• 2 days African Development Bank launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022 ModernGhana -Biz
    Abidjan, C ocirc;te d rsquo;Ivoire, 13 September 2019 ndash; The African Development Bank, rated Aaa/AAA/AAA (Moody rsquo;s/S P/Fitch, all stable), has launched and priced a US$ 2 billion 3-year Global Benchmark bond due 16 September 2022, its first US$ benchmark of the year. Launched on September 11, the bond issue is the Bank rsquo;s second Global Benchmark of 2019, following a EUR 1 billion 10-year priced in March 2019. With this transaction, the Bank has now raised US$ 4.4 billion ... more
  • 3 days Pay Our Monies Or Face Our Wrath — Gold Coast Customers ModernGhana -Biz
    Some Concerned Customers of Gold Coast Fund Management (GCFM) are threatening a nationwide demonstration if their locked up funds are not refunded immediately. According to the customers, they are unhappy with the inhumane and arrogant treatment given them by staffs of GCFM since September 2018. Addressing the media at the Forecourt of Coconut Grove Hotel in Accra, convener of the group, Simon Ohene said We are beginning to believe that Nduom, Government and SEC are in bed with each ... more
  • 3 days Bank of Ghana fires staff over alleged bribery and corruption Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has sacked one of its staff, Gilbert Addy, for allegedly engaging in bribery and corruption.</p> <p class="">According to a statement from the BoG, they dismissed Mr Addy “for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016 by the previous Management of the Bank of Ghana (BoG).”</p> <p class="">“Bank statements have revealed that secret and corrupt payments of GH¢410,000.00 were made by Sibton Switch Systems Limited and its parent company Sibton Communications Limited to Mr Gilbert Addy ... more
  • 3 days Collapsed MFIs Customers Given Ultimatum To Submit Claims For Payment ModernGhana -Biz
    Customers of the collapsed 347 microfinance companies who could not submit their claims for their locked-up funds have been granted more time by the receiver, Eric Nana Nipah. According to a notice issued by the receiver, the customers now have up to Friday 27th September 2019 to submit their claims for validation. The receiver further added that, after this date, it will be concluded that there are no more outstanding claim forms to be submitted. Pursuant to the Banks and Specia ... more
  • 3 days Employ More To Reduce Unemployment — Alan Beg Companies ModernGhana -Biz
    Trade and Industry Minister Alan Kyerematen has urged the private sector to employ more persons to reduce the current unemployment situation in the country. He argues that the government can only support by employing some Ghanaians through some policy initiatives but the huge responsibility lies on the private sector. Mr. Kyerematen further encouraged the private sector players to be rise to the challenge to deal substantially with issues of unemployment in the country. He made t ... more
  • 3 days Foreign investors want minimum capital requirement reduced Pulse -Biz
    <p class="">Foreign investors who want to do business in Ghana want the minimum capital requirement set by the GIPC Act, 2013 (Act 865) reduced.</p> <p class="">This is according to the research findings conducted by CUTS Ghana.</p> <p class="">The research was conducted in collaboration with the World Economic Forum and the Ghana Investment Promotion Centre (GIPC).</p> <p class="">The report indicated that some foreigners said that the high charges in setting up a business in Ghana is partly accountable for the seeming low investments from potential investors.</p> <p class="">In an interview with Accra-based Citi FM, the Centre Coordinator of CUTS Ghana, Appiah ... more
  • 3 days Bank of Ghana increases minimum capital for Mobile Money companies by 300 percent Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has increased the minimum capital for Mobile Money companies by 300 percent.</p> <p class="">The requirement has been increased to GH¢20 million from the initial GH¢5 million.</p> <p class="">The BoG captured this in a press statement it released.</p> <p class="">According to the central bank, <em>“The emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money have necessitated the enactment of the Payment Systems and Services Act, 2019 (Act 987) to provide the legal and regulatory framework for the orderly development of the payment system.”</em></p> <p class="">The notice ... more
