Story: Mary Mensah, Lusaka, Zambia
The Director of Social Welfare and Member of the NACOB Board of Directors, Mr Stephen Tampuri Adongo, has called for the involvement of traditional rulers in the fight against narcotics drugs and money laundering in the country.
He said Ghanaian chiefs were well placed and resourced to play unique roles in their various communities to bring the situation under control.
Mr Adongo made the call in the Zambian capital of Lusaka when an eight-member delegation from Ghana on a tour of Zambia, to study the drug demand reduction strategies for possible implementation in Ghana, paid a courtesy call on the Commissioner of the Drug Enforcement Commission (DEC), Mr Aaron C. Zulu, in his office.
The tour was organised by the Narcotics Control Board for its stakeholders to study the use of chiefs in drug demand reduction strategies and money laundering, for possible implementation in Ghana.
Members of the delegation were drawn from the NACOB, Consortium of NGO's in Drug Abuse Prevention, the Media, the School Health Educational Programme (SHEP) of the Ministry of Education, Financial Intelligence Centre and the CHASS.
He said Zambia had chalked up successes in their demand reduction efforts by using their traditional rulers and headsmen who acted as whistle blowers for the Drug Enforcement Commission and this had helped them to arrest suspects who grew and supplied cannabis or Indian hemp.
Mr Adongo, who lead the delegation, told Mr Zulu that Ghana had chalked up numerous successes in the fight against illicit drugs but had not yet made use of their traditional rulers.
He said in Ghana the chiefs were custodians of the land whereas in Zambia all lands were vested in the President and the chiefs were offered lands on request.
Besides, the government paid the chiefs monthly allowances and were under governmental control.
He said in Ghana, however, there was a rich traditional culture and chiefs had control over resources and their people. Besides, they were, to a greater extent, independent of governmental control.
He added that what was lacking in Ghana was the NACOB’s inability to bring the chiefs on board to spearhead demand reduction programmes in their various communities.
For his part, Mr Zulu said in Zambia the DEC was autonomous and had over the years enjoyed enormous amount of resources from the government and development partners to facilitate demand reduction programmes. He said that had contributed to the successes they had chalked up.
He said all proceeds from fines imposed on arrested drug dealers were given back to the commission to resource it.
These included lands, buildings, cars and forfeited accounts. Besides, the government also gave the commission $100,000 a month to appreciate and reward informants whose information had led to the arrest of drug dealers.
The commissioner indicated that one could not win the fight against drug trafficking if he or she operated without money because the drug barons dealt with millions of dollars and could offer any amount to have their way through.
He said the number one abused drug in Zambia was Cannabis, which was mainly grown along the banks of the Zambesi River and was seen as a traditional drug so most suspects were cautioned and discharged after the destruction of their farms. Others were given sentences ranging from one month to five years imprisonment.
According to him, the world has, over the years, experienced technological advancement which has shrunk the globe into a single entity that could be easily accessed.
That advancement, he said, had been beneficial to mankind in general but some criminal elements had hijacked the technology for the enhancement of crimes such as illicit drug trafficking and money laundering.
The Deputy Commissioner of the DEC, Mrs Philisters Mwansa, who was present at the meeting, said the commission also had a strong relationship with the media, who constantly reported the arrest of drug traffickers, which served as a deterrent to others.
She said regional officers of the DEC also organised sensitisation programmes in the communities on the dangers and effects of drug trafficking, drug cultivation, drug abuse and money laundering.
She said the psychiatric hospital in Zambia was used for the rehabilitation of drug users in order to reintegrate them back into society.
Mrs Mwansa said in spite of many hurdles, the DEC had remained focused in its quest to curb the incidence of illicit drugs in Zambia due to the effects it could have on the socio-economic development of the nation.
Thursday, March 17, 2011
GOVERNMENT TO TAKE A SECOND LOOK AT CONFISCATED ASSETS OF DRUG PEDDLERS
Story: Mary Mensah, Back from Zambia
Government has been urged to take a second look at the laws on confiscated property of persons convicted of drug charges.
