• 18 hours Receiver Steps Up Efforts To Expedite Action On Customer Claims ModernGhana -Biz
    The Receiver of the 347 Micro-finance Companies and the 23 Savings Loans and Finance Houses whose licenses were revoked by the Bank of Ghana on 31 May 2019 and 16 August 2019 respectively, has informed the general public and affected depositors about efforts being made to expedite action on their claims and speed up payments. It would be recalled that in an interview towards the end of last year, the Receiver expressed his commitment to seeing to it that creditors rsquo; claims were ... more
  • 20 hours Africa Human Resources Innovation Awards 2020 Launched ModernGhana -Biz
    The 3 rd Edition of the Africa Human Resources Innovation Awards has been launched by instinct Wave, Africa rsquo;s premium B2B event media specialist. AHRIA 2020 is scheduled to hold at the enchanting Movenpick Ambassador Hotel in Accra, Ghana on Friday, 27th March 2020 at 6pm The Awards Scheme which was formally Ghana Human Resources Innovation Awards was rebranded to Africa Human Resource Innovation Awards in order to cover the sub-region and bring together great minds in the HR i ... more
  • 20 hours MoMo Account: We Don’t Spend Decease Account; Monies Taken To Central Bank After Two Years Of Dormant -Telcos ModernGhana -Biz
    Scores of Ghanaians tend to live and keep their vital information rsquo;s personal without disclosing or giving a hint to friends or family. The patronage for mobile money transaction has come to make sending and receiving money very convenient but because of the secret lifestyle, many do not share their pin. Well, the bubbling question is that what about people who registered on MoMo and died, who don 39;t have next of kins and did not share their pins with families. Where a ... more
  • 21 hours Sharjah National Oil Corporation Announces 1st Gas Discovery In 3 Decades ModernGhana -Biz
    The Sharjah National Oil Corporation (SNOC) and its partner Eni, have announced a successful new discovery of natural gas and condensate onshore in Sharjah. The discovery, named lsquo;Mahani rsquo; comes within the first year of the partnership and represents the first onshore discovery of gas in the Emirate since the early 1980 rsquo;s. The Mahani-1 exploration well, located in the Area B Concession, is the first exploration well drilled by SNOC following the acquisition of a new 3D ... more
  • 23 hours How CBN MPC increase in banks’ cash reserve ratio could affect citizens Pulse -Biz
    <p class="">Last Friday, the <strong>Monetary Policy Committee</strong> of the <strong>Central Bank of Nigeria (</strong>CBN) raised the <strong>Cash Reserve Ratio</strong> (CRR) by 500bps to 27.5% from 22.5%.</p> <p class="">The <a href="https://www.cbn.gov.ng/Out/2020/MPD/Central%20Bank%20of%20Nigeria%20Communique%20No.%20128%20of%20the%20Monetary%20Policy%20Committee%20Meeting%20held%20on%20Thursday%2023rd%20and%20Friday%2024th%20%20January,%202020.pdf" id="09156eb3-8ea0-4db9-b8ab-c5111852114d" data-link-role-code="none">committee</a> also held other policy parameters constant:</p> <ul><li>Retain the MPR at 13.5%%.</li><li>Retain the asymmetric corridor of +200/-500 basis points around the MPR</li><li>Retain the Liquidity Ratio at 30%%.</li></ul> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/Yjg7MDA_/a42b723197d874bc58031be151798cd8.jpg" alt="Godwin Emefiele, CBN governor, speaking at the end of the 270th meeting of the Monetary Policy Committee (MPC) at the apex bank’s headquarters in Abuja. (Twitter/Channels Television)"> <figcaption>Godwin Emefiele, CBN governor, speaking at the end of the ... more
  • 24 hours ‘Falling’ Neoplan Ghana Begs Akufo-Addo For Intervention ModernGhana -Biz
    The Management of Neoplan Ghana Limited has sent a passionate appeal to President Akufo-Addo to save the company after the announcement of its imminent closure. According to a letter addressed to the presidency and sighted by Citi News, ldquo;the Company is about to officially close down by 31st January 2020 due to lack of financial support and contracts from our majority shareholder, Government of Ghana rdquo;. In the letter, the company highlighted the reluctance of ... more
  • 1 day How mobile money is taking over the finance sector in Ghana, records massive growth in 2019 Pulse -Biz
    <p class="">Ghana Interbank Payments and Settlements System report has shown that the movement of funds from bank accounts into mobile money wallets or accounts recorded 1224% growth in 2019.</p> <p class="">According to the report, transactions between mobile money platforms (mobile money interoperability) and services on the e-zwich platform also contributed to the growth in transaction volumes with 317% and 39% increase respectively.</p> <p class=""><em>“The value of the transactions for 2019 was GH ¢781.6 million, compared to GH¢212.8 million in 2018, and the volume of transaction shot up massively from 2.2 million in 2018 to 9.4 million last year.”</em></p> <p class="">The ... more
  • 1 day Motor Insurance Database To Tackle Premium Under-pricing — NIC ModernGhana -Biz
    The electronic Motor Insurance Database (MID), which will house all information on motor insurance policies in the country, will prevent companies from under-pricing their insurance policies, the Commissioner of Insurance, Mr Justice Yaw Ofori, has said. He said the issue of under-pricing was a burning concern for the commission because if companies sold their policies cheaply, they would not be able to pay genuine claims when they were due. Addressing the media on the introduction ... more
  • 1 day Accra East ECG Retrieves Over GH¢9m From Power Theft ModernGhana -Biz
