The Tema Development Company Limited (TDC) has been crowned the overall specified entity of the year at the maiden edition of the Public Enterprises League Table (PELT) Awards held in Accra. The event which was organized by the Ministry of Public Enterprises in collaboration with State Interests and Governance Authority (SIGA) and Ministry of Finance was not only aimed at rewarding hardworking entities in the country but also to motivate others to work harder. Speaking on the theme; Improving Public Sector Business Outcomes, the Minister for Public Enterprises, Joseph Cudjoe said "The charge to resolve such an old age problem, required that we deploy different policy decisions from the ancient ways of doing things to restructure the state entities and deliver on the President’s vision for industrial growth, corporate growth and institutional growth to create expansion of the economy for job creation. "The President’s to vision solve problems of the public enterprises is what led to establish SIGA to represent government’s interest and oversight the state enterprises to deliver the results we desire. It is the same vision is what led to the appointment of a Minister for Public Enterprises for the first time in the history of Ghana, to oversight SIGA and also bring issues relating to public enterprises to the President’s Cabinet and to the Economic Management Team" The Minister mentioned that State Enterprises contribute significantly to the country's Gross Domestic Product (GDP) and have a significant presence in the economy hence if stagnate, the economy will not realize its full growth potential to contribute to job creation. "Ladies and gentlemen, since assuming office as the Minister for Public Enterprises, there have been lots of efforts driven together by my office, SIGA and the Ministry of Finance to build the capacities of boards and CEOs through good corporate governance training, making recommendations for restructuring, and turn around. We are also strengthening the current performance contract management regime, which hitherto was just a routine. We are also developing the State Ownership Policy, a document which will enable us deploy investment portfolio management strategies to ensure that each of the entities deliver the results we all desire" He noted that to engender competition among state entities, his Ministry in partnership with SIGA and the Ministry of Finance, has introduced the Public Enterprises League Table (PELT) Awards programme. Explaining further, he said "The PELT, as a tool to engender competition will rank the performance of entities in respect of their attainment of targets set and agreed in the annual performance contract they signed with SIGA. It is designed to be a technical ranking system on several dimensions ranging from financials, efficiency and productivity, management improvement and innovation" Hon. Cudjoe stressed that the PELT is envisaged to promote innovation in the management of the public enterprises adding that it is expected to trigger a derived motivation on the part of the boards and CEOs to want to do better to solve the problems of the public enterprises –high indebtedness, loss making, inefficiencies, low innovation, lack of research and development. "Since these problems are 65 years, we must all work together to send them to retirement. The awards aspect of the PELT as we are going to witness here is to provide non-pecuniary incentives for improved performance, and to recognize the CEOs/MDs/DGs and Boards of the good performing entities. Unlike a typical soccer league table, when an entity is last on this league table, it does not mean it is going on relegation but needs more attention including training and capacity building and possibly further capitalization by the shareholder" "On the other hand, when an entity is first, it means to a large extent it is doing the right thing and must be encouraged to do more. This is why the PELT must be understood as a management by exception tool. Ladies and gentlemen, I love competition because competition is fair and brings out the best in us. Yes, the person who comes first comes under pressure to sustain performance and the person who comes last comes equally comes under pressure to improve performance. This how fair, the PELT is, so enjoy the competition" "Let the PELT keep reminding you that these issues of profitability, payment of dividends, timely reporting, efficiency in service delivery and many others, still remain a challenge for us solve after receiving or not receiving an award tonight. I wish to appreciate the PELT Technical committee for working hard to ensure the PELT awards become a reality" he concluded. On his part, the Vice President, Dr. Bawumia said "I was happy to accept because State Entities play an important role in the economy of our country. There is no doubt that they would continue to play critical roles in the economy going forward, and the government will give them all the support to achieve profitable and sustainable operations" The Vice President also said "It is worth to note that the recent interest in specified entities is because of the openness and transparency that this government has demonstrated by laying bare all the relevant facts that pertain to these entities. For those who have followed particularly the publication of the State Ownership Reports, you will notice that state of reporting has significantly improved, from what it was before. We had entities that had not presented audited accounts over a long period" Dr. Bawumia, while stating this however, admitted that there are still several non complying entities when it comes to financial reporting. "I would like to also state that relative to timely financial reporting, the honeymoon is long over and severe sanctions will follow from now onwards for those who fail to meet required