Such property whether moveable or immovable like buildings, vehicles and lands should be disposed of and the proceeds paid into the accounts of the Narcotics Control Board (NACOB) to support the fight against drug abuse, trafficking and money laundering.
This forms part of recommendations made by an eight member delegation from Ghana to Zambia on study tour.
The Zambian experience has been accepted by the international community as one of the best on the African continent that has helped that country to fight drug trafficking, cannabis cultivation and abuse.
The nine-day tour was organised by NACOB for its stakeholders to study the use of traditional rulers like chiefs and queens in drug demand reduction strategies and money laundering for possible implementation in Ghana.
Members of the delegation were drawn from NACOB, Consortium of NGO's in Drug Abuse Prevention, the Media, School Health Educational Programme (SHEP) of the Ministry of Education, Financial Intelligence Centre and Conference of Heads of Assisted Secondary Schools (CHASS).
According to the delegation, for NACOB to be totally effective and efficient in its operations there is the need to fast track efforts of government to make it independent.
The delegation also called on NACOB to look beyond government’s support and step out to the donor communities to mobilise support from there to argument government contribution to demand reduction programmes in the country.
They called attractive reward packages, incentives and protection for whistle blowers because NACOB cannot work in isolation they need information from members of the public to enable them discharge their duties effectively and efficiently.
It observed that the DEC in Zambia has been very successful by using the traditional structure in the community to facilitate demand reduction efforts because the traditional leaders in Zambia are under governmental control hence do not have their autonomy, they do not control resource to sustain demand reduction programmes.
Whereas in Ghana, there is a rich traditional culture where traditional leaders have control over resources and their subjects. What is lacking is NACOB's inability to bring them on board to spear head demand reduction programmes in their communities.
The delegation recommends that, in view of the fact that traditional leaders in Ghana are endowed with rich resources including financial resources and are, to a greater extent, independent of governmental controls, a conscious effort must be made to include them in the demand reduction efforts of NACOB since;
“The delegation would like to place on record its appreciation to Narcotics Control Board (NACOB) and the Executive Secretary in particular for their support to the delegation which greatly contributed to making the visit to Zambia possible.”, it said.
The delegation would further like to appreciate the Ghana High Commission in Zambia for the support given to the delegation while in Zambia. Officials of the commission were assigned to the delegation to ensure that their objectives were met.
“We want to express our appreciation to the Drug Enforcement Commission (DEC) in Zambia for opening their doors to the delegation to have an insight into their operations adding that their interactions with them have been very insightful. We are also very grateful to the traditional leaders we met who provided the delegation with information on their operations in their various communities.
It is hoped that the recommendations made will aid NACOB to re-define its demand reduction strategies, to bring all stakeholders on board to support effort of government to have a comprehensive demand reduction effort in Ghana.
Government has been urged to take a second look at the laws on confiscated property of persons convicted of drug charges.
Such property whether moveable or immovable like buildings, vehicles and lands should be disposed of and the proceeds paid into the accounts of the Narcotics Control Board (NACOB) to support the fight against drug abuse, trafficking and money laundering.
This forms part of recommendations made by an eight member delegation from Ghana to Zambia on study tour.
The Zambian experience has been accepted by the international community as one of the best on the African continent that has helped that country to fight drug trafficking, cannabis cultivation and abuse.
The nine-day tour was organised by NACOB for its stakeholders to study the use of traditional rulers like chiefs and queens in drug demand reduction strategies and money laundering for possible implementation in Ghana.
Members of the delegation were drawn from NACOB, Consortium of NGO's in Drug Abuse Prevention, the Media, School Health Educational Programme (SHEP) of the Ministry of Education, Financial Intelligence Centre and Conference of Heads of Assisted Secondary Schools (CHASS).
According to the delegation, for NACOB to be totally effective and efficient in its operations there is the need to fast track efforts of government to make it independent.
