| Prempeh College | ||
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THE FINANCIAL DEBATE | ![]() |
| Discussions | ||
| Discussions |
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Mark Addo
Dear Amanfoo:
The fact of the matter is, Prempeh College is currently a joke among the
educational circles in Ghana and is no longer considered a "power-house" when
counting first tier schools in Ghana. This is a disaster of biblical
proportions and we (Amanfoo) are all responsible. The irony is that we all
like to exult in the nostalgia of sofo-line, the good old days, when we
entered as naive young men and exited as confident matured individuals ready
to take on the world. We sometimes even share these sweet memories with our
friends, co-workers, and our children. These sentiments are just memories,
memories that are easily fading away…
For almost fifty years, a lot of people sacrificed their lives and careers to
train and educate the numerous competent doctors, engineers, lawyers, business
executives, and academicians that span the globe today. Amanfoo please think
about the sacrifices of Reverend Pearson as well as T. A. Osae, the first
black Principal of the School and their life time commitment to the
institution. Has all their lifetime work been in vain? As we grapple with
these thoughts, remember that since your graduation there has not been any
major structural development of the school's facilities. The school does not
have the 24-hour uninterrupted electricity supply you had.
Amanfoo discussed these issues during our Second Annual Celebration in
Washington D.C. last year; we discussed strategies that will make Amanfoo's
organization more effective so as to be able to deliver solutions to the
school's overwhelming problems.
The crux of these discussions centered on establishing a global fund that
would be structured to address the school's short and long-term needs. As of
today, the initial legwork and structure has been done, with the vision to
raise $500,000.00 by Prempeh's Golden Jubilee in February 1998. By our
calculation, there are over 5,000 Amanfoo scattered over the five continents,
out of which we expect at least 10% to contribute $1,000.00 and above towards
this fund.
It is our vision to launch this Amanfoo Global Fund by the end of this month
(January 1998) and we are soliciting Amanfoo's input, concerns, ideas,
direction, and constructive criticisms on how best we can all meet this
challenge. The clock is ticking, we have exactly 12 months to accomplish this
task, we have all talked the talk, and it is time to walk the walk.....
Amanfoo we are all so proud of our Alma Mater (Prempeh College), but is our
Alma Malta really proud of us?
So Amanfoo please bring your ideas and we will incorporate it in this venture.
If you need to send a private message, send it to Madd53291@aol.com or to
Harold at premeh_college@hotmail.com. Kwabena Osei-Boateng Mon Jan 19 1998 I'm sorry to disagree with your methods of fund raising. I'm not so sure you do effective fund raising by injecting guilt feelings to the very people that you want to solicit hard earned money. From past experience, such tactics backfire, people tune out, delete their email, or toss the news letter into a thrash can, which is exactly what I believe most people will do with your email. I like the part that you tried to appeal to our conscience by citing great contributions made by Mr. Osai and Pearson, perhaps you should stick with positive cues such as these. Playing the devils advocate, your readers may be saying, "Why should I send my hard earned money to an Institution, when no alumni did that when I was in school, what has changed?" Prempeh College is not a private institution, which should depend on private funds. It is a public institution, thus the Ministry Of Education should be held accountable. Most inner city schools in the US used to be great schools, but are in shambles now. Does it mean that their alumni stop having school re-unions or stop bragging about the good old high school they attended? The problems that Prempeh College is facing today is not isolated to her, it is a much bigger problem, and I will be happy to 'philosophize' with you. In short I think Prempeh College is like the Kumasi Asante Kotoko story. If you want to save Prempeh College from evaporating from the earth, then you and I better think of better strategies that go beyond just sending money. Don't get me wrong, money could make a difference, although the evidence in the American urban schools point to the contrary. George Mensah Sun Jan 25 1998
Dear Amanfoo, Now, with that said, let me say that, I side with my buddy Mark on just about everything he said other than a few details. First, I believe that Prempeh College is still held in high esteem in Ghana contrary to what he wanted us to believe. But that's a different topic and NOT the reason why I am writing this piece. I am going to give my ideas and concerns on how we can successfully accomplish our goal of raising the Amanfoo Global Fund. A quote from Mark's piece "As of today, the initial legwork has been done, with the vision to raise $500,000.00". Many at times, at the beginning of a New Year, we set a New Year resolution far beyong our reach and then at the end of the year, instead of feeling proud of ourselves and pating ourselves on the back for the effort we put in trying to reach the goal, we end up feeling sorry for ourselves because we couldn't reach our ultimate goal. Is $500,000.00 a realistic amount? Am I being pessimistic? To answer these questions, let's look at some hard facts. Prempeh College has been around for roughly 50years. But don't forget that the school started with 20students and grew from there. Also bear in mind that nobody graduated from the school during the first 4years of its inception. Now, 30years later when I graduated in 1979, the school was graduating about 170 people. 120 fifth formers and 50 sixth formers. The numbers haven't changed much since. So is it fair to say that, on the average, the school has graduated 120people per year for the past 46years? I think these numbers are very fair. Well, based on these numbers, The school has graduated 5520 people. It will again be fair to assume that of this number, 10% is probably no longer with us. Another 30% we would never locate on this Earth. The Osei F.G.'s and the likes. My friends, I am being very realistic here. Another 15%-20% simply do not care or are not in a position to make any meaningful financial contribution. That leaves us with about 2000people. In a nutshell, I think our goal should be $200,000.00. At this point for those who are saying, there is nothing wrong about aiming high, I will ask, why not $1,000,000 then?
It is taking me too long to type and I have to be somewhere now. When I write
again, I will give my ideas on how I think we can successfully raise $200,000.
