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General News of Tuesday, April 16, 2019
Source: dailyguidenetwork.com
2019-04-16
NDC Director of Communications, Sammy Gyamfi
The National Democratic Congress (NDC) was exposed about its claims that the New Patriotic Party (NPP) had not done due diligence before investing 17.5 million GH with an investment in capital of all times.
The NDC's claim proved extremely inaccurate.
The NHIA documents available for DGN Online suggest that the Authority's investment with All-Time Capital was initiated by the Mahama administration in July 2012.
The suggestion therefore means that the NDC as a party can not absolve itself of any liability if no prior checking had been done prior to NHIA's investment of All-Time Capital.
The documents indicate that on July 19, 2012, All-Time Capital sent to NHIA a proposal to invest in its product called All-Time Corporate Wealth Management – Fixed Income.
He offered NHIA 24% interest a year for 5 million euros.
Two days after President Mahama took control of the presidency following the death of his former president, Professor John Evans Atta Mills, according to the documents, the first payment of 5 million GH was placed on a deposit term one year.
The revelation is in blatant contradiction to a statement made by the NDC at a press conference held yesterday, during which the party accused the NPP administration of having transferred more than 17, 5 million GH at All-Time Capital Limited.
In November 2015, DGN Online learned that an additional investment of 1 000 GH in 182 days had been made from the same investment company.
The trend has continued with the turnover of the principal plus accrued interest to date.
The turnover of principal plus accrued interest increased the amount to € 6.2 million on July 26, 2013, at a rate of 24%.
Similarly, on July 26, 2014, NHIA deferred the capital plus accrued interest, bringing the investment to 7.6 million GH (7,688,000 GH) at a rate of 26.84%.
The health insurance provider again renewed its capital plus accrued interest, which earned it 7.9 million euros (7 939 722.60 GH) at the rate of 26.84% on 11 March 2015.
On March 20, 2015, the NHIA deposit fell to 5.9 million GH (5,915,203.21 GH) with an interest rate of 26.84%.
On April 1, 2015, it further decreased to 4.9 million euros (4,943,632.64 euros) at an interest rate of 28.41%.
However, on September 30, 2015, this figure had risen to 5.6 million GH (5,643,952.62 GH) at a rate of 27.97%.
The investment reached 7.2 million euros (7,222,566.17 GH) on September 29, 2016 at an interest rate of 27.70%.
At a press conference in Accra on Monday, April 15, 2019, the NDC accused the government of illegally transferring more than 17 million GH from National Health Insurance Authority funds to a private fund management company , All-Time Capital Investment.
Sammy Gyamfi, National Communications Manager for NDC, spoke to the media and said the transaction was done without due diligence or risk badessment.
According to him, indisputable evidence available to the party indicates that repeated efforts by the authority to recover the invested funds and accrued interest have failed.
Mr. Gyamfi stated that the company had informed the National Health Insurance Board that it could only make certain payments if only the investment funds could be managed for an additional year.
In addition, he indicated that this situation contributed to the aggravation of the financial situation of the authority.
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