{"id":688621,"date":"2019-08-22T10:40:41","date_gmt":"2019-08-22T10:40:41","guid":{"rendered":"
\n\t\t\n

Dr Kofi Amoah<\/strong><\/em><\/p>\n\n\n\n

THE HIGH rent expense\npaid by Global Access Savings and Loans Company Limited to its majority\nshareholder \u2013 Dr. Kofi Amoah \u2013 was one of the main factors that collapsed the\ncompany. <\/p>\n\n\n"},"modified":"2019-08-22T10:40:41","modified_gmt":"2019-08-22T10:40:41","slug":"high-rent-nailed-globalaccess","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/22\/high-rent-nailed-globalaccess\/","title":{"rendered":"High Rent Nailed GlobalAccess –"},"content":{"rendered":"

<\/p>\n

\n

Dr Kofi Amoah<\/strong><\/em><\/p>\n

THE HIGH rent expense
\npaid by Global Access Savings and Loans Company Limited to its majority
\nshareholder \u2013 Dr. Kofi Amoah \u2013 was one of the main factors that collapsed the
\ncompany. <\/p>\n

The Bank of Ghana
\n(BoG) dossier on the 23 savings and loans companies, whose licences have been
\nrevoked, said: \u201cGlobal Access assumed the liability of a loan contracted by the
\nmajority shareholder amounting to GH\u00a22.91 million. The loan amount was injected
\ninto the institution as equity capital.\u201d<\/p>\n

However, the
\nliability was concealed as a suspense account in the books of Global Access
\nSavings and Loans Limited. <\/p>\n

The report
\ncontinued: \u201cThe institution continues to record accumulated losses due mainly
\nto high rent expenses paid to the majority shareholder for the use of his
\npremises. The institution failed to keep accounting records in a manner that
\ngives an accurate and reliable account of its transactions that constitute
\nunsafe and unsound banking practice.\u201d <\/p>\n

Global Access
\nSavings and Loans Company Limited was incorporated under the laws of Ghana in
\n1998 and commenced business in February 2000 as a partner agent of ADB in the
\nWestern Union Money Transfer Business. <\/p>\n

The company grew
\nand added other money transfer services to its remittance product line.
\nFollowing the changing need of customers, management decided to convert the
\ncompany into a savings and loans company. The company was granted a savings and
\nloans company licence on 15th June 2009 by the BoG and it commenced operations
\non December 6, 2010. <\/p>\n

\u201cGlobal Access
\nSavings and Loans has been insolvent since 2016 with serious liquidity
\nchallenges. The reported capital adequacy ratio and net worth are both
\nnegative. The institution\u2019s worth of negative GH\u00a258.19 million as of end May
\n2019 indicates that its paid-up capital is impaired in violation of Section
\n28(1) Act 930. The institution\u2019s capital adequacy ratio of negative 195.06% as
\nof end May 2019 is in violation of Section 29(2) of Act 930,\u201d the Central Bank
\nreport added.<\/p>\n

The BoG report added
\nthat Global Access Savings and Loans Limited had breached the statutory cash
\nreserve ratio requirement since 2016. <\/p>\n

The BoG said it had
\nseveral engagements with the board and senior management on the need to inject
\nadditional capital but those did not yield any fruitful results. Rather, it
\nopted to apply for liquidity support from the BoG, a move which was declined
\ndue to its insolvency position. <\/p>\n

Noting that the
\ninstitution failed to implement BoG\u2019s on-site examination findings conducted in
\nOctober 2018, the report said there had been several complaints from customers
\nabout the inability of Global Access Savings and Loans to honour depositors\u2019
\nwithdrawals. <\/p>\n

\u201cThe company
\nneither published nor submitted its 2017 Audited Financial Statements to the
\nBank of Ghana contrary to Act 930,\u201d according to the report.<\/p>\n

Amoah\u2019s Explanation<\/strong><\/p>\n

Giving reasons why he took such high rent from Global Access where he
\nis also majority shareholder, Dr. Amoah who is also the Chairman of the
\nNormalization Committee overseeing football activities after the Ghana Football
\nAssociation (GFA) was scrapped, said: \u201cI\u2019m a businessman. I have interests in
\nseveral businesses.\u201d<\/p>\n

\u201cI am a real estate developer. Global Access is just one line of
\nbusiness and I don\u2019t put everything in one basket,\u201d he said, adding \u201cwhere my
\noffice is, it used to be ADB, then Unibank and then CBG; now it is vacant and
\nwe are going to rent it. Where Global Access is, it used to be Citizen Kofi
\nEntertainment.\u201d<\/p>\n

He said further that \u201cwhen I closed the
\nentertainment, I refurbished it; MTN and ENI were interested to rent it; there
\nwere two South African companies also interested in renting it.\u201d <\/p>\n

\u201cI was in negotiation with them when the management of Global Access came and said the way the banking structure in Ghana is, for a savings and loans, you need to brighten your image; you need to position yourself in the public mind that they can trust you. Your offices are solid; when they enter there it looks professional,\u201d he added.<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr Kofi Amoah THE HIGH rent expense paid by Global Access Savings and Loans Company Limited to its majority shareholder \u2013 Dr. Kofi Amoah \u2013 was one of the main factors that collapsed the company. 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