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CalBank clarifies how much was stolen from them




CalBank fraud/scam case clarified on how much was  lost.

CalBank has denied media reports that an Ivorian has been arrested for syphoning over GH¢110Million from the bank

According to a press statement released by the bank, the total amount at risk in the said fraudulent transaction was “less GH¢255, 000 of which GH¢130, 000 has been recovered”.

“The Bank’s IT risk systems upon detecting the fraudulent acts immediately stopped and blocked further transfers,” the statement said.

“The Bank immediately reported the attempted fraudulent act to the Ghana Police Service and the relevant regulatory authorities,” it added.

The statement explained that the bank has since taken robust measures to beef up its security systems and that there is no cause for worry.

“CalBank assures all its customers, shareholders and stakeholders that the attempted fraud was foiled thanks to the Bank’s robust IT security system,” the statement said in part.

Read the full statement below:

We refer to a recent report circulating in the media and on social media about an attempted fraud of over GHS110m in 2017 on CalBank.

The header of the said news report is misleading and has compelled us to correct same. On July 4, 2017, the Bank noticed some unusual and suspicious activities on its system of an attempt to fraudulently transfer GHS110m from the Bank.

The attempt was unsuccessful. The Bank’s IT risk systems upon detecting the fraudulent acts immediately stopped and blocked further transfers. The amount at risk was less than GHS255, 000 of which GHS130, 000 has been recovered.

The Bank immediately reported the attempted fraudulent act to the Ghana Police Service and the relevant regulatory authorities.

With the help of the Cyber Crime Unit of the Criminal Investigation Department of the Ghana Police Service, the suspected individuals have been arrested and over GHS130, 000 of the funds fraudulently transferred has been recovered.

CalBank assures all its customers, shareholders and stakeholders that the attempted fraud was foiled thanks to the Bank’s robust IT security system. We continue to invest heavily in our IT Security and Risk management systems to forestall any future fraud attempts on the Bank.

In addition, the Bank has been PCIDSS certified and is also implementing ISO 27001 certification to further enhance the Bank’s IT security environment. CalBank further assures its customers, shareholders and stakeholders that their interest will continuously be protected.

We are grateful to the Ghana Police Service for their support in arresting the suspects.

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Cedi Not Falling; Dollar Getting Stronger – PEF CEO




The Chief Executive Officer (CEO) of the Private Enterprise Federation (PEF) Nana Osei Bonsu, has said the Ghanaian cedi is not depreciating as some critics of government have suggested, but rather, it is the U.S. dollar that is gaining strength.

“When the American dollar increases in value it affects everybody else; it’s not that your currency is deteriorating, it’s because that one [dollar] became stronger, and if you compare the dollar to other currencies, we should take comfort that we are not alone.

“It’s the dollar getting stronger, it’s not the cedi deteriorating, so, the two scenarios are different and have different interpretation,” Nana Osei Bonsu told Moro Awudu on the Executive Breakfast Show (EBS) on Class91.3FM on Tuesday, 11 September 2018.

His comments dovetail into assertions by Dr Gideon Boako, who speaks for Vice-President Dr Mahamudu Bawumia on economic issues, that Ghanaians should not be ungrateful to the Akufo-Addo government as far as the weakening of the cedi is concerned, since, in his view, the current government has done a lot to reduce the rate of fall of the local currency from 31% to 6% – a far better record, according to him, than the Mahama administration achieved.

The cedi is nearing the 5 to $1 mark, a situation that has set business people on edge.

Cedi-Dollar Rate in September 2018
Cedi-Dollar Rate in September 2018

“What is important is that; whatever the depreciation was at the time is not the same as today”, Dr Boako told Accra-based Citi TV, adding: “That is why if someone has been able to reduce the rate of depreciation from a point of 31 per cent to 6 per cent, you do not just be ungrateful to that person and say he has not done well.”

It means, he said, “That given the chance that person has what it takes to take you to a point where you have zero depreciation and you can think of how to grow up; that is the most important.

“If you do not situate the argument within that context, you will just be comparing the nominal figures”, Dr. Boako argued.