Until then, George Mensah Mon Jan 26 1998
Dear Amanfoo, Enough talk so far, the question still is, How do we raise $200,000? A couple of Amanfoo and I have decided that we should construct, what I call, Wall of Fame". A simple curved 12' long and 8' high wall, bronze or tile plated right next to the Osae Assembly Hall and facing the Administration building, well- illuminated. Inscribed on this wall will be Amanfoo who contribute a minimum of $1,000 (US Dollars equivalent) in 1998. I say 1998 because this $1000 minimum amount will be pegged to inflation at 6% a year. This way, Kwaku Mensah will not contribute $1000 twenty years from now and have his name engraved on the wall. Guys, already, I have ten people who like the idea so much they are ready to donate the $1000 each. And I, George Y. Mensah of '79, I am putting my money where my mouth is. I will contribute $1000 to the school to have my name permanently engraved on the wall. In year 2070, when I am long gone, my grandson could walk to Prempeh College and proudly point to my name and say that, my grandfather contributed to the success of this school. Its getting too late and I have to go to bed. Next time I write, I will tell you what we have in store for people who will contribute less than $1000 and what we intend using the money we raise for. Hint: Endowment money for the school kept at a US Bank. Bring your ideas.
I remain, Emmanuel Aouad Mon Jan 26 1998 This is a very interesting subject that carries into a lot of dimensions. Mark and co. have started the ball rolling and it must keep on rolling like a well oiled machine with hardly a squeak here or there. Mensag suggested $200,000.00 from 2000 people. That puts it at $100.00 per individual. This is a reasonable amount that can be paid in 4 installments over 4 months. The next question, how is the accounting of this money going to be done? I immediately suggest an accounting/financial program like "Quicken" The latest version which costs $89.00 tracks all expenditures, stocks and does "what if" computations in financial scenarios. What if we decide to spend $10,000.00 of this money on building repair, how would that affect future equipment and investment options? This program automatically accesses the internet and finds the best buys in stocks. I believe that a report generated by a standard program like Quicken, will make us feel easy as to where the money is going. We would want an easily accessible monthly report on the money, accessible over the internet. Also, the people taking care of the money would have to sign a legal document binding in all countries that they will be convicted of a criminal offense if they cannot account for how the money is being spent. Thus, we must have a machinery in place to generate monthly accessible account reports before the money starts rolling in. Paused for now.
Michal Borkowski Tue Jan 27 1998
Hi everyone, A committee should be set up to implement the necessary legal and financial structure for such an undertaking. The people should be legally bound and held personally responsible or the money. If this has already been set-up, then I apologize. I would like to hear your thoughts on this matter. Ken Boateng Tue Jan 27 1998 I believe such debates should be done at a meeting, whereby each person can speak out their ideas. It's unfortunate we can't hold regular meetings to discuss such issues. I do not comment about such topics because they are very sensitive, and very flammable--so many things come into play here. I personally do not see anything wrong with whether someone can donate $1000, or not. That's not the issue. The issue here is to help the school. If one person can donate more money, let him go ahead, and "more power to him". If I'm not able to donate more money due to some circumstances, I can offer my services in some other way. My conclusion is, we really have to discuss such things at Amanfoo meetings, and the discussions should involve making local meetings, etc.
Michael Frimpon Thu Jan 29 1998 I have been following the 'conversations' about how to raise money for our Alma mater. I just want to add my voice and share some ideas with you guys. There are many foundations who are willing to part with huge sums of money to support laudable causes such as .....building a library,purchasing computers, furnishing a library with boks for a secondary school. If we present the right kind of information (truthful) and if we barrage them with requests, I have no doubt that we can obtain more money than we can hope to raise in a lifetime ! The mechanism for doing this should be built after input from Amanfoo and then set in motion. This is job no one person can do. it is conceivable that the vast majority may turn down our request, but with persistence we can get a foundation to commit to donate funds or even support us for a length of time. I have included some info on popular ones like Ford and Kellogg. We need to discuss the format and plan to be used to do the soliciting. Maybe it will require us to sign some legal documents, or register with some organizations. I don't know for sure. But it can be done. I hope our next discussion will focus on the best way to go about this. Francis Yaw Berko Nketia Fri Feb 6 1998 I suppose all is quiet on the electronic front until Saturday. I would like to stir up some trouble before then. Not really, since no one wants to touch the headmaster issue after Expensive was ousted I will stay clear of it. Other than that I think everything else is fair game. I think Mark Addo and George Mensah have some good ideas about raising funds for Prempeh. But observing their style of appealing for these funds I am beginning to doubt if Mr. Osae did not pull a "TRADING-PLACES" trick on us with the form-one class of 1974. He must have been in cahoots with the then headmaster of OWASS. Certainly, this '79er class seems to have been cut out of the same cloth as the likes of: Tulah, Fula-bashi, Nii Kwame Dangerous, Papa Jonas and Otumfuor-Mayiwadi and NOT the likes of the Asamoah-Bahs, the Edwards' and the Malams. I am referring to being good and brash versus being good and unassuming. Am I sounding like Sammy Donkor now? Oh well, nostalgia/tradition has found a way to get hold of me over these matters. I, hereby, warn the '79ers that any attack on me for this will be responded to by my good friend Nii Okpeyeeee in the best way he knows how at the 50th anniversary! I believe this fund-raiser should be MARKETED instead of being a case of one up-manship. There are a lot of old-boys who will contribute given the right environment. An appealing event will bring in more funds than shaming people to pony up. As the old saying goes you can attract more flies with