Skip to main content

Microfinance Association to establish Pension Fund

Story by: Fred Yaw Sarpong
Under the mandatory Tier 2 Pension Fund of the new Pensions Law, 2008 (Act 766), Ghana Association of Microfinance Companies (GAMC) decided to set up its own Pension Scheme to effectively and efficiently manage the 2nd Tier pension contributions of member companies on behalf of their employees.
The association opted to run a hybrid scheme which will enable the Association’s Pension/Provident Fund to be an autonomous scheme with its own Board of Trustees and outsource the regulatory requirements to either a Corporate Trustees or a Master Trust (Umbrella) Scheme.
The Executive Secretary of GAMC, Richard Amaning announced this at the association’s 2012 Annual General Meeting held in Accra last week Friday 16 August, 2013.
He stated that the underlying objective of the GAMC Pension Scheme is to provide a long term savings vehicle for retirement planning for employees of member companies.
‘Membership to the scheme is therefore limited only to employees of member companies of the Ghana Association of Microfinance Companies (GAMC),’ said Amaning.
He also stated that the association is in the process of setting up a deposit security fund. The deposit security fund is to provide a fund for safeguarding up to 20% of deposits mobilized by each member from the public.
It is also to provide a backup for mitigating panic withdrawals and run-ins by using funds contributed by the member; to obtain revenue by investing the fund in the best available securities, on the advice of the Fund Manager; and also to meet Bank of Ghana’s regulatory requirement on secondary reserve.
To allow for standardization of the operations of Tier 2 Microfinance to enhance effective monitoring and supervision by the association of a Standardized Operational Manual for member companies to standardize their operations for effective and efficient management.
In GAMC 2012 Annual Report that the standardized operational manual will focus on risk management manual, credit manual, HR  manual, MIS manual, Governance manual, internal control and audit manual, product development manual, procurement manual, branch operations manual, treasury manual, and IT security manual.
 The National Board Chairman of GAMC, Collins Amponsah-Mensah said the association was able to facilitate the submission of 198 applications on behalf of its members.
‘By the end of 2012, 77 member companies have received their final license, 134 had provisional incense and a couple of others having their application in process,’ he noted.


Popular posts from this blog

Deputy AG sues Facebooker over 'malicious' Ameri deal

The Deputy Attorney-General and Member of Parliament for Bolgatanga East, Mr Dominic Ayine has filed a defamation suit at an Accra High Court against a Facebook commentator, Evron Hughes.
In Mr Ayine’s statement of claim, sighted by Graphic Online, he accused Mr Hughes of defaming him in a post he authored and published on Facebook on December 21, 2015, titled “RE: AMERI TRANSACTION”.
According to the Deputy A-G, the “false and malicious” post has provoked “public disaffection” against him and exposed him to public ridicule and contempt.
Describing Mr Hughes as a “self-styled social media blogger and a social commentator”, Mr Ayine said the Facebook post had brought his hard-won reputation “as a respected politician, teacher and lawyer” into “hatred, ridicule, odium, discredit, contempt, opprobrium and reproach”.
The Deputy A-G said the “defamatory words” were authored with the sole intent to reduce him in the estimation of all right thinking Ghanaians, adding that he had received numerou…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

Dear Sir,
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…