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Govt releases GH₵700m to customers of collapsed fund management companies

The Minister for Finance, Dr. Mohammed Amin Adam, has announced the release of GH₵700 million to customers whose funds have been locked up in various fund management companies.

This amount represents the first tranche of a GH₵1.5 billion allocation, as outlined in the 2024 mid-year budget review, which is aimed at providing relief to individuals affected by the collapse of these fund management companies.

Speaking during a monthly economic update at the Finance Ministry on August 29, Dr. Amin Adam confirmed that the payments will be made in three tranches.

According to him,“We had indicated in the 2024 mid-year review of fiscal policy that the government has approved the disbursement of an additional GH₵1.5 billion to provide relief and bailout to people whose funds have been locked up in fund management companies.”

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The Minister further explained that the first tranche of GH₵700 million has been processed and released to the Securities and Exchange Commission for further distribution to affected customers.

The remaining 800 million Ghana cedis will be released in two subsequent tranches.

Dr. Amin Adam emphasised that the release of funds is intended to mitigate the stress on affected individuals and provide much-needed relief.

He said, “I’m glad to inform you that the Ministry of Finance has processed the release for the first tranche of 700million Ghana cedis of the additional GH₵1.5 billion for the Security and Exchange Commission to further bail out the remaining customers whose funds were locked up including Black Shield Funds Management customers.”

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“Yesterday, I instructed the Controller and Accountant General to release the funds to mitigate the stress on affected persons. The 1.5 billion cedis will be released in three tranches,” he concluded.

Source: Citinewsroom.com

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President Akufo-Addo commissions Jamestown Fishing Harbour

In a historic moment for the coastal community of Jamestown, Accra, President Nana Addo Dankwa Akufo-Addo officially commissioned the long-awaited Jamestown Fishing Harbour on Friday,  September 13, 2024.

The completion of this significant project, which has been in the making for decades, represents the fulfilment of a promise made by the Akufo-Addo government to revitalize Ghana’s fishing industry and improve the livelihoods of local fisherfolk.

The Jamestown Fishing Harbour, a state-of-the-art facility, has been eagerly anticipated since the 1960s, when discussions of constructing a modern fishing port for the area first began.

 For years, these plans remained unrealized, leaving the people of Jamestown and the broader Ga community with unmet expectations.

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Today, however, the harbour stands as a testament to the government’s commitment to action, with President Akufo-Addo proudly delivering on a decades-old promise.

Speaking at the commissioning ceremony, the President emphasized the symbolic and practical importance of the new facility.

 “This moment is the culmination of years of effort and the realization of a long-held dream that began as far back as 1965. Promises were made, hopes were raised, but no substantial action was taken—until now. Today, we move beyond rhetoric to action,” he said.

President Akufo-Addo, who has personal ties to the Jamestown area, having grown up in the nearby Korle Wokon, expressed his deep satisfaction in bringing this project to fruition. 

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He recalled the day in December 2018 when he cut the sod for the project, however he was doubted on his ability to deliver the promise.

“In October 2020, I returned to inspect the progress, and today, here we stand together as witnesses to the fulfilment of that commitment,” he noted with pride.

The newly constructed fishing harbour is expected to transform the local economy, generating employment, improving the lives of fisherfolk, and boosting domestic fish production. 

The President highlighted the socio-economic significance of the project, stating, “This port is a symbol of hope, proof of the resilience and determination of our people, and a concrete manifestation of what we can achieve when we work together for the common good.”

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“This is not just a building; it is an investment in the future of this community. The inclusion of daycare centres demonstrates a governance of compassion, one that empowers women and strengthens families,” President Akufo-Addo remarked.

The commissioning of the Jamestown Fishing Harbour follows the successful completion of the Elmina Fishing Port in May 2023, another landmark project under the Akufo-Addo administration aimed at transforming Ghana’s fishing industry. The President underscored his government’s understanding of the critical role agriculture and fisheries play in Ghana’s economy, noting that the fishing sector supports over 2.6 million livelihoods and contributed US$263.2 million to the nation’s GDP in 2020.

“This harbour is not just a monument to progress; it is a vital lifeline for socio-economic empowerment, job creation, and improved livelihoods. We are investing in superior infrastructure to reduce post-catch losses, improve fish catches, and reduce our dependence on imported fish,” President Akufo-Addo stated.

During the construction phase of the Jamestown Fishing Harbour, some 500 direct jobs were created, with expectations for more as the facility becomes fully operational. The harbour’s completion is also expected to revitalise the entire community, sparking economic activity and growth in the region.

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President Akufo-Addo extended his gratitude to the Ga Mantse, the chiefs, and the people of Jamestown for their unwavering faith in his government. He also acknowledged the support of the People’s Republic of China, particularly President Xi Jinping, for their contributions to the project.

 Additionally, the President commended Ambassador Edward Boateng and former High Commissioner Isaac Osei for their instrumental roles in bringing the project to life.

The Jamestown Fishing Harbour is a landmark achievement in President Akufo-Addo’s broader agenda of infrastructural development aimed at improving Ghana’s socio-economic landscape. As the people of Jamestown celebrate the fulfilment of this long-standing promise, the harbour stands as a beacon of hope, progress, and prosperity for the future.

The harbour, which is equipped with a range of modern facilities, is designed to address some of the long-standing challenges faced by Ghana’s artisanal fishing sector. 

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These include the safe launching and landing of canoes, improved fish handling, and enhanced storage capacities. 

Notable features of the port include a 200-capacity fish market, a 60-tonne ice-making plant, a 200-tonne cold store, and market stalls, among others. A daycare centre has also been included to support women traders, allowing them to conduct their business with peace of mind, knowing their children are safe.

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Oguaa indigenes urged to unite to develop area

Photo Credit: myjoyonline.com

Photo Credit: myjoyonline.com

Rich Akan traditions of Fantes and Asantes were the highlights of the celebrations of this year’s Fetu Afahye of the chiefs and people of Oguaa Traditional Area (Cape Coast) which was climaxed last Saturday with a durbar.

Beyond the glitz and splendour was the showcasing of different forms of traditional regalia amidst rich cultural displays of unique Fante and Asante ensembles, both demonstrating distinct Ghanaian identities in unanimity.

Tekua, a Fante traditional hairstyle won by a generation of Fante women caught the attention of a number of the celebrants.

The attendance of Asantehene, Otumfuo Osei Tutu II, took the joy and excitement a notch higher with frenzied atmosphere to welcome him.

The Asantehene who attended the programme by a special invitation from the Omanhen of the Oguaa Traditional Area was accompanied by a large retinue of chiefs from Asanteman.

The Fetu Afahye is a cultural celebration by the people of Oguaa, drawing both locals and visitors from across the country and beyond.

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It was held to mark a bumper harvest season and to thank the 77 deities of the Oguaa Traditional Area.

This year’s edition marks the 60th to be held after its suspension.

It also marked the 25th anniversary commemoration of the enthronement of Osabarimba Kwesi Atta II as the Omanhen of the Oguaa Traditional Area.

There was display of rich traditional dances by the various Asafo companies from the Mfantsipim School junction to the Jubilee Park for the durbar.

This year’s event attracted political figures such as Vice President Dr Mahamudu Bawumia, who doubles as the Presidential Candidate of the New Patriotic Party (NPP) and his running mate, Dr Matthew Opoku Prempeh and other leading figures of the party.

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The Vice Presidential Candidate of the National Democratic Congress (NDC), Prof Naana Jane Opoku-Agyemang and other leading members of the NDC also attended the event.

From David O. Yarboi-Tetteh, Cape Coast

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