signed by the president added “I consulted with the Council of State by submitting the names and curricula vitae of the nominees for appointment to the Supreme Court. “The Council of State has notified my office that the constitutional process for the appointment of the nominees as Justices is now complete.”
Published in General News
The District Commander for Gomoa Dominase in the Gomoa East District of the Central Region, ASP Paul Ankam, has promised to crack the whip on individuals who defile and impregnate minors in his jurisdiction. The police bemoaned the increasing rate of teenage pregnancy in the area and attributed it to sexual abuses; a situation he indicated if not curtailed will jeopardize the future of young girls. He made the remarks in an interview with Rainbow Radio’s Nana Yaw Asare at a public forum organized by the district police command for residents in the various communities under the district. According to the commander, sexual violators should not be entertained in the society but be punished by available legal frameworks to serve as deterrent to others. He said, it has become a norm for residents to laugh at others on the premise that they have not been able to put to birth at an early age and so ‘’it has become a status quo for young girls to be impregnated although it violates their fundamental human rights. He was of the view that, young girls should be given the opportunity to have access to quality education to highest level. However, girls in this community are abused by men and get pregnant below 18 years. This is defilement and such men must be punished as law establish. Girls in the area he lamented are unable to claim the academic ladder to the tertiary level and only get the chance to complete junior high school. ‘’We have to punish men who sexually abuse minors. That is why DOVSU was established. Some of the men do not also accept responsibility for their unlawful act and this sometimes have serious negative impact on the young girls.’’ On his part, the Omanhene of Gomoa Akyampim Traditional Area, Obrifo Ahunu Ahor Ankobea II, charged Ghanaians to stop attacking and intimidating the police in other not to discourage them from carrying out their lawful duty in protecting lives and property. Parents on their part supported the District Commander for the bold decision he has taken to ensure that culprits who sexually abuse minors are dealt with. The parents used the opportunity to advise their wards to take their studies serious in order for them to achieve success.
Published in Human Rights
The opposition National Democratic Congress (NDC) has cautioned party executives at all levels against the use of party structures to endorse a candidate. The party has said individual party executives at the various levels can endorse a candidate who may express interest as presidential candidate but cannot use the structures of party to endorse a particular candidate. General Secretary, Asiedu Nketiah gave the caution at a press conference held at the party’s headquarters today [Thursday], on plans by the NDC towards their internal party primaries. The party has with immediate effect sanctioned campaigning for flagbearer hopefuls of the party ahead of the 2020 elections. However, the General Secretary of the party, Mr Asiedu Nketiah has directed that all hopefuls must first inform the party of their intention to contest the slot before campaigning. He further cautioned against flamboyant campaigning by aspirants because of the hardship currently being experienced by Ghanaians. ‘’Times are hard [and] it will be very offensive for Ghanaians to see flamboyant campaigns even when they are living in pennery. And so we are urging our proposed contestants that, they should be modest in their campaigns and outdoor advertisement that will be consistent with the values of the NDC as a social democratic party.’’ ‘’Again, we want to urge leadership of the party at all levels not to attempt to commit the structures of the party to any one candidate… The party structure will remain neutral. But if individuals want to declare their support for one candidate or the other, we don’t have any issue with that,’’ he added. He stressed, it will be offensive to the rules of the party for any leader of the party at all levels to declare that, this constituency has declared their support for one candidate. The party is also cautioning against dirty campaigning lamenting that, some of the utterances by some of the aspirants have not been palatable. ‘’Now that we have officially opened the campaign, we will be monitoring. We want to caution all those persons who want to lead this party to conduct a campaign that is decent, that is decorous in terms of the choice of language and that is devoid of personal attacks.’’ The party would want to hear the vision and mission of interested candidates about their proposed leadership that will enable party members to take a decision about ‘’your suitability or otherwise.’’