The delegation also called on NACOB to look beyond government’s support and step out to the donor communities to mobilise support from there to argument government contribution to demand reduction programmes in the country.
They called attractive reward packages, incentives and protection for whistle blowers because NACOB cannot work in isolation they need information from members of the public to enable them discharge their duties effectively and efficiently.
It observed that the DEC in Zambia has been very successful by using the traditional structure in the community to facilitate demand reduction efforts because the traditional leaders in Zambia are under governmental control hence do not have their autonomy, they do not control resource to sustain demand reduction programmes.
Whereas in Ghana, there is a rich traditional culture where traditional leaders have control over resources and their subjects. What is lacking is NACOB's inability to bring them on board to spear head demand reduction programmes in their communities.
The delegation recommends that, in view of the fact that traditional leaders in Ghana are endowed with rich resources including financial resources and are, to a greater extent, independent of governmental controls, a conscious effort must be made to include them in the demand reduction efforts of NACOB since;
“The delegation would like to place on record its appreciation to Narcotics Control Board (NACOB) and the Executive Secretary in particular for their support to the delegation which greatly contributed to making the visit to Zambia possible.”, it said.
The delegation would further like to appreciate the Ghana High Commission in Zambia for the support given to the delegation while in Zambia. Officials of the commission were assigned to the delegation to ensure that their objectives were met.
“We want to express our appreciation to the Drug Enforcement Commission (DEC) in Zambia for opening their doors to the delegation to have an insight into their operations adding that their interactions with them have been very insightful. We are also very grateful to the traditional leaders we met who provided the delegation with information on their operations in their various communities.
It is hoped that the recommendations made will aid NACOB to re-define its demand reduction strategies, to bring all stakeholders on board to support effort of government to have a comprehensive demand reduction effort in Ghana.
NACOB TEAM ON STUDY TOUR IN ZAMBIA
28/01/2011
Story: Mary Mensah, Lusaka, Zambia
AN eight-member delegation from Ghana has paid a nine-day study visit to Zambia to exchange ideas with the Zambia’s Drug Enforcement Commission (DEC) on best practices in the fight against the narcotics trade.
The tour was organised by the Narcotics Control Board (NACOB) for its stakeholders as part of its effort at steppig up the fight against drug abuse, cultivation and trafficking, as well as demand reduction strategies in Ghana.
The delegation was led by the Director of the Department of Social Welfare and member of NACOB, Mr Stephen Tampuri Adongo, with the other members drawn from the Ministry of Education, the Consortium of NGOs, the Conference of Heads of Assisted Secondary Schools (CHASS), the Financial Intelligence Centre and the media.
The delegation, on arrival in Zambia, paid a courtesy call on the Zambian Minister of Home Affairs, Mr Mkhondo Lungu, who called on African leaders to commit more resources to the fight against narcotic drugs and other substances on the continent.
He said the drug trade transcended borders and that it was important for governments in Africa to learn from one another and share intelligence in order to rid the continent of the drug menace.
Mr Lungu commended NACOB for the initiative and said Ghana and Zambia had enjoyed fruitful collaboration since the era of Dr Kwame Nkrumah, adding, "We are happy that you are here to partner us in the fight against narcotics in the country."
For his part, Mr Adongo said NACOB had chalked up a number of successes in the fight against narcotic drugs, money laundering and other illicit trade.
He said Ghana had decided to partner other African countries to fight the drug menace in the spirit of and foster South-South co-operation.
He said NACOB was impressed with the demand reduction strategies adopted by the DEC which had led to many successes in the fight against the narcotics trade in Zambia.
Mr Adongo indicated that the involvement of chiefs and community leaders in the fight was very commendable.
The delegation also paid a courtesy call on the Ghana High Commissioner to Zambia, Dr George William Branford, and briefed him on the drug situation in Ghana and the commitment of the government to step up its strategies.
It also visited the Central and Western provinces to interact with chiefs on their partnership with the DEC to sensitise their subjects to the dangers of narcotics cultivation, trafficking and abuse.
