Mediation awaits Menzgold, BoG/SEC

By Edmund Mingle

Menzgold is grappling with mass withdrawals

The regulatory dispute between gold dealership firm, Menzgold Ghana Company Limited, on one side, and the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC) on the other, has reached its highest point towards a full blown legal tussle.

It begun over a year ago with regulatory issues between Menzgold and BoG over Banking and Specialised Deposit-Taking regulations, then SEC joined the impasse recently, directing Menzgold to suspend operations and abide by the Securities and Exchange regulations.

It has already been a long tussle, characterised by accusations and counter accusations between Menzgold and SEC/BoG, and amidst varied public opinion and judgement on the matter.

The SEC directive has led to ongoing panic withdrawals of “investments” by customers who want to ensure the safety of their “deposits.”

Dr Ernest Addison, Governor of BoG

In the latest twist, Menzgold last week filed a suit at an Accra High Court challenging SEC and BoG over their capacity to regulate the company’s operations.

Already, the parties, especially Menzgold, are grappling with the cost of the impasse.

Experts indicate that the panic withdrawals and the suspension of operations, could lead to the collapse of Menzgold, while it will take a long time for BoG and SEC to recover from the public mistrust and negative perception they have suffered as a result of the dispute.

A legal tussle can only worsen the situation for the parties.

Mediation, undoubtedly, has become the best dispute resolution tool in the financial sector due to its high benefits in protecting investment interests and ensuring win-win situation for all parties.

Menzgold's CEO, Nana Appiah Mensah

Mediation, an Appropriate Dispute Resolution (ADR) Mechanism, has been used to resolve more complex disputes than the case of Menzgold, in the financial sector in many countries, including Ghana.

Menzgold and BoG/SEC could have avoided the impasse and the attendant cost if they had employed mediation, but the opportunity remains for the parties to opt for mediation.

Clearly the parties have entrenched positions and interests, which the Court hearing the case, would either affirm or reject, meaning that it will be a win or lose outcome for the parties.

Rev. Daniel Ogbarmey-Tetteh, Director General of SEC

But with mediation, Menzgold and BoG/SEC would be assisted to drop their arsenals and have a non-adversarial conversation to understand each side’s position and interests for them to formulate an amicable solution for the benefit of all stakeholders.

Compared to court litigation, mediation remains inexpensive, confidential, protects relationships and offers speedy resolution and both-gain outcomes.

Opting for mediation does not mean a party has a weak case, so Menzgold or SEC and BoG can call for mediation, which the courts are ready to grant.

It is not too late to avoid a legal showdown.

Mediation offers the opportunity for Menzgold, BoG and SEC to amicably settle the dispute without compromising on regulations and jeopardizing the interests of investors and customers.

 Source: adrdaily.com

Morocco: An Impetus For ECOWAS

May 30, 2017

By Edmund Mingle

The next Heads of State Summit of the Economic Community of West Africa States (ECOWAS) slated for Monrovia in June, is expected to take a historic decision that could change the fortunes of the sub-region.

That make-or-break decision has to do with the Kingdom of Morocco’s request to join ECOWAS, and the interesting move by the North African country to join the 15-member West African sub-regional body, makes the decision to be taken very critical.

It is critical not so much of whether Morocco qualifies, because although located in North Africa, Morocco’s bid is in line with provisions of ECOWAS founding treaty and its membership criteria, which qualifies it to join ECOWAS as a Regional Economic Community.

King Mohammed of Morocco

But it is deemed highly critical because of what that country brings on board and whether it could offer the needed impetus in rejuvenating ECOWAS’ drive for active regional integration and economic growth.

ECOWAS objectives

Founded in 1975 following the Treaty of Lagos in Nigeria, ECOWAS is a 15-member regional group, including Benin, Burkina Faso, Cape Verde, Cote d’ Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sierra Leone, Senegal and Togo.

With the aim of promoting the ideal of collective self-sufficiency for its member states, the overriding concern of ECOWAS is to create a single, large trading bloc through economic cooperation. This will have the effect of reinforcing security and peace on the continent by creating a borderless region, whereby African citizens will benefit from the abundant resources of the continent.