Published in General News
Deputy Minister for Chieftaincy and MP for Jomoro, Hon. Paul Essien has cautioned chiefs and politicians who aid in Galamsey operations in the country. He said, these chiefs should abstain from such illegal activities with retards the growth of our country and that, anyone culprit found aiding and abetting in galamsey operations would be dealt with accordingly. To champion the President of Ghana, Nana Akuffo Addo’s fight against galamsey operations in the country, he has further spoken on the need for Ghanaians to desist from galamsey activities. Hon. Paul Essien also pleaded with government to permit him to implement a taskforce to bring galamsey operators in Western Region to book. Reporting on Nyankonton Mu Nsem today (Thursday), Rainbow Radio’s Sir Joe said he was speaking in the Bibiani Bekwae Constituency in the Western Region. He is also toured through the streets of the Western Region to find measures to fight Galamsey operations in the Western Region, he ended. By: Priscilla Obeng Asantewaa (Intern, Rainbow Radio)
Published in General News
The forever-young High Life music legend Kakyire Kwame Fosu known in showbiz as KK Fosu has categorically said anyone who says High Life music is dead has a mental problem. Speaking to Sokoohemaa Kukua, the host of Mid-Morning Drive on Rainbow Radio 87.5 Fm, he explained that the genre still exists but has been branded in a different way. “If high life is truly dead, like I will be happy because people keep saying it is dead but it is the same thing we listen to“ he said. He therefore made reference to Amakye Dede, Rex Omar, CK Man and other legends that they had their own style of it. And when it comes to him (KK Fosu) Dada Lumba, Nana Acheampong also had their own style, which they are all part of our culture. When it comes to the current artistes who are doing High Life, you cannot mention names without Kidi, Kwami Eugene, King Promise, Adina, Sista Efya, et al. “High life is still alive, what we need to do is brand it.” By: Michael Kumordzi Tetteh (Intern, Rainbow Radio)
Published in Entertainment
The Chief Executive Officer (CEO) of Kantanka Group as well as Kantanka Automobile, Kwadwo Safo Jnr has disclosed in an exclusive interview with Rainbow Radio 87.5Fm that, government takes import duties on Kantanka cars produced in the country. The CEO told host of Frontline Kwame Tutu that aside the import duties on materials imported, the pay for import duties, a situation he lamented is having a negative on their activities. He was reacting to concerns raised by prospective buyers of Kantanka range of vehicles that there expensive. In explaining rationale behind their pricing, the businessman and pilot told the host that, government charges import duties on every single brand of vehicles manufactured in Ghana just like other cars imported into the country through our ports. The reduction in taxes and import duties he indicated will reduce the prices for their range of vehicles by an amount of GHc20, 000. ‘’I know customers have raised concerns about our prices. Our saloon car for example is sold at GHc140, 000. If I had my way, I would not have sold the car for GHc140, 000. But we live in a country where you are taxed on everything you import. Aside this, government takes import duties on Kantanka cars as if you have imported the cars from other countries. They calculate the components in the car and charge you as if you imported it. We are paying GHc20, 000 on each car manufactured in Ghana,’’ he lamented. ‘’This is why we have called for a policy. There is no existing policy that would exempt manufacturers of vehicles in Ghana from import duties.’’ He has also advocated for a policy that will support the industry. Support for local vehicle manufactures he added would create jobs, enhance economic activates through tax incentives among others. He cited legislations in Nigeria, South Africa, Kenya, Angola and Egypt to back his call for the enactment of the appropriate legislation to help local vehicle manufacturing and assembling companies such as Kantanka Automobile.
Published in Business
Current General Secretary for the opposition National Democratic Congress (NDC), Johnson Asiedu Nketia has officially declared his intention to seek reelection as chief scribe. The experienced politician and former legislator made his intention known at a press conference today [Thursday] when he was asked the position he would be contesting for at the national level. Speculations were rift that the politician would be contesting for the chairmanship slot. However, the press conference on Thursday revealed that Mr Nketia is going to seek for reelection as general secretary. He would be facing a challenge from his deputy scribe, Koku Anyidoho, who recently declared his intention and claimed the boss had given his blessings for him to take over from him. However, the declaration by Mr Nketia will pave way for a though contest between the two. When contacted to comment, Mr Anyidoho declined because he would not want to engage in a media banter with his boss. Meanwhile, the party has officially paved the way for interested persons who are seeking to represent the party to declare their intention. General Secretary of the party, Johnson Asiedu Nketia at a press conference said because the timetable is becoming congested, they have taken the decision to allow persons interested to declare their intension and officially inform the party. He told journalists at the party headquarters that, the party per the constitution is supposed to elect its presidential candidate 24 months to an election and after calculation; the party is expected to elect its flagbearer by December 7, 2018. He said, we have to give the candidates enough time to go across the country and campaign. The decision he stressed was taken at the Functional Executive Meeting. ‘’On behalf of the National Executive Committee, I wish to declare the campaign period for our presidential primaries officially opened with immediate effect.’’ He added, ‘’what this means is that, anybody who intends to contest the slot would have notify the office of the General Secretary so that at least we are aware that, somebody is going to campaign in the name of the party and that will give us the opportunity to monitor the activities of that person.’’ Mr Nketia cautioned all candidates seeking to contest regional, national and the presidential slot to desist from engaging in flamboyant campaigns considering the economic hardship in the country. Party executives have also been prevented from using party structures to endorse a candidate although they are allowed to do so as individuals. The party he said will give an even playing field to all candidates who will contest. He made reference to some pronouncements made by some candidates by people who ‘’were pretending to be flagbearers and some of the utterances had not been in good taste. Now that we have officially opened the campaign, we will be monitoring.’’
