OFFICE OF PROJECTS AND INVESTMENTS | 1.0 OVERVIEW
The office of Projects and Investment is a novelty in the Archdiocese. It has been in existence only since 2012. It was created by Archbishop Matthias Kobena Nketsiah to take care of the projects and investment concerns of the Archdiocese.
Starting with almost zero investable fund, this newly created Office has been able to facilitate the mobilization of GH₵2,782,056.00 into the Archdiocesan Investment Fund, for various Archdiocesan needs from January, 2013 to December, 2015.
2.0 CREATION OF PROJECT AND INVESTMENT OFFICE
In the year 2012, it became necessary for the Archbishop to create a Project and Investment Office in addition to the Offices for the Bursar and Development.
Among other compelling reasons that influenced the creation of the office were:
3.0 MAJOR OBJECTIVES OF THE FINANCIAL POLICIES
3.1.1 The broader Objectives
- To provide financial leadership at the Archdiocesan level with the view of helping parishes and institutions cultivate the habit of savings and investment.
- To provide a more organized and efficient financial system of operation in the Archdiocese.
- To help the Archdiocese build funds to respond to her essential financial needs, which are critical to her existence as a diocese; such as formation of future priests.
- To motivate our priests, who are the principal agents of evangelization in our parishes and institutions, by way of providing relatively decent monthly allowances and an additional financial plan towards their old age or retirement.
2013 | 2014 | 2015 | 2016 | 2017 | |
---|---|---|---|---|---|
10% Inv. Contribution | 267,000.00 | 574,050.00 | 927,157.00 | 927,157.00 | 1,800,215.0 |
Develop. / Seminary | 133,500.00 | 267,025.00 | 463,578.00 | 666,615 | 900,107 |
Priests’ Indiv. Fund | 103,500.00 | 227,700.00 | 376,740.00 | 555,588.0 | 770,205.00 |
TOTAL | 504,000.00 | 1,068,775 | 1,767472 | 2,555,434 | 3,470,527 |
Achievements after Three Years –
6. 0 “ESSENTIAL FINANCIAL POLICIES OF THE ARCHDIOCESE OF CAPE COAST”
EFFECTIVE JANUARY, 2013
I. Statutory Parish Contribution and Levy to the Archdiocese
- Parish Contribution to the Archdiocese. Each parish in the Archdiocese shall contribute 20% of her income to support the running of the Archdiocese. Fifteen percent (15%) of this will serve as the traditional Parish Contribution to the Archdiocese. Five (5%) shall be a contribution to the Archdiocesan Development and Seminary Fund (DevSem Fund).The percentage of parish contribution is subject to revision.
- Statutory Investment Levy
IV. POLICIES ON PARISH PROJECTS AND INVESTMENT
1. Policies relating to Projects and Investment
a) It is recommended that parishes which do not have major projects in progress should invest their surplus funds in the Archdiocesan Investment Fund for attractive returns. This will help them mobilize substantial fund for a significant future project(s).
b) i. With effect from 1st April, 2013, Parishes engaged in income generating projects should submit to the Archbishop, through the Development Office, reports on the General Operations and Financial Statements of the projects.
ii. Thereafter, such report on income generating projects shall be submitted on annual basis.
c) By 1st October, 2013, all Parishes shall submit to the Office of the Archbishop their major Projects and/or Development agenda for a period of at least 5 years.
This Five (5) Year Project / Development Plan shall address the following key points:
i) {For Projects aimed at satisfying Pastoral, Spiritual and Social Needs – e.g. Church buildings, presbyteries, Parish halls.}
- The specific needs the project intends to address or satisfy;
- An estimated number of beneficiaries;
- The time of completion of the project; and
- How the Parish plans to finance the said project.
- plans to finance the Project.
d) The 5 Year Project / Development Plan could be broken down in phases (one, two years etc.)
2. Project Levy
There shall be a “project levy”, not exceeding 10%, on successful Project Proposal or grant to cater for Supervision and Administrative cost of the project.
7.0 THE DIRECTOR OF PROJECT AND INVESTMENT
Academics:
a) Schools and Degrees:
2009-2011 Refresher courses in Leadership and Change, Stock Options and Futures at Fordham University, New York, as Alumnus;
Pursued Online Stock Market Trading and Investment.
- 1989-1992 MBA, Professional Accounting – Fordham University, New York
- 1979-1985 Diploma in Theology – University of Ghana; St. Peter’s Regional Seminary, Cape Coast, Ghana
- 1972-1979 St. Teresa’s Seminary, High School, Elmina, Ghana
Date and Place of Birth:
November 24, 1958 at Cape Coast, Ghana
b) Practical Academic Works:
- 1999-2007; 2013 – to date Part Time Lecturer, St. Peter’s Regional Seminary; taught and still teaching Accounting and Parish Administration to Post graduate students.
- 2012 – to date Instructor of Sisters Leadership Initiative (SLDI) and ASEC
- 2012 Organized Workshop on Financial Management and Investment for Priests and Laity of the Archdiocese of Cape Coast.