  • 3 days BoG Provides Framework For Fintech Companies On Payment Systems ModernGhana -Biz
    A new Payment Systems and Services Act, 2019 (Act 987) has been enacted by Parliament to provide legal and regulatory framework for the orderly development of the payment system in Ghana. In a statement issued by the Bank of Ghana (BoG), it said the emergence of new payment streams, institutions such as financial technology companies and the general acceptance of electronic money have necessitated the enactment of the Payment Systems and Services Act. BoG, according to the release wi ... more
  • 4 days BoG Sets GH¢20 million For MoMo Minimum Capital Requirement ModernGhana -Biz
    The Bank of Ghana (BoG) has pegged the minimum capital required for operating a mobile money company at GH cent;20 million. The latest directive comes on the back of the recently passed Payment Systems and Services Act, 2019 (Act 987) which provides a legal and regulatory framework for the orderly development of the country 39;s payment system. The central bank in a notice issued on Thursday divided the Payment System Providers (PSP) into five categories and provided corresponding c ... more
  • 4 days Adwoa Safo to Host Top Procurement & Supply Chain Professionals ModernGhana -Biz
    The Honorable Minister, Adwoa Safo will be the Chief Host and a keynote speaker at the second edition of the Ghana Procurement Supply Chain Awards scheduled to hold at the M ouml;venpick Ambassador Hotel, Accra, on 20th September 2019 at 6pm. In a statement signed by Hon. Adwoa Safo, the minister expressed her support for GHAPSCA and stated the ministry rsquo;s position on promoting the procurement industry. ldquo;We stand in readiness to promoting professionalism in public proc ... more
  • 4 days Here is what Nigerians have to say about the VAT hike Pulse -Biz
    <p class="">The Federal Government has increased the VAT by 2.2% — from 5% to 7.2%.</p> <p class="">The<strong> Federal Executive Council (FEC),</strong> presided over by President <strong>Muhammadu Buhari,</strong> has approved a hike in the Value Added Tax (VAT).</p> <p class="">In an attmept to boost the country’s fiscal revenue in the country, the government has incresed the VAT from 5% to 7.2%.</p> <p class="">Commenting on the increase, <strong>Zainab Ahmed</strong>, Nigeria’s Finance Minister, Budget &amp; National Planning said, “<em>This is important because the federal government only retains 15% of the VAT, 85% is actually for the states and local government and the state ... more
  • 4 days GEPA To Launch National Coconut Day On September 21 ModernGhana -Biz
    As part of the celebration of the first International Coconut Festival, the Ghana Export Promotion Authority will launch National Coconut Day on September 21, 2019 at Peduase in the Eastern Region. This will be followed by a trip to plantations, research centers and factories in the Western Region which, the hub of Ghana 39;s coconut industry. Addressing the media at the launch of the International Coconut Festival in Accra, the President of the Africa Coconut Group, Davies Korboe, ... more
  • 4 days Kenyan bank, Equity Group, tipped to spend at least $170 million to acquire DR Congo’s second largest lender Banque Commerciale du Congo Pulse -Biz
    <ul><li><strong>The Kenyan lender wants to expand and strengthen its presence in Democratic Republic of Congo by acquiring a stake in Commercial Bank of Congo (BCDC).</strong></li><li><strong>Equity Bank CEO, Dr. James Mwangi says the move will help the bank further penetrate the African market.</strong></li><li><strong>BCDC, with 29 branches in DRC, had net assets of Sh7.5 billion ($75 million) at the end of 2017, as quoted in its annual report. This has been growing at an average of 10%% annually.</strong></li></ul> <p class="">Kenya’s Equity Group is tipped to spend as much as $170 million (Sh17.6 billion) or more in order to actualize its plan to ... more
  • 4 days Nigerian government hikes VAT to 7.2%, here’s how it will affect citizens Pulse -Biz
    <ul><li>Nigerian government approves 2.2%% increase in VAT</li><li>Zainab Ahmed, Nigeria's Finance Minister, says the decision will be communicated to the National Assembly for consideration.</li><li>Business Insider SSA looks at how the new VAT regime will affect you</li></ul> <p class="">The Nigerian government has approved an increase in Value Added Tax (VAT) rate from 5% to 7.2% to expand fiscal revenue in the country. </p> <p class=""><strong>Zainab Ahmed</strong>, Nigeria's Finance Minister, Budget &amp; National Planning stated this at the end of the weekly <strong>Federal Executive Council</strong> (FEC) on Wednesday, September 11th.</p> <p class="">“<em>This is important because the federal government only retains 15% of the VAT, ... more
