• 12 hours Marketing Experts Honoured At 9th Marketing World Awards ModernGhana -Biz
    A total of Fifty-two (52) awards were conferred on leading players of Africa 39;s Marketing industry at the 9th Marketing World Awards (MWA) held on 8th November, 2019 at the Movenpick Ambassador Hotel in Accra. Under the theme celebrating brands and individuals that work tirelessly and passionately , the 9th edition of the MWA recognized individuals and organizations that have exhibited excellence in the marketing profession, and being a Pan-African event, winners were na ... more
  • 13 hours Finance Minister Presents 2020 Budget Tomorrow ModernGhana -Biz
    Finance Minister, Ken Ofori-Atta, is expected in Parliament tomorrow, November 13, 2019, to present the 2020 statement and economic policy. The presentation, according to the Information Ministry, would commence at 10:00am. It comes amid threats by the Minority National Democratic Congress (NDC) in Parliament to give Mr. Ofori-Atta a vote of no confidence. The Minority made the threats over what it believes are high fiscal deficit figures that have been recorded by Preside ... more
  • 14 hours BoG Guidelines For Repurchasing Agreements Effective April 2, 2020 ModernGhana -Biz
    The Bank of Ghana (BoG) has launched new guidelines for repo trading on the Ghanaian market. The move is to have a well-functioning repo market and contribute to the efficient allocation of capital in the real economy by supporting liquidity in other markets. It is a new guideline that would help better regulate the purchase of government securities like treasury bills, bonds, notes and Eurobonds. Speaking at the launch in Accra, Governor of the Bank of Ghana Dr Ernest Add ... more
  • 14 hours 4G Capital joins the global community using business as a force for good after receiving B Corporation certification Pulse -Biz
    <ul><li><strong>There are only slightly more than 2,000 Certified B Corporations in the world.</strong></li><li><strong>“B Corps” must meet the highest standards of overall social and environmental performance, transparency and accountability.</strong></li><li><strong>4G Capital attributes its success to a unique model combining a nationwide network of physical branches across Kenya and Uganda with machine learning technology. </strong></li></ul> <p class="">4G Capital, a capacity building microcredit company, has effectively joined the global community of Certified B Corporations (“B Corps”) after it was awarded the coveted title. </p> <p class="">Certified B Corporations are leaders of a global movement of people using business as a force for good. They meet the ... more
  • 14 hours COCOBOD Receives $600m Syndicated Loan From AfDB ModernGhana -Biz
    COCOBOD has received a $600 million syndicated loan facility from the African Development Bank (AfDB) and Credit Suisse Group AG. This is to enable it finance key components of the organisation rsquo;s productivity enhancement programmes. The signing ceremony took place on the sidelines of the 2nd Edition of the Africa Investment Forum, on Tuesday in Johannesburg, South Africa, a ceremony witnessed by the President of the Republic, Nana Addo Dankwa Akufo-Addo It would be r ... more
  • 16 hours Union Threatens Shutdown Of South African Airline Over Proposed Lay Off ModernGhana -Biz
    Trade union, the National Transport Movement has threatened to completely shut down South African Airways after the embattled state airline announced that it would undergo restructuring. On Monday, the airline said it has started a restructuring process that could see its workforce cut by almost a fifth. As required by South African law, the carrier has started talks with labour unions about its plans, which could affect 944 of its 5,149 employees, SAA said in an emailed state ... more
  • 17 hours SSNIT Educate Workers On 2019 Pension Indexation ModernGhana -Biz
    The recent novelties in the service delivery of the Social Security and National Insurance Trust (SSNIT) are being appreciated by many workers and pensioners. The periodic and consistent updates about contributions and lately the 2019 pension indexation are new features of the SSNIT since it came under a new management after the exit of the previous government. Recently, the Tema branch of the National Pensioners Association (NPA) expressed appreciation. The pensioners are ... more
  • 17 hours Weak Regulations Cause Of 53 Fund Management Firms Collapse ModernGhana -Biz
    The President of the Ghana Securities Industry Association, Emmanuel Alex Asiedu, has blamed recent revocation of the licenses of 53 Fund Management Companies in the country on poor standards in that sector. The Securities and Exchange Commission (SEC) announced the revocations last Friday citing non-payment of client funds among other infractions. Speaking to Citi News, Mr. Asiedu attributed the crisis on poor governance structures, an under-resourced regulator and not ... more
  • 17 hours 2019 African Investment Forum Attracts Growing Int’l Interest ModernGhana -Biz
    The Africa Investment Forum is making phenomenal progress in attracting interest from all over the world since launching at the Sandton Convention Centre in 2018. The value of boardroom transactions which will be negotiated this year will be considerably higher compared to $43bn in 2018. A hundred and nine countries are represented at this year rsquo;s conference, 61 of which are not African, indicating growing international interest in the annual gathering. International ... more
  • 17 hours 2020 Budget: Expectations Of Ghanaians And ‘Reckless Spending’ On Elections ModernGhana -Biz