honey than with vinegar. And take it from a retired dance promoter that you can make people part with more money when they are happy than when they are sad about a situation. In the 1970's I use to ask the bandsmen to play "Fire Will Burn You" and "Sweet-mother" back to back when the drinks were not moving well at the bar. Believe me, it worked all the time. Guys who could not muster the courage to ask some ladies for a dance did so with these numbers, and splurged afterward. I am proposing an idea that has been tossed around for a while. We should bring Mr. Osae and maybe two other masters ( the likes of Messrs. Gyimah and Sackey) and their spouses for a fund-raising and pre-50th tour of the US and Europe. We may invite some of the Europeans such as Messrs. Goodfellow, Morley , Lang. etc. They will tour cities like: NY, Boston, Washington D.C., Chicago, Dallas, St. Louis, LA., Frisk , London, Paris and Berlin. Their combined expenses should not top $10,000, chump change for our money ranger-battalion, the ''79ers. I will donate the first $250 towards this. These guys can address us and our guests ( yes, including the kids!) at formal dinner-dances on topics ranging from:
i) The past, present and future of the school I believe people will open up their wallets wide then. Mr. Osae and his crew can take some of the items on the shopping list and some cash back with them in preparation for the 50th. Let us discuss these on Saturday and afterward. Concerning the plaques at the school to show who contributed what, I think we should include everyone who graduated from the school or passed away while still attending the school. As a pseudo '79er I promise to contribute $100 for all my '77 classmates who have passed away in order to have their names there. Yes, we can show amounts contributed. We may copy the schools in the south and use bricks instead to form a wall. Bricks can be updated anytime someone feels like contributing more in the future or ask for his money back when he falls on hard times(just kidding). The wall can be placed at the entrance from Sofoline for example. On the issue of the teachers hall of fame, can we ask someone from the school to put together a list of teachers and workers since 1948 who spent at least 3 years at the school? We can have it categorized by :
i) Subjects taught
We also have to decide what we want to honor these people for: teaching
excellence, longevity at the school, sheer brilliance and/or dedication to
the students well-being. We can apply weighting factors to the
qualities we deem important. We should then circulate these around and have
both regular and electronic mail voting on these teachers. People can do
write-ups about their favorite ones on the list before the vote. We may
even decide to endow some chairs for the best with some of the loot from the
Osae tour. I mentioned workers because I feel Mr. Swanta (bell-man, who I
think should have the Appean-way renamed after him), Sgt. Major Seidu
Abdulai and Suleymanu (bandsman) should have their honorable mention too in
some category.
Mark Addo
Dear Amanfoo:
Like any great endeavor, it begins with the first step and the following
Amanfoo have volunteered their services to help managed the Global Amanfoo
Fund. The fund will be headed by Clifford Mpare (Currently a Fund Manager at
Dreyfus Growth Fund, NCCMM@aol.com) who will be assisted by Dr. Ohene-Frimpong
(Penn. frempongKO@aol.com), Samuel Borquaye (Texas, ALOOMA@hia.net), Mark Addo
(New York, amdd53291@aol.com), Edward Boateng (London,
edward.boateng@turner.com), H. Ofori (Ohio, prempeh_college@hotmail.com ),
Dr. Kwadwo La-Kumi (Canada) and Yaw Berko Neketia (Ohio, Yawberkoh@msn.com),
and George Mansah (New Jersey, mensahg@aol.com).
To ensure a high level of accountability for all Amanfoo contributions, three
signatures are required to withdraw money from account. The signatures
required are the Fund Manger, Clifford Mpare (NC), Samuel Borquaye (TX), Mark
Addo (NY). In addition, all fund related strategic decisions will be discussed
with all Amanfoo for their input.
Amanfoo make no mistake, for we are committed to meeting the outlined
financial challenge, for no price tag is worth of the training, discipline and
the academic excellence we received at Prempeh College. Donations to the fund
will be categorized under the following:
$5,000 and above --- Platinum Donor ( Name Plate on Campus & Prempeh College
Highest Award of Honor, Exclusive Recognition during Golden Jubilee, Golden
Jubilee Memorabilia)***
$2,500-$4,999 --- Diamond Donor (Name Plate on Campus & Exclusive Recognition
during Golden Jubilee, Golden Jubilee Memorabilia)***
$1,000-$2,499 --- Gold Donor (Name Plate on Campus & Recognition during Golden
Jubilee, Golden Jubilee Memorabilia)***
$500-$999 --- Silver Donor (Recognition during Golden Jubilee & Golden Jubilee
Memorabilia)
$100-$499 --- Elite Donor (Golden Jubilee Memorabilia & General Recognition)
As part of this initiative, we plan to update the list all contributors and
make it accessible to all Amanfoo every 2 weeks on the net. All financial
information will be posted on the net and it will be updated regularly to
reflect new contributions. We also plan rank contributions individually and
by their houses at Prempeh College. Our intent is to foster an environment of
friendly competition among Amanfoo. The house that tops the rankings in
contribution will be honored during the Golden Jubilee celebrations.
Amanfoo's bank account is at M&T Bank in New York, the account number is
15004192600227, the bank's routing number is 022000046, this number will
required for money transfers to the account.
Please make your checks or money orders to Prempeh College Old Boys'
Association, if you decide to send it directly to the bank the address is:
Name of Bank: M & T Bank
You can also send your checks to the following Amanfoo who will ensure the
amount is deposited into Amanfoo account:
Mark Addo
If you decide to mail your contributions directly or wire the money directly
to the bank, please ensure you have the account number listed above and make
sure to send a copy of your check/money order or wire receipt to Mark or
Harold to update the donors database and financial records.
Nana Manu, New Jersey, nana@intercall.com
Finally, as Amanfoo we are part of a tradition of commitment, leadership and
excellence. "Amanfoo" is a unique name that means the people that make-up the
nation. It also stands for a vision; the power to change the course of the
life of individuals in our society to functional productive citizens. Prempeh
College changed your life your future and your contribution and support we
will help maintain Prempeh's tradition and effect change the future of the
next generation.