Story: Mary Mensah, Lusaka, Zambia
AN eight-member delegation from Ghana has paid a nine-day study visit to Zambia to exchange ideas with the Zambia’s Drug Enforcement Commission (DEC) on best practices in the fight against the narcotics trade.
The tour was organised by the Narcotics Control Board (NACOB) for its stakeholders as part of its effort at steppig up the fight against drug abuse, cultivation and trafficking, as well as demand reduction strategies in Ghana.
The delegation was led by the Director of the Department of Social Welfare and member of NACOB, Mr Stephen Tampuri Adongo, with the other members drawn from the Ministry of Education, the Consortium of NGOs, the Conference of Heads of Assisted Secondary Schools (CHASS), the Financial Intelligence Centre and the media.
The delegation, on arrival in Zambia, paid a courtesy call on the Zambian Minister of Home Affairs, Mr Mkhondo Lungu, who called on African leaders to commit more resources to the fight against narcotic drugs and other substances on the continent.
He said the drug trade transcended borders and that it was important for governments in Africa to learn from one another and share intelligence in order to rid the continent of the drug menace.
Mr Lungu commended NACOB for the initiative and said Ghana and Zambia had enjoyed fruitful collaboration since the era of Dr Kwame Nkrumah, adding, "We are happy that you are here to partner us in the fight against narcotics in the country."
For his part, Mr Adongo said NACOB had chalked up a number of successes in the fight against narcotic drugs, money laundering and other illicit trade.
He said Ghana had decided to partner other African countries to fight the drug menace in the spirit of and foster South-South co-operation.
He said NACOB was impressed with the demand reduction strategies adopted by the DEC which had led to many successes in the fight against the narcotics trade in Zambia.
Mr Adongo indicated that the involvement of chiefs and community leaders in the fight was very commendable.
The delegation also paid a courtesy call on the Ghana High Commissioner to Zambia, Dr George William Branford, and briefed him on the drug situation in Ghana and the commitment of the government to step up its strategies.
It also visited the Central and Western provinces to interact with chiefs on their partnership with the DEC to sensitise their subjects to the dangers of narcotics cultivation, trafficking and abuse.
Governments urged to commit resources to fight narcotics trade
27/10/2011
Story: Mary Mensah, Lusaka Zambia
Governments in Africa have been urged to commit more resources to the fight against the narcotics trade and money laundering on the continent.
The fight cannot be won without information and there is the need to provide money to reward and appreciate informants who are key in the fight against drug cultivation, drug abuse and trafficking as well as money laundering.
The Commiss ioner of the Drug Enforcement Commission of Zambia, Mr Mr Adongo made the call in the Zambian capital of Lusaka when an eight member delegation from Ghana on study tour in Zambia to study the drug demand reduction strategies for possible implementation in Ghana paid a courtesy call on the Commissioner of the Drug Enforcement Commission (DEC), Mr. Aaron C. Zulu in his office.
The tour was organized by the Narcotics Control Board for its stakeholders to study the use of chiefs in drug demand reduction strategies and money laundering for possible implementation in Ghana.
Members of the delegation were drawn from NACOB, Consortium of NGO's in Drug Abuse Prevention, the Media, School Health Educational Programme (SHEP) of the Ministry of Education, Financial Intelligence Centre and CHASS.
He said Zambia has chalked many successes in their demand reduction efforts by using their traditional rulers and headsmen who acts as whistle blowers to the Drug Enforcement Commission and this has helped them to arrest suspects who grow and supply cannabis or Indian hemp.
Story: Mary Mensah, Lusaka Zambia
Governments in Africa have been urged to commit more resources to the fight against the narcotics trade and money laundering on the continent.
The fight cannot be won without information and there is the need to provide money to reward and appreciate informants who are key in the fight against drug cultivation, drug abuse and trafficking as well as money laundering.