These objectives are shared by Morocco, whose bid to join the ECOWAS is bolstered by its longstanding political and economic ties with West African countries, anchored on south-south cooperation, which has resulted in that country being the largest African investor in the sub-region.

Criticisms

Although the Kingdom insists that the move to join the sub-regional bloc is to entrench its south-south cooperation efforts by sharing its resources to support economic growth in the West, critics say it has turned to West Africa due to the collapse of the Maghreb Arab Union made of North African countries, most of which are currently in political and economic distress.

Other critics say the move is an attempt by Morocco to use ECOWAS as a stepping stop to penetrate other regions in its quest to dominate the African economy.

Irrespective of the criticisms which the Kingdom has downplayed, expert analysis clearly indicates that ECOWAS stands to benefit significantly from the admission of Morocco.

Mutual Benefits

ECOWAS weighs 630 billion dollars, representing the world’s 21^st Gross Domestic Product (GDP), and by integrating Morocco, ECOWAS would become the 16^th largest economy in the world with an addition 115billion dollars and a GDP approaching 745 billion dollars, ahead of Turkey and right after Indonesia.

With its strategic geographical and economic position, Morocco would be a vital platform for ECOWAS countries to secure the European, American and Arab markets.

In addition, joining the ECOWAS will help Morocco to strike a balance in its foreign trade by gearing exports towards Africa instead of the EU, which takes 60 per cent of Morocco’s foreign trade.

Furthermore, a significant benefit is that Morocco will contribute towards social economic development in ECOWAS not through trade but mainly direct investment.

Morocco does not constitute a threat to ECOWAS, as only six per cent of Moroccan exports are directed to the 15-member States, although 65 per cent of Morocco’s foreign direct investments are directed to ECOWAS countries, making the country the leading investor in the region.

Fresh projects

The official request to join ECOWAS comes after the recent re-admission of that country into the African Union after its voluntary withdrawal for about three decades.

Before submitting the bid to join the ECOWAS, King Mohammed VI visited 11 countries in the sub-region which were crowned by the signing of numerous major agreements that give strong impetus to bilateral cooperation with the member countries of the regional bloc.

Chiefly among the agreements, Morocco and Nigeria signed a bilateral cooperative deal for the construction of a landmark Africa Atlantic Pipeline project, which will help West Africa bolster its energy security while channeling Nigerian gas across Africa to as far as Europe.

Apart from the Nigeria gas pipeline project, it is also investing in the Tangier-Lagos highway that will benefit the whole of the region. In addition, it is investing in major projects in the agricultural sector for food security, housing infrastructure and renewable energy.

In Ghana, the two countries signed 25 major governmental and public-private partnership agreements in different sectors.

Among other investments, Morocco has initiated industrial cluster projects in a number of countries in the sub-region in the areas of manufacturing, agro-business and fertilizers to attract foreign capital and improve export competitiveness.

Morocco, which holds the third largest reserves of phosphate rock in the world after China and United States of America, remains the single largest producer and supplier of fertilizers. Phosphorus, a key component for fertilizer, is derived from phosphate rock. Prepared to support the African economy with that competitive advantage, Morocco has initiated fertilizer plant projects in several African countries as a measure to boost agriculture production on the continent.

Trust and Cooperation

In his landmark speech in Addis Ababa on the occasion of Morocco’s recent return to the African Union, King Mohammed VI lauded the achievements of ECOWAS, saying that intra-regional trade has reached 10 per cent between the member countries of the west African sub-region, adding that this grouping offers “a reliable space for free movement of persons, goods and capital.”

“Africa must trust Africa, and Africa must work with Africa,” he stressed.

According to Mr. Hamid Chabar, Moroccan Ambassador to Ghana, his government remains expectant of a positive response from the ECOWAS Summit, adding that the objective of joining ECOWAS was genuine and in the spirit of beneficial south-south cooperation and regional integration.

 “Morocco has a lot of experience and expertise in various sectors, and we are ready to place it at the disposal of other African countries,” he said during an interaction with journalists in Accra.