    Hbtvghana.com has gathered that as the Finance Minister, Ken Ofori-Atta, readies to present the budget statement for the 2020 electioneering year tomorrow Wednesday 13th November 2019, there are growing concerns from majority of Ghanaians that it is most likely the government will overspend. There is a strong feeling of panic out there that the 2020 Budget may turnout be another lsquo;Sikadie rsquo; (reckless spending) budget statement since politicians will do anything in an ele ... more
  • 18 hours Securities Association Wants Clear Processes For Retrieval Of Customers Cash ModernGhana -Biz
    The Ghana Securities Industry Association (GSIA) wants the Securities and Exchanges Commission (SEC) to provide clarity on the processes put in place for customers who invested their monies in the 53 fund management companies whose licenses had been revoked to retrieve their investments. This, the Associations says, will help minimise the adverse impacts of low investor confidence usually associated with revocation of licenses. In a release, the group indicated that although i ... more
  • 23 hours Access Bank Partners Emirates For ‘Fly Now, Pay Later Service’ ModernGhana -Biz
    Access Bank Ghana, one of the leading retail banks in Ghana and a subsidiary of the Access Bank Group - which ranks amongst the top 20 Banks in Africa by assets and Emirates Airline - the fourth-largest airline in the world, have today announced the launch of a ldquo;Fly now, Pay Later rdquo; service for their customers. With this partnership, both Access Bank and Emirates Airlines are expanding and strengthening their loyalty offering in order to increase customer acquisition a ... more
  • 1 day [List] Remaining Fund Managers After SEC Mass Clean-Up ModernGhana -Biz
    The Securities and Exchange Commission (SEC) last Friday revoked the licenses of 53 fund management companies citing several regulatory breaches. A press release issued by SEC said the companies among other things failed to honour clients 39; redemption requests, placed funds in unregulated investments, used clients 39; funds to fund related parties 39; activities. https://www.youtube.com/embed/GJeRSYOWG7I Out of the 53 companies, 21 had already ceased operations ... more
  • 1 day Gov’t Will Pay Customers Of Defunct Fund Management Companies —SEC ModernGhana -Biz
    The Securities and Exchange Commission (SEC) says individuals and corporations who have their funds locked up in any of the 53 defunct Fund Management Companies should expect some funds from the government ahead of official liquidation processes. Last Friday, SEC revoked the licenses of the 53 companies, citing amongst other things, the failure of the institutions to return the funds of clients. In an interview on the Citi Breakfast Show, the Deputy Director-General of the Commission ... more
  • 2 days 9 online platforms that are granting quick loans to SMEs in Nigeria Pulse -Biz
    <ul><li>With fintech platforms, a growing number of entrepreneurs and small business owners can now get a loan without collateral in a seamless and fast way. </li><li>SMEs in Africa constitute 50%% of the continent's GDP, 60%% of employment figures, and about 90%% of all businesses.</li><li>Business Insider SSA looks at nine tech-enabled platforms that are granting a quick loan to SMEs in Nigeria.</li></ul> <p class=""><strong>Introduction</strong></p> <p class="">Over the years, accessibility to loan facilities for Small and Medium Scale enterprises (SMEs) from financial institutions has mostly been enjoyed large corporations.</p> <p class="">As paradigm shifts through tech-enabled platforms, a growing number of entrepreneurs and small ... more
  • 2 days Here’s a list of Fund Managers operating in Ghana after SEC revoked licenses of 53 Pulse -Biz
    <p class="">The Securities and Exchange Commission (SEC) revoked the licenses of 53 fund management companies on Friday (November 9, 2019).</p> <p class="">The SEC cited several regulatory breaches as reason for this action.</p> <p class="">In a statement, SEC said the companies did not pay clients’ redemption requests, placed funds in unregulated investments, and many more.</p> <p class="">After the revocation, the SEC has published a list of the outstanding fund management companies on its website. </p> <p class="">In the publication SEC stated that although 83 fund managers remain after the clean-up, there are 11 companies that have unresolved issues with the regulator.</p> ... more
  • 2 days Zimbabwe shuns the usage of the US dollar, returns to the Zimbabwean dollar, here’s why Pulse -Biz
    <p class="">Zimbabwe's central bank has announced that effective Monday, November 11, 2019, it will begin circulating new banknotes in the country.</p> <p class="">The move, according to the bank, will help ease a severe cash shortage as the country suffers a deepening economic crisis.</p> <p class="">The bank has debunked fears that the move will fuel inflation, insisting that the new two- and five- dollar notes will not increase the overall money supply.</p> <p class="">The introduction marks the final phase in the return of the Zimbabwe dollar.</p> <p class="">In June this year, the central bank banned the use of the US dollar, ... more
  • 2 days Foreign Traders’ Shops Locked-Up Again At Opera Square ModernGhana -Biz
    Ghanaian Traders at Opera Square in Accra have embarked on yet another operation to lock-up shops owned by foreigners. Some of the traders accused the foreigners of hiring land guards to re-open the shops which were most recently locked up on November 4 after two previous incidents. Others said the government was contributing to the discontent. ldquo;This is what we are doing now because the government is not helping because no matter what we do, they will just tel ... more