deadlines as specified in the law. The state must generate beneficial economic and social outcome from its investments in these entities, and the efforts made to improve reporting. The use of digital technology should make reporting much easier and seamless going forward" "Ladies and gentlemen, I wholeheartedly support the innovation of the Public Enterprises League Table (PELT) because it provides a pathway for recognising well performing boards, CEOs and their management. It is my wish that the Public Enterprises League Table the gold standard for recognizing Specified Entities whose responsiveness and performance would be open for all to see" The Vice President noted that the critical issue of contingent liabilities of state entities and their impact on government finances crowds out the opportunity to fully address pressing issues of national development. "It is not right, that entities who have been entrusted with key state assets, declare losses for tax revenue meant for critical services to be diverted to support them. I am reliably informed by the Minister of Public Enterprises that a State Ownership Policy, Performance Management Framework and a Code of Corporate Governance for Specified Entities have been developed in conjunction with the Ministry of Finance, Public Services Commission and SIGA for Cabinet’s consideration. Together with the performance agreements signed between entities and SIGA, I expect to see vibrant and profitable specified entities sector going forward" The Vice President also revealed that the Specified Entities register will soon be published and all entities therein listed will have to comply with all reporting requirements of the SIGA Act 990. He hinted that it is the intention of the government, that some state-owned enterprises be listed on the Ghana Stock Exchange adding that this is to give Ghanaians the opportunity to participate in their activities. "It would also open the companies up to greater transparency and the tenets of good corporate governance. Besides the above, the listing would make available to the companies, additional capital for investment and growth without resorting to government for capital injection" Taking his turn, the Director-General of State Interests and Governance Authority (SIGA), Ambassador Edward Boateng said "These recognition Awards are to increase the level of discipline, responsibility, and accountability amongst Specified Entities. The Awards are based on the achievement of the targets set in the Performance contracts signed with the entities. The targets are to a considerable extent set by the entities themselves but sadly many of them fail to meet their own targets" He added that through this public recognition of the entities who strive to these targets, others will be encouraged to do same. "Specified entities are expected by government to contribute 30% to GDP. Latest statistics indicate they are doing less than 5% when together they manage over 50% of the nation’s national productive assets. The PELT Awards seeks to redress this imbalance which has been sitting with us since Independence. Several interventions, however, have been put in place to ensure the negative narrative of the sector changes for the better" "Among such interventions include: The publication of the yearly State Ownership Report which began in 2017, an Equity study which was commissioned in 2018 to provide a comprehensive database on all government equity holdings, the commissioning of asset verification exercise in 2019 to create a comprehensive database on the assets of defunct/inactive entities on the divestiture implementation programme and the evaluation of the 2020 performance contract for SOEs, for the first time in about three decades" "The PELT which is based on the evaluation of the performance contract signed annually by Specified Entities adds one more stage to help in the transformation agenda. Our goal is to build these Awards over the coming years into one of the country’s most significant and treasured corporate Awards, a trophy that will be highly treasured by any CEO who means businesswise" He mentioned that SIGA as an authority will continue to use the PELT and other enhanced management tools available to demand growth, accountability, and performance from the Specified Entities. Ambassador Boateng encouraged all SEs to take the performance contract signing seriously going forward because of this new dimension of a league table and award scheme. At the PELT Awards, a brief ceremony was held where there was a signing of the 2022 Performance Contract with specified entities. In an exclusive interview with Thinknewsonline.com, the Deputy Commissioner of Gaming Commission of Ghana, Kobby Annan thanked God and the organizers for the award. He said "People should expect the gaming commission to do better in the coming years. We had 5 nominations but won one. We are happy about that though" He charged the award winners not to over rejoice but see it as a bigger challenge, of which they have to do more. In all, 12 awards were given to some deserving entities for their tremendous work throughout the year, 2020. Some of the awardees and their categories include; Overall Specified Entity of The Year - Tema Development Company Limited, Best Digital Specified Entity - DVLA, Best Inter-Trading Specified Entity- FDA, Most Efficient Regulator - Water Resources Commission, Most Financially Sustainable Regulator - FDA, Most Compliant Regulator - Environmental Protection Agency. Others include; Most Compliant SOE - Ghana Irrigation Development Authority (GIDA), Most Innovative Regulator - Gaming Commission of Ghana, Most Innovative SOE - Volta River Authority, Regulator of The Year - DVLA and State-Owned Enterprise of The Year - Tema Development Company Limited (TDC). Below are some pictures: Story by: Joshua Kwabena Smith