Amanfoo we can all make a difference in any small way, because your donation
will bring significant opportunities to a lot of people long after we have all
passed on.
We are also currently applying to the IRS for a Tax Exempt Status and we will
forward the number to all Amanfoo once we get the approval thus people can
legally write off their contributions on their taxes in the 1999 tax year.
Amanfoo, there is no turning back for this is our final call and we own it to
the future of our Alma Mater to succeed. Please spread the word!
*** We will vigorously negotiate with Prempeh board of directors and
administrators to ensure donors commitments are met.
Clifford Mpare (NCCMM@aol.com) Kofi Bobbi-Barimah Tue Mar 17 1998
Hello Adade, Kojo Addo-Kuffuor Thu Mar 19 1998
Amanfoo, There are two ways in which we can help Prempeh. The first, is to contribute to a general fund and then elect a group of people to disburse the money. Now I, and I hope others too, see two sticky points here: Firstly, some may be quicker to draw their cheque books than others which means the whole process may take a while. Secondly, once all the money has been collected how do we reach a consensus on what the money should be spent on? If I donate $1,000, the Lord knows I would like to see it put to a practical use, and not to fund some grandiose project in which I have no interest, and which the school can really do without. Since the definition of practical is subjective and I am not sure what the money will be spent on upfront, I will be slow to draw my cheque book, taking us back to the first point. Now as we are planning to "beautify" the school ahead of a fixed deadline, the 50th Anniversary, I would suggest that we cannot afford this delay, as people decide whether and how much to give and lament over where their money could eventually end up. The end result will be that those who pay will be disgruntled and wonder what happened "to all that money which was collected", not realising that many others were unable to contribute. Now anybody who has been involved in fund raising will know precisely what I am talking about. The second way in we could help the School, my preferred option, is as follows. We get the School to take the first step by organising along four lines: Houses, Year Groups, Faculty, and Admin. Each of these groups would then be asked to draw up a wish list (say 30 items) of what they *really* need and attach the local prices and preferred suppliers. This list, which should be completed within a month, say, would then be placed on the Amanfoo home page along with a contact person who will co-ordinate the purchase. Now the fun part: Any amanfoo (or group of Amanfoo) who feels moved by the spirit would then be able choose which particular item they wish to buy for any of the 4 Groups. For example, an Amanfoo could decide to finance the purchase of the 10 typewriters required by the headmaster's office or the purchase of football boots for his house or both!! In addition, the students should be asked to set up groups responsible for the purchase, maintenance and inventory tracking of all gifts received. This, by the way would be exceptional training for the future leaders of the country and give them some idea of how the real world works. This approach of "precision bombing" would give *all* Amanfoo the satisfaction of knowing *precisely* how they have helped the school and more importantly what items they should expect to see on their next visit to Sofoline. This option which is borrowed from the concept of the bridal list, precludes individuals, out of convenience or financial constraints, buying what is not really needed. Again, those who have received 10 wall clocks and 20 electric kettles on their wedding day, know what I am talking about. While I accept that the two approaches are not mutually exclusive, I would bet that the second generates a quicker response and delivers the desired response as we wait for the big buck donations to arrive. I rest my case. Harry Ofori of Pearson Sun Mar 22 1998
Amanfoo, But one thing these promisemakers forget is that Prempeh College doesn't belong to Amanfoo. There are some people above us who make most decisions. So I don't think we have an authority to confer Prempeh College's Highest Honour upon people. We can make a promise on paper and make it seem sweet, but what if the school is not willing to do that? What if the school don't even agree to putting name plates on campus? How will our gold and platinum donors feel? They would feel deceived, wouldn't they? So before we make any promises to potential donors we have to keep in the back of our minds that the school is not ours. Consider this: In January 1993, a Japanese philanthropist, Mrs. Yasako Hasegawa, went to Prempeh College and gave our alma mater 10 brand new high quality computers, making Prempeh College the first sec sch to acquire such many computers. This lady also sponsored Mr. Anokye, a Prempeh teacher for a 2-week computer training course in Japan, so that on his return he will be the Chief Computer Expert at Sofo Line. As if that wasn't enough, this foreign lady established a new air-conditioned computer center for the school. Amanfoo, guess what? The school authorities did not name a thing after her. With all the tens of thousands of dollars she spent on Prempeh. 10 new computers, Mr. Anokye's 15 day stay in Japan, plane fares for hers and Mr. Anokye's trip plus food and shelter plus the air-conditioned facility!! Amanfoo, just add all these up and estimate how much we owe this lady. The school just dubbed her "Computerhemmaa." That was all she got. She made Prempeh the first school to ever have such a system and we couldn't even rename the Appean way after her. They did not name the school tower, the cross or the Computer facility after her. They did not even name a DHall meal after her. They could have renamed rice and B'star (kontomire stew) the Hasegawa meal. But they did not. Rueben T. Sackey travelled from Kumasi to Accra every week in the Prempeh BONESHAKER for ten long years soliciting funds for the then-uncompleted library. God knows how many of his bones got broken from these many trips. He successfuly completed the library and yet the school did not even "throw" him a party upon his retirement. Nothing was named after him. Have we all forgotten that Otumfuo Opoku Ware, formerly a lawyer/architect/land surveyor laid down the designed the plan for the school. His majesty himself built the Assembly hall. How many places on campus have been named after him? Zero!! Lets remember that some of our great teachers and even headmasters who served the school well (Morley, Goodfellow, Gyamera, Obeng, Clarke, Lewis, Sackey, Kyere, etc) don't have any name plate anywhere on campus. Most of these men don't have anything named after them on our campus. How then can we say we are going to confer honours upon people? Some "powers that be" can over ride our decisions and it will bring shame upon us. Let us not be so sure that the school authorities will grant us all our wishes simply because we are giving them money. How can we be assured that these promises we are making to potential donors will be honored by the school authorities? Lets stop building castles in the air and find a suitable way to motivate people to donate. Remember, when Sir Osei Agyemang prempeh founded the school, he did not even name it after himself. He named it ANNO COLLEGE, after the place it was situated. It was Mr. Butler who pursuaded him to name it PREMPEH COLLEGE. Why can't we all follow our King's example? Do we need titles and name plates to give back to our alma mater? What about the division this will bring if indeed, the name plate idea was to be successful. Not all Amanfoo are capable of donating such high figures. Consequently they will feel they don't "belong" and will sooner or later pull out of our organization when they realise their names aren't plated on campus. And our current database will be reduced drammatically. As for me, I'll be donating a lot to Prempeh College, but I don't need any recognition for that. All the things I have for Premco will be delivered annonymously. I am doing it the Nana Agyemang Prempeh way. Michael Oppong-Kusi Sun Mar 22 1998
Amanfoo: We may all find a million and one excuses for not either giving or we may not be happy with the current arrangement. The most important thing is for us to be constructive. The current arrangements have some sound audit checks and has a long term endowment investment perspective. I am sure Prempeh College have enough walls to list donors to the global fund in a tactful way. Futhermore let us be reminded of the parable of the cheerful giver, the widow who gave her last penny without fanfare. Her pauper's offering was given from her heart. We have debated enough, please let us all reach deep from our hearts and pockets. This is the time to show Prempeh our Alma Mater, Our beloved country Ghana amd the new generation that we care. We have all benifited from the grace of others. We have to give something back and not depend on the goverment to solve Prempeh's urgent needs.
Dr. Ohene-Frempong Sun Mar 22 1998 I am encouraged to find that the Global Fund has stimulated a very lively exchange of ideas. I think it is too premature to concentrate on what to do with the money once we have it. It is also too early to have firm decisions made without the input of the contributors - the shareholders. I would consider the current plan of donor recognition as a proposal to be voted on at a later date by the shareholders. Every one seems to agree that we want to do something for Prempeh College. Whatever we decide to is likely to cost some money. For the amount of money we are talking about, I think it is too premature to be making decisions about what to fund at the school. We should have something before we can plan what to do with it. It is true that we should not decide alone what is best for the school to purchase with our donations. However, we can set up a separate joint Committee that will administer the proceeds donated to the school. Customarily, large donations can either be totally restricted to a "wish" (by prior agreement with the institution), can be partly restricted and partly unrestricted (so that the Committee can use some of the funds for general operations), or they can be totally unrestricted. I also do not look at this Fund as a one time project to donate money for the Golden Jubilee. This Fund could be an ingenious and innovative way to ease the perennial financial difficulties faced by schools like Prempeh. It will be most useful as an on-going source of funds for capital or operational expenses which will allow for long range planning. There is no reason why a similar vehicle cannot be set up for Amanfoo in Ghana. At this stage, we should devote our energy to how to make it easy for all Amanfoo to make contributions to this fund. I would suggest that we set up a regular monthly donation plan (either through a "reminder" billing system [expensive] or automatic checking account deduction) which will make the contributions as painless as possible. In general, specific amounts donated should be confidential. We should avoid the Ghanaian tendency to ostentatious giving - e.g., announcing donors and amount of donations at funerals, etc, etc. All reasonable donations must be welcome. Let us not kill this great idea before it is hatched. Let us thank the originators for their bright idea. Anthony Asare (Akapice ) Sun Mar 22 1998
Hi Amanfoo, Based on my experiences it can be very frustrating to spend all your time to try to organize something with the best of intentions only to be criticzed and in some cases insulted by people who disagree with the way you did things. I think that we need to answer certain questions satisfactorally before we finally start the whole thing. (1) What is the fund for? Do we have a specific project in mind or are we just putting money for anything that we feel Prempeh needs. If we do not have a specific project, who decides what we will use the money for. Do we want to follow Addo Kufuor's idea where we have a list of things where everyone picks something and funds it or do we want to invest the money for it to grow and then use the returns to fund items. (2) If we decide to invest the money as is done in the case of most endowment funds, who decides what we invest in and where we invest in. I saw the name of an Amanfoo on the fund commitee who is a fund manager. Are we going to invest in his fund, if so we need to know a lot more about the fund. Its performance over the years whether it invests in high yielding but high risk funds or whatever. (3) What about the committee responsible for the fund. Who selected them what are their powers and limitations. How do we evaluate their performance. Can they be removed if amanfoo are not satisfied with their performance. Are they a temporary committee or a permanent one? I suggest that the committee should come out with a more comprehensive plan because a lot of Amanfoo have genuine concerns about this fund. This fund is supposed to help Prempeh and also can be a unifying force. Money is very dangerous and can lead to a lot of destruction. We should not rush to satisfy the Golden jubilee deadline because we could do ourselves a lot of harm if we start the fund even though we are not ready. We can always pledge that we are trying to raise $300,000 at the jubilee ceremony. I also suggest that a member of the committee should be designated to answer Amanfoo's concerns online from now so that we can help fix any problems that we feel might exist. I am very happy about the fund and I am looking forward to the day when we will finally get it started. To all those who have worked towards it, great job.
