Ghanaian Times

The banner story of the Ghanaian Times tells of a 35.2m cedis loan acquisition by three former workers of University of Ghana Employees' Co-operative Credit Union in 1998 without any intention of paying back.

Headlined: '35m loan Repayment in 600 yrs', the story mentions Mr. M.D. Sulley, board chairman, Mr. Kwasi Yamoah Baafi, board treasurer and Mr. J.K. Danquah, board secretary, at the time, as having borrowed the amount from the union's chest with a repayment spreadsheet totalling 600 years. Mr. Sulley was to pay his 12.9m cedis loan in 445 years.


The story says a shocking report by an interim management committee revealed that loan grants amounted to over 158m cedis by September last year with thirty-one irregular borrowers listed.


The paper reports that with the disclosure of the inexplicable methods of misappropriation tagged along with administrative lapses most members of the union felt they were not valued by the members of the past management board.

The union members at a specially arranged meeting expressed their misgivings at the conduct of the three former members who have been relieved of their post with eight others.


Also carried on the front page is a raid at the Nkawkaw Holy Family hospital. The thieves who broke into the hospital's cashier's office made away with both foreign and local currencies totalling 10m cedis.