Some scores of social media users have taken to Twitter to express disappointment in the Akufo-Addo government over the 60% sale of Golden Tulip Hotel to Lebanese Company, Lancaster. In series of tweets sighted by Thinknewsonline.com, Ernest Arhinful tweeted "Apparently, the government has also sold 60% shares of the Golden Tulip Hostels to a Lebanese company called Lancaster. Effective today, the hostel’s name change to Lancaster Accra" StatsGH also tweeted "The Golden Tulip hotels in Ghana are owned 40% by our Government and 60% by Libya. Our shares in the company has been sold to a Lebanese company called Lancaster. Many are seething over the shady deal led by the Finance Minister. More soon!" HazardBa Gh tweeted "Golden Tulip saf the Government cashout half 😂😂😂" Mr Pressdent tweeted "Government after selling 60% shares of the Golden Tulip in Accra 😂" Bernard Oduro also tweeted "The NPP Government simply Came to steal, loot and destroy, NPP Government never again, Golden Tulip Hotel sold just like the Achimota Forest Reserve #Bot #agendaofhope https://t.co/BOtADrwWoj" Below are screenshots: Story by: Joshua Kwabena Smith

Information reaching Thinknewsonline.com indicates that 60% shares of Golden Tulip Hotel located at 37, a community in Accra has been sold to Lebanese Company, Lancaster. According to sources, the 60% sales has led to a change of the Hotel's name to Lancaster Accra. It is emerging that the change of name takes effect from July 1, 2022. In a letter sighted by Thinknewsonline.com, it said "Dear Valued Guest, we wish to inform you that from 1st of July 2022, the name of the hotel will now change to Lancaster Accra. "We would also like to inform you to rest assured as this change will not affect normal operations of the hotel" The letter also charged valued guests to contact the Front Desk in case they need any clarification or assistance. Below is a copy of the letter: Story by: Joshua Kwabena Smith

Assin Central lawmaker, Kennedy Agyapong has expressed disappointment in the decision by the New Patriotic Party (NPP) government to go to the International Monetary Fund (IMF) for support. He said this decision will make breaking the 8-year cycle by the party tough. In his view, this is like handing over power to the National Democratic Congress (NDC) without a contest because the NPP criticized the NDC administration when they went to the Breton Woods institution. Mr Agyapong who indicated earlier, after the NDC went to the IMF, that any party that goes to that institution for assistance has failed, said he does not know what to say again after his own party has taken the same decision. “It is just like handing over power to NDC without a contest, straight away because the noise we made, and I chew my own words back when I said the NDC went to IMF because of mismanagement of the economy. So if NPP is going to IMF, what am I going to say? So breaking the is going to be tough. “My message to you is simple, you cannot, read my lips and I am not scared of anybody in the party, I will tell you the gospel truth, those who take you to IMF cannot break the 8,” he said at an on-going NPP National Constituency Officers Welfare workshop at Koforidua in the Eastern Region Friday. President Nana Addo Dankwa Akufo-Addo has instructed his Finance Minister Ken Ofori-Atta to commence formal engagements with the International Monetary Fund (IMF) inviting the Fund to support an economic programme put together by the Government of Ghana. This followed a telephone conversation between the President and the IMF Managing Director, Miss Kristalina Georgieva, conveying Ghana’s decision to engage with the Fund. The Ministry of Information announced this in a statement on Friday July 1. A Deputy Minister of Finance, Mr John Kumah said an IMF programme will help the country to come out from the economic challenges faster. He said the government hopes that the programme will benefit the country. “Our objective as government is to restore confidence in the economy and rebound it from the difficulty, from the challenges, not only in Ghana but almost all economies around the world. “We believe that where we stand now, an IMF intervention will help us come out quicker than we could. We hope that it will benefit the country,” he told TV3’s Komla Adom on the mid day news on Friday July 1. Story by: Laud Nartey