- 1995-2007 Organized Periodic Workshops in Bookkeeping and Financial Management for Treasurers of Religious and Diocesan Institutions in Ghana and Other West African countries.
c) Computer Knowledge – Proficient in Microsoft Word and Excel; and have some knowledge in Power Point and Access. Very Proficient in Quickbooks. ~ I designed and computerized the Accounting System of the Archdiocese of Cape Coast and parishes under it with Quickbooks.
Work and Professional Experience:
- 1985 Ordained Catholic Priest
- 1985-1986 Associate Pastor, St. Michael’s Parish, Ajumako-Bisease
- 1986-1989 Secretary to the Archbishop of Cape Coast, Ghana
- 1993-1995 Assistant Financial Administrator, Archdiocese of Cape Coast
- 1995-2007 Financial Administrator (Chancellor) of Archdiocese of Cape Coast
- 2007-2012 St. Clare’s Parish, Staten Island, New York Associate Pastor
- 2012- Director of Projects and Investment for Catholic Archdiocese of Cape Coast
Boards Served
- Board of Directors of Catholic Mission Press Company Ltd. ~ 1995-2007
- Administrative Board of the Archdiocese of Cape Coast ~ 1993-2007; 2013
- Finance Committee of the National Catholic Secretariat, Ghana ~ 1998-2007
4.0 POTENTIAL AND CHALLENGES
The Fund will grow even bigger and faster if the Archdiocesan Central Administration and the Fund Manager will work on the following challenges:
5.0 HOPEFUL END
Despite the challenges, the AIF, after three years has been a success. Well managed and promoted, it will surely be a pathway towards overcoming the perennial financial challenges the Archdiocese has been facing over the years.
II. Establishment Of and Contribution into the Archdiocesan Investment Fund (AIF)
- Establishment of an “Archdiocesan Investment Fund” (AIF)
The Archbishop has mandated an establishment of an Archdiocesan Investment Fund.
The objectives of the AIF are:
i) To serve as Savings and Loans for parishes and other institutions in the short term, and
ii) To serve as a Mini Bank in the medium and long term.
The Goals of the AIF are:
i) To promote savings and investment culture among parishes and institutions of the Archdiocese;
ii) To pay a competitive interest on deposit, using the Treasury Bill rate as a benchmark; and
iii) Adhere to essential banking principles but do away with unnecessary transactional complexities associated with the traditional banks.
- Contribution to the Archdiocesan Investment Fund.
There shall be two main sources of contribution into the AIF:
i) By Statutory Investment Levies from the Parishes; and
ii) Other Discretional Investment of the Stakeholders; other interested persons and organizations.
- Payment of Statutory Levies and Parish contribution to the Archdiocese.a) Time of PaymentPayment of 10% Investment Levy and 20% Parish Contribution to the Archdiocese shall be strictly on monthly basis. The monthly payment shall be made in the 2nd week of the following month; namely, 2nd Monday – Friday of the following month.b) Consideration for the OutstationsWhere it is difficult to collate and make payment of the Outstations’ contribution and levies to the Archdiocese on monthly basis, such payment to the Archdiocese [the Outstations’ component] may be made on quarterly basis; on the 2nd Monday – Friday of the months of January, April, July and October.c) Contribution in arrears and SanctionsAfter the 2nd week in the preceding month, the payment of contribution to the Archdiocesan Bursar’s Office and Archdiocesan Investment Fund will be considered pass due.d) Query and Sanction for Delayed Paymenti) The Parish in arrears shall receive a reminder between the third and fourth week of the monthii) After the reminder, there shall be a monthly default levy of Gh¢100.00 and the President of the Parochial Council shall be informed accordingly. The monthly default levy shall be subject to review.iii) If a parish is in default for 2 months, the Parish Priest will be called to the Archbishop’s office.iv) If it becomes apparent that the Parish Priest is either unable to handle the basic finances of the parish or non-cooperative, he may be relieved of the financial responsibilities of the parish.
- Monthly Allowance and Contribution towards Priest’s Retirement.
With effect from the beginning of the Archdiocesan Financial Year, 1st January, 2013, each parish or institution enjoying a full time priestly services shall incorporate into its budget a monthly payment of Gh¢150.00 for the priest. Gh¢75.00 will be his monthly allowance while the remaining Gh¢75.00 will be a contribution towards his Retirement Fund. This amount will be subject to periodic revision.
The time of payment of premium into the Priest’s Retirement Fund shall be the same as the other Archdiocesan levies and contributions; namely, 2nd Monday – Friday of the previous month.
Masses will still be offered for the intention of the Ordinary of the Archdiocese and the stipends will come to the common Priests’ Fund.
- Revision of Other Priest’s Allowances, with effect from 1st January, 2013:
Clothing Allowance | Gh¢200.00 |
---|---|
Holiday Allowance | Gh¢ 100.00 |
Viaticum per day | Gh¢ 8.00 |
{These allowances shall be subject to a periodic revision}
Director: Very Rev. Fr. James Knoses Essuon
Email: projects-investments@archcapegh.org
Tel: +233 (0) 20 4951397