The Commiss ioner of the Drug Enforcement Commission of Zambia, Mr Mr Adongo made the call in the Zambian capital of Lusaka when an eight member delegation from Ghana on study tour in Zambia to study the drug demand reduction strategies for possible implementation in Ghana paid a courtesy call on the Commissioner of the Drug Enforcement Commission (DEC), Mr. Aaron C. Zulu in his office.
The tour was organized by the Narcotics Control Board for its stakeholders to study the use of chiefs in drug demand reduction strategies and money laundering for possible implementation in Ghana.
Members of the delegation were drawn from NACOB, Consortium of NGO's in Drug Abuse Prevention, the Media, School Health Educational Programme (SHEP) of the Ministry of Education, Financial Intelligence Centre and CHASS.
He said Zambia has chalked many successes in their demand reduction efforts by using their traditional rulers and headsmen who acts as whistle blowers to the Drug Enforcement Commission and this has helped them to arrest suspects who grow and supply cannabis or Indian hemp.
Wednesday, July 14, 2010
ROADS WITHIN THE METROPOLIS TO BE BLOCKED (Centre Spread)
May 21, 2010
Story: Mary Mensah
A Number of roads within the Accra metropolis will be closed to the public from tomorrow Saturday May 21 to Tuesday 25, 2010, the National Motor Traffic and Transport Unit (MTTU) has announced.
The roads are the 28th February Road from the headquarters of the Customs, Excise and Preventive Service (CEPS) to the Castle Junction, the Osu Cemetery traffic light on the Lokko Street, from the Osu Cemetery on Starlets 95 Road to the Ministries traffic light.
Others are the Castle Road from the AU Circle to the Osu Cemetery traffic light, Liberation Road and the La Beach Road.
According to a statement issued by the MTTU of the Ghana Police Service in Accra yesterday, the closure was intended to ensure easy movement of African leaders and their delegations who were scheduled to visit the country to participate in the activities to commemorate the AU Day, which would also climax the Kwame Nkrumah Centenary Celebrations.
The statement, signed by the Commanding Officer of the MTTU, Deputy Commissioner of Police (DCOP) Julius Avorga, said from May 25, 2010 from 0800 hours to 1200 hours the 28th February Road from the Multi Stores through old Parliament House traffic intersection to the CEPS headquarters traffic intersection would be closed to traffic and advised motorists intending to use that road during the period to select alternative routes.
The statement said some of the activities for the celebrations would be held at the Accra International Conference Centre, the State House, the Independence Square, Kwame Nkrumah Memorial Park and the Kwame Nkrumah Circle.
It said many heads of state and other international dignitaries were expected in Ghana to take part in the activities lined up for the occasion.
The statement said traffic from the AU Circle towards the Castle Road through the Osu Cemetery intersection would be diverted onto the 2nd and 3rd Avenue roads to take a detour through the Ghana Institute of Journalism (GIJ) to link with the Abdul Nassar Road near the British High Commission.
The statement advised motorists from Osu to use the Sir Charles Quist/Kinbu roads. Similarly, it said, traffic flowing from the Lokko Street at Osu towards the Castle Road would be diverted onto the Starlets 95 Road.
It said traffic on the 28th February Road from Accra towards the Independence Square would be diverted onto the Liberia Road at the CEPS headquarters traffic intersection towards the National Theatre intersection.
The statement advised motorists to respect and give way to siren-sounding vehicles.
Meanwhile the statement said extra parking spaces had been arranged on the Supreme Court premises, the old Parliament House and the Cultural centre.
Story: Mary Mensah
A Number of roads within the Accra metropolis will be closed to the public from tomorrow Saturday May 21 to Tuesday 25, 2010, the National Motor Traffic and Transport Unit (MTTU) has announced.
The roads are the 28th February Road from the headquarters of the Customs, Excise and Preventive Service (CEPS) to the Castle Junction, the Osu Cemetery traffic light on the Lokko Street, from the Osu Cemetery on Starlets 95 Road to the Ministries traffic light.
Others are the Castle Road from the AU Circle to the Osu Cemetery traffic light, Liberation Road and the La Beach Road.