  • 2 days Kenya Commercial Bank now drops like a hot potato plan to merge with National Bank Pulse -Biz
    <ul><li><strong>KCB finalized the acquisition of the cash strapped NBK on the verge of bankruptcy in September this year.</strong></li><li><strong>NBK will now continue to operate as a stand-alone subsidiary of KCB.</strong></li><li><strong>The tweaked strategy is music to ears of 1,356 NBK staff who were worried about their jobs.</strong></li></ul> <p class="">Kenya Commercial Bank (KCB) and National Bank of Kenya (NBK) will no longer be merging and become one entity as earlier planned.</p> <p class="">KCB, <a href="https://www.pulselive.co.ke/bi/finance/kenyan-mps-block-kcbs-bid-to-buy-national-bank-but-it-may-be-too-little-too-late/2pyyc3f" id="01b548a2-5b0c-436a-8d7e-de1b15e34e10">which acquired cash strapped NBK on the verge of bankruptcy</a>, has dropped its plan to merge with the institution for fear doing so will drag the profitable KCB to ... more
  • 2 days Here’s a full list of affected 39 insolvent microcredit companies whose customers are scheduled to receive payments Pulse -Biz
    <p class="">The Official Liquidator (OL) of the 39 insolvent microcredit companies whose licences were revoked by the Bank of Ghana (BoG), Mrs Jemima Oware has announced that she will commence the payments of interim dividend to some customers of the defunct institutions.</p> <p class="">The move, according to her, will be effective on Thursday, October 14, 2019.</p> <p class="">She noted that only customers who have completed and submitted their Proof of Debt ("PoD") statements to her will receive the interim dividend.</p> <p class="">The dividend, she added will be paid out at Consolidated Bank Ghana Ltd (CBG) branches in the country.</p> <p ... more
  • 2 days Abolish 2% Special Import Levy In 2020 Budget – Employers Association ModernGhana -Biz
    The Ghana Employers Association (GEA) says the 2% Special Import Levy (SIL) be removed as part of government 39;s tax initiatives in the 2020 budget. According to the Ghana Employment Association, the removal of the SIL is 39;to improve the business environment in the ensuing fiscal year. 39; In the 2018 fiscal year, the 1% levy, which applied to machinery and equipment listed under the ECOWAS Common External Tariff (CET) protocol was abolished. Whilst this policy ini ... more
  • 2 days Ghana Now Imports Flowers From SA – Osafo Marfo Laments ModernGhana -Biz
    Senior Minister Yaw Osafo Marfo is worried about the increasing rate of the country rsquo;s importation of goods. He said the country currently importing flowers thrice in a week from South Africa is an absurd situation which is unacceptable. Speaking at a gathering on behalf of President Akufo-Addo at the opening of the National Festival of Arts and Culture in Koforidua, the former Finance Minister called on Ghanaians to support the Akufo-Addo government to end the trend. ... more
  • 2 days Ghanaian business mogul, Nduom fights the Securities and Exchange Commission for revoking the licence of his company, here’s why Pulse -Biz
    <p class="">The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom has expressed his disappointment in the Securities and Exchange Commission (SEC) for revoking the licence of his company, the Blackshield Capital Management (formerly Gold Coast Fund Management).</p> <p class="">The SEC on Friday, November 8, 2019, revoked the licences of 53 Fund Management Companies.</p> <p class="">In a statement, SEC said that the revocation comes after the companies failed to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”</p> <p class=""><em>“Essentially, they have failed to perform their functions efficiently, honestly and fairly ... more
  • 2 days Local Businesses To Collapse Soon If Nigeria Border Closure Not Resolved ModernGhana -Biz
    A number of local businesses could fold up by the end of the year if the issue of the Nigeria border closure is not resolved immediately. According to the Ghana Chamber of Commerce and Industry (GCCI), local businesses in the Ashanti Region, in particular, were losing about $3 million a week with the threat of a possible shutdown. This came to light following a tour of some selected companies by officials of the chamber to gauge the mood, assess performance and strategise for the wa ... more
  • 2 days Ghana’s Securities and Exchange Commission revokes licenses of Unisecurities, 53 other Fund Management companies Pulse -Biz
    <ul><li>The Securities and Exchange Commission has revoked the licences of 53 Fund Management Companies.</li><li>SEC explained that some customers of the closed Fund Management Companies have not received their funds.</li><li>The SEC explained that some of these companies have folded up without paying their clients what is due them.</li></ul> <p class="">The Securities and Exchange Commission (SEC) has revoked the licenses of 53 Fund Management Companies.</p> <p class="">In a statement, SEC said that the revocation comes after the companies failed to “return client funds which remain locked up and in a number of cases, have even folded up their operations.”</p> <p class="">“Essentially, they ... more
  • 2 days Vary Hotel Rates From Season To Season To Increase Patronage — Operators Told ModernGhana -Biz
    As part of efforts at advancing tourism and increasing client patronage of hotels in the country, the Director, Project Development and Investment, Ghana Tourism Authority, Ben Anane Nsia has urged operators to consider varying their rates on different seasons. According to him, the huge prices being charged by some hotels in Ghana has contributed to the low patronage which affects the operations. Speaking on the theme Reducing Hotel Rates In Ghana: the Role of Government and ... more
