Finance Ministry punches Adongo, ‘he got his math, finance wrong on Databank, Black Star firms’
The Ministry of Finance and Economic Planning has stated that Databank and Black Star Brokerage form part of some nine firms that have been selected by the Bank of Ghana and Ministry of Finance as Bond Market Specialists. The seven other firms include Ecobank, Stanbic Bank, ABSA, Cal Ecobank, Stanbic Bank, ABSA, Cal Bank, GCB Bank, Fidelity Bank and IC Securities. A statement issued by the Ministry on 1 June 2021 in reaction to claims by Bolgatanga Central MP Isaac Adongo that Databank and Black Star Brokerage, owned by the Minister of Finance, Mr Ken Ofori-Atta and Minister of State-designate at the Finance Ministry, Mr Charles Adu-Boahen, respectively, have been appointed advisors to the Ministry, said the opposition lawmaker got it wrong. The statement explained that the selection of the nine firms was solely based on their historical performance on the bond market. It said “both Ken Ofori-Atta and Charles Adu Boahen are no longer involved, in any way, with the day-to-day operations of either Databank or Black Star. Mr Adu Boahen resigned from the Board and from management of Black Star back in January 2017, immediately after he was nominated by the President as one of his Deputy Ministers of Finance”. “He also transferred his shares in the company to a family trust on assumption of public office. Mr Ofori-Atta resigned as Executive Chair of Databank in August 2012 and resigned from all the Databank Boards in February 2014”. The statement further debunked claims that “the three advisors, including Databank and Black Star, stand to make more than GHS210 million in fees”, describing the assertion as “inaccurate, misleading and intended to procure cynicism against the process”. In his article, Mr Adongo said “Ken Ofori-Atta and Charles Adu Boahen have contracted their own companies to be transaction advisors to themselves and decided how much they should pay their own companies”. “This transaction is tainted with potential insider-trading and conflict of interest. They killed competition and set a new low in fiduciary standards and an empty lawyer is celebrating this new normal?” Read the Finance Ministry’s full statement below: Response to social media article on firms of Ofori-Atta, Adu Boahen appointed advisors to Finance Ministry The attention of this Ministry has been drawn to an article circulating on social media headlined, ‘Firms of Ofori Atta, Adu Boahen appointed advisors to Finance Ministry’. The story relates to the development of Ghana’s domestic market for government bond issuance which is a key debt strategy in accordance with Section 58 of the PFM law and a recent public notice issued by the Bank of Ghana titled “Licensed Primary Dealers (PDs) and Bond Market Specialists (BMSs). This Ministry would like to state that the selection of the Primary Dealers [PDs] and Bond Market Specialists [BMSs] is an automatic process based on market performance and historical secondary market trading activity which is publicly available and cannot be manipulated by the Ministry of Finance [MoF] or the Bank of Ghana [BoG]. Since 1996, the Ministry of Finance with the Bank of Ghana has developed and implemented various policies which affect the issuance and trading of Government of Ghana debt securities (Treasuries and Bonds). The ultimate objectives of these policies are to develop an efficient fixed income market, strengthen the capacity of local institutions and deepen financial intermediation. Based on this background, this Ministry would like to clarify the matters arising as follows: 1. It is our understanding that the firms in question that the story refers to are Databank and Black Star Brokerage. The Ministry would like to state that the claim that these two firms have been appointed as advisors to the MoF is incorrect. 2. Databank and Black Star Brokerage are two (2) out of nine (9) firms that have been selected by BoG/MoF as Bond Market Specialists and not Advisors to MoF, the other firms selected to be BMSs are – Ecobank, Stanbic Bank, ABSA, Cal Bank, GCB Bank, Fidelity Bank, and IC Securities. As stated above, the selection of the firms was solely based on their historical performance on the Bond Market and no other consideration. 3. Primary Dealers (PDs) are institutions authorised by the Bank of Ghana (BoG) and have the exclusive right to participate in the wholesale auctions of Treasury Bills. Bond Market Specialists (BMS) are PDs that have the exclusive right to participate in the sale, distribution and primary issuance, by auction or otherwise, of all GoG Treasury bills, notes and bonds. The selection process for firms to act as PDs and BMSs is based only on merit. The Ministry of Finance or the Minister and/or his Deputies have absolutely no hand in the selection process. The process cannot also be subject to any manipulation as it is based solely on historical data of trading and performance which is a matter of public knowledge on the bonds market. 4. The key criteria for the selection of the nine firms was based on secondary market fixed income trading operations. This benchmark is critical for market making in bonds and was instrumental in the selection of the 9 firms out of the 17 PDs for the additional role of BMS. The nine firms have been categorised as follows; international banks (not less than 3 firms), domestic banks (not less than 3 firms) and non-bank financial institutions (not less than 3 firms). 5. Secondary Market fixed income trading data for non-bank financial institutions, which is publicly available put Blackstar Securities as the highest trader by value for the period of assessment. IC Securities and Databank placed second and third in the rankings respectively. This information is publicly available from the GSE but for ease of reference has been reproduced here. 6. It is the opinion of the Ministry of Finance and the Bank of Ghana that this selection process rewards meritocracy, ensures transparency in the selection process and provides this Ministry with a selection of highly capable and motivated institutions with the opportunity to become Primary Dealers and BMSs if they perform.
