GYEEDA Contracts Scrapped, As Firms Agree To Refund Cash

By Edmund Mingle
Service providers under the Ghana Youth Employment and Entrepreneurial Agency (GYEEDA) programme have agreed to refund all monies advanced to them, as the government has abrogated all, contracts under GYEEDA.

President Mahama (right) receiving the GYEEDA
Report from Youth and Sports Minister,
Elvis Afriyie Ankrah

The terminated contracts under the GYEEDA modules included those with Rlg Communication's training module, Asongtaba Cottage Industry & Exchange Programme (ACI&EP), and the Better Ghana Management Services Limited, a subsidiary of Jospong Group of Companies and Craftpro Limited.

Following the termination of the contracts which was communicated to the parties in letters dated January 9, 2014, and demand notices by the Attorney-General, the Rlg Communications, Asongtaba Cottage Industry & Exchange Programme and Craftpro Limited indicated their preparedness to refund all monies advanced to them by the government under the respective GYEEDA projects.

The termination of the contracts, which formed part of the government fight against corruption, followed the submission of a committee’s investigative report on the operations of GYEEDA, by the Youth and Sports Minister, Elvis Afriyie Ankrah, to President John Mahama on January 7 this year.

The report recommended the abrogation of some contracts, which it found to have been inappropriately awarded, and of the monies refunded.

Mr. Afriyie Ankrah who confirmed the contracts termination to the Ghanaian Times yesterday, said the Attorney-General was dealing with the affected firms on the timelines for the refund of the monies.

Asked about the possibility of prosecution of people and groups found culpable, he noted that such decision was for the Attorney-General to take, indicating that the Attorney-General Department had been collaborating with the Economic and Organised Crimes Office on the GYEEDA investigations.

According to the minister, the cancellation of the contracts, which was communicated in letters signed by Alhaji Abdulai Yakubu, Chief Director of the Ministry of Youth and Sports, was done after a series of meetings between the government and the companies.

The letter said "I am directed to convey to you, Government's decision to discontinue or terminate the contract with immediate effect.

"You are hereby requested to continue to have engagements with the Attorney General's Department and Ministry of Justice on your liabilities to GYEEDA and ensure the refund of same to Government," it added.
Following notices of demand for the refund of the monies which the Attorney-General indicated in the demand notices that those monies were paid without Parliament’s approval, Rlg Communications Limited, agreed to refund over GH¢7. 2million while Asontagba Cottage Industries and Exchange Programme, agreed to refund over Gh¢ 41.3million. Caftpro Limited is also refunding about GH¢7.5million to the State.

In their separate letters responding to the demand notices by the Attorney-General, the three companies, prayed a little more time beyond the five days timeline given to them in the demand letters.

Craftpro Limited and Asontgtaba Cottage Industries are refunding the interest-free set up portion of the contract sum, while Rlg Communications is refunding monies “wrongly termed a loan” under the contract.

Rlg Communications’ letter dated December 12, 2013, signed by the company’s lawyer, Prosper Harrison Addo, and addressed to the Attorney-General and Minister of Justice, prayed for more time to refund the money.
“While we agree to refund the interest free refundable portion of the contract sum, which we have started per the contract terms, it is impossible to refund the amount due and owing as at today in five days, unless we are being set up to default payment and/or jeopardize the operation and the very existence of the company.

“We are by this letter praying your good self for a meeting at your earliest convenience to discuss the issues raised in your letter and our reply to come out with a workable plan,” the letter said.
END

ADB Outdoors New Corporate Identity

By Edmund Mingle

The Agricultural Development Bank (ADB) yesterday outdoored its new corporate identity in line with its restructured operations to offer enhanced services to the agricultural and various sectors of the economy.

Stephen Kpordzih, Managing Director of ADB

The new logo, which the bank said demonstrates its renewed commitment to national developmental ideals, is a major part of the implementation of a rebranding and expansion strategy to make the bank more competitive.

In addition, the expansion plan is to enable the bank to be abreast of modern trends in banking and financial services industry, while keeping to its mission of being a leader in agriculture financing.

“We are through the launching of a new logo and identity, embarking on a new era of banking excellence and a renewed support for the nation’s development agenda,” said Stephen Kpordzih, Managing Director of ADB at the launch in Accra.

He explained that the new logo reflects a deep will within ADB to keep up with modernity and evolution.

Touching on the need for a new corporate image, he noted that on account of significant national and international recognition received by the bank, “ADB has evidently outgrown its old identity, hence the need to refresh its identity, improve its look and feel, and present its modern face to the country and the world at large.”

“Our name, values, mission and purpose remain unchanged,” he said, explaining that the “new logo is part of a broader initiative to clearly define ADB as a modern institution and set out a new ambition for the future.”

According to Mr. Kpordzih, ADB from 2010 embarked on a change agenda which had transformed the bank in the areas of infrastructure, internal processes, business model, products and channels, human resource skills, branch outreach and external looks, among others.

“On the strength of this remarkable transformation, ADB continues to receive recognition and commendation through local and international awards from reputable organizations and bodies,” he said.

In 2013 alone, he said the bank won 15 awards locally and internationally, and pledged the bank’s commitment to continue to live up to expectation.

Nana Soglo Alloh IV, Chairman of ADB’s Board noted that execution of the bank’s 2010-2012 strategy allowed ADB to stay true to its core business mission and also repositioned ADB as a competitive and highly efficient policy-led agricultural-financing institution of choice, and a modern universal bank with a sustainable development outlook.

Currently, the bank is in the initial stage of its follow-up strategic plan for the 2014-2016 period, designed to ensure sustainable growth and profitability and build on the key successes achieved in the previous strategic plan.

He announced that a key driver in the new plan “is the injection of additional capital into the business of the bank through floatation of part of the publicly held shares of the bank and the aggressive recovery of debts owed by defaulting customers.”

“Into the future, we recognize our responsibility as a bank to our customers, shareholders, government and country, employees, and our service providers and so pledge our commitment to keep to our mission,” he said.

“To our government and country, we are committed to leveraging our skills, resources and risk expertise to build an efficient policy-led agricultural-financing institution of choice and contribute to the building of a strong national economy,” the Chairman added.

Unveiling the new logo, on behalf of Seth Terkper, Minister of Finance, George Kweku Rickett-Hagan, a Deputy Ministry of Finance, commended the management of the bank for the initiative, saying that the rebranding would enable ADB to attract new customers and widen their foot print in the banking industry.

The banking sector, he noted, has become increasingly competitive with new banks getting licensed, while others continue to develop new and superior products and services to meet customer expectations.

The minister lauded the contribution of ADB to national development, and assured it of government’s continuous support and cooperation.

END