According to a statement issued by the MTTU of the Ghana Police Service in Accra yesterday, the closure was intended to ensure easy movement of African leaders and their delegations who were scheduled to visit the country to participate in the activities to commemorate the AU Day, which would also climax the Kwame Nkrumah Centenary Celebrations.
The statement, signed by the Commanding Officer of the MTTU, Deputy Commissioner of Police (DCOP) Julius Avorga, said from May 25, 2010 from 0800 hours to 1200 hours the 28th February Road from the Multi Stores through old Parliament House traffic intersection to the CEPS headquarters traffic intersection would be closed to traffic and advised motorists intending to use that road during the period to select alternative routes.
The statement said some of the activities for the celebrations would be held at the Accra International Conference Centre, the State House, the Independence Square, Kwame Nkrumah Memorial Park and the Kwame Nkrumah Circle.
It said many heads of state and other international dignitaries were expected in Ghana to take part in the activities lined up for the occasion.
The statement said traffic from the AU Circle towards the Castle Road through the Osu Cemetery intersection would be diverted onto the 2nd and 3rd Avenue roads to take a detour through the Ghana Institute of Journalism (GIJ) to link with the Abdul Nassar Road near the British High Commission.
The statement advised motorists from Osu to use the Sir Charles Quist/Kinbu roads. Similarly, it said, traffic flowing from the Lokko Street at Osu towards the Castle Road would be diverted onto the Starlets 95 Road.
It said traffic on the 28th February Road from Accra towards the Independence Square would be diverted onto the Liberia Road at the CEPS headquarters traffic intersection towards the National Theatre intersection.
The statement advised motorists to respect and give way to siren-sounding vehicles.
Meanwhile the statement said extra parking spaces had been arranged on the Supreme Court premises, the old Parliament House and the Cultural centre.
FIDELITY BANK SIGNS AGREEMENT WITH AFRICA FINANCE CORPORATION (Business Page)
May 21, 2010
Story: Mary Mensah
Fidelity Bank Ghana Limited today signed a $20 million trade finance agreement with Africa Finance Corporation (AFC) to facilitate importation of petrolleum products into Ghana.
The Managing Director of Fidelity Bank signed for his company while Mr Andrew Alli, the President and Chief Executive officer of AFC signed for his company.
In an address, Mr Effah expressed satisfaction at his banks partnership with AFC and said the Ghana downstream oil industry is key to the economy.
He said oil-derived products supply 70 percent of Ghana's commercial energy needs and Fidelity Bank is pleased that through this important partnership it will be able to make a significant contribution to the local economy and better enable the delivery of retail petroleum products to the Ghanaian consumers.
On his part, Mr Alli said as a non-oil producing country for now, the Ghanaian Economy is heavily dependent on oil imports which consume a considerable portion of the government's annual budget.
He said this situation will no doubt change for the better once current operational and financial challenges in the oil refining sector are overcome adding that as a private sector-driven organisation AFC is pleased to be able to play a significant role in a trade finance deal of this kind, whose outcome will have positive implications for the local economy.
He said the AFC is an African led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets. Among other projects in which it is involvedd,
AFC is the lead investor in Cenpower Generation Company Limited which is implementing the $450 million Kpone IPP project - a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.
AFC is also the main African participant in a seven year USD$ 750 million syndicated reserve base lending facility to develop the landmark Ghanaians Jubilee Oil Field - West Africa's largest offshore deepwater find in over a decade.
AFC has also invested in and acquired a minority stake in the international firm seven energy limited. Seven Energy through its local subsidiary in Nigeria, Septa Energy Limited, is playing a critical pioneering role in developing gas for domestic use in Nigeria. Its operations are also expected to have a significant and positive effect on other key sectors of the Nigerian economy such as power.
Story: Mary Mensah
Fidelity Bank Ghana Limited today signed a $20 million trade finance agreement with Africa Finance Corporation (AFC) to facilitate importation of petrolleum products into Ghana.