  • 2 days Akufo-Addo Flys To South Africa For 2nd Africa Investment Forum ModernGhana -Biz
    President Akufo-Addo has left Ghana on Sunday, for Johannesburg in South Africa to attend the 2nd Edition of the Africa Investment Forum. The Forum, organised by the African Development Bank (AfDB) and its partners, is the largest multi-stakeholder and multi-disciplinary marketplace in the world, aimed at raising capital, advancing projects to the bankable stage, and accelerating financial closure of deals. Whilst in South Africa, President Akufo-Addo will participate in the I ... more
  • 2 days Here is the full list of 53 Fund Management companies whose licenses have been revoked by SEC Pulse -Biz
    <ul><li>The Securities and Exchange Commission revoked licences of 53 Fund Management Companies.</li><li>The revocation was done on November 8, 2019.</li><li>According to the SEC this was done pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929).</li></ul> <p class="">The Securities and Exchange Commission (SEC) revoked the licenses of 53 Fund Management Companies on Friday November 8, 2019.</p> <p class="">The SEC said that the revocations were done pursuant to Section 122 (2) (b) of the Securities Industry Act, 2019 (Act 929) which authorizes SEC to revoke the license of a market operator under some circumstances.</p> <p class="">A statement issued ... more
  • 2 days Hundreds Jobless Over Closure Of Struggling Fund Managers ModernGhana -Biz
    The Securities and Exchange Commission 39;s (SEC) withdrawal of licenses of struggling fund managers has immediately rendered 249 people jobless; a figure which could exceed 1,200. Although the SEC mass shutdown exercise involved 53 fund management companies, 21 firms had already ceased operations with the remaining 32 still in operation at the time their licenses were revoked. Commenting on the matter of job losses, an SEC official explained that its engagement with the fund ... more
  • 2 days Silicon Valley’s FOUNDER INSTITUTE in Accra: startups get access to mentorship, training and funding ModernGhana -Biz
    What if there rsquo;s a formula to growing your idea, starting a company based on that idea and SUSTAINING that company? It isn rsquo;t a coincidence that areas like Silicon Valley have become the global centre for innovation, technology and corporate success. They have mastered that formula. There really is a checklist of elements required for your idea to be able to grow from just a simple thought to a well-functioning corporate entity. ldquo;I rsquo;m moving to California to chase my drea ... more
  • 3 days Nsawam Astek Fruit Juice To See Major Facelift ModernGhana -Biz
    The Minister for Trade and Industry, Hon. Alan Kyerematen on Friday, 8th November 2019 informed Parliament of plans the Ministry of Trade and Industry are implementing to revive the Astek Company Limited, a Pineapple fruit processing factory located in Nsawam in the Eastern Region. According to Mr. Kyerematen, the company was one of the first companies that expressed interest to be part of the Ministry rsquo;s Stimulus Package Programme and subsequently the One District One Factor ... more
  • 4 days Ghanaian Young Entrepreneurs To Get Funding Support ModernGhana -Biz
    The Ghana Chamber of Young Entrepreneurs (GCYE), charged with the responsibility of uniting, engaging, and promoting initiatives and innovations of young entrepreneurs in pursuit of business profitability, growth, sustainability and economic development of young entrepreneurs, recently signed an MOU with Start-up SME Centre (SSC) an organization that helps entrepreneurs to raise capital for their businesses. As part of the MOU, GCYE will collate business plans of its members and submi ... more
  • 4 days Nduom’s Black Shield Fund Management, Others License Revoked ModernGhana -Biz
    Black Shield Fund Management, formerly Gold Coast Fund Management has had its license revoked by the Securities and Exchange Commission (SEC). This was announced in a statement by the Commission on Friday in which it said over 50 other Fund Management Companies have had their licenses also revoked for various infractions. Black Shield Fund Management, a subsidiary of Groupe Nduom, has dominated headlines in recent times over continuous complaints from its customers about their inabil ... more
  • 4 days Persons Behind Collapsed Fund Management Companies To Face 5-year Ban – SEC ModernGhana -Biz
    The Securities and Exchange Commission (SEC) has said persons whose actions and inactions resulted in the collapse of Fund Management Companies in the country will be banned from operating in the Capital Market for five (5) years. The Commission said the indicted persons could include past officers and shareholders of the affected companies. Some 53 Fund Management Companies had their licenses revoked by the SEC on Friday as part of processes to sanitize the sector. The action co ... more
  • 4 days [Full List] 53 Investment Firms Licenses Revoked ModernGhana -Biz
    The Securities and Exchange Commission (SEC) has revoked the operating licences of 53 investment companies. The revocation of the licences, according to the regulator, is to protect the integrity of the securities market and investors. The full list is published below: http://cdn.modernghana.com/images/content/118201980625-1j041p5cbv-5287763506432 6128155966237.jpg http://cdn.modernghana.com/images/content/118201980625-osjvm8x432-7800719792747 8444983028 ... more
