Day: April 3, 2024

Mr Dawda M. Hafisdeen, former Chief Financial Officer (CFO) of the defunct Beige Bank, has said that customers’ money was not siphoned as alleged by prosecution.

He also disagreed with Mr Julius Ayivor, main prosecution’s witness and leader of the investigation team, that their accounts were debited without their consent.

Mr Hafisdeen in his evidence-in-chief insisted that if it was so, at least one of the over 10,000 affected customers would have lodged a complaint.

For him, Mr Ayivor confused fixed deposit account with current, explaining that fixed deposits were funds that had been borrowed by the bank from its customers or loans given by the bank’s customers.

These borrowings or loans come with terms and that stipulates how much interest would be paid by the bank to the customer, the tenure for the agreement, conditions for early payment and in some cases what action the bank would take upon maturity.

Mr Hafisdeen, the first witness of the defence counsel, said when a customer entered into a fixed de
posit agreement with a bank, the funds were moved from the customer’s account and would not be available to them or would the funds even stand to their credit throughout the tenure of agreement.

‘To suggest, therefore, that fixed deposits of customers had been moved in the first place, therefore, sounds fallacious because fixed deposits would not even be standing to the credit of the customer for there to be an opportunity to move them whether with or without the instruction of the customer,’ he added.

Again, he said that in banking law and practice, no one, including the accused person, the Chief Executive Officer (CEO), could cause funds to be moved from anybody’s current account unless they were signatories to the account, adding that the bank only controlled the platform on which its customers did transactions.

He added that it did not also mean the bank could just go into the customer’s account, debit it and credit the funds to another customer’s account without their consent.

‘That does not constitu
te normal banking practice.’

Mr Hafisdeen said: ‘ It is, therefore, not correct to say that the bank’s customers were not aware that their current accounts were debited by the bank and credited to BCAM.’

He debunked the assertion that the 10,000 plus customers received investment certificates with respect to funds moved from their accounts, stating that they would have also rejected the certificates if the said transfers were made without their consent.

Michael Nyinaku has been charged for theft and money laundering which he has denied.

Source: Ghana News Agency

The Bono Regional Youth Division of the Deeper Life Bible Church, has ended a five-day Easter Retreat at Ayakomaso in the Sunyani West Municipality, with the baptism of 64 new converts into the Christian faith.

The new converts, mostly teenagers, surrendered their lives to serve Jesus Christ after they had listened to heart touching and spirited inspired sermons from local pastors and Dr William Kumuyi, the General Superintendent of the Deeper Christian Life Ministry via satellite.

They were among the hundreds of youths drawn from the various districts and locations of the church who attended the retreat on the theme: ‘The All-Sufficient Jesus’. Pastor Robert Lugushie, the Bono Regional Youth Coordinator of the Church who administered the baptism, commended the young people for their decision and choice to serve the Lord Jesus Christ.

He made them understand that Christianity and consistent Christian life was not by compulsion, but by their own choices, and inspired them to live holy, righteous, and transp
arent lives that would secure their eternal salvation.

Pastor Lugushie said the grace of the Lord Jesus Christ remained available for everybody who desired to live a holy life, and urged the new converts strive to shun worldliness and worldly amusements and encumbrances.

He also advised them to be wary of the old friends who might entice them back into their past evil deeds, and to remain prayerful and regular at church services.

Pastor Francis Kodom, a Youth Pastor of the church, advised the new converts to stay in the lord and endeavour to share their problems either with their parents and church leaders.

He entreated them to stay away from bad peers, unhealthy behaviours, and lifestyles, like sport betting and gambling as well as acts of immorality that would damage the soul.

Pastor Charles Ollu, another Youth Pastor, said serving the Lord Jesus Christ remained the best decision in life one could take, and called on parents to endeavour to bring up their children in a godly manner.

Source: Ghana New
s Agency

Women and some youth in cashew farming in the Bono Region are undergoing a four-day training to harness the potential, and add value to the cashew apple to enhance their economic viability and transform their socio-economic livelihoods.

More than 100 women, and youth in the cashew sector are participating in the ‘cashew apple recipe training’, underway at Fiapre in the Sunyani West Municipality.