  • 4 days Kenyan government sets aside $69 million to develop Inland Container Depot as it moves to keep regional business within Kenya Pulse -Biz
    <ul><li><strong>On Thursday, State House Spokesperson Kanze Dena said the billions will be used to develop an inland container depot, railway marshalling yard, logistics zone and public utility area.</strong></li><li><strong>The development of the ICD facility is seen as critical to facilitating trade with other countries in the region including Uganda and South Sudan.</strong></li><li><strong>In recent times. President Kenyatta has been working overtime to develop both Naivasha and Mombasa ports in an effort to give Kenya an edge and retain business from Uganda and South Sudan amidst growing competition from Tanzania.</strong></li></ul> <p class="">The Kenyan Cabinet has approved a Sh6.9 billion ($69 million) budget for ... more
  • 4 days Tullow, Partners Handover Rehab Takoradi Airport Tarmac ModernGhana -Biz
    Tullow Oil and its Jubilee and TEN partners have handed over a $2.3 million rehabilitated Tarmac of the Takoradi Airport at the Airforce Base to the Aviation Ministry. The Takoradi Airport Tarmac also known as Apron required a nine-month reconstruction of an area of 22,692 square meters wide ranging excavations, and the rehabilitation of almost five thousand meters square of adjoining link roads. http://cdn.modernghana.com/images/content/9122019110609-rwnyqdcp53-tullow-partner ... more
  • 4 days Zenith Bank Among Top 3 Most Credible In Ghana ModernGhana -Biz
    ZENITH Bank Ghana emerged the second most credible bank in Ghana, according to Credmap Technology Ghana Banking Credibility Index. The inaugural ldquo;credibility-rating rdquo; engine is capable of combining crowd-rating and data mining to generate ldquo;credibility scores rdquo; of individuals and institutions using pooled data about their track record, history, commentary, biography, popular sentiment, and reputation. The assessment, which covered the 2018 financial year, ... more
  • 4 days Standard Chartered Bank Group Chief Visits Ghana ModernGhana -Biz
    ACCRA ndash; September 2019 - Bill Winters, Group Chief Executive, Standard Chartered Bank Group, has paid a working visit to Ghana, accompanied by Lamin Manjang, CEO Standard Chartered Nigeria and West Africa. Whilst in Ghana, he paid a courtesy call on His Excellency, Nana Addo Danquah Akufo Addo, the President of the Republic of Ghana and had meetings with key stakeholders. During the visit, in addition to interacting with staff, Bill participated in a highly engaging round-table ... more
  • 5 days Gov’t Gets GH¢1.3 Billion From Mining ModernGhana -Biz
    The mining sector has generated a total of GH cent; 1.3 billion as revenue in 2019. According to the Minister of Lands and Natural Resources, Kwaku Asomah-Cheremeh, the amount represented a 17 percent of total Government revenue gathered for the year 2019, as collected by the Ghana Revenue Authority. The Minister made the disclosure while addressing journalists at the Information Ministry rsquo;s Meet the Press Series on Wednesday September 11, 2019, in Accra. He said the GH cent ... more
  • 5 days 5 States that received the highest revenue allocation in H1 2019 and how much they got Pulse -Biz
    <ul><li>Delta, Akwa Ibom, Bayelsa, Rivers and Lagos states received the bulk of federal revenue in the first half of 2019.</li><li>An analysis of FAAC disbursements for H1 2019 showed that the three tiers of government shared a total of N3.842 trillion.</li><li>Here’s a look at how much each of the five Nigerian states received during the period.</li></ul> <p class="">Five Nigerian states received highest disbursement from the federal allocation in the first half of 2018, according to an analysis by <strong>Nigeria Extractive Industries Transparency Initiative </strong>(NEITI).</p> <p class="">The analysis of FAAC disbursements for H1 2019 showed that the three levels of governments shared ... more
  • 5 days Gov’t Announce Plans To Borrow GH¢14,337.87m ModernGhana -Biz