    The Revenue Protection Unit of the Accra East Region of the Electricity Company of Ghana last year retrieved an amount of GH cent;9,439,996.01 from people who engaged in illegal connection of power to their premises. The money represents a 53 per cent increase over the 2018 figure of GH cent;6,168,151.45. The Manager of the Revenue Protection Unit of the Accra East Region, Mr Jonathan Asante, who disclosed this in an interview with the Daily Graphic, said customers caught engaging i ... more
  • 1 day Mango Farmers Want Gov’t Support To Fight Black Bacteria Disease ModernGhana -Biz
    Mango farmers in the country have called for government 39;s intervention to help deal with the Black Bacteria Disease (BBS) to save the sector from collapsing. Mr Godfred Alimo, Secretary, Blue Skies Mango Collectives, a Fair Trade group, said there was the need for a holistic approach in dealing with the disease just like ldquo;the state treated the Black Spot disease rdquo; that plagued the Cocoa sector some years ago. ldquo;This needs a national approach through mass sp ... more
  • 1 day Gov’t Bans Permits For New Cement Companies ModernGhana -Biz
    The Ministry of Trade and Industry has placed a ban on the issuance of permits to companies that want to set up cement processing plants in the country. It is also taking steps to halt the importation of the product as part of measures to protect and encourage the growth of existing cement processing companies, a Deputy Minister of Trade and Industry, Mr Carlos Kingsley Ahenkorah, has said. Speaking at the Customer Awards Dinner of a cement manufacturer, CIMAF, located at the Free Z ... more
  • 2 days Perfectionism – The Perfect Enemy of an Entrepreneur. ModernGhana -Biz
    I rsquo;ve had a slight Symmetry OCD since I was a kid. Obsessions with this OCD include the persistent, mostly irrational need for things to lsquo;feel rsquo; symmetrical, or be perfectly aligned, or to get to some version of ldquo;just right rdquo;. Accompanying compulsions include repeated rearranging, evening up, constant realigning and even repeated tapping. It rsquo;s not bad in my instance, I just have slight urges every now and then. What a relief when I later on found out that I am ... more
  • 3 days Moody’s Gives Ghana’s Economic Outlook Clean Bill Of Health ModernGhana -Biz
    Moody rsquo;s Investors Service ( ldquo;Moody rsquo;s rdquo;), a rating agency, has affirmed Ghana rsquo;s long-term issuer and senior unsecured bond ratings at B3. It has also changed the outlook of Ghana from stable to positive. The decisions were announced in a statement issued by Moody rsquo;s in New York on January 24, 2020. According to the statement, Moody rsquo;s has concurrently affirmed the rating of the bond enhanced by a partial guarantee from the International ... more
  • 3 days Akufo-Addo Woo Investors To Access Common Market Through Ghana ModernGhana -Biz
    Ghana for the past three days has sent a strong signal to potential investors in the United Kingdom and the entire global community as a preferred destination of accessing the African common market coupled with political stability for their business operations. This was disclosed by His Excellency President Nana Addo Dankwa Akufo-Addo during his keynote address at the second Ghana Investment and Opportunity Summit (GHIOS) which was held from 21st to 22nd January 2020 at the presti ... more
  • 3 days Moody’s Rates Ghana’s Economic Outlook From Stable To Positive ModernGhana -Biz
    Credit Ratings Agency, Moody 39;s has revised Ghana rsquo;s economic outlook ratings from stable to positive. Moody rsquo;s has also affirmed the country rsquo;s long-term issuer and senior unsecured bond ratings at B3. Moody rsquo;s in a statement explained that its decision to assign a positive outlook stems from its rising confidence that the country rsquo;s institutions and policy settings will lead to fiscal stability among others as a result of the reforms implemented u ... more
  • 4 days The Investment Sector Crisis And The Lessons Going Forward ModernGhana -Biz
    Introduction Investing is one of the surest ways of accumulating wealth. Investments are good for personal reasons and on the national level, they are good for sustainable wealth creation and eradication of poverty. Government and investment houses have all done their bits to encourage people to invest. However, investor confidence has dwindled in Ghana for the past two years because investors have investments locked up while they are struggling to meet their basic needs. The r ... more
  • 4 days Diaspora Bond Or Ghana Diaspora Growth Fund? ModernGhana -Biz
    As a keen observer of developments in Ghana, I was struck by the announcement by the Finance Ministry about the future issuance of a $3b Diaspora bond that will be directed towards infrastructure development in Ghana. I write on this subject regarding the Ghanaian diaspora as I have spearheaded the dialogue a few times in the Ghanaian community here in the Washington DC metro area through the Embassy of Ghana during and after my tenure as Chairman of the Council of Ghanaian Associ ... more
  • 4 days Angry Workers Of Coca-Cola Ghana Want Sacked MD Back ModernGhana -Biz
    Workers of the Coca-Cola Bottling Company of Ghana have embarked on a protest against the removal of the company 39;s Managing Director, Seth Adu-Baah. The workers, who have been protesting since Monday, January 20, 2020, in their red arm and headbands, have accused the company of unfair treatment against Ghanaian managers. Seth Adu-Baah, who has worked with the company for 18 years, has served as MD of Coca Cola in Sierra Leone, The Gambia and Ghana before he was allegedly f ... more