A Ranking Member on the Foreign Affairs Committee in Parliament, Samuel Okudzeto Ablakwa has charged the Akufo-Addo government to scrap the E-levy if it has finally agreed to go to the International Monetary Fund (IMF) for support. Mr. Ablakwa, who is a Member of Parliament (MP) for the North Tongu constituency, added that the government before the implementation of the controversial E-levy gave two options to addressing the economic crisis. He said government mentioned either it seeks the IMF's support or implement the levy which it did at all cost. After finally agreeing to seek IMF assistance, the lawmaker is urging the government to do the needful and scrap what he calls an unconstitutional and repugnant E-Levy as soon as possible. He said this on Thursday, July 1, 2022 in a Twitter post following the announcement by the government to go to the IMF. “You gave Ghanaians two options: E-Levy or IMF. Having opted for the IMF, any honest government will scrap the unconstitutional and repugnant E-Levy immediately,” he tweeted. Find his tweet below; Credit: Modern Ghana

The Food and Drugs Authority (FDA) had swept two prestigious awards at the maiden edition of the Public Enterprises League Table (PELT) Awards. The event which was held at the Kempinski Gold Coast Hotel in Accra on Thursday brought together numerous entities to network and celebrate their achievements. The FDA were crowned the Best Inter-Trading Specified Entity and Most Financially Sustainable Regulator. In an exclusive interview with Thinknewsonline.com, the Chief Executive Officer (CEO) of FDA, Delese Mimi Darko said "I give God all the glory" She also commended staff of the FDA for their tremendous work throughout the year, 2020. At the PELT Awards, a brief ceremony was held for the signing of the 2022 Performance Contract with specified entities. In all, 12 awards were given to some deserving entities for their tremendous work throughout the year, 2020. Some of the awardees and their categories include; Overall Specified Entity of The Year - Tema Development Company Limited, Best Digital Specified Entity - DVLA, Best Inter-Trading Specified Entity- FDA, Most Efficient Regulator - Water Resources Commission, Most Financially Sustainable Regulator - FDA, Most Compliant Regulator - Environmental Protection Agency. Others include; Most Compliant SOE - Ghana National Petroleum Corporation (GNPC), Most Innovative Regulator - Gaming Commission of Ghana, Most Innovative SOE - Volta River Authority, Regulator of The Year - DVLA and State-Owned Enterprise of The Year - Tema Development Company Limited (TDC). Below are some pictures: Story by: Joshua Kwabena Smith

President of the ECOWAS Commission, His Excellency Jean-Claude Kassi Brou says the crisis between Ukraine and Russia has had a significant impact on global inflation. According to him, it has also had an impact on the supply of basic commodities to the people and their economies. Speaking at the opening ceremony of the Eighty-Eight Ordinary Session of the ECOWAS Council of Ministers in Accra on Thursday, he said "Internationally, the crisis between Ukraine and Russia has had a significant impact on global inflation and the supply of basic commodities to our people and our economies" He reminded the Ministers that during the two-day meeting, they will consider the reports presented to them on the management of its institutions and the activities of the various departments of the Commission. "This session of the Council of Ministers is being held in a context still marked by the COVID-19 health crisis, although it is less worrisome than in the recent past" "Above all, today's meeting is characterised by the lingering security crisis in the frontline countries (Mali, Burkina Faso, Niger and Nigeria) and in several coastal countries." "These different crises, compounded by the devastating consequences of climate change, have resulted in a difficult humanitarian situation" "In particular, you will discuss the report on the state of the Community, the report of the Administration and Finance Committee, and the financial situation of the Community as at the end of May 2022" He hinted that the Auditor General will also present a report on his activities for the year 2021, which will be followed by the report of the 47th Audit Committee. At the operational level, he stressed that different reports will be submitted to the Ministers for decision and information. "Similarly, the conclusions of the work of several sectoral ministerial meetings and various reports will be submitted to you for endorsement" He noted that in a closed-door session, the Ministers will consider the report of the Ad Hoc Ministerial Committee for the Selection and Evaluation of the Performance of Statutory Appointees of the Community for the 2022 - 2026 period" "As you can see, the agenda for this session is very loaded, but we have no doubt that you will carefully examine all the matters before you" "Throughout our tenure, we have made every effort to meet the expectations of ECOWAS leaders and people. As with any human endeavor, much has been achieved but much more remains to be done to actualise the ECOWAS Vision 2050, with the mantra: "ECOWAS of the Peoples: Peace and Prosperity for All". I am confident that our region will once again show resilience and our economies will make a strong recovery for the benefit of our people" On her part, the Minister for Foreign Affairs and Regional Integration, Madam Shirley Ayorkor Botchwey called on members of the Economic Community of West African States (ECOWAS) to come together and help eradicate terrorism in Africa. Madam Ayorkor Botchwey said "We need to committ to mobilise the requisite resources to support the implementation of the ECOWAS 2020-2024 action to eradicate terrorism in the region" She reminded the house that African countries such as Burkina Faso, Mali, Niger and Nigeria are tye current hot zones to recurrent terrorist attacks and violent extremesms. Madam Botchwey, on insecurities in neighboring countries, cited Benin and Ghana as the red zones. "These attacks poses socio-political, security and humanitarian challenges and hamper the commissions effort to improve the living standards of its members  hence my appeal for members to mobilise more resources" Story by: Joshua Kwabena Smith