    Government has announced plans to issue a gross amount of GH?14,337.87 million, of which GH cent;13,645.56 million is to rollover maturities and the remaining GH cent;692.31 million is fresh issuance to meet government 39;s finance requirements. Government 39;s Issuance Calendar for September to November, 2019, which stated this, said it aims to build benchmark bonds through the issuance of instruments including the 91-day and 182-day, which would be issued weekly; the 364-day bill to ... more
  • 5 days Bank of Ghana says the banking crisis commenced in 2015 Pulse -Biz
    <p class="">The Bank of Ghana has revealed that the banking crisis in the country began in 2015.</p> <p class="">According to the central bank, it realised in that year, most of the now-collapsed banks had serious liquidity challenges, a situation that threatened the financial sector.</p> <p class="">BoG, hence, accused the 2015 leadership of doing nothing to solve the problems.</p> <p class="">The Head of Banking Supervision at the Bank of Ghana (BoG), Mr Osei Gyasi made the revelation while speaking at the Joy Business Financial Services Forum on Tuesday, September 10, 2019.</p> <p class="">He said, <em>“I want to believe that the challenges ... more
  • 5 days Unconfirmed: Deputy MD Removed From NIB ModernGhana -Biz
    Unconfirmed report reaching DAILY GUIDE reveals the Deputy Managing Director of National Investment Bank (NIB), Alfred George Thompson, has been relieved of his post. Even though reasons for Mr Thompson 39;s exit are yet to be released, this paper has learnt that he did not receive approval from the Bank of Ghana to continue to be at post. This follows certain corporate governance regulations and requirements that the central bank issued recently. Mr Thompson, at a ... more
  • 5 days Ghana Progresses In Anti-Money Laundering Ranking ModernGhana -Biz
    A new anti-money laundering and terrorist financing report published by Swiss-based Basel Institute of Governance has seen Ghana moving up six places in the chart. Last year, Ghana ranked 66th out of 125 countries in the Anti Money Laundering Index. But with a score of 5.29, the country jumped to 60th position in the latest rankings released by the Basel Institute of Governance. The Basel Anti-Money Laundering Index is an independent annual ranking that assesses ... more
  • 5 days Kenya Breweries unveils a new alcoholic beverage – Sikera Premium Apple Cider Pulse -Biz
    <p class="">Kenya Breweries Limited (KBL) has launched a new alcoholic beverage – Sikera Premium Apple Cider. </p> <p class="">The innovation is a distinctly light and refreshing, premium drink delivering a perfectly balanced for a drinking experience. A cider is an alcoholic beverage typically made from crushed apples.</p> <p class="">Available from today in bars and restaurants - and best served chilled - Sikera Premium Apple Cider comes in a 300ml bottle pack with an Alcohol by Volume (ABV) of 4.5 percent and at a recommended price (RRP) of Kshs 150. </p> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/NmQ7MDA_/95f6ed897fe53973433774b93d08d05e.jpeg" alt="Kenya Breweries Limited (KBL) plant in Nairobi."> ... more
  • 5 days Transport fare in Ghana increased by 10 percent, effective September 16 Pulse -Biz
    <p class="">The Ghana Private Road Transport Union (GPRTU) has disclosed that effective September 16, this year, public transport fares will go up by 10 percent.</p> <p class="">According to the union, the various components that go into the running of commercial transport services has gone up, hence, the increment.</p> <p class=""><em>“This is to accommodate predominantly an increase in fuel prices,”</em> the National Chairman of GPRTU, Kwame Kuma, said in a statement released on Tuesday, September 10,2019.</p> <p class="">For some time now, the Union has called for an increase in their fares as prices of spare parts have gone up.</p> <p class="">The ... more
  • 5 days Transport Fares Up 10%, Effective September 16 ModernGhana -Biz
    Public transport fares have been increased by 10 percent. The increment will take effect on Monday, September 16, 2019. This increase covers intracity travel, intercity travel and taxi cabs according to a statement from the Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council. The statement said the increase is ldquo;to accommodate predominantly an increase in fuel prices. rdquo; The increases were brought on by the mid-year bu ... more