  • 4 days Former Bank of Ghana Governor wanted by police for contributing to the collapse of nine banks Pulse -Biz
    <p class="">Ghana police has disclosed that it is in search of the former Deputy Governor of the Bank of Ghana, Dr Johnson Asiamah.</p> <p class="">According to the police, Dr Asiamah is connected with the banking crisis that led to the collapse of nine commercial banks in the country.</p> <p class="">The police confirmed that news to Accra based Joy FM.</p> <p class="">The police noted that it has launched a manhunt for the arrest of a former Deputy Governor</p> <p class="">The police also disclosed that it is on the heels of Dr Kwabena Duffuor and his son Dr Kwabena Duffuor Jnr for ... more
  • 4 days Republic Bank denies ex-Dep BoG Governor’s claims of buying troubled banks in Ghana Pulse -Biz
    <p class="">Republic Financial Holdings Limited and its subsidiary Republic Bank (Ghana) Limited have debunked claims that they committed to buying one or more of the five troubled banks during the banking sector cleanup.</p> <p class="">This response is coming after a former Deputy Governor of the central bank Dr Johnson Asiama alleged that Republic Bank was interested in acquiring then troubled UT and Capital banks before the 2016 election.</p> <p class="">The bank in a press statement said Dr Asiama’s comment was both inaccurate and misleading.</p> <p class="">“Republic Bank is committed to upholding the laws of the country and the regulations implemented ... more
  • 5 days Bawumia Insists NPP First Term Economic Record Unmatched In The Fourth Republic ModernGhana -Biz
    No government in its first term under the Fourth Republic can match the economic record of the Nana Akufo-Addo administration, the Vice President, Dr Mahamudu Bawumia, has averred. ldquo;For virtually every economic measure, from inflation to interest rates, exchange rate depreciation, rate of increase of utility prices, social interventions, like Free SHS, job creation, infrastructure etc.. the data shows clearly that no government has achieved as much as the government of President ... more
  • 5 days Newmont Ghana Rebrands; Marks Centenary Celebrations On May 2 ModernGhana -Biz
    Newmont has announced a refreshed brand, name and logo to reflect its strong and stable foundation following two historic transactions in the company 39;s operations in 2019. The two transactions ndash; Newmont 39;s successful combination with Goldcorp and the Joint Venture with Barrick ndash; have both transformed Newmont into a truly international organization with unmatched portfolio of assets and prospects globally. The Company 39;s refreshed brand was unveiled to ma ... more
  • 5 days December recorded the highest producer price inflation in 2019 due to fuel price hikes Pulse -Biz
    <p class="">The producer price inflation of December 2019 reached 13.0%.</p> <p class="">This was contained in the latest figures released by the Ghana Statistical Service (GSS).</p> <p class="">By this figure, it means that there was an increase of 1.5% as compared to the previous month, November.</p> <p class="">This means that producers of goods and services with little control of prices will transfer the increase to their prices from January 2020 onward. The customers will, therefore, pay for goods and services at higher prices.</p> <p class="">At a press conference to announce the PPI figures, Deputy Government Statistician, Araba Forson, attributed the increase ... more
  • 5 days After Losing $2.3 Billion At UBS, Kweku Adoboli Now Seeks Redemption In Ghanaian Bonds ModernGhana -Biz
    Former UBS Group AG trader Kweku Adoboli fought to avoid deportation from the U.K. to the nation of his birth after his conviction for a $2.3 billion loss at the Swiss bank. Now, he is seeking a comeback in Ghana with a plan to kick-start its mortgage-backed bond market. The 39-year-old was extradited to Ghana in November 2018 after being jailed in 2012. He spent the first nine months mostly indoors as he struggled with depression. Support from family and friends helped him shake ambit ... more
  • 5 days No African brands among the world’s most valuable brands for 2020 Pulse -Biz
    <ul><li>Brand Finance releases the 2020 World’s Most Valuable Brand list.&nbsp;</li><li>Amazon breaks $200 billion-mark as the most valuable brand in the world.&nbsp;</li><li>No African brands feature in the 2020’s Brand Finance Global 500.</li></ul> <p class="">No African brands feature in the 2020’s<strong> Brand Finance Global 500</strong>, as the mentality of many managements remains commodity rooted rather than brand conscious, according to Brand Finance’s latest Most Valuable Brands.</p> <p class="">According to the report, launched at the <strong>World Economic Forum</strong> in Davos, there is little promise for future contenders among African companies.</p> <p class="">Despite there being no contenders, there are some African input and influence ... more
  • 5 days GCB To Launch Mobile Wallet Service Soon ModernGhana -Biz
    Ghana Commercial Bank (GCB) will officially launch ldquo;G-Money rdquo;, an industry first mobile wallet service on Friday, January 30. The move, which forms part of GCB 39;s commitment to driving financial inclusion in its strategic objectives, comes after the bank 39;s receipt of approval from the Bank of Ghana (BoG) on November 25, 2019 to create electronic value backed by equivalent cash to serve customers. Apart from affording customers the freedom to perform transacti ... more