UER: Isaac Adongo commend Upper East Police Service for their tremendous work
The Member of Parliament (MP) for Bolgatanga Central Isaac Adongo has visited the Upper East Regional Police Service Commander Sayibu Pabi Gariba. According to Mr. Adongo his visit to the new commander, was to show appreciation to them for their tremendous work in securing and preserving peace and security in the region. “Today I paid two separate courtesy calls on the Ghana Police Service in the Upper East Region. 1. The first call was on the Regional Police Command where I took the opportunity to thank him and his men and women for the tremendous work in securing and preserving peace and security in the Region. He together with his operational commander briefed me on the current security situation and efforts at containing the emerging threats to security in the Region. Among others, they highlighted the following: I. Spate of armed robberies in the Region and the Municipality. ii. Influx and criminal activities of illegal immigrants in the Region. Iii. Operational re-allignment of staff as well as accelerated operationalisation of Divisional commands in Bolgatanga and Navrongo to improve coordination of intelligence gathering and deployment. iv. Challenges and efforts at resolving logistical constraints. 2. The second call was on a combined Divisional and Municipal commands where in addition to the issues raised by the Regional Police Command, the following were discussed: I. The need to intensify education on mob and instant justice with a call for the Judiciary to expedite criminal cases to forestall the confidence crisis. II. The need to operationalise the Police Station in Sumburugu. To this end I offered to assist them furnish the station. iii. The need for a new Police Station on the Sherigu- Naaga corridor for which I already submitted an application to the Municipal Assembly around November, 2020 to procure the services of a contractor and apply my share of the common fund to construct a Police Station in Sherigu. iv. The need for motor bikes for patrols to curtail the incidence of armed robberies”. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Managing Editor of Apexnewsgh.com Ngamegbulam Chidozie Stephen donates for peace ahead of 2020 elections
A freelance Journalist and Managing Editor of Apexnewsgh.com Ngamegbulam Chidozie Stephen has donated dozens of handkerchiefs labeled with peace messages with various political party logos inclusive to parliamentary candidates in the Bolgatanga Central Constituency of the Upper East Region. According to Mr. Ngamegbulam, the initiative marks part of his newly established website contribution in maintaining peace among all the political parties contesting in this years election, especially the two big parties New Patriotic Party (NPP) and the National Democratic Congress (NDC) during and after the December 7, elections. During the donation, Mr. Ngamegbulam said, It is always a pleasure to contribute meaningfully back to society each time he had the opportunity to do so. “…if I have not witnessed war for the first time, at least, I have had the opportunity to read books about some other countries both in Africa and beyond that went into war due to elections.” Thomas Flores once wrote in one of his articles with the headline, ‘Voting under the gun: elections and conflict around the world’ “When voters around the world cast ballots, it is often with bullets on their minds. Voting during civil conflict is sadly frequent and elections can also prompt violence. Despite this, elections are still seen as a means to bolster the peace after the war ends, hinting at a deeper trend: elections and violence seem inextricably connected.” He wrote “That’s is a fact, the reason why I believe peace at this point in time is very paramount. It is my belief that if we are able to engage leaders of the various political parties in our various constituencies across the country in very inclusive peaceful engagement and activities, it will definitely minimize the number of havocs caused by youth during the elections. Yes, because the youth receives some of these regrettable violent instructions from politicians due to their vulnerability. I mean vulnerability in terms of lack of education, lack of finances, and so on.” He spoke According to Mr. Ngamegbulam, what we should all remember is that, when the elephant’s fights, the innocent grasses automatically become victims. When there is war, our innocent little children, grandparents, mothers, fathers, brothers, and sisters are the ones to suffer for nothing they have knowledge about and even Journalists will not be able carryout their duties accordingly. However, all the Four personalities contesting the Parliamentary seat in the Bolgatanga Central Constituency for December 7, 2020, general elections received the donations with massive excitements. As they used the opportunity to pledge for peace and extends the same calls to their supporters ahead of the December 7, polls Francis Ayandago the Bolgatanga Central Constituency parliamentary candidate for Liberal Party of Ghana (LPG), Latifa Abdul Rahman Parliamentary candidate for the Convention People’s Party (CPP), Rex Asanga Parliamentary Candidate for the Governing New Patriotic Party (NPP) and Isaac Adongo the incumbent Member of Parliament for Bolgatanga Central Constituency and the Opposition National Democratic Congress (NDC) Parliamentary Candidate for the 2020 election were all beneficiaries. Apexnewsgh.com/Ghana Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications
Isaac Adongo donates to Kalbeo Youth
The Member of Parliament (MP) for Bolgatanga Central Isaac Adongo has donated an amount of Ghc 1,000.00, a set of Jersey, and a metre football to Concern Youth Of Kalbeo to support them in their ongoing Unity soccer games 2020. Concern Youth Of Kalbeo is a section of the Youth in kalbeo who decided to organize such games for the eight clans in the community. The games which started on Thursday 19th November 2020 will come to an on Sunday 22nd November 2020 at the ATAKOW PARK in Kalbeo. In donating the money to the Youth on Saturday 21st November at the ATAKOW PARK ahead of the finals on Sunday, he said that he has plans to do more for the community in terms of development and call for massive endorsement from the people of Kalbeo for him and the NDC to do more in the community. He later presented a set of Jersey to the clan that will emerge winners and a football to the second-place clan and edged the community to be united. Concern Youth of Kalbeo Unity games 2020 which is the maiden football tournament for the community will come to an end today Sunday 22nd November as Kunduoba takes on Zinga at the third-place playoff while Tasua and Akabiisi will meet at the finals at exactly 2:30 pm. Apexnewsgh.com/Ghana/Essien Ur Sportsmaster Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications
Stop publishing fake news Isaac Adongo to A1 Radio
The Member of Parliament for Bolgatanga Central Isaac Adongo in his recent press release sighted by Apexnewsgh.com has cautioned a Bolgatanga based radio station A1 radio to stop publishing fake news. According to Mr. Adongo, it is unethical for A1 radio to publish an article attributed to him without verifying or checking on his Facebook wall, even after issuing a timely disclaimer to the fake news. Below are the full details: Hon Isaac Adongo to A1 Radio: Stop publishing fake news. How did you get this fake news you unethically attributed to me without verifying from me or checking on my Facebook wall? You would have found out that I issued a timely disclaimer to this fake news, long before you published this on your social media accounts. What is worrying is this is becoming a trend. You once published a so called rejoinder to an article attributed to me although you did not publish the original story and also refused to publish my response to the said rejoinder as required by the ethics of journalism. It is unjournalistic distasteful for you to publish a rejoinder to a story you did not publish and worse of all, fail and refuse to publish a response to the said rejoinder. By this, I am instructing you to pull down the fake news you attributed to me immediately and publish my disclaimer with the same prominence you have given your fake news. Your hate and anti Adongo agenda will fail woefully and no amount of substandard and unethical manouverings will safe your face. Apexnewsgh.com/Ghana Please kindly contact Apexnewsgh.com on email:apexnewsgh@gmail.com for your credible news publications.
Please disregard the fake news- Isaac Adongo
The Member of Parliament for Bolgatanga Central Isaac Adongo has issued a disclaimer after fake publication by some media platforms. According to Mr. Adongo, he did not author the fake publication which suggests the office of the Special Prosecutor Martin Amidu should be closed and converted into 1 constituency 1 toilet to help push the government’s agenda. However, he has called on well-meaning Ghanaians to disregard such publication. Below is his brief Disclaimer: Hon Isaac Adongo issues Disclaimer: This is fake. I have not authored the below article. Please disregard it. Hon. Isaac Adongo, MP Bolga Central writes: Let’s assume without admitting that the former president is a “thief” and Amidu is a police officer who knows where the thief who has stolen lives. Now imagine this, the police is telling the thief through a third party that, if he’s not afraid and is a man he should come to his station for him to be arrested. Does that even make sense?? Who’s afraid here?? Amidu should initiate prosecution against the Fmr president if he’s not a coward as stated by Mahama. I always say that, Amidu’s office should be closed and converted into 1 constituency 1 toilet to help push the government’s agenda. #2020MahamaAfa Apexnewsgh.com/Ghana Please kindly contact Apexnewsgh.com on email:apexnewsgh@gmail.com for your credible news publications.
