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FULL CONTRACT....Details Of The "Controversial" BoG And Sibton Deal
 
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15-May-2018  
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Peacefmonline.com has chanced upon a document of agreement between the Central Bank and a private company, Sibton Switch Systems Ltd, for the execution of Ghana Retail Payment System Infrastructure.

A few years ago, the Regulator requested for tenders from prospective private corporate entities to "exclusively build, own and operate" the Ghana Retail Payment System as an interoperable and integrated mobile and electronic payment clearing and settlement system.

The Bank of Ghana (BoG) subsequently contracted Sibton Switch Systems Ltd a subsidiary of Sibton Communications to act as the switch for the cross-network mobile money transactions, with additional cost implications for both consumers and the telcos.

The company was given a GHc 4.6 billion contract for the project.

The agreement between the Regulator, Bank of Ghana and Operator, Sibton Switch Systems Ltd, came into effect on Wednesday, August 24, 2016.

But in January 2017, the issue of mobile money interoperability came to the fore after some telecom operators kicked against moves by the central bank to impose on them a third-party company to implement the interoperability by petitioning the Presidency.

It turned out that the company’s GHc 4.6 billion price tag was the most expensive among the companies that bid for the project.

Tender documents stumbled upon indicated that while the Sibton Switch Systems’ bid amounted to GHc 4.6 billion, two bids in the contract were quoted as GHc 14 million and GHc 5.4 million from Vals Intel Limited and Mericom Solutions Limited respectively.

The Sibtons Switch deal was later abandoned and the Ghana Interbank Payment and Settlement Systems (GhIPSS) took charge of the project.

Vice President Mahamudu Bawumia, at the launch of the first phase of the mobile money interoperability system on May 10, this year, disclosed that the new interoperability system would cost the country less than $4 million, and prayed that this first step “would make Ghana one of the global leaders in the interoperability payments space.”

But on Monday, a former Deputy Governor of the BoG, Dr Johnson Asiama, rebuffed claims that the interoperability contract awarded under the Mahama administration was overpriced.

At a press conference in Accra, Dr Asiama stressed that the new system launched by the Vice-President, is different in scope from the original contract; hence the disparity in the contract.

Interestingly, eventhough he conceded not having seen the scope of the current system launched by the Veep, the former deputy BoG Governor insisted it might not be as comprehensive as was envisaged under the original contract.

“I am out of office and I cannot say what is being done now but if I look at the details and scope of work in the original contract as stated here, it goes far beyond what was launched last week....It is like comparing antelope and an elephant…I am not sure the price will be same…” he said.

The Central Bank awarded the contract at a value of Ghc 4.6billion, but the present administration says the project has been built at $4.5m; which is a far cry from the astonishing figure that the NDC was going to have it done for.

Click the attached link to peruse the entire contract document and financial proposals.

 
 
 
Source: Peacefmonline.com/Ghana
 
 

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COMMENTS




Name: Kobby
Why is the New contract I US Dollars but the old contract in Cedis? You convert the $4.5million into cedis and do a like for like comparison.
 
Name: Kwesi
Ah but this is not a contract but rather a financial proposal...Peace fm journalists koraaa where did you get your education. What sort of banza writing is this
 
Name: Johnny Ford
How could a whole doctor be used in this manner? you talked about something you've not seen. CREATE/LOOT & SHARE BRIGADE - there they come again. Whom is NDC trying to deceive by deploying this muddying the waters tactics? For the same 4.6 billion so called elephant scope of work, somebody bid it for only GHC16 million. That tells a lot. NDC, Ghanaians are are wide awake and too smart for your tactics.
 
Name: GOOD BOY
All these attacks on members of the immediate past government would not save the NPP's head come 2020. The reality is that, despite a supposed competent NPP in power; unemployment is still very high, cost of living is very high, corruption is still there in its worse form. So pls give us breathing space. Why crucify a dead man. NDC is gone, we have NPP in place. Pls let them create the jobs they promised, let them give Ghanaians the milk they promised. We are tired and fed up. NDC this, NDC that. Abaaaaaa
 
Name: Nana Osei
They did the same in SSNIT, but when a Ghanaian creates Ghana Postgps for $2.5m they shouts. look at this again they were trying to steal. National Destroyers Congress.
 
Name: ogya
@ First Lady Elect Please do not just show your ignorance about this matter. The contract was BUILD, OPERATE AND TRANSFER (BOT) so it does not matter the party in contract, apart from the government, that was going to pre-finance the project, eventually, it would have been the Ghanaians that were going to bear the cost of the project (expenses and profit margin) at the expiry of the contract. Simplicita!!!!
 
Name: Ama1
This shows Amissah Arthur was not in charged.MAHAMA was running everything from his OFFICE.Prez. Akuffo Addo will "SIZE MAHAMA UP" can 2020.Then Bagbin and his brothers can come in come 2024.Mahama don't think of coming BACK
 
Name: @First Lady Elect
The financial outlay is GHC4.6Billion. The NDC should stop telling Ghanaians that Sibton Switch Systems were going to provide the system for FREE. That is never correct. Ghanaians including myself who uses the system were going to pay whopping GHC4.6Billion to this Sibton guys over a 25 year period. Simple as that. How easy was it to CREAT, LOOT & SHARE under Mahama. And he want to be President again!!!!!! Appppiiiiittttooooo
 
Name: Man
I think many people contributing do not understand the documents. Just talking from what has been put up in the media but not what is in the document
 
Name: Ogyam: THE EARLIER GHANAIANS SEE NDC AS EV*IL THE PROSPEROUS THE COUNTRY WOULD BE
Ghanaians should not make another mistake of voting NDC back into power. They come not but to crea`te, lo0't and sha`re. Ghanaians should see NDC as people deserving of death sentence. They are so ev`il. I am happy I was not in Ghana during the rein of NDC for the full 8yrs. I would have been hurt if such good for nothing people ruled over me. They are intellectually dull, incompetent but very korrupt.
 



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