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Menzgold managers trying to flee Ghana; some got deported – Staff alleged

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Staff of Menzgold Ghana Limited claim some of their management have tried to flee the country as clients agitate for their locked up funds.

They added that 13 of the management members, the names of whom they listed in their statement, tried to leave but were deported.

“We confirm the travel plans of management members outside the country. Some tried and have been deported,” the staff said in a statement.
The staff of Menzgold also accused management of conniving with some persons within the government to secretly pay off selected clients of the company.

“We confirm that Management members are secretly paying off clients without a proper schedule and with assurances to other clients. This makes their act suspicious, and unfair whenever money is made available.”

“Powers in governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all,” the staff added.

The staff, who say they have been working for four months also claimed that”management has started selling off assets for personal gains and also to settle their close friends.”

The staff believe the Economic and Organised Crime Office (EOCO) must now probe the matter.

“Management members have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more, to dwindle the finances of the company. We therefore wish that EOCO investigates them.”

Menzgold’s troubles began when it was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license.

This, the SEC said was in contravention of section 109 of Act 929 with consequences under section 2016 (I) of the same Act.

Aggrieved Customers have been protesting the company’s failure to settle them.

Menzgold’s rates were said to be as high as 10 per cent per month and 120 per cent per annum.

The demonstrators submitted petitions to the company, Parliament, the Securities and Exchange Commission and other authorities.

Find the full statement from the staff below


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Business & Finance

Vodafone secures 4G spectrum for $30m

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Vodafone Ghana has won a 2x5MHz frequency spectrum block in the 800 MHz Band for mobile services, thus allowing it to provide 4g services.

The licence is to cost Vodafone $30,000,000.
This follows successful financial negotiations, the National Communications Authority (NCA) announced in a statement.

These processes began in September, 2018 when the NCA published a Request for Applications (RFA) and made available three lots of 2x5MHz in the 800MHz band.

Two (2) companies submitted applications, with Vodafone emerging as the only successful applicant.

The sale of the Spectrum is in line with Section 58 of Electronic Communications Act 2008, Act 775 on Spectrum Management, which highlights the NCA’s mandate and the options for Frequency Assignment.

MTN bought the first of two 4G licenses in 2015 at a cost of 67.5 million dollars.

At the time, three other companies; Surfline, Goldkey and Migson communications; all local companies, were unsuccessful in their bid.

Find below the full statement

The National Communications Authority (NCA) announces for the information of the general public that Ghana Telecommunications Company Limited (Vodafone Ghana) has won one (1) lot of 2x5MHz frequency spectrum block in the 800 MHz Band for mobile services following successful financial negotiations.

This is the result of the process which begun in September, 2018 when the NCA published a Request for Applications (RFA) and made available three (3) lots of 2x5MHz in the 800MHz band. Two (2) companies submitted applications, with Vodafone emerging as the only successful applicant.

Vodafone Ghana, thus, has been provisionally awarded one (1) lot of 2×5 MHz in the 800 MHz Band at a price of Thirty Million United States Dollars (US$30,000,000.00).

It will be recalled in September this year, the Authority’s public call for a ‘Request for Applications’ inviting applications from eligible Entities for the grant of a licence to establish, maintain and operate Mobile Services in the 800 MHz band, resulted in the submission of two (2) applications.

The sale of the Spectrum is in line with Section 58 of Electronic Communications Act 2008, Act 775 on Spectrum Management which highlights the NCA’s mandate and the options for Frequency Assignment.



Source: citinewsroom.com

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Ghanaians Have More Money In Their Pockets Now – Akufo-Addo Touts

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President Nana Addo Dankwa Akufo-Addo has rebuffed claims by a cross section of Ghanaians that the poverty level in the country has risen under his leadership.

The president on Wednesday told journalists at his annual media encounter that, upon a proper retrospect, Ghanaians would realise that his administration has done far better in putting money in their pockets than his predecessor.

“I think if most people stood back and saw their pockets, they will see that there are far more money in their pockets now than there have been for a very long time,” he stressed.

President Akufo-Addo early on observed that the average household budget is facing a declining rate of inflation.