The Managing Director of Fidelity Bank signed for his company while Mr Andrew Alli, the President and Chief Executive officer of AFC signed for his company.
In an address, Mr Effah expressed satisfaction at his banks partnership with AFC and said the Ghana downstream oil industry is key to the economy.
He said oil-derived products supply 70 percent of Ghana's commercial energy needs and Fidelity Bank is pleased that through this important partnership it will be able to make a significant contribution to the local economy and better enable the delivery of retail petroleum products to the Ghanaian consumers.
On his part, Mr Alli said as a non-oil producing country for now, the Ghanaian Economy is heavily dependent on oil imports which consume a considerable portion of the government's annual budget.
He said this situation will no doubt change for the better once current operational and financial challenges in the oil refining sector are overcome adding that as a private sector-driven organisation AFC is pleased to be able to play a significant role in a trade finance deal of this kind, whose outcome will have positive implications for the local economy.
He said the AFC is an African led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets. Among other projects in which it is involvedd,
AFC is the lead investor in Cenpower Generation Company Limited which is implementing the $450 million Kpone IPP project - a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.
AFC is also the main African participant in a seven year USD$ 750 million syndicated reserve base lending facility to develop the landmark Ghanaians Jubilee Oil Field - West Africa's largest offshore deepwater find in over a decade.
AFC has also invested in and acquired a minority stake in the international firm seven energy limited. Seven Energy through its local subsidiary in Nigeria, Septa Energy Limited, is playing a critical pioneering role in developing gas for domestic use in Nigeria. Its operations are also expected to have a significant and positive effect on other key sectors of the Nigerian economy such as power.
SIC COMPANY LIMITED IS TO ESTABLISH SUBSIDIARY COMPANIES IN WEST AFRICA (Business Page)
May 20, 2010
Story: Mary Mensah
The SIC Insurance Company Limited is to establish subsidiary companies in the West African Sub Region as part of the company’s strategy of penetrating the international market.
The set-ups will be done in partnership with indigenous companies and resources in those countries in the sub region to achieve maximum impact.
The Chairman of the board of Director Mr Max Cobbina who announced this at the Annual General Meeting of the Company in Accra today said the initial focus will be on Sierra Leone and Liberia.
He said the level of competition in the insurance industry continues to be very keen with the number of registered Non-Life insurance companies standing at 23 and the industry also continues to register the entry of new insurance companies and its expected to make the playing field even more competitive.
He said the company’s operational performance for 2009 slacked as compared to 2008 adding that it mobilised an amount of GH¢56,88 million as gross earned premium income indicating a negative growth of 1.98 per cent over the previous year’s gross earned premium income of GH58. 03 million.
Mr Cobbina said the decline is due to the company’s compliance with the international Financial Reporting Standards (IFRS) reporting requirements adding that on a gross premium written basis the company recorded GH¢62.19 million in 2009 as against GH¢56.26 million in 2008, a growth of about 10.5 per cent and the deferred premium income will be released in the year 2010.
He said the company’s profit before tax for the year was GH¢7.68 million as compared to year 2008 figure of Gh¢11.24 million and this represents a drop in the profit before tax of 31.6 per cent.
He indicated that despite the reduced profits the board of directors has proposed a total dividend payment of GH¢3,478,567 the same amount as was paid last year.
The Board Chairman said this translates to approximately 58.11 per cent of net profit after tax made in year 2009 and this works out to Gh¢0,0177 per share the same amount declared and paid in 2008 to valued shareholders.
Mr Cobbina asserted that the board has approve realignment of the operational processes and structure of the company into a bouquet type one-stop shop where the customer will be the utmost focus in the service delivery process.
He said in a bid to bring its services and products to the doorstep of the insuring public the board has agreed to management s proposal to open new offices in Obuasi, Suame and the DVLA office in Kumasi adding that the opening of the Adenta office will be completed this year.