Lessons from attempts to enhance the sub-regional economy point to the need for increased intra regional trade and cooperation to make the sub-regional economy more competitive.

Convergence criteria

The failed attempt to establish the “Eco”, which would have been the common currency for the Anglophone countries in ECOWAS, due to the inability of the countries to meet the convergence criteria, shows the level of weakness of the economy of ECOWAS.

The fresh attempt to introduce a new single currency for the entire ECOWAS by 2020, pending the meeting of four primary convergence criteria, including a single-digit inflation, a fiscal deficit (excluding grants) of not more-than four per cent of GDP and three per cent including grants, central bank financing of fiscal deficit of not more than 10 per cent of previous year’s tax revenue; and a gross external reserves of not less than three months of import cover, would required a lot from ECOWAS members to significantly improve their economies through increased production

Perhaps, the anticipated admission of Morocco into ECOWAS could change the production, export and trade dynamics of the member countries to bolster rapid economic growth that would support the introduction of a common regional currency.

When that happens, ECOWAS, and Africa in general will become more economically competitive in dealing with the rest of the world.

Facts about Ghana's new Chief Justice Sophia Akuffo

Sophia Akuffo has officially been named by President Akufo-Addo as the next Chief Justice of Ghana, to replace Chief Justice Georgina Wood who retires in June 2017.

There are some interesting facts about her you would like to know and these are just 11 fact you need to know.

• Justice Sophia Akuffo was born on 20th December 1949 [Aged 67 years]
• Sophia Akuffo had her Masters in Law (LLM) from the Harvard University in the United States.
• She was appointed to the Supreme Court  by Jerry John Rawlings on 30th November 1995
• Sophia A.B. Akuffo has been a Judge of the Supreme Court of Ghana for the past two decades
• She is the second senior most Justice on the Supreme Court bench after Justice William Atuguba
• She trained as a lawyer in Nana Akufo-Addo’s chambers
• She has been a member of the Governing Committee of the Commonwealth Judicial Education Institute, and the Chairperson of the Alternative Dispute Resolution Task-Force.
• In January 2006, she was elected one of the first judges of the African Court on Human and Peoples’ Rights initially elected for two years; and was subsequently re-elected until 2014, and is at present serving as Vice-President of the Court.
• She has written The Application of Information & Communication Technology in the Judicial Process – the Ghanaian Experience, a presentation to the African Judicial Network Ghana (2002)
• She presided over the infamous Montie three case in 2016
• If confirmed by parliament, Justice Sophia Akuffo will be the fifth Chief Justice under the fourth republic, and also be the 13^th Chief Justice in the history of the Republic of Ghana.

Trump warns Comey over leaks to media

US President Donald Trump has warned fired former FBI chief James Comey against leaking material to the media. 
In a tweet on Friday he said Mr Comey had “better hope that there are no ‘tapes’ of our conversations”. Mr Comey, who had been leading an inquiry into alleged Russian meddling in the US election, was fired by the president on Tuesday. 
Mr Trump has since insisted he was told by Mr Comey that he was not under investigation. 
Mr Trump said he had been told twice by Mr Comey over dinner and once over the phone that he was not a target of the inquiry. 
The president said: “I said: ‘If it’s possible, would you let me know: am I under investigation?’ 
He said: ‘You are not under investigation.” 
The FBI investigation was looking into possible collusion between Trump election campaign officials and Moscow. Mr Trump said this week he alone was responsible for the decision to sack Mr Comey, calling him a “showboat” and “grandstander”.
 Source: BBC 

Locally produced cooking oil can manage diabetes

Palm Oil

Various types of vegetable oil produced in Ghana have potential to manage diabetes in human beings.

That’s according to scientists at the Kwame Nkrumah University of Science and Technology following successful experiment on mice.

Findings of the research are published in the Global Journal BMC Nutrition.

Palm oil, recently, came under public scrutiny after Sudan IV dye was detected in samples on the market.

Now, together with groundnut and coconut oils, scientists say they have found managing power against diabetes in it.