  • 5 days Kenya national carrier, Kenya Airways, grounds to a halt due to sharp shortage of pilots despite offering the best pilot package in the region Pulse -Biz
    <ul><li><strong>In about 12 months alone, the airline has lost Sh5 billion ($50 million) due to flight cancellations and delays.</strong></li><li><strong>The airline currently has a shortage of 106 pilots that has led to cancellation or delay of some of its flights, exacerbating its troubles with frustrated customers.</strong></li><li><strong>Despite the airline troubles, Kenya Airways pilots are some of the best paid in the region compared to their counterparts in rival airlines.</strong></li></ul> <p class="">Kenya’s national carrier, Kenya Airways, is being grounded to a halt by a biting shortage of pilots.</p> <p class="">In about 12 months alone, the airline has lost Sh5 billion ($50 million) due ... more
  • 6 days Francois Hardy Leads Newmont Goldcorp Africa ModernGhana -Biz
    In June of 2019, Francois Hardy assumed the helm at Newmont Goldcorp Africa and has been focused on enhancing safe, efficient and responsible production to ensure the company maintains a sustainable, long-term business. Mr. Hardy took over from Alwyn Pretorius who now leads Newmont Goldcorp rsquo;s South America Region. With more than 17 years rsquo; experience in mining and project development within the Newmont Goldcorp portfolio, Mr. Hardy most recently served as Regional Project Direct ... more
  • 6 days Auditing firm, Deloitte responds to sanctions by ICAG Pulse -Biz
    <p class="">Deloitte Ghana has said that it disagrees with the recent findings and sanctions by the Institute of Chartered Accountants Ghana (ICAG) on some audit firms involved in the collapse of banks in the country.</p> <p class="">In a statement issued by the auditing firm, it said that “Deloitte Ghana (Deloitte) has taken note of recent media reports alleged to have been issued in relation to findings and sanction made by the ICAG against the firm.”</p> <p class="">The statement was signed by the Country Managing Executive of Deloitte Ghana, Charles Larbi-Odam.</p> <p class="">It added that “We have the utmost respect for ... more
  • 6 days 7 African countries where trade tensions are high in 2019 Pulse -Biz
    <ul><li>Global trade uncertainty is rising sharply due to trade tensions between the United States and China.</li><li>In a new index, IMF describes trade uncertainty as a driving factor for “sluggish global growth”.</li><li>Business Insider SSA looks at the levels of trade uncertainty in some sub-Saharan African economies for 2019.</li></ul> <p class="">A new report by the<strong> International Monetary Fund </strong>(IMF) has revealed that global trade uncertainty is rising sharply.</p> <p class="">The report cited escalating trade tensions between the <strong>United States </strong>and <strong>China</strong> as the major cause.</p> <p class="">In Africa, including the <strong>Middle East,</strong> <strong>Central Asia</strong>, trade uncertainty remain moderately low. </p> <p class="">According to ... more
  • 6 days Driver-Partners To Earn More From Uber Fare Reduction ModernGhana -Biz
    Uber Ghana, on Monday, 9 September 2019, announced a reduction in fares by 10 percent in the Accra Metropolis following a feedback from drivers and partners. In a statement, Uber indicated that the reduction means riders will pay less for their trips as well as driver-partners earning more through increased demand for trips. ldquo;Based on feedback, as of Monday, 9 September 2019, Uber dropped rates on UberX in Accra by up to 10%. This means that not only will riders pay les ... more
  • 6 days Botswana retailer, Choppies, throws in the towel and announce plans to exit the Kenyan Market after 4 years of poor sales Pulse -Biz
    <ul><li><strong>The rain started beating Choppies when multinational supermarket chains like Carrefour, Shoprite and Game Stores entered the kenyan market and with their financial muscles quickly pushed struggling retailers to the edge. </strong></li><li><strong>Choppies has 12 stores in Kenya all of which have been classified as distressed.</strong></li><li><strong>Choppies entered the Kenyan retail market four years ago after acquiring a 75%% stake in Ukwala supermarket for Ksh1 billion ($10 million).</strong></li></ul> <p class="">Botswana retailer, Choppies Supermarket is planning to exit the Kenyan market after four years of poor sales.</p> <p class="">On Wednesday, the retailer held an extraordinary general meeting (EGM) with its shareholders during which it ... more
