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General News of Tuesday, April 16, 2019
Source: kasapafmonline.com
2019-04-16
Former President John Dramani Mahama
Excerpts from information from the National Health Insurance Authority (NHIA) indicate that the latter's investment in the private financial firm All Time-Capital Limited was initiated by the administration headed by John Dramani Mahama in 2012.
A letter dated July 26, 2012, a copy of which is in the possession of kasapafmonline.com, suggests that, just two days after Mahama took over the reins of the country following the death of its president, John Evans Fiifi Atta Mills, he had approval of the first release of GH ¢ 5,000,000.00 to be placed on a one year term deposit with the investment company.
On July 19, 2012, the investment management and advisory firm submitted a portfolio management proposal to establish a portfolio management relationship with NHIA.
The company has claimed GH ¢ 5,000,000.00 at a rate of 24% per annum for a period of 365 days.
Sylvester Mensah, then managing director of NHIA, accepted the proposal and ordered that some NHIA funds that were "inactive at GCB" be quickly moved and "placed correctly to earn a very attractive interest" in All Time -Capital Limited.
He therefore ordered the accountant to verify and process the payment of 5,000,000.00 GHPS as investment in All Time Capital Limited.
This decision is clearly at odds with a statement made by the National Democratic Congress (NDC) at a press conference held Monday, April 15, 2019, during which he blamed the administration of the new patriotic party headed by Akufo-Addo to have transferred GH. 17,548,377.20 ¢ to All Time-Capital Limited as an investment that has since been frozen.
In November 2015, an additional investment of 1 billion GH ¢ on 182 days term deposits was made with the same investment company, All-Time Capital.
This trend has continued with the turnover of principal plus accrued interest to date.
The turnover of principal plus accrued interest increased the amount to 6.2 million GH ¢ on July 26, 2013 at a rate of 24%.
Similarly, on July 26, 2014, NHIA deferred the capital plus accrued interest, which brought the investment to 7.6 million GH ¢ (7,688,000 GH) at a rate of interest of 26.84%.
The health insurance provider again renewed the principal plus accrued interest, giving it 7.9 million GH ¢ (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 fell further to 4.9 million GH ¢ (4.943,632 GH ¢) at an interest rate of 28.41%.
However, on September 30, 2015, this figure increased to 5.6 million GH ¢ (5,643,952.62 GH ¢) at a rate of 27.97%.
Investment reached 7.2 million ¢ GH (7,222,566.17 GH ¢) on September 29, 2016 at a rate of interest of 27.70%.
NDC National Director of Communications, Sammy Gyamfi, made this observation while addressing issues related to the state's National Health Insurance Plan (NHIS), stating that NHIA managers had a lot of trouble recovering the blocked investment fund that was paid in three installments.
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