Here is why Kofi Amoah took rent from Global Access despite being a shareholder

The majority shareholder of now-defunct Global Access Savings and Loans company, Dr Kofi Amoah has explained why the company paid rent to him for using a building belonging to him.

Dr Kofi Amoah

Speaking for the first time on the collapse of Global Access on Accra-based Metro TV, he explained that as a businessman his interests in real estate and in the finance company were exclusive of each other.

He indicated that at the time he rented the facility out to Global Access Savings and Loans, he was in negotiations with multinationals such as MTN and ENI to rent the Osu-based office complex.

He decided to rent it to Global Access Savings and Loans company after the management said there was the need for the company to be in an attractive office space such as what he had, to create a good brand image for the company.

“I’m a businessman. I have interests in several businesses. I am a real estate developer. Global Access is just one line of business and I don’t put everything in one basket. Where my office is, it used to be ADB, then Unibank and then CBG, now it is vacant and we are going to rent it. Where Global Access is, it used to be Citizen Kofi Entertainment. When I closed the entertainment, I refurbished it, MTN was interested to rent it, ENI was interested, there were two South African companies also interested in renting it,” he said.

“I was in negotiation with them when the management of Global Access came and said the way the banking structure in Ghana is, for a Savings and Loans, you need to brighten your image, you need to position yourself in the public mind that they can trust you. Your offices are solid, when they enter there it looks professional,” he added.

Bank of Ghana revokes licences of savings and loans companies

The BoG last Friday announced that it had revoked the licence of some savings and loans companies. Global Access was one of the companies. It was closed down for multiple infractions by the company and its majority shareholder, Dr Kofi Amoah.

The report said the institution recorded accumulated losses, mainly due to high rent it paid the majority shareholder, Dr. Kofi Amoah.

The report also noted that Dr Amoah contracted a loan of GHC2.91 million and made Global Access Savings and Loans assume liability for the loan.

Who is Dr Kofi Amoah

Dr Kofi Amoah is the majority shareholder of the now-defunct Global Access Savings and Loans which is one of the 15 savings and loans which has been declared insolvent by the Bank of Ghana.

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