In his view, “It is important to also note that insofar as we don’t run a fixed exchange rate regime, depreciation is something that will be difficult to say you won’t see it at all.

“You try as much as possible to contain it and make sure you appreciate, but given the structure of our economy right from Guggisberg’s time to Nkrumah to today, the structure of the economy is such that we are mostly net importers, and, so, the trade accounts issued will affect our local currency at all times.

“We also have huge exposure to foreign investors in the country – those who are doing retail businesses and the likes, so they repatriate money outside and all of these will have effect on us”, he explained.


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Menzgold; Our business is legit



We're not afraid; our business is legit

Head of Communications at Menzgold Ghana Limited, Mr George Quaye, has entreated the gold-trading firm’s clients not to panic and assured them that their investments are safe.

“We are not afraid, we know we are running a legitimate business and everybody is welcome to take a look.

“We encourage our investors to have faith in us, their investments are safe and business at all Menzgold branches are running as usual,” Mr Quaye told Class FM in an interview on Wednesday, 12 September 2018.

This follows a letter by the Securities and Exchange Commission (SEC) instructing the gold-trading firm, to stop forthwith, all investment trading in gold without licence.

In the 3 September 2018 letter signed by Deputy Director General, Paul Ababio, the SEC said: “In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began further investigations into the activities of Menzgold in July 2018. In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission. The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorised in its licence”.

The SEC added: “It is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM”.

Menzgold Boss - Nana Appiah Mensah
Menzgold Boss – Nana Appiah Mensah

It follows several warnings from the Bank of Ghana to the local gold firm, to stop trading in gold without a licence.

The central bank, on 7 August 2018, issued a public notice, the fourth of many, that it was in discussions with relevant regulatory authorities to sanction Menzgold for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The BoG, in an advertorial in the dailies signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

However, Mr Quaye said: “It is unfortunate that a document of this nature will be leaked to the public” by the SEC, and indicated that Menzgold’s legal team is handling the matter.

“It is unfortunate that they could not even wait for us to issue our response on the 14-day mandate they [SEC] gave us, and I think every well-meaning media person should ask themselves: ‘why’,” he noted.

Mr Quaye disclosed that Menzgold is “not worried” if government agencies are doing what they are mandated to do; however, they should ensure that they “do not defeat investor confidence in the bid to sanitise the system”.

“We do not believe we are doing anything wrong,” he underscored.

He stressed that if Menzgold were doing anything illegal, they would have found “excuses not to let them [authorities] know what we do, but we never did that and opened up whole-heartedly just like how we did for the Bank of Ghana (BoG) in times past”.


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MODEC Partners With JILMEC



modec partners jilmec to boost oil gas industry ghana

MODEC Inc. (MODEC), a leading provider of competitive floating solutions for the offshore oil and gas industry, is pleased to announce the formation of a joint venture company with JILMEC, an indigenous Ghanaian company with expertise in exploration, production and oilfield logistics services, called MODEC Production Services Ghana JV Limited (MPSG) to provide world class operations and maintenance services in the oil and gas industry in Ghana.

MPSG, leveraging the strengths and scope of the partners, is strategically positioned to lead and grow the Operations and Maintenance sector by contributing global know-how and providing local content to the oil and gas industry in Ghana.


“The formation of MPSG is another step in our journey to build a strong a sustainable business in Ghana, demonstrate the benefits of synergies with local businesses while transferring world class skills and knowledge to grow the industry and the economy”, said David Gleave, MPSG Board Chairman and General Manager.

“This partnership will help us to deliver on our commitments to our client, key stakeholders, our workforce and the community”.

Remarking on the partnership, Joseph Owusu, CEO of JILMEC said “Our combined experience brings real value to this joint venture and will maximize MPSG’s ability and pioneering role in developing solutions to succeed in this market”.

MODEC also announces the closing of business operations of its subsidiary, MODEC Ghana Limited (MGL), which will remain as the major shareholder of MPSG.

All onshore and offshore business operations of the erstwhile MGL has transferred to MPSG

Source: PeaceFMOnline

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