  • 5 days Ghana’s Producer Price Inflation for December 2019 inched up to 9.9 percent Pulse -Biz
    <p class="">The Ghana Statistical Service (GSS) has announced the Producer Price Inflation (PPI) for December last year was 13%,</p> <p class="">This represents a 3.1 percent points higher than the 9.9% rate recorded in November 2019, the GSS said in a statement on Wednesday.</p> <p class="">The Mining and Quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 33.7 percent, followed by Utilities sub-sector with 12.8 percent.</p> <p class="">The manufacturing sub-sector recorded the lowest year-on-year producer inflation of 8.8 percent.</p> <p class="">With respect to the monthly changes, Mining and quarrying sub-sector recorded the highest inflation rate of 2.8 percent, followed ... more
  • 5 days GAT Takes 18% Of ADB; Increase Bank’s Capital To GH¢700m ModernGhana -Biz
    The Ghana Amalgamated Trust Limited (GAT) now owns 18 per cent of the Agricultural Development Bank Limited (ADB). It followed the successful injection of GH cent;127 million into the agriculture-focused lender by GAT, a special purpose vehicle (SPV) that the government established in 2018 to help capitalise, restructure and boost growth in five undercapitalised but well-managed indigenous banks. According to a press statement on the transaction, which was made available to the Daily Graph ... more
  • 5 days Prof. Gatsi Pooh Poohs FX Ghana Cedi Rescue Committee ModernGhana -Biz
    To the Dean of the School of Business at the University of Cape Coast, Professor John Gatsi, the FX Development Committee tasked by the government to rescue the Ghana Cedi against the dollar amounts to the ldquo;highest point of political interference. rdquo; According to him, the committee in real sense is usurping the powers of the Bank of Ghana (BoG). He also said that there is a need to protect institutions established by the constitution just like the BoG. Prof. Gats ... more
  • 6 days Markets DISMISS Trump impeachment – but monitor China trade relations and Coronavirus ModernGhana -Biz
    The bullish financial markets are indifferent to the Trump impeachment trial ndash; more concerning is the U.S.-China trade deal and the Coronavirus, says the CEO of one of the world rsquo;s largest independent financial services and advisory organizations. The comments from deVere Group chief executive, Nigel Green, come as U.S. President Donald Trump rsquo;s historic impeachment trial got underway on Tuesday in the Senate, with Democrats calling for his removal from office and ... more
  • 6 days MTN Splashes Free 2Gig Data On Subscribers As Goodwill Package ModernGhana -Biz
    22nd January 2020. MTN Ghana has announced a goodwill package for its data customers commencing 23rd January 2020. This is as a result of the recent disruption in data and international outbound call services which occurred last week due to cuts to the undersea cable delivering the service. The CEO of MTN Ghana Selorm Adadevoh said, ldquo;all data customers on MTN Ghana rsquo;s network will receive free 2GB data valid for 2 days. The CEO said, ldquo;We appreciate custome ... more
  • 6 days Inlaks, Hyosung Introduces Ultramodern ATMs In Ghana ModernGhana -Biz
    At the just concluded ATM roadshow held in Accra with the theme lsquo; rsquo;Innovation with the NextGen ATMs rsquo; rsquo;, Inlaks introduced into the Ghanaian financial sector, new ultramodern and high-tech ATMs with enhanced features manufactured by the Korean-based Original Equipment Manufacturer, Hyosung Inc, to give customers and banks seamless experience, improved customer experience and more security as they perform their cash and non-cash transactions on Hyosung ATMs. The new ... more
  • 6 days Bank of Ghana approves electronic strategy ‘G-Money’ for GCB Bank, here’s how this can be used Pulse -Biz
    <p class="">The Bank of Ghana has approved an electronic value backed by equivalent cash to serve customers.</p> <p class="">The service christened G-Money initiated by the GCB Bank will enable customers to perform transactions regardless of their mobile network.</p> <p class="">A statement from the bank ahead of the launch of the service made the revelation.</p> <p class="">According to the statement, the move forms <em>“part of GCB Bank’s commitment to driving financial inclusion in its strategic objectives.”</em></p> <p class=""><strong>About the G-Money and how to use</strong></p> <p class="">The G-Money is the first service to be operated by any bank in Ghana.</p> <p class="">It ... more
  • 6 days Newmont @100 Celebrations: Newmont Ghana Refreshes Its Brand And Logo ModernGhana -Biz
    Accra, 22 January, 2020 Newmont has announced a refreshed brand, name and logo to reflect its strong and stable foundation following two historic transactions in the company s operations in 2019. The two transactions Newmont s successful combination with Goldcorp and the Joint Venture with Barrick have both transformed Newmont into a truly international organization with unmatched portfolio of assets and prospects globally. The Company s refreshed brand was unveiled to mark Newmo ... more
  • 6 days Shoprite reports 3.1 percent decline in sales in Ghana, other African markets, here’s why Pulse -Biz
    <p class="">Shoprite, a retail giant in Africa has announced a 3.1% decline in sales in all its Africa operations including Ghana except for South Africa.</p> <p class="">According to the firm, the performance on currency devaluations in the African markets it operates contributed to the decline.</p> <p class="">Shoprite said this in its half-year financial performance ending December 2019.</p> <p class=""><em>“We have continued to experience ongoing currency devaluations and volatility in key markets in which we trade,” </em>it said.</p> <p class="">Adding that <em>“During the reporting period, the Angolan kwanza, Zambian kwacha, Nigerian naira and Ghana cedi depreciated 40.4%, 20.8% 18.2% and 12.9%, ... more
