• Latest
  • Trending
Attempts to stain image of Free Zones boss Okyere Baafi falls flat

Attempts to stain image of Free Zones boss Okyere Baafi falls flat

September 19, 2019
"Adenta Kumi" charged with publication of fake news

“Adenta Kumi” charged with publication of fake news

May 23, 2025
Violent clashes in Nsawam Adoagyiri lead to widespread destruction

Violent clashes in Nsawam Adoagyiri lead to widespread destruction

May 23, 2025
Audit Service rejects UTAG-UG Claims, Upholds Integrity of UG Compensation Audit Report

Audit Service rejects UTAG-UG Claims, Upholds Integrity of UG Compensation Audit Report

May 23, 2025
South Africans rally behind Ramaphosa after a tense white house meeting with Trump

South Africans rally behind Ramaphosa after a tense white house meeting with Trump

May 23, 2025
GWL initiates controlled spillage of Weija Dam, issues flood warning

GWL initiates controlled spillage of Weija Dam, issues flood warning

May 23, 2025
Kasoa-Transport-Officer-encourages-Drivers-to-accept-new-fare-reduction

Kasoa Transport Officer encourages Drivers to accept new fare reduction

May 23, 2025
Interior-Minister-reaffirms-government's-support-for-Fire-Service-modernization

Interior Minister reaffirms government’s support for Fire Service modernization

May 23, 2025

GNFS urges media to verify facts before reporting on fire incidents

May 23, 2025
Nigeria-Ruling-party-endorses-Tinubu-for-2027-election

Nigeria: Ruling party endorses Tinubu for 2027 election

May 23, 2025
NPP-alleges-state-sponsored-persecution-of-party-members-demands-immediate-end

NPP alleges state-sponsored persecution of party members, demands immediate end

May 23, 2025
High-Court-withdraws-arrest-warrant-against-Director-of-Passports

High Court withdraws arrest warrant against Director of Passports

May 23, 2025
akwasi agyeman

Hearts of Oak appoint Akwasi Agyeman as Executive Supervisory Director for administrative streamlining

May 23, 2025
Happy Ghana
Advertisement
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Sports

Attempts to stain image of Free Zones boss Okyere Baafi falls flat

in Sports
Attempts to stain image of Free Zones boss Okyere Baafi falls flat
Share on FacebookShare on TwitterShare on Whatsapp

The Ghana Free Zones Authority has parried allegations regarding some internal issues at the state institution following a media report online.

According to a press statement from the management of the Ghana Free Zones Authority, there is a grand scheme in motion well calculated to stain and further tarnish the image of the Chief Executive Officer of the Ghana Free Zones Authority, Mr. Michael Okyere Baafi

This comes on the back of a publication on GhanaNewsOnline.com.gh captioned “Corruption: Tension Mounts at Ghana Free Zones Over Executive Director’s ‘Chop Chop’’.

The Free Zones Authority management through the press statement has described the news publication as an empty and non-factual publication by the GhanaNewsOnline.com.gh.

Below is the full statement from the Free Zones Authority setting the records right on the issues raised in the publication

REBUTTAL

The Management of the Ghana Free Zones Authority’s attention has been drawn to a publication in Ghana News Online.com.gh captioned ‘’ Corruption: Tension Mounts at Ghana Free Zones over Executive Director’s ‘Chop Chop’’

The management wishes to state categorically that the publication is nonfactual and aimed at tarnishing the image of the Chief Executive Officer, Mr. Michael Okyere Baafi and the Authority.

The Facts

The Ghana Free Zones Authority in compliance with the Pensions Act, 2008, (Act 766) in the year 2013, commenced implementation of the 3 Tier System of pensions. Contributions for Tiers 1 and 2 were accordingly placed with SSNIT and a Fund Manager, Pensions Alliance respectively, as prescribed by the Act.

Pending the appointment of a substantive Fund Manager, the existing Staff Provident Fund was temporarily placed with Fidelity Bank and invested by the Bank. The intent being to accrue interest on the funds through a low-risk investment while Management went through the process of appointing a Fund Manager to whom the funds would then be transferred. At no point in time was the staff pension funds invested with All-Time Capital and Ideal Finance as stated in the publication.

In June 2018, Management withdrew the funds from Fidelity Bank Ltd (at the instance of Staff) and prudently placed the funds with a state institution, SIC Financial Services Limited. The decision to withdraw the funds from Fidelity Bank was on the back of the agitation of Members of Staff for better management and returns on their contributions. SIC Financial Services at that material time, offered relatively better returns on investments. Being an institution of the state, Management was confident of the security of the investment, while expediting the process of engaging a substantive Fund Manager in accordance with the Act.

In December 2018, Axis Pensions Trust Limited, a duly registered fund manager was appointed as Fund Manager for GFZA Tier 3 contributions. As of date, the GFZA Tier 3 Pension Funds continue to be duly managed by the competent fund manager according to the provisions of the Pensions Act.

Management is committed to retrieving the funds lodged with SIC Financial Services Limited and in December 2018, 50% of the monies invested with SIC Financial Services Limited was redeemed and paid to Staff. As of date, SIC Financial Services Limited is still being engaged by Management to disinvest the outstanding balance of GH?1,336,000.00 and the amount paid out to Staff.

The facts as stated above are verifiable. The publication, therefore, is a total misrepresentation of the facts aimed at dragging the name of the CEO and the Authority into disrepute and Management demands a retraction and an apology immediately failing which the Authority will advise itself on the next course of action.

Issued By

Management

Ghana Free Zones Authority

Tags: Okyere Baafi

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

Group calls on Amidu to investigate Atta Akyea over alleged $43 billion housing contracts

Next Post

Mourinho trends as PSG thrash Real Madrid 3-0

Next Post
Mourinho trends as PSG thrash Real Madrid 3-0

Mourinho trends as PSG thrash Real Madrid 3-0

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • “Adenta Kumi” charged with publication of fake news
  • Violent clashes in Nsawam Adoagyiri lead to widespread destruction
  • Audit Service rejects UTAG-UG Claims, Upholds Integrity of UG Compensation Audit Report
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.