All 29 suspects who were arrested for rioting during the Arise Ghana demonstration on Monday 28th June, 2022 have been granted police enquiry bail. Twenty six (26) of them who have met the bail conditions have been released. The remaining three (3) are still going through the process of satisfying the bail conditions for their release. The Martyr's day celebrations today, made it difficult for the suspects to be arraigned before the court. Therefore, in line with the constitutional provision of not keeping suspects beyond 48 hours, they were granted bail and will be arraigned on Monday, 4th July, 2022. We remain committed to ensuring that all other perpetrators are arrested and prosecuted in accordance with the laws of the country. Story by: News Desk Report

The Economic and Organised Crime Office (EOCO) is cautioning the public not click on any link purporting to be emanating from their bank unless they have confirmed from respective bank(s). EOCI made these known following ots banking fraud awareness education. In a state signed by the Head of Public Affairs, EOCO, Faustina Lartey, she said "The Economic and Organised Crime Office has noticed with great concern the rate at which some members of the general public have fallen victims to fraudulent banking transactions" She added that the fraudsters have taken advantage of the ongoing call on customers of Banks to link their accounts to their Ghana Card. Regarding the bank frauds, fraudulent messages are sent to individuals requesting them to click on links in order to update their bank records. "Customers are then required to provide the following details: Bank Account Numbers, Mobile Numbers, Mobile App PIN, One Time Password (OTP)" The Head of Public Affairs added that some daring fraudsters even make phone calls to members of the public to request for the aforementioned information. The EOCO says it is advising the general public not click on any link purporting to be emanating from their bank unless they have confirmed from their banks. "Kindly be informed that your Bank will never ask you f6r your PASSWORD, PIN or OTP. Quickly Report any suspicious SMS, email or Phone Call to your Bank for immediate action" The Economic and Organised Crime Office says in line with its mandate to prevent and detect organised crime will continue to monitor developments with fraudulent banking transactions with the view to ensure that citizens are protected from fraudsters. Below is a copy of the release: Story by: Joshua Kwabena Smith

The Economic and Organised Crime Office is cautioning the general public to do due diligence to avoid being victims to any fraudulent online business transactions. According to EOCO, it is cautioning the public following the surge in fraudulent online business transactions. In a statement signed by the Head of Public Affairs, Faustina Lartey, she said "This recurrent crime, comes at the back of fraudsters cashing in on the convenience of transacting business online and depriving members of the public of their hard earned monies" Madam Lartey also explained that these criminals have targeted the online purchase/delivery services and are defrauding unsuspecting members of the public. Further explaining their mode of operations, she revealed that the criminals open fake online accounts where they advertise very attractive items at competitive prices while offering door to door delivery services. "In reality, no such shops exist therefore the operators do not encourage shop visits or picking up of items in person. Full payment before delivery is their preferred business module" "They stop interacting with their victims the very moment full payment is made or some substantial amount of money has been paid by the victims" "They finally block off the victims' contact numbers or their social media pages to avoid interacting with them. The general public is hereby advised to do due diligence before parting away with money all in the name of online shopping/ delivery" The Economic and Organised Crime Office says in line with its mandate to prevent and detect organised crime, it will continue to monitor developments with online business transactions with the view to ensure that citizens are protected from these fraudsters. Below is a copy of the release: Story by: Joshua Kwabena Smith