  • 6 days Akufo-Addo Opens UK-Ghana Market Partnership ModernGhana -Biz
    President Akufo-Addo on Tuesday rang the bell on the floor of the London Stock Exchange (LSE) to signal the start of a partnership between the London stock market and Ghana. The occasion formed part of the itinerary of President Akufo-Addo, who is currently in London for the UK-Africa Summit. The President was joined by the UK MP for Africa, Andrew Stephenson; Finance Minister Ken Ofori-Atta and Foreign Affairs Minister Shirley Ayorkor Botchwey. The LSE partnership with th ... more
  • 6 days Akufo-Addo Woos UK Investors; ‘Ghana Is An Ideal Place For Business ModernGhana -Biz
    President Akufo-Addo has encouraged British investors to take advantage of Ghana 39;s political and economic stability and invest in the country. Nana Akufo-Addo said the current economic conditions make Ghana an ideal place to invest. Speaking at the opening of the Ghana-UK Investment Opportunities Summit taking place on the sidelines of the UK-Africa summit in London, President Akufo-Addo said government has laid a strong foundation for prospective investors. ldquo;Sur ... more
  • 6 days We Are The Market ModernGhana -Biz
    The fundamental aim of businesses, both multinationals and start-ups alike, is a relentless pursuit to make profit- a case which is generally linked to gaining significant market share. This acquisition of the largest share of any existing market in most industries basically implies owning the market and making most of the profits. This explains to a large extent why businesses expend so much resources (money and energy) on undertaking numerous market research and surveys. A deliberate ... more
  • 7 days Ghana’s Agricultural Development Bank capital hits GH¢700 million after private placement Pulse -Biz
    <p class="">Ghana’s Agricultural Development Bank (ADB) has disclosed that it has successfully raised GH¢127 million from a private placement that began few weeks ago.</p> <p class="">This is equivalent to approximately 18 percent of the new issued share capital with the support of its new shareholder, the Ghana Amalgamated Trust (GAT).</p> <p class="">The move shows that the bank’s issued share capital has now increased to GH¢700 million.</p> <p class="">At the same time, the total number of ordinary shares in issue will increase to 300,798,407 shares of no par value.</p> <p class="">The new shares have since been admitted to the main market ... more
  • 1 week Routes and AFRAA sign agreement to help drive growth for the Africa aviation market ModernGhana -Biz
    The African Airlines Association (AFRAA) and Routes have signed their first formal agreement in history. The Memorandum of Understanding (MoU) sees AFRAA, the leading trade Association for African airlines and Routes, the organiser of the leading route development events for the industry, work together to stimulate new air services and champion the African aviation industry. Projections have indicated that, within the next 20 years, the African continent will be one of the fastest-growing avi ... more
  • 1 week Nigeria’s outstanding public debt stands at $72.27 billion Pulse -Biz
    <ul><li>Nigeria’s public debt stock climbed to $72.27 billion in September 2019.</li><li>Breakdown shows Nigeria's domestic debt accounts for $49.45 billion( N17.94 trillion), while external debt stood at $22.8 billion ( N8.27 trillion).</li><li>The country's total debt as a percentage of GDP was 18.47%% as of September 2019, well within the limit of 25%%.</li></ul> <p class="">Nigeria’s public debt stock climbed to $72.27 billion (N26.22 trillion) at the end of the third quarter of 2019, according to the <strong>Debt Management Office</strong> (DMO).</p> <p class="">This increase is 2% when compared with the $70.84 billion (N25.70 trillion) <a href="https://www.pulse.ng/bi/finance/nigerias-rising-public-debt-continues-to-be-a-cause-for-concern-at-dollar8388-billion/4ftbkrp" id="997f5710-9cc4-473a-bb15-3ef4b848049b" data-link-role-code="none">recorded</a> as of June 30, 2019.</p> ... more
  • 1 week FX Committee Must Be Dissolved – Kwame Pianim ModernGhana -Biz
    Ghanaian economist and investment consultant, Kwame Pianim want the newly inaugurated FX Development Committee scrapped over what he says is its lack of focus. He said the current nature and composition of the committee seemed to suggest it is only a ldquo;PR stunt. rdquo; Speaking to Citi News rsquo; Umaru Sanda Amadu on Monday, Mr. Pianim said most of the members of the committee are busy people with other equally critical duties even in government and must not be bo ... more
  • 1 week Cleaner At Navrongo Wins NLA ¢126,000 Jackpot With Only ¢2 ModernGhana -Biz
    A resident of Nayagnia, a suburb of Navrongo in the Upper East Region, has hit the jackpot and won a cent;126,000 prize in a draw that took place on January 17. Francis Pwualua, a cleaner at a service station, placed his lotto ticket via the shortcode 446 with lucky numbers 15, 18, 17, 20, 16 at the National Lottery Authority rsquo;s new jackpot game ndash; Daywa 5/39, which was launched on November 26 this year. Mr Pwuala won the ultimate prize at a cost of only cent;2 w ... more
  • 1 week Cedi Has Depreciated By 46% Since 2017– Ho Central MP ModernGhana -Biz
