.... is Dragged To Court
Finance Minister, Yaw Osafo Maafo has resigned as Chairman of the Divestiture Implementation (DIC) board. Mr. Osafo Maafo has notified the President of his decision, which he attributes to the many other things he is involved in. Sources close to the Presidency told JOY FM that the President is yet to make known his official reaction to the decision, after failing to convince the Finance Minister to stay.
The Finance Minister is said to have argued that he needs time to concentrate on other equally important national assignments. JOY FM’s enquiries at the DIC however suggest that there is more to Mr. Osafo Maafo’s resignation. He is reported as not being happy with the operations of the secretariat, charged to implement and execute all government policies in respect of divestiture programmes.
Details of the Minister’s concerns are not yet known, but officials say the Minister could be protesting against the caliber of officials at DIC. Effective Management and transparency in the operations of the DIC are other compelling reasons for his decision. Trade Minister, Kofi Konadu Apraku who is a member of the Board is reported to be gunning for the Chairmanship.
Other members of the DIC Board include Employment Minister, Cecilia Bannerman; deputy Attorney General, Gloria Akuffo; TUC Secretary General, Kwasi Adu Amankwah and the Executive Secretary of DIC, Benson Poku-Adjei. The others are Executive Secretary Lands Commission, Dr W. Odame Larbi; Chief Executive of EMPRETEC Ghana Foundation, Dr George Manu; Frank Ocran – State Enterprises Commission and J.K.A. Wiredu, a Management Consultant.
Additionally, except where the mode of divestiture is the sale of shares, government usually assumes responsibility for the discharge of all SOE liabilities.
Since the divestiture programme, began 13 years ago, DIC has been involved in a number of legal tussles.
For example, in November, last year, the DIC instituted legal action against PSC Tema Shipyard and Drydock, for the recovery of its then outstanding debt of US$1,270,045. Afrique Link Ltd which bought GIHOC Cannery at Wenchi for US$350,000 and paid US$118,947 and Hillpok which also bought the former State Fishing Corporation’s general workshop valued at US$370,000 but paid US$185,000 were similarly dragged to court by DIC.
It is on record that DIC has lost most of its court cases and fears are that, it might suffer similar fate in its current legal wrangling. Few cases won by DIC according to an unimpeachable source, relate to debts recovery. The legal action, the Executive Secretary of DIC told B&FT, was taken because most investors failed to pay the terms of takeover agreement when the time was due.
SCC, currently on divestiture was established in the 1960s by Ex-President Dr Kwame Nkrumah to compete with the multinational construction companies. On the other hand, GNTC, formerly AG Leventis, a Greek merchandise company was bought in 1962 by the Ghana government also to compete with United Africa Company (UAC) now Unilever.
.... is Dragged To Court
Finance Minister, Yaw Osafo Maafo has resigned as Chairman of the Divestiture Implementation (DIC) board. Mr. Osafo Maafo has notified the President of his decision, which he attributes to the many other things he is involved in. Sources close to the Presidency told JOY FM that the President is yet to make known his official reaction to the decision, after failing to convince the Finance Minister to stay.
The Finance Minister is said to have argued that he needs time to concentrate on other equally important national assignments. JOY FM’s enquiries at the DIC however suggest that there is more to Mr. Osafo Maafo’s resignation. He is reported as not being happy with the operations of the secretariat, charged to implement and execute all government policies in respect of divestiture programmes.
Details of the Minister’s concerns are not yet known, but officials say the Minister could be protesting against the caliber of officials at DIC. Effective Management and transparency in the operations of the DIC are other compelling reasons for his decision. Trade Minister, Kofi Konadu Apraku who is a member of the Board is reported to be gunning for the Chairmanship.
Other members of the DIC Board include Employment Minister, Cecilia Bannerman; deputy Attorney General, Gloria Akuffo; TUC Secretary General, Kwasi Adu Amankwah and the Executive Secretary of DIC, Benson Poku-Adjei. The others are Executive Secretary Lands Commission, Dr W. Odame Larbi; Chief Executive of EMPRETEC Ghana Foundation, Dr George Manu; Frank Ocran – State Enterprises Commission and J.K.A. Wiredu, a Management Consultant.
Additionally, except where the mode of divestiture is the sale of shares, government usually assumes responsibility for the discharge of all SOE liabilities.
Since the divestiture programme, began 13 years ago, DIC has been involved in a number of legal tussles.
For example, in November, last year, the DIC instituted legal action against PSC Tema Shipyard and Drydock, for the recovery of its then outstanding debt of US$1,270,045. Afrique Link Ltd which bought GIHOC Cannery at Wenchi for US$350,000 and paid US$118,947 and Hillpok which also bought the former State Fishing Corporation’s general workshop valued at US$370,000 but paid US$185,000 were similarly dragged to court by DIC.
It is on record that DIC has lost most of its court cases and fears are that, it might suffer similar fate in its current legal wrangling. Few cases won by DIC according to an unimpeachable source, relate to debts recovery. The legal action, the Executive Secretary of DIC told B&FT, was taken because most investors failed to pay the terms of takeover agreement when the time was due.
SCC, currently on divestiture was established in the 1960s by Ex-President Dr Kwame Nkrumah to compete with the multinational construction companies. On the other hand, GNTC, formerly AG Leventis, a Greek merchandise company was bought in 1962 by the Ghana government also to compete with United Africa Company (UAC) now Unilever.
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