GESOPS has No Arrangement with Gov’t to Pre-finance Teachers Laptops -Legal practitioner discloses

GES Occupational Pension Scheme (GESOPS) legal practitioner, Gaise Zwennes Hughes & Co. (a Legal & Practitioner Consultant) has disclosed in a detailed response to issues raised about their client having an arrangement with government to pre-finance 70% cost of the supply of 280,000 laptops to Teachers.

“A copy of document that shows that the Government of Ghana has paid the seventy percent (70%) of the amount GESOPS used to pre-finance the manufacturing of 280,000 laptops and the eighteen percent (18%) interest on that amount.” THERE IS NO SUCH DOCUMENT BECAUSE GESOPS HAS NOT HAD ANY ARRANGEMENT WITH GOVERNMENT TO PRE-FINANCE 70% OF THE COST OF THE SUPPLY OF 280,000 LAPTOPS.”

Below is the full released document on the Right to Information Request dates 14th March, 2023.

RE: RIGHT TO INFORMATION REQUEST

Pursuant to our letter dated the 16th day of January 2023 in which we requested for an extension of time on our clients behalf, we hereby confirm that the underlisted information is available for your clients’ access upon their payment of a fee of Five Thousand, Eight Hundred and Sixty-Five Ghana Cedis (GHS5,865.00) representing a total of Three Thousand Nine Hundred and Ten (3,910) of printed pages.

We note that in a number of respects, the request for information on behalf of your clients has been generic and so accordingly, our clients have provided the underlisted information to respond in the best possible way to what has been requested.

1. “A copy or copies of the relevant documents from the Temporary Pension Fund Account covering the amount released by National Pensions Regulatory Authority or Ministry of Finance into the GESOPS account.” A SCHEDULE OF THE ASSETS RELEASED TO GESOPS WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES. SIMILAR INFORMATION MAY BE OBTAINED FROM GESOPS AUDITED FINANCIAL STATEMENTS SINCE 2016, WHICH HAVE BEEN POSTED ON THE GESOPS WEBSITE. POSTING OF GESOPS AUDITED FINANCIAL STATEMENTS STARTED ON THE GESOPS WEBSITE IN 2020 AND CAN BE ACCESSED USING THIS LINK

(HTTPS://WWW.GESPENSIONS.COM.GH/ANNUAL REPORT/)

2. “A copy or copies of document(s) regarding how much was used to sponsor the Ghana Teachers Prize, 2022 from GESOPS funds as it was advertised on JOY 99.7 FM and on the occasion of the ceremony Dr. Christian Addai Poku, the Registrar of National Teaching Council said the GESOPS sponsored the Ghana Teachers Prize, 2022 as a headline sponsor. ” THE LETTER OF SPONSORSHIP FOR THE 2022 TEACHER PRIZE WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES.

3. “A copy of the letter from Ghana Education Service or the Ministry of Finance requesting for sponsorship from Ghana Education Service Occupational Pension Scheme to finance the 2022 Ghana Teachers Prize. “GESOPS DID NOT RECEIVE A LETTER OF REQUEST FOR SPONSORSHP FROM THE GES OR MINISTRY OF FINANCE

4. “Copies of all the Bond agreements between Ghana Education Service Occupational Pension Scheme Board of Trustees and the Government of Ghana.” A LIST OF GESOPS BOND HOLDINGS, WHICH MAY BE CONFIRMED WITH THE CSD WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES. SIMILAR INFORMATION MAY BE OBTAINED FROM GESOPS AUDITED FINANCIAL STATEMENTS SINCE 2016, WHICH HAVE BEEN POSTED ON THE GESOPS WEBSITE. POSTING OF GESOPS AUDITED FINANCIAL STATEMENTS STARTED ON THE GESOPS WEBSITE IN 2020 AND CAN BE ACCESSED USING THIS LINK

(HTTPS://WWW.GESPENSIONS.COM.GH/ANNUAL-REPORT/)

5. “Copies of documents in relation to payment of interests [SIC] paid by the Government of Ghana on the Bonds invested from 2016 to 31st December 2022.” REPORTS IN GESOPS CUSTODY FROM 2017 TO 2022 WHICH PROVIDE INFORMATION ON INVESTMENT AND RETURNS ON INVESTMENT WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES. SIMILAR INFORMATION MAY BE OBTAINED FROM GESOPS AUDITED FINANCIAL STATEMENTS SINCE 2016, WHICH HAVE BEEN POSTED ON THE GESOPS WEBSITE. POSTING OF GESOPS AUDITED FINANCIAL STATEMENTS STARTED ON THE GESOPS WEBSITE IN 2020 AND CAN BE ACCESSED USING THIS LINK (HTTPS://WWW.GESPENSIONS.COM.GH/ANNUAL-REPORT/)

6. “Copies of all documents in relation to payment made to Pension Alliance Trust Company Limited as management fees for the period the Ghana Education Service Occupational Pension Scheme was in its management.” THIS INFORMATION IS AVAILABLE IN THE CUSTODIAL BANK STATEMENTS PROVIDED.