Dr. Desmond Anim-Appiah Tue Mar 24 1998
Amanfoo, Mark Addo Thu Mar 26 1998
Dear Amanfoo, The first issue is "What is the fund going to be used for and what type of fund are we setting up.?" The fund will be an endowment fund with the purpose of generating interest and using the interest to fund short and long term projects on campus. The beauty of this proposal is that the principal remains intact and the urgent need to come back to Amanfoo frequently for more contributions will be minimized. The endowment provides us with a vehicle to ensure constant income supply to fund projects many generations to come as long as we make sound investments. Second issue: "Who decides what to do with the money?" A standing committee will be formed to review and recommend projects that need funding every year. Amanfoo are welcome to make recommendations on projects that need funding. The committee will review all recommended projects and present its findings for Amanfoo consensus before the authorized signatories can release funds for the projects. We plan to post all monthly balances and contributions for the benefit of the donors and also ensure transparency of our activities. Third issue: " Who elected the team that manages the fund?" Amanfoo that are currently acting as fund overseers have volunteered their time to serve until all the modalities are well established (one year) after which Amanfoo will elect permanent standing overseers. The door is still open to all Amanfoo who want to volunteer their services. Fourth issue: " Are we going to invest in Clifford's fund?" At this point we have not decided to invest in any fund period! Obviously, we will do our due diligence on any fund before investing. We are counting on Clifford's expertise to guide us through the maze of investment since he is an accomplished fund manager. Fifth issue: "Guaranteeing of name plaques on campus based on level of contribution" Let us have a discussion on this issue after which Amanfoo can vote as to which direction to take. Six issue: "Listing of names and amounts contributed" This is also an open issue we need to discuss. Contributors who want to remain anonymous would be granted their wish. For the sake of accountability and transparency, anonymous contributors will be assigned codes so as to enable us publish all contributions. Our parting words to Amanfoo are that, let us remain positive, give whatever we can, be it in installments or lump sum, be open to constructive criticisms, don't take anything personal and don't be personal in your rejoinders. Let the creative ideas flow, we currently don't have all the answers and we will never get all the answers to satisfy everyone. No contribution is too small, for Prempeh College has waited too long for us to "show" her our appreciation for making us what we are today.The test of what we can accomplish as alumnae will depend on how well we can all transform our ideas into reality. Thanks to all who endeavor to meet the challenges before us. Please focus onthe big picture, for the beneficiaries of these initiatives are Amanfoo and Prempeh College. Regards, SAM. BORQUAYE (ALOOMA), MARK ADDO & CLIFFORD MPARE. Clifford Mpare Fri Mar 27 1998
Hello Folks: The fact that it has generated so much debate tells me that the idea has touched a nerve and perhaps unearth the "good" in all of us to help mother Prempeh. To me that is the most important outcome of the debate. Let me repeat here that nothing has been decided about my role as the Fund Manager. However, for those of you who want fo know more about my credentials, here is a brief biographical sketch. I am currently Executive Vice President and Co-Chief Investment Officer of Sloan Financial Group. I graduated from St. Mary's University and Dalhousie University in Canada with a B. Comm and MBA degree. I'm a Certified Management Accountant (CMA) and Chartered Financial Analyst (CFA). In my current role as the Co-CIO at the Sloan financial group I am responsible for the firms $4.2 billion in assets. I am also the Chief Investment Officer of one of Sloan Financial's subsidiaries, New Africa Advisers which managers over $200 million in African investments. I am directly responsible for the management of the Dreyfus Third Century Fund which has $900 million in assets and is an A ranked mutual fund for the last three years. Anyone who is interested can check the perfomance of the Fund in the Wall Street Journal or Investors Business Daily. Incidentally, the Fund is ranked A+ by IBD. I have been quoted and or featured in numerous publications including Fortune, Business Week, USA Today, Black Enterprise and CNBC power lunch. I hope the above biographical sketch does not come off as arrogant but I thought it will be helpful to highlight my experience to allay any concerns about the intentions of the Fund. Please note that the appropriate committee will approve all investments. I will hopefull be one of many who will devote their time and energy to this worthy cause. Let us get the ball rolling. With this note, I am pledging $2,000 ($350 a month for the next six months ) to the fund. Let the fun begin. Emmanuel Aouad Fri Mar 27 1998 There is also a very important point to address. I hope that contributors to the fund will not think that, that entitles their kids or relatives to enter prempeh college without going through the academic requirements! Anthony Asare (Akapice) Wed Apr 8 1998
Hi Amanfoo, I have contacted quite a few Amanfoo around all of whom are willing to contribute. They all however have concerns about how decisions have been and will be made. Most do not want to contribute money only to realize that a few people are going to control the money and decide what should be done with it. One way that I believe we could address some concerns would be to designate the next Amanfoo chat day, the financial debate chat day so that representatives of the committee including the fund manager will be present to discuss issues about the fund. That way we will not have to wait till labor day to resolve issues. I hope we will be able to solve these issues so that we can get to our target as soon as possible. Anthony Asare (Akapice) Wed Apr 8 1998
Hi Amanfoo,