    The Member of Parliament for Ho Central, Benjamin Kormla Kpodo has charged the government to tell Ghanaians the truth about the continuous depreciation of the cedi. Mr. Kpodo noted that the cedi has lost a total of GHS1.82 since the NPP government took over power in January 2017 amounting to a 46% fall in the value of the cedi. The MP who announced his decision not to be part of the committee recently constituted by the government to make recommendations on how to stabilize the cedi ... more
  • 1 week EIU Predicts AfCFTA Implementation Will Be Postponed ModernGhana -Biz
    The Economist Intelligence Unit (EIU) is predicting the African countries signed up to the landmark continental free trade agreement will be forced to push forward the July 1st, 2020, commencement date of trading. The business intelligence and advisory firm said despite more than a year 39;s grace period, the 27 countries including Ghana, which have signed the agreement and ratified the deal, will not be ready to commence trading in the new trading zone. The firm in its latest econo ... more
  • 1 week UK Gov’t Partners City Of London To Mobilise Investments To Transform Africa ModernGhana -Biz
    The International Development Secretary, Alok Sharma Friday announced that new initiatives are underway to generate billions of pounds of private sector investment into Africa. The announcement which was made as African government and business leaders arrived in London ahead of Monday rsquo;s UK-Africa Investment Summit, indicated that the billions of pounds of investment in Africa will be generated in partnership with the City of London. The initiative is to help more money from pri ... more
  • 1 week Ghana cedi stable within the past three years, foreign exchange committee not set to investigate its depreciation, Finance Ministry discloses Pulse -Biz
    <p class="">Ghana’s Finance Ministry has disclosed that the Ghana Cedi has enjoyed stability for the past three years.</p> <p class="">According to ministry, these three years have been the most stable periods of the currency.</p> <p class="">The Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh disclosed the information while speaking to Accra based Citi FM following the inauguration of the 40 member FX Development Committee which was set up by government recently to recommend on how to stabilize the cedi.</p> <p class="">According to him, the government over the past three years has put in much work to ensure ... more
  • 1 week World Bank pumps $570 million to Ghana’s economy to help make Accra the cleanest city in Africa, 3 others Pulse -Biz
    <p class="">The World Bank has committed some $570 million to Ghana to undertake some projects in the country.</p> <p class="">According to the bank, $557 million of the money is in credits while the remaining $13 million is in grants.</p> <p class="">The projects include the $200-million Greater Accra Resilient and Integrated Development (GARID) project which is a multi-sector and transformative urban project aimed at supporting Greater Accra to become a cleaner, safer and more resilient city; and the $150-million Ghana Accountability for Learning Outcomes project aimed at improving the quality of education in low-performing basic education schools and strengthening equity and ... more
  • 1 week Cedi Stable For The Past 3years – Finance Ministry ModernGhana -Biz
    The Director of Financial Sector Division at the Finance Ministry, Sampson Akligoh says the Cedi has enjoyed some stability for the past three years. The local currency has over the years been a subject of serious debate among political actors as it performed poorly against major currencies such as the US dollar. Citing the year 2017, 2018 and 2019 as a case study, Sampson Akligoh said the government over the past three years has put in much work to ensure the stability of the ... more
  • 1 week NIC Launches Basic Insurance Education At Second Cycle Institutions ModernGhana -Biz
    The Ghana Insurance Commission (NIC) has launched the Basic Insurance Education at the Second Cycle Institutions Initiative in collaboration with the Ghana Education Service (GES) as part of a strategic drive to increase Ghana rsquo;s insurance penetration rate. Commissioner of Insurance, Justice Yaw Ofori, explained teaching insurance at the basic level will go a long way to expose our young ones to the importance of insurance as well as the various job opportunities available i ... more
  • 1 week Achieving 2019 Revenue Target Due To Recent Policy Measures – GRA Boss ModernGhana -Biz
    The Ghana Revenue Authority (GRA) says it was able to hit its revenue target for 2019 due to revised policy measures in the second half of the year coupled with hardworking staff. Speaking on the PM Express BUSINESS Edition on the JoyNews channel of the MULTI TV, Acting Commissioner General of GRA, Amisshadai Owusu-Amoah noted the development has indeed challenged them that they have what it takes to mobilize more taxes for the state. The government in 2019 proposed a tax reve ... more
  • 1 week FX Committee Not Investigating Cedi Depreciation – Finance Ministry Clears Air ModernGhana -Biz
    The Head of Financial Institutions at the Ministry of Finance, Samson Akilgu says the recently inaugurated FX Committee is to help coordinate the various efforts by the government to stabilise the cedi and not to probe the free fall of the cedi as has been reported. According to him, the government has already done a lot to stabilize the cedi and the committee is only to help fashion out a long-term strategy that will ensure that the currency remains stable. Speaking on the Ci ... more
  • 1 week WAPCo Shuts Down Offshore Pipeline Today ModernGhana -Biz