7. “A copy or copies of document (s) covering the payment from GESOPS account to K. A. TECHNOLOGIES (as pre-finance for the manufacturing of 280,000 laptops) as it was agreed between Ghana Education Service and GESOPS Board of Trustees.” THE SCHEDULE OF PAYMENTS MADE TO KA TECHNOLOGIES BY GESOPS TRUST WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES. IN CONSONANCE WITH SECTIONS 162, 163,175, 176, 177 178 and 180 OF THE PENSIONS ACT (ACT 766), THE PAYMENTS WERE NOT MADE FROM THE GESOPS PENSION SCHEME ACCOUNT.

8. “A list of the past members of Ghana Education Service Occupational Pension Scheme Board of Trustees and the present list.” – THE LIST OF PAST AND PRESENT MEMBERS OF THE BOARD OF TRUSTEES WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES.

9. “What is the formula Ghana Education Service Occupational Pension Scheme Board of Trustees uses to calculate the Total Fund Value of contributors as seen by teachers when they use the USSD CODE *365*65# to check their Ghana Education Service Occupational Pension.” THE FORMULA IS IN LINE WITH THE NPRA – GUIDELINES FOR NET ASSET VALUE (NAV) COMPUTATION.

THE NAV PER UNIT IS CALCULATED BY DIVIDING THE NAV BY TOTAL FUND SHARES OUTSTANDING. A COPY OF THE NPRA GUIDELINES WILL BE MADE AVAILABLE TO YOUR CLIENTS UPON THEIR PAYMENT OF THE AFOREMENTIONED FEES.

Our Client is unable to provide information for the underlisted information requests due to reasons assigned IN CAPITALS against each request:

A. “The copy of the bank statement from the account that receives contributions every month from employees of Ghana Education Service from 2016 to 31st December 2022.” GESOPS DOES NOT RECEIVE CONTRIBUTIONS FROM CONTRIBUTORS. IT RECEIVES CONTRIBUTIONS ON BEHALF OF CONTRIBUTORS.

B. “A copy of the Consent Judgment obtained by GESOPS as a Plaintiff in a suit against the Government of Ghana in 2013.”- GESOPS HAS NOT AT ANY TIME INSTITUTED ANY LAWSUIT AGAINST THE GOVERNMENT OF GHANA.

c. “Copy of the document regarding the amount Government failed to pay from the Temporary Pension Fund Account and which Government converted into bonds”. GOVERNMENT’S PAYMENT OF THE TPFA TO GESOPS WAS PRINCIPALLY IN THE FORM OF BONDS, THEREFORE YOUR CLIENTS’ REFERENCE TO FAILURE TO PAY IS NOT CLEAR. THE TPFA ASSET RELEASE SCHEDULE SHARED ABOVE PROVIDES ALL INFORMATION ON THE TPFA FUNDS RELEASED BY GOVERNMENT TO GESOPS.

D. “In the same letter dated 26th October 2021 the Director General of GES called for the opening of an Escrow Account that will yield interest. Kindly provide the bank statement of the Escrow Account and documents that show the performance of the Escrow Account since it was opened.” THE SAID ESCROW ACCOUNT WAS NOT OPENED AND THEREFORE THERE IS NO BANK STATEMENT TO SHARE.

E. “Copies of documents covering fees or allowances (every month or year) paid to each Member of the Board of Trustees of Ghana Education Service Pension Scheme since 2016 to 31st December 2022” THE TRUSTEES ARE PAID – ALLOWANCES FROM TRUSTEE FEES AS STIPULATED IN THE FEE GUIDELINES PROVIDED BY THE NPRA. THE NPRA FEE GUIDELINES ARE ATTACHED.

F. “A copy of the agreement of management fees or charges between GESOPS Board of Trustees and Pension Alliance Trust Company Limited.” THE TRUSTEES ARE UNABLE TO SHARE THIS AGREEMENT BECAUSE IT HAS PROPRIETARY INFORMATION OF A THIRD PARTY, HOWEVER, THEY ARE ABLE TO INFORM YOU THAT THE FEE PAID WAS A FLAT RATE 0.44% OF AUM.

