In an era where African youth are rewriting the entrepreneurial narrative, Stella Alem stands out as a powerful example of how humble beginnings, perseverance, and community support can ignite a journey of business transformation. From reposting products for friends on social media to running her own physical store, Stella’s brand—Afrikthreads Collection—is steadily rising in Ghana’s competitive retail space.
In 2016, Efua Bempong became a local sensation in Cape Coast for her creative blend of Ankara and chiffon. Her brand, Efua Styles, quickly gained a following on social media, with orders flying in from across Ghana and even a few from the diaspora. She rented a spacious shop, hired two apprentices, and was poised to expand into ready-to-wear pieces.
We live a country where every now and then, there is a new church or mosque being established. The number of churches and mosques in Ghana and even Africa is more than the number of manufacturing factories yet still crime and corruption are on the increase. What an irony. What even makes it worse is that these churches and mosques have services throughout the week. Church members’ attitude towards work and their employers is nothing to write home about, with some literally collapsing the same institutions they work at by stealing, going to work late, poor customer service etc.
What I know from the bible and the church I attend is, the word preached from the pulpit should renew our minds to be better persons and contribute positively to society (Romans 12: 1-2, Philippians 4:8, Psalm 51:10) but the opposite is seen these days.
Reflecting on these made me believe criminals can or are taking over the pulpit to further expand their criminal activities, which includes the laundering of ill-gotten funds. This article throws more light on the activities of criminals, how they can use the religious organizations to launder money and finance the art of terrorism and how their activities could be brought under control.
The United Nations 2000 Convention Against Transnational Organized Crime, also known as the “Palermo Convention,” defines money laundering as the conversion or transfer of property, knowing it is derived from a criminal offense, for the purpose of concealing or disguising its illicit origin or of assisting any person who is involved in the commission of the crime to evade the legal consequences of his actions.
Also the Anti-Money Laundering Act, 2020 (Act 1044) section 1 (2) states that “A person commits an offence of money laundering if the person knows or ought to have known that a property is, or forms part of, the proceeds of unlawful activity and the person
converts, conceals, disguises or transfer the property for the purpose
concealing or disguising the illicit origin of the property; or
assisting any person who is involved in the commission of the unlawful activity,
to evade the legal consequences of the unlawful activity
conceals or disguises the true nature, source, location, disposition, movement or ownership of, or rights to, the property; or
acquires, uses or takes possession of the property knowing or suspecting at the time of receipt of the property that the property is, or forms part of the proceeds of unlawful activity.
Simply put, money laundering is the process of making dirty money look clean. The washing of dirty money goes through three main processes or stages namely placement, layering and integration. Criminals using the religious organizations might use any or all the stages to wash their dirty money.
One way criminals can use the pulpit to launder dirty money is by setting up their own church and expanding their operations through it. The nonexistence of any entry barrier and supervisory authority over the activities of church in Ghana and some parts of Africa is encouraging criminals to wash their dirty money through the church. After the church is registered and starts operations, the criminal is able to justify his or her source of funds as he or she is able to comingle the dirty funds with the offerings and tithes collected from church members. The issue is more prominent among the “one man” church set ups.
Some church leaders are using the church to acquire worth for themselves without paying any tax to the government. Some church leaders have reality shows and move around the world to delivery motivational and/or inspirational messages, all in the name of church activity, and avoid the payment of taxes. But professionals who delivery the same motivational and/or inspirational messages are taxed by the government.
Another way the criminal can launder ill-gotten funds through the church is by loaning the church funds for the construction of an auditorium or church related building. The repayment of this loan is mostly done via funds transfer and/or the issuance of cheque. The criminal is able to justify the source of the funds, when questioned, as coming from the church with an acceptable and reasonable purpose. The cheque and/or transfer will then find itself in the financial system as clean money.
Setting up scholarship and endowment fund for church members is another way criminals use to launder their dirty money. Once the dirty money has been cleaned through other means, the criminal has more money and power at his or her disposal to influence the society and the community they find themselves. They use the dirty money to set up all sort of funds to buy the conscious and loyalty of the beneficiaries of the fund. Example can be seen in the life of Pablo Escobar of Columbia.
Setting up investment clubs and other social clubs to lure church members to invest is another strategy used by criminal self-styled men of God to use the church to further wash their ill-gotten funds. They used the cover of the church is convince members to join and invest in their schemes and later defraud them of their hard earn cash. These schemes are presented through seminars, meetings, and broadcasts on TV channels, promising members of greater returns on investments. Mention can be made of Self-proclaimed prophet Shepherd Bushiri, who is currently standing trial for about 350 charges, including fraud, money laundering, and racketeering.