We appreciate your contribution but, the public needs to know you only contributed 12% of the total expenditure- Adongo family to Isaac Adongo
Clarity from the Adongo family Regarding Our Child’s Treatment by the MP for Bolga Central, 30th October 2020 In line with recent News about the treatment of our child in India by Hon. Isaac Adongo, it has become important that the Adongo family bring some clarity on the issue. It is worth noting that, it was never our wish to discuss our daughter’s health in the public domain, but once it has become a topical issue, we would kindly like to clarify the issue for two main reasons: 1. To clarify our expenses to other contributors who have raised concerns about what their contributions were used for, since the child’s treatment was catered for by the honorable MP. 2. To thank the MP once again and also explain that his contribution constituted 12% of the entire expenses on our child’s treatment abroad. We are however not seeking to belittle the support we had from the honorable MP. Respectfully, we would like to add that, preparations were almost complete for the trip before Hon. Isaac Adongo was contacted by a close friend to the child’s mother. We considered it as unexpected but very helpful contribution, and we’re forever grateful. Considerably, below is a brief breakdown of the total cost of our child’s treatment and the sponsors involved. The entire expenses on the child’s treatment at the Bolga Regional Hospital, Tamale Teaching Hospital, Korle-Bu Teaching Hospital and the eventual trip to India was approximately $22,000 dollars (i.e Ghc 121, 000 cedis approximately as at 2017). We still have receipts on almost all the hospital expenses.The honorable Bolga Central MP’s contribution was Ghc15,000 cedis constituting approximately 12% of the total expenditure; which we appreciate very much. We are told the MP said he contributed 17,000 cedis, but the family can only confirm receipt of 15,000 cedis from his office. The remaining 88% contributions came from: 1.Family 2.Mr. Evans Abolga (Owner of Total 2 & 3 Filling Stations in Bolga town) 3.GNAT 4.Afrikids 5.Assemblies of God Church, Bolgatanga. 6. Other anonymous contributors. Therefore, if one contributor says he/she sponsored the child to India for treatment, it will be unfair to other contributors who also contributed significantly. It also will mean that our family did not use contributions from other sources for the intended purpose, since the bill was sponsored by the honourable MP. That is why the family finds it necessary to clarify the issue in public for people to understand the level of support we received from various sources with much appreciation. We respectfully call on the general public and all relevant parties to put a stop to discussing our child’s health in the public domain. Accordingly, we remain very thankful to each and every contributor; including Hon. Isaac Adongo our MP. May God bless all who supported us 🙏 Apexnewsgh.com Please kindly contact apexnewsgh.com on apexnewsgh@gmail.com for your credible news publications
What Isaac Adongo said about President Akufo Addo after his Upper East tour will surprise you
Isaac Adongo the Member of Parliament for Bolgatanga Central, has described President Nana Addo Dankwa Akufo-Addo’s with a bloody unbelievable words. According to incumbent Member of Parliament, since the President Akufo Addo came into the region with his chair, the lives of people of Upper East has been in danger, because there has been numerous deaths recorded even after his departure. According Mr. Adongo, not even only is the President’s Chair is satanic, he the President himself according to the Bolgatanga Central Member of Parliament is a demon. Even though his has been deleted, but people citizens who visits his Facebook wall were able to have snapshots of his posts in their cell phones. However, over a period now, a set of Ghanaians especially people from the opposition party have criticized president for moving around with his presidential seat as he moves around the country. The Member of Parliament (MP) of Bolgatanga Central explained that amongst the many drain on the nation’s coffers aside the government’s ‘bloated’ Ministers and ‘excessive borrowing with nothing to show for’ is ‘President Akufo-Addo carrying his chair around in one dedicated field van which comes at a cost to the taxpayer.’ President Akufo-Addo when he was campaigning for our votes in 2016 sat on our benches to eat kenkey with us. He sat in our shops to talk to us without bringing his own chair but today, even when he goes to a private wedding or funeral, he carries his chair around. Have you asked yourself who bears that cost? Aside he having nothing to show for with his excessive borrowing, he has taken it upon himself to leave huge financial debt before he leaves office. This is what we are against. He must put a stop to piling up our national debt. It is needless of him to be carrying his chair around in a dedicated van. If you could come to our shops and eat kenkey with us on our benches, what is the rationale behind you fueling a van and moving your chair around?” Apexnewsgh.com/Ghana Please kindly contact Apexnewsgh.com on Email: apexnewsgh@gmail.com for your credible news publications