“Science has shown intake of oils seems to have some cardiovascular effect and high fats interfere with insulin action so it is feared that if diabetics take these oils it will make treatment of diabetes more difficult.”

That is the basis for study, according to Dr. Robert Ngala, lead researcher of the Kwame Nkrumah University of Science and Technology, Molecular Medicine Department said,

“I wanted to find whether our traditional oils have a beneficial or negative effect on diabetes treatment.

For the research, scientists obtained diabetic mice from Nougouchi Memorial Institute for Medical Research.

The test diets were prepared by mixing 10g vegetable oils with 90g normal commercial rodent food to obtain 10% by weight of vegetable oils.

The mice were then divided into eight groups of six animals.

A control group fed with the normal rodent diet.

Diet of Group two was modified with 10% palm oil, third with 10% groundnut oil and fourth with 10% coconut oil.

Another group treated with the food plus the anti- diabetic drug Glibenclamide. Scientists, again, created a parallel group which fed on the oils plus the drug.

After four weeks of continuous treatment, scientists found the group on normal rodent diet had high blood sugar like in humans.

The group that fed on normal diet combined with anti-diabetic drug had a low sugar level.

Significantly, the group on palm, groundnut and coconut oil diet had a drop in blood sugar level. Yet another group which fed on the oils and drug dropped in blood sugar level.

However, the combination of coconut oil and anti-diabetic drug failed to bring down glucose level as compared to those treated on the drug alone.

Dr. Ngala suspects a reaction between substances in the coconut oil and the drug. The scientists are looking forward to additional funding to replicate the study on humans.

Until then they advice diabetics to embrace traditional vegetable oils.

“We are not expecting a very big difference, though in certain cases rodent metabolism are quite different from humans,” he said.                               Source: myjoyonline.com

Sophia Akuffo named as Ghana’s new Chief Justice

Justice Sophia Akuffo

The President, Nana Addo Dankwa Akufo-Addo, has finally picked Justice Sophia Akuffo to serve as the country’s new Chief Justice. 
He made the announcement today, Friday, May 12, at the Flagstaff House, after which her name will be presented to Parliament for approval. 
Ms. Akuffo, if approved by the legislative body, will take over from Justice Georgina Theodora Wood, who retires on June 8, 2017. She will also be the second woman to serve in that position. 
In making the announcement, the President noted that, he has known the new CJ for nearly forty years, and trusts in her ability and integrity to deliver. 
“I have known Justice Sophia Akuffo well for over forty forty years. Indeed, she was my first junior in practice, as barristers call their work. She impresses me considerably with her hard work, her capacity for detailed research, her independence of mind and spirit, her honesty and integrity, her deep-seated respect for rule of law and her abiding belief in the sovereignty of the Almighty God. I believe these are the qualities which sustained her brilliant career as a lawyer that propelled her to the notice of the first President of the Fourth Republic, His Excellency Jerry John Rawlings who appointed her to the Supreme Court on 30th November 1995; some 22 years ago. She has been one of the leading lights of the court since her appointment, and her contribution to the court’s work and the growth of our nation’s jurisprudence has been extensive,” he said.
The President added that “She has enriched her judicial experience by serving with credit on continental judicial bodies, such as the African Court on Human and People’s Rights, where she ended up as President of the Court. I have no doubt, that Justice Akuffo will be a worthy successor to Chief Justice Wood, and uphold jealously the independence of the judiciary. I expect discipline, fairness, integrity and the continuing modernization of judicial activities to be the hallmark of her tenure if she’s so endorsed by the constitutional bodies.” 
Ahead of the official announcement of the new Chief Justice, many had tipped Justices Jones Dotse and Anin Yeboah as likely candidates to be picked among the 12 Justices of the Supreme Court qualified to occupy the high office. But neither names were considered. 
Rather, the next senior most Justice of the Supreme Court, Sophia Akuffo was chosen in consultation with the Council of State. Justice William Atuguba is the senior-most among the 12 Justices of the Supreme Court, but he will be retiring soon, which puts Ms. Sophia in a better position to be chosen. 
About Sophia Akuffo
 Sophia Akuffo had her Masters in Law (LLM) from the Havard University in the United States. She has been a member of the Governing Committee of the Commonwealth Judicial Education Institute and the Chairperson of the Alternative Dispute Resolution Task Force. 
In January 2006, she was elected one of the first judges of the African Court on Human and Peoples’ Rights initially elected for two years, she was subsequently re-elected until 2014 and is at present serving as Vice-President of the Court.
 She has written The Application of Information & Communication Technology in the Judicial Process – the Ghanaian Experience, a presentation to the African Judicial Network Ghana (2002). If confirmed by parliament Justice Sophia Akuffo will be the fifth Chief Justice under the fourth republic after; Isaac Kobina Abban who served between 1995 to 2001.
Edward Kwame Wiredu also served between 2001 and 2003 while George Kingley Acquah served from 2003 to 2007 before Georgina Theodora Wood from 2007 to 2017. 
Justice Akuffo will also be the 13th Chief Justice in the history of the Republic of Ghana.   
Source:citifmonline.com

