Aside the startling revelation that the Ghana Cocoa Board (COCOBOD) spent $20,000 of the $1.8 billion syndicated loan for the 2015/2016 crop season on renting a venue for a signing ceremony, the company has explained that $8,000 of that amount was used to secure a domain name for a special website.
It said the website was necessary for easy access to information relevant to the loan agreement.
The Public Relations Officer of COCOBOD, Noah Ameyah, who revealed this on the Citi Breakfast Show, explained that COCOBOD had to spend that amount on the website because it had some special security features that would prevent it from being hacked“The paper that we gave to Parliament indicated that it is rental domain. The domain is the website domain that is created and it is mandatory on such used loans so that other banks and those involved can get the needed information on what the transaction is. It is a special website called best website domain which will prevent anybody from breaking into it,” he explained.
COCOBOD’s decision to spend thousands of dollars on renting a venue for a signing ceremony among others, has angered some members of the Minority caucus in Parliament who raised concerns about the utilization of the syndicated loan proceeds in the House on Wednesday.
An amount of $169,000 was also spent as legal fees among other expenditure.
The loan has attracted an interest of $4.1 million from October 2015 to January 2016.
Mr. Ameyah also defended COCOBOD’s decision to rent an apartment at such a cost, saying the move was to ensure the security of participants attending the signing ceremony.
“This signing ceremony did not happen in Ghana. It happened in France and you are bringing over 100 people, representing between 25 and 30 reputable banks and these banks are bringing their staff to represent them to find the facility and you have to protect them.”
Checks by citifmonline.com show that the amount of $8,000 dollars spent for a domain name is relatively higher.
BREAKING NEWS: BoG takes over Unibank
The Bank of Ghana has announced it has taken over the management of private bank, Unibank.
The Governor of the central bank explained at a press conference, the takeover is due to challenges facing the bank. He mentioned weak supervisory standards and weak operations as the cause of the challenges.
Ernest Addison said the bank, adjudged the 6thbest performing company in Ghana at the Ghana Club 100 awards in 2017, provided inaccurate data during the central bank’s effort to resolve the problems last year.
He assured depositors their money is safe, stressing “we are not liquidating the bank, we are saving it.”
The take-over comes weeks after Unibank announced it was taking over adb.
The top management of Unibank are Dr. Kwabena Duffuor II who is Chief Executive Officer, Ekow Nyarko Dadzie-Dennis Chief Operating Officer, Executive Director Owusu-Ansah Awere, Executive Clifford Duke Mettle, Director of Risk Management Kwesi Nkrumah Pimpah.
Photo: CEO Kwabena Duffour II was awarded the most enterprising young executive award in 2017.
The bank’s company secretary is Sylvia Assimeng-Archer, Executive Head of Treasury and Global Trade John Collins Arthur, Executive Head of Corporate Banking Elsie Dansoa Kyereh and Executive Head of Innovations and Business Execution Florence Ohene.
This executive management are expected to give way to new control, KPMG appointed by the central bank.
The bank was founded in 1997 by Kwabena Duffour who later became Finance minister under the Mills administration.
But after 20 years of private management, Kwabena Duffour who is a former Governor of the Bank of Ghana loses control of unibank to his former employers.
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