On his part, the Managing Director of the company, Mr Benjamin Acolatse said the year 2009 was a challenging one for many reasons but with the stable economic environment prevailing now it is envisage that the company will push forward more strongly its focus on improved profitability that would ensure improved dividends for shareholders.
He said the primary objective of the company is to provide excellent customer service to its clients and has linked branches and area offices to the Wide Area Network (WAN) and this implies that clients can do business with the company from all its officers no mater where they originally took a policy from.
Mr Acolatse said the company has positioned itself quite well to take advantage of the opportunities that are emerging as a result of the oil and gas find offshore Ghana waters.
He announced that the company has been appointed to be the manger of the oil and Gas Consortium /Pool of insurers that is currently involved in the oil and gas insurance transactions.
The Managing Director said the company has been rated as AA by the Global Credit Rating Company of South Africa and this means the company has a very high claims paying ability, its protection factors are strong and risk exposure is modest.
He said by this rating SIC becomes the highest independently rated insurance company in the country.
Story: Mary Mensah
The SIC Insurance Company Limited is to establish subsidiary companies in the West African Sub Region as part of the company’s strategy of penetrating the international market.
The set-ups will be done in partnership with indigenous companies and resources in those countries in the sub region to achieve maximum impact.
The Chairman of the board of Director Mr Max Cobbina who announced this at the Annual General Meeting of the Company in Accra today said the initial focus will be on Sierra Leone and Liberia.
He said the level of competition in the insurance industry continues to be very keen with the number of registered Non-Life insurance companies standing at 23 and the industry also continues to register the entry of new insurance companies and its expected to make the playing field even more competitive.
He said the company’s operational performance for 2009 slacked as compared to 2008 adding that it mobilised an amount of GH¢56,88 million as gross earned premium income indicating a negative growth of 1.98 per cent over the previous year’s gross earned premium income of GH58. 03 million.
Mr Cobbina said the decline is due to the company’s compliance with the international Financial Reporting Standards (IFRS) reporting requirements adding that on a gross premium written basis the company recorded GH¢62.19 million in 2009 as against GH¢56.26 million in 2008, a growth of about 10.5 per cent and the deferred premium income will be released in the year 2010.
He said the company’s profit before tax for the year was GH¢7.68 million as compared to year 2008 figure of Gh¢11.24 million and this represents a drop in the profit before tax of 31.6 per cent.
He indicated that despite the reduced profits the board of directors has proposed a total dividend payment of GH¢3,478,567 the same amount as was paid last year.
The Board Chairman said this translates to approximately 58.11 per cent of net profit after tax made in year 2009 and this works out to Gh¢0,0177 per share the same amount declared and paid in 2008 to valued shareholders.
Mr Cobbina asserted that the board has approve realignment of the operational processes and structure of the company into a bouquet type one-stop shop where the customer will be the utmost focus in the service delivery process.
He said in a bid to bring its services and products to the doorstep of the insuring public the board has agreed to management s proposal to open new offices in Obuasi, Suame and the DVLA office in Kumasi adding that the opening of the Adenta office will be completed this year.
On his part, the Managing Director of the company, Mr Benjamin Acolatse said the year 2009 was a challenging one for many reasons but with the stable economic environment prevailing now it is envisage that the company will push forward more strongly its focus on improved profitability that would ensure improved dividends for shareholders.
He said the primary objective of the company is to provide excellent customer service to its clients and has linked branches and area offices to the Wide Area Network (WAN) and this implies that clients can do business with the company from all its officers no mater where they originally took a policy from.
Mr Acolatse said the company has positioned itself quite well to take advantage of the opportunities that are emerging as a result of the oil and gas find offshore Ghana waters.
He announced that the company has been appointed to be the manger of the oil and Gas Consortium /Pool of insurers that is currently involved in the oil and gas insurance transactions.
The Managing Director said the company has been rated as AA by the Global Credit Rating Company of South Africa and this means the company has a very high claims paying ability, its protection factors are strong and risk exposure is modest.
He said by this rating SIC becomes the highest independently rated insurance company in the country.
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