By Elvis DARKO, Accra
Accusations by the National Democratic Congress (NDC) that the New Patriotic Party (NPP) government did not do due diligence before investing GH₵17.5 million (GH₵17,548,370.20) with All-Time Capital Investment have turned out to be inaccurate.
This is because documents from the National Health Insurance Authority (NHIA) indicate that the authority’s investment with All-Time Capital was initiated by the Mahama administration in July 2012.
Therefore, NDC cannot absolve itself from blame if indeed due diligence has not been done prior to the NHIA investing with All-Time Capital.
According to the documents, 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% interest per annum for GH₵5 million.
Two days after President Mahama assumed control of the presidency following the death of ex-President Professor John Evans Atta Mills, the first release of GH₵5 million was placed on a one-year fixed deposit.
This is in clear contradiction to a statement made by the NDC at a press conference yesterday during which they accused the NPP administration of transferring over GH₵17.5 million to All-Time Capital Limited.
In November 2015, an additional GH₵1 million 182-day fixed deposit investment was made with the same investment company, All-Time Capital.
The trend continued with the rollover of principal plus accrued interest to date.
The rollover of principal plus accrued interest increased the amount to GH₵6.2 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 GH₵7.6 million (GH₵7,688,000) at an interest rate of 26.84%.
The Health Insurance provider again rolled over principal plus accrued interest, making it GH₵7.9 million (GH₵7,939,722.60) at a rate of 26.84%, on March 11, 2015.
On March 20, 2015, NHIA’s deposit dropped to GH₵5.9 million (GH₵5,915,203.21) with an interest rate of 26.84%.
On April 1, 2015, it came down further to GH₵4.9 million (GH₵4,943,632.64) at an interest rate of 28.41%.
However, on September 30, 2015, the figure increased to GH₵5.6 million (GH₵5,643,952.62) at a rate of 27.97%.
The investment rose to GH₵7.2 million (GH₵7,222,566.17) on September 29, 2016 at an interest rate of 27.70%.
The NDC yesterday accused government of illegally transferring over GH₵17 million of the National Health Insurance Authority’s funds into a private fund management company, All-Time Capital Investment.
According to the party’s national communications officer, Sammy Gyamfi, the transaction was done without due diligence and risk assessment.
He said incontrovertible evidence available to the party indicates that repeated efforts by the authority to retrieve the invested funds and accrued interest have failed.
Gyamfi stated that the company informed the National Health Insurance Authority that it could only effect some payments if only the investment funds were allowed to be run for an additional year.
He stated that this situation is contributing to the worsening financial fortunes of the authority.
Source: The Finder