National Democratic Congress (NDC) has been exposed over its claims that the New Patriotic Party (NPP) did not do due diligence before investing Ghc17.5 million with All-Time Capital Investment.
The NDC’s claim has turned out to be grossly inaccurate.
Documents from the NHIA available to the media suggest that the Authority’s investment with All-Time Capital was initiated by the Mahama’s administration in July 2012.
The suggestion therefore means that the NDC as a party cannot absolve itself from blame if indeed due diligence had not been done prior to the NHIA investing with All-Time Capital.
The documents indicated that on July 19, 2012, All-Time Capital sent a proposal to NHIA to invest in its product called All-Time Corporate Wealth Management – Fixed Income.
It offered NHIA 24 percent interest per annum for Ghc5 million.
Two days after President Mahama assumed control of the presidency following the death of ex-President Professor John Evans Atta Mills, according to the documents, the first release of Ghc5 million was placed on a one-year fixed deposit.
The revelation was in clear contradiction to a statement made by the NDC at a press conference yesterday during which the party accused the NPP administration of transferring over Ghc17.5 million to All-Time Capital Limited.
In November 2015, an additional Ghc1 million 182-day fixed deposit investment was made with the same investment company.
The trend continued with the rollover of principal plus accrued interest to date.
The rollover of principal plus accrued interest increased the amount to Ghc6.2 million on July 26, 2013 at an interest rate of 24%.
Similarly, on July 26, 2014, NHIA rolled over the principal plus accrued interest, translating the investment to GHc7.6 million (GHC7,688,000) at an interest rate of 26.84%.
The Health Insurance provider again rolled over principal plus accrued interest, making it Ghc7.9 million (Ghc7,939,722.60) at a rate of 26.84%, on March 11, 2015.
On March 20, 2015, NHIA’s deposit dropped to Ghc5.9 million (GHC5,915,203.21) with an interest rate of 26.84%.
On April 1, 2015, it came down further to GHC4.9 million (Ghc4,943,632.64) at an interest rate of 28.41%.
However, on September 30, 2015, the figure increased to Ghc5.6 million (GHC5,643,952.62) at a rate of 27.97%.The investment rose to GHC7.2 million (Ghc7,222,566.17) on September 29, 2016 at an interest rate of 27.70%.
At a press conference held in Accra on Monday, April 15, 2019, the NDC accused government of illegally transferring over Ghc17 million of the National Health Insurance Authority’s funds into a private fund management company, All-Time Capital Investment.
NDC’s National Communications Officer, Sammy Gyamfi, who addressed the media noted that the transaction was done without due diligence and risk assessment.
According to him, “incontrovertible evidence available to the party indicates that repeated efforts by the authority to retrieve the invested funds and accrued interest have failed.”
Mr. Gyamfi stated that the company informed the NHIA that it could only effect some payments if only the investment funds were allowed to be run for an additional year
Furthermore, he indicated that this situation is contributing to the worsening financial fortunes of the authority.
Story: Kofi OWUSU TAWIAH
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