    The Ministry of Energy has announced that the West African Gas Pipeline Company Limited (WAPCo), which operates the West African Gas Pipeline (WAGP), will today shut down its offshore pipeline from Nigeria to Ghana for two months. The shutdown is to make way for a clean-up and inspection exercise of the offshore pipeline between the two countries. The exercise is often referred to as ldquo;pigging rdquo; in the pipeline industry and the process along the West African shoreline is expected ... more
  • 1 week Receivers for collapsed banks have recovered less than 10% of locked GHC16.6 billion Pulse -Biz
    <p class="">The governor of the Bank of Ghana (BoG) Dr Ernest Addison has revealed that receivers of the nine collapsed banks have retrieved less than 10% over two years after the process started.</p> <p class="">The receivers have been chasing customers, directors, and shareholders for more than GHC16.6billion in locked up loans.</p> <p class="">Dr Addison said they have retrieved about GHC1.2 billion which is 7.2% of the total loan outstanding commitment.</p> <p class="">“As we speak today, total loans taken over by the Receivers amounted to GH¢16.56 billion, while total proceeds realized up to date are above GH¢1.2 billion. These proceeds were ... more
  • 1 week Here’s why Bank of Ghana revised licensing procedures for banks Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has disclosed that it has renewed its structures and procedures for licensing with more thorough due diligence and capital verification processes.</p> <p class="">This follows the clean-up exercise it carried out which resulted in the collapse of some nine domestic commercial banks in the country.</p> <p class="">The Governor of the BoG, Dr Ernest Addison made the revelation while addressing participants at the New Year School and Conference organised by the University of Ghana.</p> <p class="">According to him, the central bank has introduced an enhanced process for making new rules which involve a more structured stakeholder ... more
  • 1 week Fuel prices in Ghana increased by 9 pesewas Pulse -Biz
    <ul><li>The Institute for Energy Security (IES) predicted an increase in fuel in the second pricing window of the year.</li><li>The prices of fuel have gone up by 9 pesewas.</li><li>Consumers especially commercial drivers seem unhappy with this development.</li></ul> <p class="">Fuel prices in Ghana have increased by 9 pesewas at some fuel stations across the country.</p> <p class="">The Institute for Energy Security (IES) had earlier predicted the upward adjustment of fuel prices.</p> <p class="">The 2% increment in prices of crude oil, coupled with the 0.95% and 1.01% marginal increment in the prices of Gasoil and Gasoline respectively on the International market were considered ... more
  • 1 week President Buhari says partial border closure is not to punish Ghana, Benin Republic, and other West African nations Pulse -Biz
    <ul><li>Nigerian President Muhammadu Buhari says partial closure of Nigeria’s borders is to strengthen the country’s security and economy.</li><li>He says the country is using the period of closure for stock-taking on threats to the nation’s security and economy.</li><li>Nigeria's inflation rate jumped to 11.98%% in December 2019 for the fourth consecutive month as a result of border closures.</li></ul> <p class="">Nigerian President <strong>Muhammadu Buhari </strong>has said the partial closure of Nigeria’s borders is not to punish her neighbours but to strengthen the country’s security and economy.</p> <p class="">The president stated this over the weekend in the <strong>United Kingdom </strong>when he met with a ... more
  • 1 week Dr. Anyars: ‘NABCO Remains Best Tool For Economic Empowerment’ ModernGhana -Biz
    One of the best economic empowerment and job intervention programs introduced by the ruling NPP government to tackle graduate unemployment is the Nation Builders Corps (NABCO). As it stands, the NABCO initiative remains the best tool for economic empowerment presenting a ready-market skill for job acquisition by unemployed graduates. It is in this vein that Dr. Anyars Ibrahim, Chief Executive Officer (CEO) is calling for a more enhanced and well strengthened NABCO brand to boo ... more
  • 1 week Government Supports Foreign Investors And Businesses In Ghana ModernGhana -Biz
    The Municipal Chief Executive Officer (MCE) of Kpone Katamanso, Solomon Appiah has vowed that the Akufo-Addo-led government will not relent in its effort to support foreign investors and foreign businesses. According to him, the businesses will not only boost Ghana rsquo;s economy but help the numerous unemployed youths to gain employment. Speaking at the launch of Kofarb Paints in Accra, the MCE said ldquo;President Akufo-Addo has good visions for the country. The introducti ... more
  • 1 week BIG DATA ANALYTICS – the next big thing that’s already here. ModernGhana -Biz
    Last week, Alan told me he rsquo;s a professional systems analyst. I did not know that. He rsquo;s as serial as a serial entrepreneur can get. Now suddenly it all means sense; his insistence on us gravitating towards massive data-generating activities; his reiteration that we value higher traffic than higher margins; and lastly, it explains that ldquo;the data is everyfin rdquo; mantra he rsquo;s drummed into my head for years with his 75% British accent. So when I caught up with my old budd ... more
  • 1 week Akufo-Addo Challenged Me To Rejuvenate GIHOC–Kofi Jumah ModernGhana -Biz