Published in General News
The opposition National Democratic Congress (NDC) has officially paved the way for interested persons who are seeking to represent the party as presidential candidates to declare their intention. General Secretary of the party, Johnson Asiedu Nketia, at a press conference today [Thursday], said because the timetable is becoming congested, they have taken the decision to allow persons interested to declare their intension and officially inform the party. He told journalists at the party headquarters that, the party per the constitution is supposed to elect its presidential candidate 24 months to an election and after calculation; the party is expected to elect its flagbearer by December 7, 2018. He further explained that campaigning would not be an easy job for most especially the presidential candidates hence the reason for them to allow interested persons to start the processes for campaign. He said, we have to give the candidates enough time to go across the country and campaign. The decision he stressed was taken at the Functional Executive Meeting. ‘’On behalf of the National Executive Committee, I wish to declare the campaign period for our presidential primaries officially opened with immediate effect.’’ He added, ‘’what this means is that, anybody who intends to contest the slot would have notify the office of the General Secretary so that at least we are aware that somebody is going to campaign in the name of the party and that will give us the opportunity to monitor the activities of that person.’’ Mr Nketia cautioned all candidates seeking to contest regional, national and the presidential slot to desist from engaging in flamboyant campaigns considering the economic hardship in the country. Party executives have also been prevented from using party structures to endorse a candidate although they are allowed to do so as individuals. The party he said will give an even playing field to all candidates He made reference to some pronouncements made by some candidates by people who ‘’were pretending to be flagbearers and some of the utterances had not been in good taste. Now that we have officially opened the campaign, we will be monitoring.’’ He emphasised the need for candidates to conduct a campaign that is decent, that is decorous in terms of the language.
Published in General News
The CEO of Kantanka Group as well as Kantanka Automobile, Kwadwo Safo Jnr has indicated that the company is making money and hiring people. In an exclusive interview with Kwame Tutu on Rainbow Radio 87.5Fm, the CEO who is also a pilot said, although its not been easy, they are making an impact and contributing to Ghana’s economic growth. Mr Safo Jnr noted that over the past 3 years, the company has managed to penetrate into the Ghanaian market. ‘’We are growing tremendously. We have started selling. It is a business making money and hiring people and contributing to the development of the nation. We started with two modules but we have five modules now. I wouldn’t say it has been easy; it has been tough but we have managed to penetrate,’’ he added. The company he indicated will open an ultra-modern showroom at Achimota to allow customers purchase their brands. He stated that the company has managed to manufacture over 300, 000 vehicles with over 100, 000 sold. Prominent personalities including the Overlord of the Asante Kingdom, Otumfour Osei II, Osagyefo Amoatia Ofori Panyin, First Deputy Speaker of Parliament, Joseph Osei Owusu; National Chairman of the NPP, Freddie Blay have all purchased vehicles from them. Companies, District Assemblies, Ministries he noted have all purchased Kantanka brand of vehicles. ‘’By the grace of God, sales is good. We are surprised at this. Between October 2017 and now, we have been able to sell over 100, 000 vehicles,’’ he said. When asked whether there have been any support, he said, from government side, there hasn’t been any support. He added, ‘’when it comes to support, I am not looking at Kantanka alone. I am asking that government support the sector,’’ he noted. Politicians he noted have made promises upon promises especially in an election year but when they win power, they ignore industry players. He has also advocated for a policy that will support the industry. Support for local vehicle manufactures he added would create jobs, enhance economic activates through tax incentives among others. He cited legislations in Nigeria, South Africa, Kenya, Angola and Egypt to back his call for the enactment of the appropriate legislation to help local vehicle manufacturing and assembling companies such as Kantanka Automobile. Accompanying the CEO was the General Manager of the company, Francis Kodjo Kudoji who attributed the success story to the creating of awareness and strong social media presence. The Kantanka brand he noted has been an accepted brand that sells by itself. He also lamented the lack of an existing policy to provide guidelines for manufacturing companies in the vehicle sector. The mission of the company is to manufacture and assemble cars with higher added value, expand our OEM (Original Equipment Manufacturer) and create a niche market with new types of vehicles that gives value for money to medium and lower income earners in Ghana, Sub-Saharan Africa and the rest of Africa and also to supply Pickups and SUVs to government institutions, corporate bodies, private institutions, and customers at affordable prices. The company is also using research, design to develop cars that these institutions and individuals will need by analyzing market trends, consumer behavior and surveys. The vision is to see Kantanka vehicles as the prioritized and the most commonly patronized brand in Ghana and Sub-Saharan Africa. The Ghana Standards Authority (GSA) has given an assurance that all the vehicles manufactured by the company have met the required standards. Tests conducted by the GSA at its laboratories on the specification of vehicles assembled by the only local vehicle assembly plant in the country revealed that they have met the standards.
Published in Companies
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