G. “Which aspect of the Pension Act was violated by Pension Alliance Trust that resulted in the change of fund ‘management from Pension Alliance to Glico.” NO SUCH – INFORMATION IS AVAILABLE TO GESOPS AS IT IS NOT THE NOMINATING AUTHORITY FOR ADMINISTRATORS FOR THE SCHEME.

H. “A copy of the agreement of fees between Ghana Education Service Occupational Pension Scheme and GLICO Company Limited.” – THE TRUSTEES ARE UNABLE TO SHARE THIS AGREEMENT BECAUSE IT HAS PROPRIETARY INFORMATION OF A THIRD PARTY. HOWEVER, THE TRUSTEES ARE ABLE TO INFORM YOU THAT THE FEE PAYABLE IS BASED ON THE FOLLOWING FEE BANDS:

TOTAL AUM and the Fee Structure

1. Under GH¢1 Billion Cedis – 0.44%

2. GH¢1 Billion up to GH¢2 Billion Cedis – 0.42%

3. Above GH¢2 Billion and up to GH¢3 Billion Cedis – 0.40%

4. Above GH¢3 Billion and up to GH¢4 Billion Cedis – 0.40%

5. Above GH¢4 Billion and up to GH¢5 Billion Cedis – 0.32%

6. Above GH¢5 Billion and up to GH¢6 Billion Cedis – 0.27%

7. Above GH¢6 Billion and up to GH¢7 Billion Cedis – 0.22%

8. Above GH¢7 Billion and up to GH¢8 Billion Cedis – 0.17%

9. Above GH¢8 Billion and up to GH¢9 Billion Cedis – 0.12%

10. Above GH¢9 Billion – Additional fees to be negotiated.

THE COMPOSITE FEE FOR THE LAST PAYMENT MADE WAS 0.35% OF AUM ON THE BASIS OF THE GRADUATED FEE BANDS ABOVE.

I. “Copies of documents regarding payments made to GLICO as management fees since 2017 to 31st December 2022 from the GESOPS account.” THIS INFORMATION IS AVAILABLE IN THE CUSTODIAL BANK STATEMENTS PROVIDED PURSUANT TO THIS REQUEST FOR INFORMATION. NOTE THAT GLICO WAS NOT AN ADMINISTRATOR IN 2017 OR 2018.

J. “Copies of all documents in relation to the agreement between GESOPS Board of Trustees and all Companies that have received funds from GESOPS for investments.” – THE GESOPS BOARD OF TRUSTEES HAS NOT GIVEN ANY FUNDS TO ANY COMPANIES FOR INVESTMENT. INVESTMENTS OF GESOPS FUNDS ARE GOVERNED BY THE NPRA INVESTMENT GUIDELINES WHICH DEFINE INVESTMENT ASSET CLASSES AND DO NOT PROVIDE FOR COMPANIES TO BE GIVEN FUNDS FOR INVESTMENT.

K. “Copies of all documents in relation to payment of the principal amount and the interests agreed between GESOPS Board of Trustees and the Companies into the GESOPS account.” -THE GESOPS BOARD HAS NOT GIVEN ANY FUNDS TO ANY COMPANIES FOR INVESTMENT. INVESTMENTS OF GESOPS FUNDS ARE GOVERNED BY THE NPRA INVESTMENT GUIDELINES WHICH DEFINE INVESTMENT ASSET CLASSES AND DO NOT DESIGNATE COMPANIES TO BE GIVEN FUNDS FOR INVESTMENT.

L. “A copy of the agreement between Ghana Education Service (presumptuously acting on behalf of the Ministry of Education according to the Press Conference held by GNAT, NAGRAT AND CCT in December 2021) and Ghana Education Service Occupational Pension Scheme (GESOPS).” – THE GESOPS BOARD IS UNABLE TO SHARE THIS AGREEMENT BECAUSE IT HAS PROPRIETARY INFORMATION OF A THIRD PARTY.

M. “A copy of document that shows that the Government of Ghana has paid the seventy percent (70%) of the amount GESOPS used to pre-finance the manufacturing of 280,000 laptops and the eighteen percent (18%) interest on that amount.” THERE IS NO SUCH DOCUMENT BECAUSE GESOPS HAS NOT HAD ANY ARRANGEMENT WITH GOVERNMENT TO PRE-FINANCE 70% OF THE COST OF THE SUPPLY OF 280,000 LAPTOPS.

“Our client appreciates your request for information on behalf of your clients and would be happy to discuss any further information needs your clients may have that are within its control to provide.”

SOURCE: Coverghana.com.gh