Laundering money through the church has been made easy by criminals as this can be done using the private jets of the Man of God. It should be suspicious or a red flag if the Man of God flies to tax haven countries such as Bahamas, the Cayman Islands, Nevis etc frequently. This makes it easy for the criminal to launder his or her dirty money to other countries with lax anti money laundering controls.
Comingling of tithes, offerings and other donations with the ill-gotten funds and introducing it into the financial systems through deposits is another way criminals use the church to expand their operations. This even becomes worse when the “Man of God” is a televangelist. They then use the church to acquire properties for themselves and associates.
The non-reporting requirement of religious organizations to any regulator and/or authority makes it vulnerable to the activities of criminals in cassock as there is no stringent rules and guidelines over the operations of the religious body.
The regulatory body responsible for supervising and regulating the activities of religious leaders and their institutions should be strengthened and resourced to fight any form of money laundering in the industry. The regulatory body should collaborate with the Financial Intelligence Center (FIC) to develop AML guidelines to understand and comply with AML/CFT & P laws and regulatory requirements and the implications of non-compliance of AML/CFT & P requirement. Also the regulatory body should set standards for every religious leader. Example, requiring religious leaders to obtain a minimum academic degrees and certificates in theology as it is the case in Rwanda.
Training and creating the necessary awareness about money laundering activities among the citizenry will go a long way to thwart the activities of criminals in the church. Church leaders should factor AML trainings and lectures in their daily activities in order not to be vulnerable to criminals. Religious FM/ radio stations should use their medium to educate their listeners about the dangers and consequences of allowing criminals to enjoy their ill-gotten funds.
Another control that can be put in place to thwart the activities of criminals using the church is having an effective and efficient know your customer (KYC) procedures and principles. financial institutions onboarding religious organisations as their customers should properly identify all the leaders of the church, their source of funds and wealth. Enhanced Due Diligence should be conducted on these leaders by verifying all stated sources of funds and wealth. This should be reviewed annually and properly documented. the accounts of these customers should be monitored keenly and where actual transaction activities differ sharply from estimated values, answers and documentary evidence requested. The leaders of these religious organizations should institute KYC (know your church member) principles to enable them to identify suspicious characters within their churches and report same.
With these legal and procedural changes, greater transparency would reduce the ability of religious organizations to be used to launder money and illegally buy political influence. The time to act is now.
Would you mind doing me a favor? Share this article with someone so that the awareness of money laundering and terrorist financing could be spread to avoid being used as a conduit by criminals
As the AliExpress Anniversary Sale marches into its final stretch, tech enthusiasts and deal seekers are presented with a golden opportunity to acquire cutting-edge gadgets at prices that are a fraction of their usual cost. This annual extravaganza, which kicked off on March 18th and will draw to a close on March 28th, 2024, has been an opportunity for those looking to update their tech arsenal without breaking the bank.
As I ponder over the day, my mind buzzes with excitement and inspiration from the workshop organized by the National Youth Authority in collaboration with UNESCO on their Y-Reach Project. It was an opportunity I couldn’t afford to miss – a chance to connect with fellow bloggers and influencers and learn more about Sexual and Reproductive Health Rights (SRHR).
The workshop spanned two and a half days of eye-opening and insightful experiences. Presentations were given by experts from various organizations and religious leaders on Sexual and Reproductive Health Rights (SRHR). A highlight for me as a blogger was the session by blogger Kobby Kyei, who shared his expertise on developmental and impactful blogging with us.
Motivated by the wealth of knowledge shared, I am eager to pass on five key insights from Kobby Kyei’s presentation at the Y-Reach project workshop:
1. Be Consistent, but Don’t Rush: Kobby emphasized the importance of maintaining a consistent posting schedule. Instead of rushing to churn out content, allow your followers time to digest and engage with your previous posts. By establishing a reliable posting routine, followers will come to expect quality content whenever they visit your page.
2. Give Your Followers Time to Rest: While regular posting is crucial, Kobby wisely advised giving followers occasional breaks. A day or two without new content allows your audience to rest and eagerly anticipate your next offering. Quality over quantity is key, ensuring that each post captures attention and adds value.