  • 4 days Customers of Ghana’s collapsed microfinance to now receive up to GHC20,000 of locked up cash Pulse -Biz
    <p class="">The receiver for the collapsed microfinance companies, savings and loans, and finance houses has indicated that depositors can now access up to Ghc20, 000 of their locked-up cash.</p> <p class="">Earlier after the Bank of Ghana revoked licences of 347 microfinance companies, 23 savings and loans, and finance houses, the receiver Eric Nipah at the time announced that only depositors with validated claims below GHC10,000 will be paid their funds.</p> <p class="">But a statement issued by the spokesperson for the receiver, Philomena Kuzoe, said the GHC10,000 has been increased to GHC20,000.</p> <p class="">She was optimistic that this will allow customers ... more
  • 4 days StandChart Endowment Fund Supports 31 Students ModernGhana -Biz
    Standard Chartered Bank Ghana is disbursing a total of cent;71,000 as the first tranche of a total amount of cent;300,000 over a four-year period to 31 brilliant and needy students. The beneficial students are have gained admission to the 5 public universities namely the University of Ghana, Kwame Nkrumah University of Science and Technology (KNUST), University College of Education, Winneba (UCEW), University of Development Studies (UDS) and University of Cape Coast (UCC). T ... more
  • 5 days CAL Bank Managing Director fights Ghana’s President, Akufo Addo’s proposal to reduce interest rates, here’s why Pulse -Biz
    <p class="">The outgoing Chief Executive Officer of CAL Bank, Frank Adu Jnr, has predicted dark times for Ghana’s banking sector should government legislate the lower interest rates the president directed.</p> <p class="">President Addo Dankwa Akufo-Addo has raised concerns over the high-interest rates in the country warning it jeopardizes the cost of doing business in the country.</p> <p class="">He, hence, directed the Bank of Ghana Governor, Dr Addison to take a second look at rate.</p> <p class="">But Mr Adu Jnr explained that a cap on interest rates could spike up rates beyond the recent levels of 15 to 25 per cent.</p> ... more
  • 5 days 2020 Budget: Be Punctual — MPs Urged On Nov 13 ModernGhana -Biz
    Finance Minister, Ken Ofori-Atta, will present the 2020 Budget Statement and Economic Policy to Parliament on Wednesday, November 13. Majority Leader, Osei Kyei-Mensah Bonsu, announced this Friday while presenting parliamentary activities scheduled for next week. ldquo;The financial policy and budget statement of government for the financial year 2020 is going to be presented on behalf of the President of the Republic on 13th of November and not 14 ... more
  • 5 days 2020 Budget: We Don’t Expect New Taxes – Finance C’ttee Chair ModernGhana -Biz
    The Finance Committee of Parliament has said it does not expect new taxes in the yet-to-be-read 2020 national budget. The Chairman of the Committee, Dr. Mark Assibey-Yeboah said the introduction of a new tax may burden the Ghanaian populace. The New Juaben South MP, said, ldquo;I don rsquo;t think new taxes will be introduced. This is a listening government and I don rsquo;t think that any new taxes have been programmed in the budget. rdquo; Dr. Assibey-Yeboah made this known wh ... more
  • 5 days Akufo-Addo Ask Ghanaians To Prepare For AfCFTA ModernGhana -Biz
    President Akufo-Addo has advised Ghanaian companies to position themselves to take advantage of the African Continental Free Trade Area (AfCFTA) policy. The AfCFTA, with its headquarters coming to Ghana, is set to cover a market of 1.2 billion people at an estimated GDP of $3 billion across the 54-member states of the African Union. It would also serve as the vehicle for Ghana to trade with other member states in a more modern and sophisticated manner. Speaking at the firs ... more
  • 5 days Here is an advice from the outgoing CEO of CAL Bank, Frank Adu to local banks that want to grow Pulse -Biz
    <ul><li>In December 2018, the Bank of Ghana completed a cleanup exercise of the sector.</li><li>By the end of the exercise the licences of 9 local banks had been revoked.</li><li>However, the CEO of CAL Bank says it is prudent to follow the rules in the sector in order to grow.</li></ul> <p class="">The outgoing Chief Executive Officer of CAL Bank, Frank Adu Jnr has encouraged Managing Directors of Ghanaian-owned banks to go through the legal processes to grow their banks.</p> <p class="">He argued that it is very risky for local bank owners to use depositors’ funds to finance their businesses.</p> <p class="">Citing an ... more
  • 5 days 3,000 young entrepreneurs in Ghana receive GH¢30 million support from the President Pulse -Biz
    <p class="">The government of Ghana has allocated a GH¢30 million funding package to enterprises owned by young persons under the Presidential Business Support Programme.</p> <p class="">Under package, 3,000 young entrepreneurs would be supported to expand their businesses and employ more people.</p> <p class="">Ghana’s President, Nana Addo Dankwa Akufo-Addo made this announcement while launching the initiative in Accra.</p> <p class="">The 3,000 young entrepreneurs, according to him, are part of 19,000 entrepreneurs who had received training under the second window of the programme.</p> <p class="">The beneficiaries are expected to pay 10 per cent interest annually on the amount received to the government.</p> ... more
  • 5 days Grab Your Dream Samsung Smartphone Via MTN “Pick And Pay Later Service” ModernGhana -Biz
