MUSIGA’s AMWEF now an endowment fund

The Musicians Union of Ghana (MUSIGA) through its flagship welfare for the older generation, Ageing Musicians Welfare Funds (AMWeF) has presented a total of GH¢50,000 to five legendry musicians in the country.
   
Music icons Nana Kwame Ampadu, Obuoba Jackson Albert Adofo popularly known as Obuoba J.A. Adofo, Albert Benjamin Crentsil popularly known as A.B. Crentsil, Jewel Ackah and Charles Kofi Amankwaah Mann, popularly known as C.K. Mann all received cheques for GH¢5,000.00 and an investment certificate of GH¢5,000.00.
   
Mr Bice Osei Kuffour also known as, Obour, the President of MUSIGA, said the AMWeF, was established in 2013 by MUSIGA to cater for aged and needy musicians who are above 60 years.
   
He said the AMWeF board had agreed to convert the fund into an endowment fund, where all musicians turning 60 years could benefit from and commended the Board for elevating the fund to the status of an endowment fund, which would benefit all musicians in the country.
   
He appreciated members of MUSIGA and sponsors for supporting the initiative, which had come to leverage the ageing musicians.
   
Presenting the donations to the legends, Mr Perry A. Adamba, Chairman of the MUSIGA’s Investment Committee, said the 50 per cent of the money given to the legends were kept in an Investment Account with First Banc in their respective names for good returns in the future.
   
He said the Investment Committee was aiming at growing the fund to a base of GH¢1million after which the interest would be distributed to all musicians who turned 60 years.
   
Mr Adamba noted that the AMWeF would not continue soliciting for funds once it reached GH¢1million.
  
The endowment fund would be invested into First Banc’s, First Fund.
Nana Kwame Ampadu, a beneficiary on behalf of his colleagues expressed their gratitude to the President of MUSIGA for his visionary leadership and efforts at supporting ageing Musicians.

Source: GNA