3. Empathy in Blogging: Kobby encouraged bloggers to put themselves in the shoes of both the subjects they write about and their followers. Considering how you would want someone to handle issues on their page if you were the follower is crucial. Additionally, he urged bloggers to approach sensitive topics with empathy, questioning if they would report the same way if the subject were a family member.
4. Engage with Your Followers: The heart of successful blogging lies in building a community. Kobby stressed the importance of actively engaging with followers through comments, messages, and other interactive measures. Responding to feedback and fostering a sense of connection makes your blog more appealing and establishes trust with your audience.
5. Don’t Follow the Crowd: In a world where trends can dictate content creation, Kobby advised against blindly following the crowd. Choosing a niche that resonates with your passion and values is crucial. Furthermore, he advocated for bloggers to consider unique locations for their work, challenging the conventional belief that success hinges on being in the capital city. Opting for development-focused blogging over purely entertaining content can set you apart in a crowded digital landscape.
What are your thoughts on these takeaways from Kobby Kyei’s presentation? Let me read your takes in the comments section.
There is this joke among the youth which goes like “when I was poor, no one bothered to care about the source of my poverty but immediately I became rich, everyone wants to know the source of my riches”. Growing up, anytime I brought someone’s toy home, my granny would be like, “Where and who gave you this toy” and she would make sure I returned it to the owner the following day. This, I believe, forms the basis of Source of Funds (SoF) and Source of Wealth (SoW) assessment.
Hellen Abagsuik Awonbisitemie is the founder and designer of Arttemie, a fashion brand that offers unique and high-quality pieces for customers who value style and sustainability. Hellen started her business out of her lifelong passion for creativity and fashion and has overcome various challenges to establish a successful and growing brand.
We are in a world where by the click of a button, money is transferred from one jurisdiction to the other with ease. The emergence of digital payment platforms and money remittance services (Fintech) has changed the way we interact with money on daily basis.
In today’s rapidly evolving business landscape, climbing the corporate ladder requires more than just hard work and dedication. It demands a strategic approach to career development, encompassing a diverse set of skills and attributes. This article delves into the essential skills needed to not only survive but thrive in the corporate world.
Money, often viewed as a mere tool for transactions, is deeply intertwined with our psychological makeup. It’s not just about numbers and budgets; it’s about our dreams, fears, and the very fabric of our daily lives. This article delves into the fascinating world of financial psychology, exploring how our thoughts, emotions, and behaviors shape our financial well-being.
Unraveling Financial Behaviors: More Than Just Numbers
The Emotional Spectrum of Money
Our relationship with money is often charged with emotions. From the joy of a salary hike to the stress of mounting bills, our financial life is a rollercoaster of emotions. This section explores how emotions like fear, happiness, and anxiety influence our spending, saving, and investing decisions.
Money Personalities: What’s Your Type?
Just as we have unique personalities, we also have distinct ‘money personalities’. Are you a spender, saver, investor, or a bit of all? Understanding your money personality can be enlightening and instrumental in crafting a financial plan that aligns with your true self.
The Influence of Background and Beliefs
Family Financial Legacy
Our financial habits are often inherited from our family. This segment will explore how childhood experiences and family attitudes towards money shape our financial behaviors in adulthood.
Cultural and Social Influences
The society and culture we belong to play a significant role in how we perceive and handle money. This subsection will examine these influences and how they affect our financial decisions.
Decision-Making in Finance: The Battle of Logic and Emotion
Rational vs. Emotional Decisions
This part will delve into the tug of war between logical and emotional decision-making in finance. We will explore common biases like ‘loss aversion’ and ‘overconfidence’, and how they can lead to suboptimal financial decisions.
The Role of Stress and Pressure
Financial decisions are often made under stress, impacting our ability to think clearly. This section will discuss strategies to manage stress for better financial outcomes.
Building a Healthier Financial Mindset
Mindfulness in Money Matters
Mindfulness isn’t just for meditation – it’s also for money management. Here, we will discuss how being mindful of our financial habits can lead to more informed and controlled financial decisions.
The Power of Financial Education
Knowledge is power, especially in finance. This subsection will emphasize the importance of financial literacy in overcoming psychological barriers and making informed decisions.
A Journey Towards Financial Wellness
In conclusion, understanding the psychology of money is about self-awareness and aligning your financial decisions with your personal values and goals. It’s a journey towards not just financial stability, but also towards personal growth and fulfillment.