    Accra, November 8, 2019 - Ghana rsquo;s leading telecommunications company, MTN Ghana, has in partnership with Samsung and Ecobank Ghana (Ghana rsquo;s Biggest Universal Bank), launched the ldquo; rsquo;Pick And Pay Later rsquo; service that is aimed at allowing customers of MTN and Ecobank to own selected Samsung devices and pay in installments under a special financing scheme by Ecobank. The ldquo;Pick and Pay Later rsquo; service allows customers of MTN Ghana and Ecobank to purcha ... more
  • 5 days Poverty Rate Dips To 23% In The Last 27years — NDPC boss ModernGhana -Biz
    The Director-General of the National Development Planning Commission (NDPC), has said Ghana rsquo;s poverty reduction strategy has made some strides as the country rsquo;s poverty rate dropped to 23% in the last 27 years. Much of this progress, Dr Kodjo Mensah-Abrampah, said, was between the periods of 1992 to 2005, where the rate of poverty dropped to 25%. However, the country did not do much to reduce poverty between 2005 to 2017, a period where the country discovered oil in ... more
  • 5 days [Audio] 95% Of Depositors To Be Paid Soon — Receiver ModernGhana -Biz
    The issue of insolvency has rocked the financial sector in Ghana, recently with 347 Microfinance Companies, 23 saving and loans companies and several banks facing insolvency. Eric Nipah, partner at the consulting firm PWC, was appointed Receiver by the Central Bank as part of efforts to clean up the system. In an interview with Emmanuel Oscar, an independent news writer, The Receiver indicated that there are three main groups of claimants, covering individuals, financial insti ... more
  • 5 days ENI Ghana Disputes Deny Claims Of Racial Abuse ModernGhana -Biz
    Oil exploration and production firm ENI Ghana has disputed claims of being racially abusive by breaching the Local Content Laws and paying Ghanaian citizens working there salaries far below their colleague expatriates and others. The Italian oil and gas giant operating the largest integrated field in the country says wherever it operates, in all 67 countries throughout the world, it undertakes activities according to the highest international standards and best practices, in accor ... more
  • 5 days Patronise Chinese Vehicles — Zonda Tec MD Appeals To Ghanaians ModernGhana -Biz
    The Managing Director of Zonda Tec Ghana Limited, Yang Yang, has called on Ghanaians to support Chinese investments in Africa by patronising vehicles from Chinese manufacturers. Speaking during the launch of Forland Light Duty Trucks and Wuling Passenger and Cargo Vans, Ms. Yang called on Ghanaians to support Chinese companies to drive the nation 39;s industrialisation agenda. She said, over the past decade, Ghanaians have accepted Chinese light and heavy duty trucks for their high ... more
  • 6 days NPA Launches Manual To Control Oil Losses ModernGhana -Biz
    The National Petroleum Authority (NPA) has launched a manual to curb the frequent losses of oil associated with petroleum product loading, transportation and also during sales at the fuel stations. The manual provides the minimum requirements of the standard procedure and methods to be used to determine the quantity of petroleum products in storage tanks, river barge, Bulk Road Vehicles (BRVs), used in the distribution of petroleum products relating to purchase, sale and custody m ... more
  • 6 days IWG Races To Catch Up With Demand – Seeks African Partners ModernGhana -Biz
    Finding the right partner is crucial to the success of any relationship. Especially true when the reputation of the world rsquo;s leading flexible workspace provider, IWG plc and its operating brands, including Regus and Spaces, is at play. Earlier this year, IWG pioneered their franchising program in Africa off the back of a global boom in flexible working. Following an exhaustive selection process, the first franchise centres have already opened in Angola, with Guinea, Djibouti, Zimbabwe and E ... more
  • 6 days Report says the private sector in Ghana accounts for 97% (GH¢6.7 billion) of the country’s bad loans Pulse -Biz
    <p class="">Bank of Ghana (BoG) report has shown that out of the total amount of bad loans that have become an albatross around the neck of banks in the country, the private sector alone accounts for more than 97 percent of it.</p> <p class="">According to the central bank, the total amount in the books of banks classified as Non-Performing Loans (NPLs) has hit GH¢6.91 billion by August 2019. Of this amount, 97.6 percent, translating into GH¢6.7 billion is with the private sector.</p> <p class="">The BoG captured this in the Banking Sector Report it published for September 2019.</p> <p class="">The NPLs ... more
  • 6 days Ghana losing millions in revenue as it lacks data to tax online companies, according to expert Pulse -Biz
    <p class="">A Ghanaian tax expert, Mr Abdullah Ali-Nakyea has disclosed that the country is losing millions in uncollected revenue from profitable online-based businesses.</p> <p class="">This, he said is due to the lack of specific tax laws and the absence of a proper database of all online businesses operating in the country or providing services to the Ghanaian public.</p> <p class="">For instance, he said, online shopping malls, food vendors, fashion accessory retailers and other similar businesses that reside online and generate millions in revenue, are not properly profiled for tax purposes.</p> <p class=""> “The current tax rules which were designed to address ... more
  • 6 days Journalist Aid GRA To Retrieve Gh¢1.3million From Shaaxi Mining Over Tax Evasion ModernGhana -Biz