The Newly-elected President of the Ghana Journalists Association (GJA), Albert Dwumfuor has been sworn-in despite a court injunction. He took the oath today Thursday together with other executives supervised by His Lordship George Kingsley Coomson an Appeal Court Justice. Reports from the event ground at the Accra International Conference Centre indicates that Mr. Dwumfour was at the venue. However, after a moment, he was whisked into a separate room perceived as an attempt to 'avoid' the surprise of being served the court injunction at the venue since he was not available to be served. A member of the Association Justice Lee Adoboe filed an injunction suit against the swearing-in ceremony of Mr Albert Dwumfour. Mr Adoboe wants allegations of bribery levelled against Mr Dwumfour in the lead-up to the polls, investigated first before the swearing-in takes place. Mr Adoboe is praying the court to, among others, declare that the “offer of cash, favours, and/or incentives by the 3rd defendant [Mr Dwumfour] and Samuel Amoh Tobin, to members of 1st defendant association in the Western Region, constitutes an electoral malpractice under article 52 of the GJA constitution”. About a week before the election, The Fourth Estate reported that a member of the GJA in the Western Region, Dotsey Koblah Aklorbortu, petitioned the election committee of the association to investigate and act on the conduct of Mr Dwunfuor, who was one of the three contestants for the presidency (The other two GJA presidential contenders are the editor of The Ghanaian Times, Dave Agbenu; and a journalist and communications consultant, Gayheart Mensah). In the petition, Mr. Aklorbortu alleged that Mr. Dwumfour “with tacit support from the Chairman of Tobinco Group of Company, Mr. Amoh Tobbin, offered members of the GJA in good standing, [at a meeting], in addition to the buffet, an amount ¢500 (sic)to vote for Mr. Albert Dwumfour.” The petitioner further alleged that “ Mr. Amoh Tobbin , in the said meeting at the Atlantic Hotel in Takoradi, told journalists to vote for Mr. Dwumfour in order to protect and promote his business. “He said during the previous administration, his business suffered under Mr Opuni and that he used the media to protect his interest. Therefore, voting for Mr. Albert Kwabena Dwumfour to become the GJA President will mean protection for his business interest.” Mr Tobbin is heard in the video saying if it were a political thing, he would ask, “Should I give a TV [set] or this or that”, which was greeted with laughter from the journalists present at the meeting. “I will be of help because I’m in the industry and more so, I’m a businessman. So, I’ll need you tomorrow. If you come tomorrow after voting for him and I turn you down, Tobinco is a household name. Who knows tomorrow?” he said. “I’m not a politician, who will say it and just go away. I’m a businessman. I’m in a lot of businesses. So do him [pointing to Albert Dwumfour] a favour. Do me a favour by bringing him. When you bring him… why I want you to bring him on board is to support my business as well. He’s my corporate person. He does all my social [activities],” he told the journalists. This the petitioner says the actions of Albert Dwumfour contravene “Article 52 (b) (c) and (d) GJA constitution 2004. It states ‘52 (b) it shall be an election offence for any candidate to directly or indirectly offer cash, favours, any incentives, or apply threats with the intention to influence the election results. (c) Any candidate found contravening the provisions of Article 52 (b) shall be disqualified after due investigation by the elections committee and (d) if found guilty, the candidate shall be barred from standing for any GJA elections for the next two (2) subsequent general elections. Mr Albert Dwumfour won massively against his two contenders in the election. Credit: Modern Ghana

The Chairman of the Board of Trustees of the National Cathedral of Ghana, Apostle Professor Opoku Onyinah, has assured all and sundry that the trust the nation – through President Nana Addo Dankwa Akufo-Addo – has reposed in them in building a state cathedral will not be betrayed. In that light, he maintained that nothing “fishy” is being done about the monetary matters of the National Cathedral project. The former Chairman of the Church of Pentecost made this known on Wednesday, June 29, when he addressed journalists on the upcoming National Cathedral Week. The Week is scheduled to be celebrated from Monday, July 4 to Sunday, July 10. A total of 100 million Christians are being mobilised to contribute GH¢100 each during the Week to help see the project Credit: 3news.com