News
NBSSI detects 5,200 fraud alerts on CAP
An earlier attempt by the National Board for Small Scale Industries (NBSSI) to begin disbursement of funds to eligible businesses under government’ Coronavirus Alleviation Programme (CAP) has hit a snag due to fraudulent activities.
Executive Director, Mrs Kosi Yankey-Ayeh, who made the disclosure, said at least 5,200 fraud alerts had been detected on the Board’s online portal dedicated to the programme since it came on stream.
“The online portal has detected 5,200 fraud alerts representing multiple applications with same mobile money or bank account details and we are working to address that to ensure that the right people get the funds,’ she said at a news conference in Accra last Friday.
According to the Executive Director, there have been instances where “people have registered with same mobile money account number for about 100 people which is unacceptable and we are working with KPMG to conduct strong data analysis to detect these fraudulent activities and get the accurate data to commence payment soon.”
The NBSSI had scheduled June 12 to commence disbursement of funds to businesses adversely affected by the coronavirus pandemic.
“The whole process will be done on technology without any human involvement. So even if you apply on paper we will go into the IT platform to decide if you met the criteria, based on assumptions designed for the technology,” Mrs Yankey-Ayeh had said in a recent media interview.
Mrs Yankey-Ayeh pointed out that investigations were ongoing into the matter and “we have directed some of these issues to the National Security and the Ghana Police Service to help us address them.”
Meanwhile, the Executive Director submitted that as at Thursday, June 18, 2020, more than 450,000 applicants had registered unto the programme with 75 per cent of the number, having successfully completed their applications.
“Applicants who registered via the USSD code represent 58.8 per cent, the remaining 41.2 per cent represents registrations done directly on the web portal.”
As regards gender disaggregation, the Executive Director pointed out that females constitute 66 per cent of applications who requested for 47 per cent of total funds available with the males, representing 34 per cent, requesting 52.6 per cent of total value of funds.
President Akufo-Addo on May 19 launched the CAP business support scheme to provide support to micro, small and medium-scale enterprises (MSMEs negatively affected by the coronavirus pandemic.
Out of the GH¢1.2 billion earmarked for this programme, GH¢600 million will be disbursed as soft loans to MSMEs with up to a one-year moratorium and a two-year repayment period.
The rate of interest on government’s GH¢600 million facility is three per cent.
Additionally, selected participating banks will provide negotiated counterpart funding to the tune of GH¢400 million, making, in all, GH¢1 billion for disbursement under the scheme, expected to attract some 180,000 beneficiaries across the country.
Source: Ghanaian Times
News
Ghana achieves 98% participation in Eurobond debt restructuring
The Ministry of Finance has announced the successful completion of its Eurobond debt exchange and consent solicitation process.
The initiative, which aims to restructure Ghana’s Eurobond debt, has received overwhelming support from bondholders, marking a significant milestone in the country’s economic recovery efforts.
Launched on September 5, 2024, the offer invited eligible holders of Ghana’s Eurobonds to exchange their existing bonds for new ones under two menu options—Par and Disco.
As of the final expiration deadline on September 30, 2024, 98.6% of bondholders, representing the recognized principal amount of the existing bonds, participated in the offer.
During the bondholder meetings on Thursday, October 3, holders of the 2013, 2014, and 2015 WB-Guaranteed Notes passed extraordinary resolutions with over 90% representation, enabling the restructuring process to proceed smoothly.
Meanwhile, for Aggregated CAC Notes, consents exceeded 98.7%, meeting the required thresholds for the exchange.
A majority of bondholders (91% of the principal amount) opted for the Disco menu of new notes, while 7.6% chose the Par menu, which remained under its cap of U.S. $1.6 billion, leaving a balance of U.S. $605 million available for future allocation.
Subject to the terms of the exchange, a total of U.S. $126 million in consent fees will be distributed to eligible bondholders who submitted their instructions by the early consent deadline.
The new bonds are expected to be issued on or around October 9, 2024, with full settlement to follow shortly thereafter.
The successful completion of this exchange is a critical step in Ghana’s broader debt restructuring efforts under its International Monetary Fund (IMF) programme, further strengthening the country’s path towards debt sustainability and normalizing relations with international capital markets.
The Government of Ghana expressed gratitude to bondholders for their participation and support, emphasizing that this successful outcome reflects a shared commitment to restoring the country’s economic stability.
In preparation for the issue date, all existing Eurobonds, including those for which no consent or exchange instructions were given, will be blocked from trading to ensure a smooth final settlement.
Source: Citinewsroom.com
News
Update on Nana Asante Bediatuo’s health
The Office of the President has responded to news making rounds regarding the health of Secretary to the President, Nana Asante Bediatuo.
According to the office in a statement, they wish to inform the public about the health status of Nana Bediatuo Asante, Secretary to the President.
They revealed that following the conclusion of the meeting of the 79th United Nations General Assembly (UNGA) in New York, in the United States of America, where he served as a key member of President Akufo-Addo’s delegation.
The statement added that Nana Bediatuo Asante stayed behind to conduct further government business.
They added that he then began to feel unwell, and was subsequently admitted to hospital.
According to the statement, he is currently in stable condition and responding well to treatment. The medical team added that, Nana Bediatuo Asante’s recovery is on track, and we remain hopeful for his swift return to full strength.
“We ask for continued prayers and support for him and his family during this difficult period. Further updates will be provided when necessary,” he concluded.
By Edem Mensah-Tsotorme