    After some weeks of following up on leads(newspaper reports and documents) given to the Ghana Revenue Authority (GRA) by this reporter, the state agency has managed to scoop back from Shaanxi Mining Ghana Limited(SMGL) a whooping Gh cent;1,343,173.00( One Million, Three hundred and forty three thousand, one hundred and seventy three Ghana Cedis) for non-payment of taxes including penalties and interest from 2014 to 2017. Readers will recall that The New Crusading GUIDE had earlier in F ... more
  • 6 days Police Seize 120 Cartons Of Fake Alcoholic Beverages ModernGhana -Biz
    The Nungua Divisional Police on Wednesday arrested three persons who are said to be connected to a fake alcohol production cartel in Accra. The products produced under the guise of GIHOC distilleries products were illegally produced with tax stamps and subsequently sold onto the local market. ASP Tsidi Francis, Divisional Commander for Kpeshie at Nungua, disclosed to Joy News that the Regional Crime Office is currently in talks with the Ghana Standards Authority (GSA) to ascer ... more
  • 6 days Tony O. Elumelu To Speak At UNDP’s Presidential Dialogue ModernGhana -Biz
    Tony O. Elumelu CON, Founder of the Tony Elumelu Foundation, joins Ghanaian President, H.E Akufo Addo and other private and public sector leaders on the Presidential Dialogue themed, Africa rsquo;s Money for African Development ndash; A Future Beyond Aid , in Ghana this Thursday, November 7, 2019. The event is jointly organised by the Ghanaian Presidency and UNDP. Mr. Elumelu will speak on ways to leverage the African Continental Free Trade Agreement (AfCTA), and the opportun ... more
  • 6 days Africa Remains World’s Most Energy Deficient Continent ModernGhana -Biz
    The Republic of South Africa rsquo;s Energy and Mineral Resources Minister, Hon. Gwede Mantashe has bemoaned Africa rsquo;s current status as the most energy-deficient continent in the world. The Minister also expressed sorrow at how over 500 million Africans lack access to modern forms of energy and are afflicted with indoor pollution and environmental degradation. Hon. Gwede Mantashe made the sorrowful disclosures when he addressed participants at the opening ceremony of the ... more
  • 6 days Ghana’s Parliament has approved a US$600m cocoa loan Pulse -Biz
    <p class="">Parliament has voted to pass the $600 million loan agreement for the Cocobod cocoa sector stimulus programme.</p> <p class="">The Members of Parliament (MPs) were expected to vote on Tuesday but it was deferred to today (Wednesday) because the number of parliamentarians in the chamber was low. This was after the Minority raised red flags about the utilization of the proceeds of the loan.</p> <p class="">The Minority Leader, Haruna Iddrisu earlier said the government must provide detailed information on certain aspects of the proposed stimulus programme.</p> <p class="">“We want to know where the US$200 million will be going to because ... more
  • 6 days Tighten Trade Policies In 2020 Budget — TUC To Ken ModernGhana -Biz
    The Trades Union Congress (TUC) has urged the Finance Minister, Ken Ofori-Atta, to ensure that the 2020 Budget and Economic Policy reflects a robust trade policy that supports growth. ldquo;Our trade policy is over-liberalised and inconsistent with the objective of building a strong private sector which is capable of creating quality employment, rdquo; the TUC said in a statement that outlines its proposals for the 2020 budget. The umbrella body for all labour unions in Ghana ... more
  • 7 days Leaders In Ghana’s Finance Sector Celebrated At 2019 GFIA ModernGhana -Biz
    More than fifty (50) organizations and professionals of the finance sector were recognized at the 2019 Ghana Finance Innovation Awards (GFIA 2019) held on the 19th of October at the Movenpick Ambassador Hotel, Accra. Under the theme: ldquo;Recognizing and Rewarding Excellence in the Finance Industry rdquo;, the awards ceremony conferred honours on the outstanding performance of experts of the finance sector. The fifth GFIA hosted gurus of Ghana rsquo;s finance industry i ... more
  • 7 days Public Servants Honoured At 2nd Africa Public Sector Conference & Awards In Ghana ModernGhana -Biz
    Ghana played host to public sector leaders from across Africa at the 2nd edition of the Africa Public Sector Conference Awards (APSCA 2019) on the 23rd and 24th October 2019 at the Movenpick Ambassador Hotel in Accra. Under the theme: ldquo;Enhancing Public Sector Efficiency through Digitization rdquo;, the 2019 APSCA brought together leaders from Kenya, Nigeria and Ghana, to discuss key issues pertaining to the growth and efficiency of Africa rsquo; ... more
  • 7 days First Bank Partners Inlaks To Launch Teller Cash Recyclers ModernGhana -Biz
    Leading Systems Integrator, Inlaks played host to hundreds of African industry professionals amongst whom are their customers in Nigeria and around sub-Sahara Africa to exchange best practices and experiences related to the latest achievements in the field of banking, technology and other fields. The summit themed ldquo;Unlocking the Opportunities in the Digital Banking Age rdquo; featured over 15 industry experts in plenary sessions and as speakers led by the keynote speaker; Deputy ... more
  • 7 days Here’s why beer in Kenya is so expensive yet the same brand sells at throwaway price in Uganda, just a stone’s throw away Pulse -Biz
    <ul><li><strong>The towns of Busia, Kenya’ and Busia, Uganda are very busy border towns on Kenya’s common border with Uganda.</strong></li><li><strong>Beer lovers for instance on the Kenyan have to fork out as much as Sh250 ($2.5) while just a stone's throw away from the Kenyan border, the same beer bottle costs as low as Sh80 (Sh0.8).</strong></li><li><strong>Never mind that Uganda is landlocked and imports its goods through Kenya, where it is transported around 1,000 kilometres to reach the border, it is still cheaper to buy goods from there than in Kenya.</strong></li></ul> <p class="">Situated about 430km from Nairobi along a highway that connects Kenya ... more
