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The Film Producers Association of Ghana (FIPAG) has signed a memorandum of understanding with an event management firm, ITEM 3 HOUSE; to organize a mega award ceremony dubbed Ghollygold for Ghana�s transforming movie industry next year. The award ceremony was supposed to have been organized this year, but was put on the hold due to a delay in getting all stakeholders to come aboard. For the past three years the Ghanaian movie industry has not had any award ceremony to honour stakeholders after the Ghana Actors� Guild came out with the last one. Their inability to continue was because of financial constraints. ITEM 3 HOUSE is however ready to bear the cost, hence taking up the mantle to organize the award come March 6 next year at a yet-to-be-announced venue. It approached FIPAG, the right owners of movies, for the go-ahead to organize the awards for the industry. The two parties appended their signatures on a white document at a memorandum signing ceremony at MUSIGA last Wednesday for the award ceremony to take off. Among executives from FIPAG at the ceremony were Executive Secretary, Stanley S.S. Sackey; Vice Secretary, Richard Quartey; Treasurer, Helen Omaboe; Vice Treasure, Augustine Abbey (popularly known the showbiz industry as Idikoko), and FIPAG Public Relations Officer Ashiagbor Akwetey Kai. From ITEM 3 HOUSE were CEO Rockson Adu-Boahene and Board Chairman Kwabena Gyan Ansah. One of the terms agreed on was that ITEM 3 HOUSE would organize the awards for three (3) continuous years. However that term is subject to a yearly review. The two parties will form a working committee to draw a detailed programme for the awards. They will also bear the initial expenses until sponsorship and a financial package are acquired for the event. Profit thus generated from the award will be shared 50%�50% among the two groups after all expenses have been paid. ITEM 3 HOUSE can under no circumstance use the name of FIPAG or Ghollygold, the agreed name for the award, for any other activity or business other than the purpose for which the memorandum was signed. The award is scheduled to be launched on December 22 this year.