MOVE-ComCashew, under the auspices of the German Federal Ministry for Economic Cooperation and Development (BMZ), is organizing the training, co-financed by the European Union (EU) under the Samoa Agreement with the Organization of African, Caribbean, and Pacific States (OACPS).

Addressing the opening session of the training on Wednesday, Madam Justina Owusu-Banahene, the Bono Regional Minister, said cashew farming had become a cornerstone of the region’s agricultural landscape, saying about 74,000 acres of cashew plantation was under cultivation in the region.

In the past year alone, farmers in the region contrib
uted to the production of a remarkable 88,900 metric tons of cashew nuts with an astonishing production volume of 889,000 metric tons, of cashew apple, she stated.

This significant acreage not only symbolized the dedication of the hardworking farmers but also underscored the immense opportunity for further expansion and development, she said.

However, to fully harness the potential of the valuable commodity, Madam Owusu-Banahene underscored the need to look beyond traditional approaches and explore innovative avenues for value addition and commercialization.

She said one of the most promising avenues was in the utilization of cashew apples, worrying that though cashew apples possessed untapped potential as a source of value addition and income generation, the apples were historically overlooked and often discarded.

‘By equipping our women and youth with the necessary skills and knowledge to harness the potential of cashew apples, we can create new avenues for economic empowerment and entrepreneurship in o
ur communities,’ she stated.

The training, therefore, represents an opportunity to transform lives and livelihoods, particularly for the youth of the region.

Mad Owusu-Banahene indicated that providing the cashew farmers with tools and expertise to commercialize cashew apples would not only foster economic independence but also instil a sense of pride and purpose in the youth and women in the cashew sector.

Moreover, she added the training aligned seamlessly with the Government’s broader objectives of sustainable agricultural development and environmental stewardship and acknowledged the role played by government initiatives, agricultural extension services, and supportive policies in facilitating the growth of the cashew industry in the region.

Mad Owusu-Banahene entreated the participants to take the training seriously, which would empower them to reduce the wastage of cashew apples, and thereby promote its utilization in value-added products.

‘We will not only enhance the economic viability of cashew
farming but also mitigate environmental degradation caused by their disposal,’ she stated and commended the organisers and their partners for the training.

Source: Ghana News Agency

The Government has commenced a feasibility study of the textiles and apparel value chain to identify the circular business opportunities.

 The project, which is being undertaken in collaboration with the Korea Environmental Industry and Technology Institute (KEITI) among other goals, will help revamp the sector and address the environmental and health impacts of imported used clothes. 

 Mr Patrick Nomo, the Chief Director of the Ministry of Environment, Science, Technology and Innovation (MESTI) made the announcement in Accra at the official opening of the KEITI office, an Institution specialising in providing solutions to environmental problems towards a sustainable society.

 He said it was a major importer of used textiles and was home to one of the largest second-hand textiles markets in the world. 

 Mr Nomo stated that it was estimated that in 2022, the imports of second-hand used clothing amounted to over $ 420 million.

 ‘Despite its negative impacts, the import of used textiles offers opportunities
for economic development and provides the livelihood of people working in the trade, resale, repair, and refurbishment of textiles,’ he said. 

 The Chief Director said the production of clothing had approximately doubled in the last 15 years, while the number of times a garment is worn before being discarded had decreased by about 36 per cent. 

 He said the vision of the Government was to advance a more sustainable and circular trade of used textiles by forging partnerships with industry, trading partners, development partners and other stakeholders.

 Mr Nomo said the opening of the office was one of the many reasons why the partnership between MESTI and KEITI was important.

 Mr Park Kyongsig, the Koran Ambassador to Ghana, said the two countries shared similar history and commended Ghana for being one of Africa’s leading democracies, achieving peaceful constitutional changes of government through democratic elections since 1992. 

 He said since the establishment of diplomatic relations with the Republic
of Ghana in 1977, the Republic of Korea has strengthened the bilateral relationship in fields such as political and economic cooperation, development and cultural exchanges.

 Mr Kyongsig said the establishment of the KEITI office was a step further to strengthen the partnership between the two countries.

 Dr. Heung Jin Choi, the President of KEITI, said Ghana was the first African country to have the presence of KEITI.

 The primary purpose of the office, he said, was to expand the cooperation that existed between Ghana and Korea in the environmental field, and to ensure a stable environment for collaboration between the two countries.

Source: Ghana News Agency