  • 7 days Ghana’s President, Akuffo- Addo directs the central bank to review the country’s interest rate downwards Pulse -Biz
    <p class="">Ghana’s President, Nana Addo Dankwa Akufo-Addo has urged the governor of the Bank of Ghana to take a second look at the current prevailing interest rate in the country.</p> <p class="">According to him, the over 20 percent rate banks lend to individuals and entities is on the high side and discourage many from venturing into a productive business.</p> <p class="">President Akuffo Addo said this while addressing the maiden government CEO forum.</p> <p class="">He outlined a seven-point pillars government has adopted to address the concerns of the private sector and make them competitive.</p> <p class="">Adding that the recent clean up ... more
  • 7 days Cordros Asset Management is launching a Dollar Mutual Fund to help investors diversify their portfolios and hedge against currency risk Pulse -Biz
    <ul><li>Last week, Cordros Asset Management Limited signed offer documents to launch Dollar Mutual Fund after initial SEC approval.</li><li>'The Cordros Dollar' is a mutual fund that seeks to help investors diversify their portfolios while hedging against currency risk.</li><li>Wale Agbeyangi, GMD at Cordros, says the objective of the fund is to help investors achieve capital appreciation in the short to medium term with USD and convertible currencies.</li></ul> <p class="">Cordros Asset Management Limited (CAML) is launching a <strong>Dollar Mutual Fund </strong>for investors following the initial approval of offer documents by the <strong>Securities &amp; Exchange Commission</strong> (SEC).</p> <p class="">On Friday, November 1st, 2019, the ... more
  • 7 days ECG Clarifies Bill Confusion ModernGhana -Biz
    The Electricity Company of Ghana (ECG) has clarified bills generated and printed for some of its customers for October 2019 indicated Power Distribution Services (PDS) as the services provider but showing its logo. According to ECG in a statement, the situation was due to the transitional period it was going through. It would be recalled that recently, ECG terminated its power concession agreements with PDS, enabling it to take over the power distribution business once again. ... more
  • 7 days Akufo-Addo Ask BoG Governor To Take Second Look At Bank Rate ModernGhana -Biz
    President Akufo-Addo has urged the Governor of the Bank of Ghana (BoG) to take a second look at the current prevailing interest rate. For him, the over 20 percent rate banks lend to individuals and entities is on the high side and discourage many from venturing into productive business. Addressing the first ever government CEO forum, the president outlined a seven-point pillars government has adopted to address the concerns of the private sector and make them competitive. ... more
  • 7 days BOST Begs For $150m Fresh Capital To Stay Economically Viable ModernGhana -Biz
    EDWIN NII Obodai Provencal, Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), says the company needs about $150 million in fresh capital to stay economically viable. Mr. Provencal, who made the call during a workshop for members of the Institute of Financial and Economic Journalists (IFEJ) over the weekend, said currently BOST was not making profits due to its low capital which led to its inability to pay dividends. He continued that half of ... more
  • 7 days Ghana’s Parliament to approve US$600m cocoa stimulus loan despite minority’s concerns Pulse -Biz
    <ul><li>The Ghanaian government is soliciting for a US$600 million credit facility for the Cocobod cocoa sector stimulus programme.</li><li>However, the Minority in Parliament have asked the government to provide detailed information on certain aspects of the proposed stimulus programme.</li><li>The Minister of Information said that the amount is to increase Ghana’s cocoa production to 1.5 million tonnes by 2027, among others.</li></ul> <p class="">Ghana’s Parliament is expected to approve the US$600 million credit facility for the Cocobod cocoa sector stimulus programme.</p> <p class="">This is despite concerns raised by the Minority in Parliament over some aspects of the facility.</p> <p class="">The stimulus package is ... more
  • 7 days $600m Loan Will Be Approved Despite Minority’s Resistance — COCOBOD ModernGhana -Biz
    The Ghana Cocoa Board (COCOBOD) is optimistic government 39;s plan to secure a $600 million facility from the African Development Bank (AfDB) to expand the country 39;s cocoa sector will be passed the next time it comes up in the House. This comes after the minority in the house raised some concerns that forced Parliament to defer the approval of the loan facility on Tuesday. The Minority Leader, Haruna Iddrisu questioned the utilization of US$ 68 million for hand pollinatio ... more
  • 7 days Minority To Demand Full Details Of GNPC Spending ModernGhana -Biz
    The Ghana National Petroleum Corporation (GNPC) will be expected to provide a detailed account of its expenditure when it appears before the Mines and Energy Committee of Parliament for the scrutiny of its 2020 figures, according to a Member of the Committee, John Jinapor. He says this will help check the practice where GNPC spends so much on corporate social responsibility programs. Mr. Jinapor who is also the Member of Parliament for the Yapei Kusawgu further said they will ... more
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