"Please forward this email to K. Addo-Kuffuor who also asked some pertinent questions and was slammed by the dictators, I can't locate his email address. I had always wanted to respond to your email, but I was so filled with rage, the intolerance and arrogance exhibited by some Amanfoor that I had to cool down before writing something. I would like to commend you for the stance that you have taken, do not feel discouraged by the sychophants pledging money and kissing and licking the boots of the so called originators of the endowment fund. This idea or concept is not new. In 1986, few Amanfoor here at Dallas began a similar drive to set up an endowment fund, we put in a lot of energy, spent our own money to make phone calls all over the US to contact Amanfoor. We got a Bank account and set up an endowment but only realized $1000.00. The money is now supervised by a gentleman here called Yaw Sarfo. May be the Dallas group did not do a very good marketing job, but we were limited also by the only technology at hand, i.e. telephone. Today though, we have the Internet, and instead of debating, exchanging views and coming to a solid agreement as to how best to do this, including all your suggestions, I see some Amanfoor behaving like Ghanaian political sychophants. I personally have no problem paying even $5,000 but I will not, because just as you indicated, I would not like these intolerant people to control the use of my money. I believe you asked a very simple question such as who appointed the trustees? Is Mpare investing the money in his own fund? Instead of simply answering these simple questions, I see folks pouring their resumes at our throat. What sense does this all make? If an American prospective investor of a fund were to ask this man a simple question such as yours, do you think the answer will be a recital of credentials? You know I find it amazing how the US House of Reps. with over 200 divergent views can debate on issues and in the end make laws for this great nation, yet with few Amanfoor, we cannot even tolerate any debate, what kind of Ghana do you all foresee if these people were in position of power. It will not surprise me at if I hear that an Amanfoor is now the head of a Ghana BNI, arresting and killing people because of divergent view. I'm taking it to the extreme, but the behavior on this "Amanfoor talk head" leaves me with no choice. What kind of education have we gotten after staying in this Western world for so long? I believe the answer is: a. Treat the Western people with respect at all cost, answer their questions with a smile b. Be intolerant with your fellow African, if possible scare him off with your book-long accolades. Ex-dictator Fidel Castro, a.k.a Big Jay Cadet Sgt. Major, DHP 1979" Dr. Ohene Kwapong Wed Apr 8 1998
Hello Amanfoo, If I may get a bit spiritual - the book of Nehemiah is a very interesting book that gives a visionary picture of the challenge we each face. Basically, Nehemiah was in exile and one of his brothers came from home with the news that Jerusalem is in ruins, with all its walls torn down. The first thing Nehemiah does is he gets on his knees and prays..and decides to go back and rebuild the walls of Jerusalem. He goes to the king and asks that he be allowed to go home...the king sends him off with a lot of help for the work. He gets into Jerusalem, he surveys the ruins and he puts together all the willing and able-bodied men and begins the rebuilding of the walls of Jerusalem. Those with silver and gold donated their possessions to be melted down for the work. Whatever useful each man had they donated. There were those who sat by the sidelines and criticised Nehemiah. One of the most encouraging passages is in Chapter 4:19 .."The work is extensive and spread out, and we are widely seperated from each other along the wall. Wherever you hear the sound of the trumpet, join us there. Our God will fight for us". The most striking thing though is that Ezra at one point thought about rebuilding the walls of Jerusalem, Hanani had also thought about the ruins of Jerusalem but for some strange reason Nehemiah led the people to actually accomplish it....and that probably explains why he was constantly praying throughout the book...'cos it could be done only with the help of God. Many Amanfoo have thought about endowement fund..from Dallas to New York (1989) to Washington D.C (1992) to London (1975) through Ghana (since the days of Reverend Pearson), but now ....we all have a real chance to make it happen. Now I do not know who Prempeh's Nehemiah is, but my guess is - everyone who is contributing to this great effort. It can only be done through prayer (not dining-hall type prayer) and with the help of God. Just to give you some statistics of the big picture and how our efforts in the long run can potentially affect Ghana. We need to develop our country....but from the 1998 Africa Competiveness Report .... sobering statistics: Of all the world capital flows (including direct investments) the whole Africa received 1.7% and Ghana received 0.07%. At a meeting of top 12 banks, none put Africa as part of their immediate capital commitments. Sub-saharan Africa has 2% world trade...and our dear mother Ghana's debt level on competitiveness basis ranks last but one. The task we face is more than anyone can imagine. If we can not build a fund such as this, how the heck can we compete against the rest of the world for the already limited sources. I want to personally appeal to each Amanfoo to please help make this fund successful. The fund managers need our support (it's more difficult encouraging a friend to do a good job that to criticize him for a job not yet done) and confidence in them. Please lets give the endowment a chance. Personal from me: Addo-Kuffour, since I was the first to reply to your questions, I'd like to publicly apologize to you if you feel like I was being intolerant with you. And Castro, if you have some insights that may be beneficial to the fund managers, I plead with you please make it known to the fund-managers. You seem to have been very upset in your note...and unfortunately they all have feelings too...but most important they are very open-minded about input from Amanfoo. Best regards. With God it will be done!! Best regards. With God it will be done!! Best regards. With God it will be done!! Francis Yaw Berkoh Nketia Wed Apr 8 1998
Amanfoo, NOTE: Before we go any further, what do you guys think about hiring a professional financial -planning firm to set up the fund with all the legal bells and whistles attached? We can also ask them to do the solicitations via phone and mail. I am willing to come up with my pledge right away should we come to some agreement about this and some funds are needed immediately to get the ball rolling. The consultants may even start off with a survey, with some of the questions raised so far included in it to gauge what is on the minds of the contributors. I know the bank where the accounts is set up will be more than willing to help us find a reputable firm to do it. Their usual charge for all expenses and margins is set at less than 5% of what comes in. I think this will help with the fiduciary duties required in setting up stuff like this in the US. It will also allay the fears of those who may not fully understand what is going on here. Let me know what you think soon. End of note! Anthony Asare (Akapice) Wed Apr 8 1998
