Business, 20.06.2020 08:57, alyssaxsanchez
Mr. Boateng is the Chief Director of the Ministry of Energy and Natural Resources and aged 55. He is currently separated from his wife, aged 50 with whom he has five children aged 18,15,13,11, and 5. She has initiated formal divorce proceedings and is seeking a settlement from Mr. Boateng.
Mr. Boateng has operated satisfactorily account. You have recorded an overdraft limit of GH₵1000 and this has never been abused. The first two children are in Senior High School, the next in Junior High School, whilst the last is now entering primary school. He pays school fees GH₵1200.00 per term for the first four kids and experts to pay an additional amount when the last child enters primary school.
In addition, you notice from his account that he has the following standing orders:
Finance company (car loan) 400.00
Electricity company of Ghana 80.00
Telecom 100.00
HP (Freezer) 150.00
As part of the divorce settlement, Mr. Boateng is required to vacate the matrimonial home which incidentally is in the name of the wife, although he built the property. Indeed, he moved out three month ago to a GH₵ 250 a month apartment because he couldn’t tolerate his wife constant nagging and accusations of infidelity. Mrs. Boateng is also demanding that Mr. Boateng take responsibility for the payment of the children’s school fees and is asking for a monthly settlement of GH₵500 per month to take care of the last child. She doesn’t want to have anything to do with the other four because they appeared to side with their daddy.
Mr. Boateng comes to your office panting for breadth and asks you if you could assist him a personal loan of GH₵2,000.00 repayable over three years to enable him to wire his three-story apartment and provide it with the necessary furniture so that he can move in with his four children because the rent he is currently paying is too high. He entreats you not to worry because with the implication of the single spine salary scheme in May this year, he experts his monthly net to increase from GH₵ 1,500.00 to GH₵ 2,000.00. He says if you want any additional security, he would be willing to offer his investment in the shares of West African Bank valued GH₵ 1,000.00. You are aware that the bank is to be listed on the West African Stock Exchange in Accra by the end of 2011. Critically evaluate this proposition. Assume an interest of 25%
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Mr. Boateng is the Chief Director of the Ministry of Energy and Natural Resources and aged 55. He is...
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