In a world where digital landscapes are constantly evolving, the emergence of influencer culture has revolutionized the very fabric of media production. This phenomenon, marked by the rise of charismatic individuals who leverage social media platforms to wield significant sway over public opinion and consumer behavior, represents a seismic shift in the way content is created, distributed, and consumed.
In the constantly evolving landscape of media, the role of ethics has never been more critical. Media production, encompassing journalism, film, digital content, and more, holds significant power in shaping public opinion, informing society, and reflecting cultural values. As such, the ethical considerations in media production are vast and complex, balancing the duty to inform with the responsibility to do so respectfully and accurately.
Truthfulness and Accuracy: The Cornerstone of Trust
At the heart of ethical media production lies the commitment to truthfulness and accuracy. In an era where misinformation can spread rapidly, it is imperative for media professionals to prioritize factual reporting. This commitment extends beyond merely avoiding falsehoods to actively ensuring that the information presented is verified and reliable. The impact of misleading reporting can be profound, ranging from distorting public understanding to influencing political landscapes.
Fairness and Impartiality: Reflecting Multiple Perspectives
Ethical media production also demands fairness and impartiality. This means presenting information in a balanced manner, free from bias or favoritism. It involves giving equal weight to different viewpoints and avoiding undue influence from external interests, such as political or corporate entities. In doing so, media serves not just as a source of information but as a platform for diverse voices and opinions, fostering a more informed and equitable public discourse.
Accountability: The Responsibility to Rectify
Another pillar of ethical media production is accountability. Media professionals must be willing to own their mistakes and rectify them promptly. This accountability is not only to their audience but to the individuals and communities they report on. It involves a commitment to ethical standards and practices, acknowledging the power and influence of their work on society.
Respect for Privacy: Balancing Public Interest and Individual Rights
The media’s role in informing the public often intersects with the right to privacy. Ethical dilemmas frequently arise when reporting on individuals, especially in sensitive situations. The challenge lies in balancing the public’s right to know with the individual’s right to privacy, ensuring that the media does not intrude unjustly into private lives, particularly of non-public figures.
Minimizing Harm: A Considerate Approach
In line with the principle of “do no harm,” ethical media production involves careful consideration of the potential impact of content. This includes not just physical harm but also psychological and emotional effects on individuals and communities. Ethical media practitioners assess the ramifications of their work, striving to minimize harm without compromising the integrity of their reporting.
Representation and Diversity: Reflecting the Fabric of Society
Ethical media production also embraces the representation of diverse viewpoints and communities. This encompasses not only racial and cultural diversity but also diverse perspectives, ensuring a broad spectrum of voices are heard. Avoiding stereotypes and generalizations is key to fair and respectful representation.
Integrity and Conflict of Interest: Upholding Independence
The integrity of media professionals is paramount. Avoiding conflicts of interest ensures that their work is not influenced by personal or external interests. This includes transparently disclosing affiliations and avoiding situations where their independence could be compromised.
Legal and Regulatory Compliance: Adhering to Standards
Complying with legal and regulatory standards is a fundamental aspect of ethical media production. This includes respecting laws related to libel, privacy, and copyright, among others. Adherence to these standards not only upholds ethical practices but also protects media entities and professionals from legal repercussions.
Responsible Use of Technology: The New Frontier
In the digital age, ethical considerations in media production extend to the use of technology. This involves understanding and respecting copyright in digital media, using technology responsibly, and being aware of the implications of emerging technologies like deepfakes and AI-generated content.
The Ethical Imperative in Media Production
The ethical landscape in media production is intricate and perpetually evolving. As media continues to shape and reflect society, the adherence to ethical principles remains a vital imperative. It is through ethical media production that we can ensure a well-informed, respectful, and equitable society, where media serves as a beacon of truth, fairness, and integrity.
Artificial Intelligence (AI) has placed us at the crossroad to rethink the definition of humanity. Once the most powerful creatures on the planet, our powers are currently challenged by our own creation.
Have you ever been in need of cash to buy that lovely car you dreamt about, the beautiful house you want to surprise your family with, to meet a liquidity challenge or bury a loved one? What about funds to meet working capital need, expansion of business operations or buying extra machinery and equipment? In Ghana, it is only the financial institutions that can help you solve these issues. Yes, friends and family can help you meet some of your liquidity challenges but what happens when there is a default on the payments?
We all wish our smartphone could go many days without charging. But that would be difficult considering our usage of smartphones these days. In this article, we look at some of the things you can do to save your phone battery and reduce its draining rate.
