EMBRACE MaSIF – WORTHY BRO. ANUMEL URGES MARSHALLANS
BY: BRO. FRANCIS EKOW MONNIE
THE Chairman of the Finance and Investment Committee of the Supreme Council, Worthy Bro. Patrick Anumel, has stated that the Marshallan Savings and Investments Fund (MaSIF), a metamorphosis of the Marshallan Investment Fund (MIF), addresses all the flaws that were identified in the defunct MIF.
He therefore appealed to all Marshallans to be the apostles of the MaSIF message, urging them to embrace MaSIF which was introduced by the Supreme Council and Grand Court and launched at the Grand Knights and Noble Ladies and Regional Grand Knights and Noble Ladies Forum in 2017 as a voluntary investment fund to replace MIF, aimed at guaranteeing life-long benefits for Marshallans in the medium to long-term.
Worthy Bro. Anumel who was the Resource Person, stated these comments at a one-day sensitization workshop on MaSIF organized for Grand Knights, Noble Ladies, MaSIF Coordinators and their Assistants in the North Region held at the Sir Kt. Bro. Peter Roth Memorial Temple in Tamale on November 25, 2017.
The workshop was opened by the Deputy Regional Grand Knight (DRKG), Bro. Philip Issahaku Ziblim and attended by 22 participants from Councils 27, 93, 102 and 140 and from Courts 12, 89, 102 and 131.
Giving an overview of MaSIF, he explained that it is modelled to ensure that Brothers and Sisters will ultimately not pay dues or levies while they maintain their membership of the Noble Order. He therefore encouraged Marshallans to make the needed sacrifices today by enrolling on MaSIF in order to reap its manifold benefits, adding that unlike MIF, the necessary safeguards have been incorporated to ensure its growth and sustainability.
Explaining the difference between MIF and MaSIF, he noted that whereas former is being sustained by meagre contributions from only new initiates, MaSIF on the other hand will involve contributions from both old and new members of the Noble Order.He added that under MaSIF, funds belong to all Contributors namely; individual Brothers and Sisters, Local/Regional Councils and Courts as well as the Supreme Council and Grand Court.
He stated that under MaSIF, each Brother or Sister is expected to contribute a cumulative amount of GHc 1,200.00 over a two-year period spanning January 2017 to December 2018, Local Councils and Courts shall be required to subscribe to 50 shares at GHc100.00 per share, that is, GHc5,000.00 while Regional Councils and Courts are to purchase 100 shares at GHc 100.00 per share, that is GHc 10,000.00 and the Supreme Council and Grand Court are to buy 500 shares each at GHc100.00 per share, that is, GHc50,000.00 each respectively.
Individuals can make their contributions in instalments of GHc50.00 per month for 24 months or any convenient instalments, provided one makes a total of GHc 1,200.00 over the two-year mobilisation period. Similarly, Institutions (Councils and Courts, etc.) can also make their contributions in instalments.
These amounts are to be invested for an initial period of five years at the end of which 50% of the amounts contributed shall be disbursed to Contributors every year. This rate will increase to 75% in year 21 and 100% in year 31 or earlier depending on the amount in the pool and returns on investment to be used to offset the costs of payments of dues/levies, etc. In addition, GHc10million shall be disbursement to Local Council/Regional Councils and Courts as well as the Supreme Council and Grand Court in specified proportions to establish their own businesses.
Worthy Bro. Anumel hinted that in later years, it is expected that funds will be available for the Marshallan Medical Fund (MMF), Marshallan Welfare Fund (MWF) and enable the Supreme Council and Grand Court fund other projects they intend to undertake.
He disclosed that a roll over capital of GHc350,000.00 inherited from MIF which is being held in trust for the Supreme Council and Grand Court, will serve as seed money for MaSIF and enumerated the benefits to be derived by Contributors as follows:
- Individual Brothers and Sister:
- Funds will be available to meet their Council/Court commitments such dues, levies, voluntary contributions, pledges, etc. in the medium to long-term
- They will have life-long investments with accumulated returns.
- In the event death, their outstanding investments plus any accrued interests shall be bequeathed to their Next-of-Kin to cover the cost of their funeral or other expenses.
- The MMF will have enough funds to cater for diseases not covered under the NHIS.
- Local/Regional Councils and Courts:
- They will no longer depend on voluntary contributions and levies to fund their activities and recurrent expenditure, or undertake charity works or projects, etc.
- They will have funds to establish income generating projects of their own to fund their activities
- Supreme Council and Grand Court
- They will become more self sufficient in the medium to long-term and will not depend on contributions from Brothers and Sisters to fund their activities.
- They will have adequate capital to fund infrastructure projects in the medium to long-term
- They will have funds to restructure the Marshallan Relief and Development Services (MAREDES), MMF, MWF and possibly establish an Insurance Company for the Noble Order as has been done by the Knights of Columbus.
- They like the Knights of Columbus, will be able to assist in funding major Church projects through the Ghana Catholic Bishops’ Conference.
In his closing remarks, the DRGK noted that MaSIF is a good idea and charged Marshallans to get involved and not leave the task of its dissemination to Grand Knights and Noble Ladies alone, advising them not to see the maturation period of their investment in 2024 as far off, but look forward to the future afterwards when life may not be that rosy.
Among the Senior Officers in attendance were RL Sis. Fidelia Benebere (IPRNL), RL Sis. Beatrice Seidu (RNL), Bros. Thomas Azure and Cletus Ganaa, Grand Knights of Councils 27 and 140 as well as Sis. Gladys Dakyie and Sis. Florence Fatima Seidu, Noble Ladies of Courts 12 and 89, Damongo.