Dear Amanfoo, After reading the govenor's note, it is obvious that a lot of people like the idea but are also concerned that a good idea like this could fail if it is not properly debated and carefully implemented. If it does not succeed this time, It might never have another chance. To those who have contributed I say congrats. I feel that a lot more could be done if people with concerns openly expressed their concerns so that they can be addressed. By the way what happened to Addo Kufuor's idea of direct funding. Is it possible that we could do the directed funding at the same time as we do the global fund ? That way people could contribute whichever way they feel comfortable. If the aim of the global fund is for it to generate interest so that we could use the interest, then we might not be able to use the money for a couple of years. The directed funding could take care of immediate problems. I will also repeat my call for an amanfoo finacial debate chat day or maybe a series of chats. Also who is funding the golden jubilee celebrations. Is it the contributions from the global fund? I would like to apologise again to castro. Please dont let me kneel down on gari when you see me. Kwabena Osei-Boaten Thu Apr 9 1998 Senior Akapice: Thanks for the apology, but I don't believe I deserved one from you. Let us remember what the late Sekou Toure of Guinea once said, "The only person that doesn't make a mistake is the one that does nothing". We all should be constantly learning from our own mistakes as well as those around us. Kojo Addo-Kuffuor Thu Apr 9 1998
Seniors, Personally, while I have fundamental reservations about the implementation of the Fund, I do not take personally any of the views other Amanfooo have expressed (note Senior Aku Kwapong), but would hope that the right thing is eventually done. Another personal comment: I am well impressed by the credentials of the designated fund manager and would wish that he does not take any of this as a statement of our confidence (or the lack thereof) in him. The right things will only be done when the following questions (among others) are clearly answered and accepted by the majority: (i) What will the fund be used for? It seems absurd to me that we are contributing to a fund the purpose of which is yet to be decided. (ii) If we do not get target amount what happens to the fund? (iii) Will the principle amount remain intact? In other words what are we going to invest in? I asked this question but received no response. If we get the $500K and invest in US stocks one day and the market crashes the next (as it could any time soon), Amanfoo will be well peeved to find that their contribution has halved in value, non? On the other hand, if we are going to play safe and invest in CDs or open a savings account, then would we need a fund manager? (iv) Why does the school itself have no say in this? At least we know where Prempeh College is and we can always call up the headmaster 100 years from now to ask about the fund. The same cannot be said for a scattered body of Amanfoo who have their own lives to lead (v) In return for contributing these funds to the school, what say will we have in the running of the institution? For years the IMF and World bank happily gave money to fund useless causes around the world. It has taken this long for them to realize that unless the donor takes an active part in the disbursement of the funds, they can forget about making an impact. Personally I have no qualms about contributing my widow's mite to help Prempeh. However, I will be very reluctant to contribute for the sheer beauty of it and not know what the money is going to be used for. Elsewhere in the world the question "what is it for?" is frequently asked, may we cultivate that mentality too. I'm done Kojo Addo-Kuffuor Thu Apr 9 1998
Amanfoo, The subtext of what I am hearing is - you went to Prempeh, it is the best school on earth, we think it needs $500,000 (even though we are not sure what for!), give your contribution now, shut up and don't poop the party. To begin with how can Prempeh be compared with Harvard? One is a state-owned institution, wholly controlled by a sovereign govt, the other is a private institution which does whatever it likes as long as it has the funds to do so. Hence as bizzare as it sounds to some, Havard (and the other private schools in the states) needs a permanent pool of funds it can tap into for daily operations. Moreover these funds are managed by the school and its appointed board of trustees who can be dragged through the courts if any inappropriate behaviour can be shown to have occurred. We have not heard of any such provision in the fund we thinking off. The similarity between Prempeh and Havard ends at the fact that they are both great schools, nothing more. Asking what the funds will be used for is not putting the cart before the horse, it is the fundamental rule in raising funds. Try telling your bank manager to give you money to carry out a project you have not yet decided on. How do you even know you are asking for the right amount? I am sure this is a question somebody out there will be able to give a more convincing answer to. If people feel that money collected never seems to be put to good use, very soon all such appeals for funds will be ignored. The last thing the school needs is donor fatigue and apathy. We can only ensure this does not happen by making sure that everybody knows why funds are collected and the use to which they are put, and not by trying to cajole everybody into line!! As I said, I do not have any problem giving my $1.00 contribution, but let us have some clear consensus on the actual role of the Endowment Fund in the daily operations of Prempeh since monies paid may not be retrieveable. ... and as for doing what my conscience dictates, that is precisely what I will do!! Kwabena Osei-Boaten Thu Apr 9 1998 It's people like you that reinforces my belief that we can still rebuild Ghana after the destruction we see before our very eyes. Keep it up. Francis Yaw Nketiah Berkoh Fri Apr 10 1998
Hi Amanfoo,
I hope there will be more of these in the future. Michael Oppong-Kusi Sat Apr 18 1998 I have been impressed by the debates regarding the Amanfoo Global Fund. It is indeed a pleasure that a school in the "Jungles of the Dark Continent" can produce such brilliant minds. Prempeh has done well to produce such students. Both the letter by castro and the rejoinder are brilliant in their respective analysis. When the dust of these debate settles, our major goal should be to give the new generation of Ghanaian children the same opportunity we had. We were blessed by the toil and sweat of Cocoa Farmers.. ( Note they were taxed almost at a rate of 90% to fund the educational development of Ghana , a rate which would have created a coup in the USA !!) This is the time for us to contribute generously to our school. and our country. The government alone cannot solve our educational mess in Ghana. Our major asset collectively as Amanfooo is our education. Let us give and focus our collective energy to raise the funds!! Brother Castro I hear your comments and I know you played a crucial part in the Fund raising in Dallas several years ago. We also need the "Castro Nehemiahs" as well as the "Wall Street Nehemiah's....after all both of you were from Serwah....to rebuild the walls of Prempeh !!! Please give generously to the fund. I am pledging to give "Nicodemously" Rememmber the story of Nicodemeus and the "Sower who went out to sow" that Osofo Nyarko use to tell us? Please Let us all give generously!!! |
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