    One of the best-performing state-owned companies ever since the NPP assumed power in 2017 is GIHOC Distilleries Company Limited. GIHOC has undoubtedly seen a dramatic revamp under the able management of Mr. Maxwell Kofi Jumah. Mr. Kofi Jumah has shared the intriguing story behind the turn-around. He has revealed that his decision to assume leadership of the company in 2017 was informed by a challenge to him by President Akufo-Addo. Kofi Jumah explained that giving the ... more
  • 1 week MTN Resolves Data Challenges Following Fibre Cut ModernGhana -Biz
    Subscribers and customers can now access data services provided by Telecommunications giant MTN Ghana following the resolution of data challenges as a result of an undersea fibre cut. MTN Ghana has fully resolved the data connectivity challenges. It tweeted a message assuring that ldquo;Ghana is fully restored. rdquo; MTN in an earlier statement explained that connectivity was interrupted over the last two days because of ldquo;a double undersea fibre optic cabl ... more
  • 1 week Group Shoots Down Plans To Borrow $100m For Exim Bank ModernGhana -Biz
    Economic Think TankEconomic Watch Africa has challenged the government 39;s decision to borrow a $100 million credit facility from offshore investors to support the Ghana Exim Bank (GEXIM). The group has further argued that Ghana rsquo;s export and industrialization drive is likely to experience major setbacks if the government advances these credit plans. According to the economic think thank, the government would mortgage the country rsquo;s industrialisation, especially th ... more
  • 1 week Accra: Connectivity Issues Are Being Resolved, MTN Assures Customers ModernGhana -Biz
    MTN Ghana confirms that significant progress has been achieved in restoring the mobile data connectivity issues. The restoration has commenced and so far we have attained 50% resolution. You can now experience appreciable speed levels with picture, video and general downloads as well as WhatsApp and International Outgoing calls. Updates will be shared as more progress is made. Connectivity was interrupted over the last two days as a result of a double undersea fibre optic cable cut ... more
  • 1 week Committee Probing Cedi Depreciation Taking Over BoG Powers – Prof. Gatsi ModernGhana -Biz
    It is a consolidated fact that the management of the local currency (Cedi), including investigations into the depreciation of the currency, is the constitutional mandate of the Central Bank of Ghana (BoG). In article 183 (2)(a) of the Constitution, the BoG is mandated to promote and maintain the stability of the currency in the interest of economic management and progress of Ghana. Also, it is only the BoG that can disallow any forex exchange transactions. In the spirit of the above ... more
  • 1 week Over 600 Foreign Shops At Circle Tip Toe Lane Still Closed ModernGhana -Biz
    Over 600 shops at the Tip-toe Lane at the Kwame Nkrumah Circle remain closed after a three-day validation exercise. The exercise, which was conducted by the Ministry of Trades and Industry, Ghana Union of Traders rsquo; Association (GUTA) and Ghana Immigrations Service followed numerous agitations over concerns that foreigners are engaging in the local retail space, contrary to Ghana rsquo;s laws. The foreign traders refused to participate in the exercise which was to assess a ... more
  • 1 week Fuel Prices Increased By 9pesewas ModernGhana -Biz
    Prices of fuel have seen a slight increment of about 9 Ghana Pesewas at the various fuel stations. The increase in price has been met with mixed reactions from some commercial drivers as they lamented that the high price of the commodity is unbearable. While some were ready to pass the burden to the consumer, others said they will still charge old prices. The rise in price took into consideration the two percent increment in prices of crude oil, coupled with the 0.95% and ... more
  • 2 weeks Newmont Ghana promises to be fair in compensation payments ModernGhana -Biz
    Newmont Ghana rsquo;s Ahafo mine says it is committed to sustainable and responsible mining and that it will continue to carry out mitigation efforts in compliance with the legal and regulatory requirements pertaining to its business. This was contained in a Statement issued at Kenyase in the Asutifi North District of the Ahafo region over the weekend in response to a request for compensation by some property owners within the company rsquo;s mining area. Resettlement in the offin ... more
  • 2 weeks Gov’t Launch Gurus To Investigate Cedi Fall, Arrest The Dollar ModernGhana -Biz
    The Finance Ministry has inaugurated a committee to look into the causes of the depreciation of the local currency and propose solutions to the problem. The establishment of the committee, named the FX Development Committee, is a fulfilment of a promise made by the ministry last year to constitute a bi-partisan committee to look into the problem and help address it. The Deputy Finance Minister, Charles Adu Boahen, at the inauguration, stated that the FX Development Committee is not u ... more
  • 2 weeks Facial Recognition: EU Considers Ban Of Up To Five Years ModernGhana -Biz
    The European Commission has revealed that it is considering a ban on the use of facial recognition in public areas for up to five years. Regulators want time to work out how to prevent the technology being abused. The technology allows faces captured on CCTV to be checked in real-time against watch lists, often compiled by police. Exceptions to the ban could be made for security projects as well as research and development. The Commission set out its plans in an 18-page docum ... more
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