UNESCO, GIPC rally investment for conservation sector

By Edmund Mingle

Nii Osa Mills being assisted by Mrs Svanikier
to cut the tape to open the exhibition

A two-week National Exhibition on Nature Conservation in Ghana has been opened in Accra with a call for private sector investments to promote the tourism potentials in the sector.

Increased investment in conservation and development of the natural environment, particularly, forest reserves, mountains, water bodies and their flora and fauna, it is believed would help to promote tourism that would generate high revenue.

The two-week photo exhibition showcases a collection of images that projects the amazing terrain, endangered plant and animal species from the Mole National Park, Akwamu Gorge and Lake Bosomtwe, three of Ghana’s famous, yet less explored conservation and tourism sites.

Mounted through a joint initiative by the Ghana Investment Promotion Centre (GIPC) and UNESCO Ghana office in France, and hosted by the Accra City Hotel, the national exhibition is aimed at revamping public and private sector interest in the development of the sector, as well as projecting the economic potentials in conservation.

Mrs Svanikier delivering her address

Mr. Johanna Odonkor Svanikier, Ghana’s permanent Delegate to UNESCO and Ambassador to France, who called for increased investment, said there was a need to properly conserve such natural sites to attract more domestic and international tourists.

She announced that the Mole National Park is expected to be designated as a World Heritage Site in July 2017, explaining that an evaluation team from UNESCO has already visited the Park for an assessment, and would present its report in July.

Also, she said Lake Bosomtwe has been listed as a World Biosphere Reserve, while efforts were being made to get the Akwamu Gorge to be listed as a world heritage site.

The listings, she said, would project Ghana’s tourism prospects and attract huge investments into the tourism sector.

According to her, the country could attract more investors and tourists by instituting measure to provide the necessary supporting facilities such as effective transportation, roads, rest centres, and information and communication systems in and around tourist sites.

Mrs Svanikier (left) and Nii Mills (middle) being conducted around the exhibition by Rev  Kpelle

Nii Osah Mills, Minister of Lands and Natural Resources, who cut the tape to open the exhibition, said efforts continued to be made by the government to protect wild life and forests, and cited the introduction of the new Policy on Wildlife Conservation as indicative government’s commitment.

In addition, he explained that Accra Eco-Park, an ecotourism infrastructure development which has the potential to make the city of Accra a major tourism destination in the West Africa, is underway at the Achimota Forest Reserve.

Also, he said, the Akwamu Gorge is among areas that were being considered for intensified investment to promote their economic potentials for the locals.

Mrs. Mawuena Trebarh, Chief Executive Officer of GIPC, for her part, noted that such investments could help in poverty reduction in the host communities since increase tourism activity would boost the local economy.

The exhibition project was launched at UNESCO Headquarters in Paris by President Mahama during his recent visit to France, as part of measures to attract foreign investors into the sector.

Rev George Guba Kpelle, Director of Operations at the Forestry Commission(Wildlife Division) commended UNESCO and GIPC for the initiative, saying there was a need for vibrant stakeholder engagement in the conservation and protection of nation’s natural resources which are been adversely affected due to expanding human settlement.