“Inflation is the biggest enemy of poor people, the inflation rate in Ghana is going down all the time,” he pointed out, noting that key indexes like fuel and electricity prices have gone down significantly.

“Food prices in the budget of the average household have gone down significantly; people are no longer paying secondary school fees for their children; all of these things are the things that are also taking place in this cry of there is no money in people’s pocket.”

The president insisted the figures he puts out about the performance of the economy are “not glossy pictures” and “not sugarcoated” but “facts”.

He remarked that what developed countries like Japan, Korea did to get to their current state is not different from what his government is doing, that is getting fundamentals of the economy right to attract investors.

“We shouldn’t sneer at the these fundamentals of the economy,” he cautioned.


By: Isaacc Essel | 3news.com 

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Business & Finance

Highlights of Jumia Black Friday 2018

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The biggest online sale of the year climaxes with Jumia Ghana serving it’s customers with the best deals ever seen’’

The biggest online sale of the year by Ghana’s leading online retail company Jumia, came to a climax last friday with excitement and fulfillment from both customers and employees. Jumia Black Friday sale was held from the 16th of November to the 7th of December.

Jumia offered Ghanaians up to 80% off on exciting products such as TVs, Phones, Laptops, Fridges, Washing Machines, Home Theatre systems and more than 50,000 products. The sale was made even more exciting with 2 Flash Sales & 1 Treasure Hunt held every day from Monday to Thursday, with extra special deals every Friday, in line with the theme for this year’s campaign “Every Friday is Black Friday”.

On these special Fridays, customers had the opportunity of winning various high-end products at a mind-blowing 99% off like the Samsung 55” UHD Smart 4K TV, iPhone XS & Samsung Galaxy Note 9.

This seemed  too good to be true with some customers raising concerns about the legitimacy of these extraordinary deals. An iphone Xs for Ghc 65 and an LG 49’ smart Tv for Ghc 47 ? Amazing right? However, some customers walked away with these items.


Throughout this period, Jumia also partnered with various media outlets like Joy FM, Citi FM, GH One and many others to distribute over 10,000 vouchers to customers to give even more discounts on top of super deals for Black Friday.

Expectations for 12/12 & Christmas Sale

Jumia is by no means done for the year. On the 12th of December, Jumia Ghana will be having a special 12/12 campaign where we will offer exciting Flash Sales of our most in-demand products at a super price. There will be 2 flash sales every hour from 8am till 8pm on the most sought after products. It’s one SUPER day in the year, where we give you the most bang for your buck. 24 flash sales of exciting products in one day, from sunrise till sunset. And right after 12/12, we kickstart the our Christmas Sale.

This will feature various bundles of products that you can use as the perfect gift for this holiday season. From fashion, to electronics and lots more, you can be sure that Jumia is the perfect place to find gifts for everyone on your list, this festive season.

About Jumia

Jumia, is the leading internet platform in Africa.

Jumia aims at creating a sustainable ecosystem of marketplaces and platforms to buy and sell physical goods, as well as digital and financial services.

Jumia is building the African e-commerce infrastructure of tomorrow with online and mobile world-class marketplaces, providing affordable and convenient services to consumers and helping them fulfill their everyday needs? Jumia’s mission is to transform and improve people’s lives thanks to technology.

Through its different platforms and services namely Jumia eCommerce, Jumia Travel, Jumia Food, Jumia House, Jumia Deals, Jumia Jobs, Jumia Pay, Jumia One and Jumia Services, Jumia is fostering the digital shift of the entire African economy. Jumia is supporting the growth of African companies and expanding their horizons. More than 50 000 local Africans companies and individuals do business on Jumia.

Empowered by more than 3,000 employees, Jumia is creating a sustainable impact in Africa. Jumia opens up new opportunities and horizons to African talents by creating new jobs and developing new skills on the continent.

Jumia was founded in 2012 and has since expanded its presence to 14 African countries (in South Africa with Zando, online fashion platform). its backed by prestigious shareholders: MTN, Millicom, Rocket Internet, Axa, Orange, Goldman Sachs & CDC Group.

Best Regards,

_____________________________________________

Bennet Otoo [Country Lead | Ghana]

(Jumia Travel)

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