  • 6 days Ghana Revenue Authority directs telecommunication networks to start charging customers the new communication tax Pulse -Biz
    <p class="">The Ghana Revenue Authority (GRA) has asked telecommunication operators in the country to begin charging customers the revised Communication Service Tax (CST).</p> <p class="">This comes after the President of the country signed the Supplementary Budget from the Finance Ministry for the remaining of the year.</p> <p class="">The directive, according to Accra based JoyBusiness, was contained in a letter to the telcos on September 4, 2019.</p> <p class="">In the meantime, the implementation would not affect Radio and TV as well as other stakeholders in the broadcasting industry.</p> <p class=""><strong>Background</strong></p> <p class="">The Minister of Finance, Ken Ofori-Atta, on Monday, July 29, ... more
  • 6 days CBG has built the foundation for a world-class bank according to it’s MD Pulse -Biz
    <p class="">The Managing Director of Consolidated Bank Ghana (CBG), Daniel Wilson Addo, has said the Bank has laid a solid foundation for the Ghanaian bank to become a world-class bank.</p> <p class="">This was contained in a statement issued to mark the bank’s first anniversary.</p> <p class=""><strong>Achievement of the CBG in a year</strong></p> <p class="">The statement said that in record time after it was formed the CBG has stabilised its operations and integrated the staff and banking applications of all its 114 branches.</p> <p class="">It also recorded profit and significantly increased its visibility nationwide.</p> <p class="">At a thanksgiving celebration, to mark ... more
  • 6 days Kenyan market regulator comes to the aid of bank workers facing imminent sack and orders they be retained for at least a year Pulse -Biz
    <ul><li><strong>The Competition Authority of Kenya (CAK) has ordered KCB Group to retain at least 90 percent of the employees it will have once it completes its buyout of National Bank of Kenya.</strong></li><li><strong>KCB has 4,835 employees in Kenya while NBK’s workforce currently stands at 1,356, the regulator said.</strong></li><li><strong>KCB is in the process of acquiring NBK through 10 for one shares swap valued at Sh6 billion ($60 million). </strong></li></ul> <p class="">Staff of National Bank of Kenya have received a short relief and will now keep their jobs at least for one-and-a-half years.</p> <p class="">The Competition Authority of Kenya (CAK) has ordered KCB Group ... more
  • 6 days MTN MoMo Remains Committed To Serve Ghanaians ModernGhana -Biz
    Accra 9th September 2019. MTN Ghana has noted with grave concern an audio and text messages circulating on social media requesting MoMo users to withdraw their money due to an imminent shutdown of the MTN MoMo Service which is as a result of disturbances in South Africa and Nigeria. MTN Ghana wishes to clarify the following claims made in the audio and text messages; MTN Ghana /MTN MoMo Ltd has no intention to shut down its services and as a matter of fact, MTN is incapab ... more
  • 6 days Delayed in allowance is as a result of discrepancies – SLTF ModernGhana -Biz
    The 24th Annual Delegates Congress of the Teacher Trainee 39;s Association of Ghana (TTAG) under the theme, ADVANCING THE ROLE OF TEACHER EDUCATION IN GHANA; THE IMPACT OF GOVERNMENT POLICIES, ongoing at St. Francis College of Education, Hohoe commenced on 5th September, 2019. The congress is set to end on 10th September, 2019. The annual delegates congress which embeds programmes concerning issues affecting Trainee 39;s, General Assembly sittings, face of ttag and elections has brought in ... more
  • 6 days Uber To Boost Earnings For Driver-Partners In Ghana ModernGhana -Biz
    Uber recently marked its third year of operations in Ghana and as we look back on Uber rsquo;s tangible impact on an economy with historically high unemployment, there is no doubt that Ghana is one of our most important markets. Ghana constitutes a melting pot of rapid infrastructural development, rich cultural diversity, and burgeoning entrepreneurship. Driver-partners play a vital role, as without them we can rsquo;t help keep the people of Ghana moving. As a commitment to listen to ... more
  • 7 days PDS ‘Milks’ ECG To Pay $12m Demand Guarantee ModernGhana -Biz
    It appears the new managers of the Electricity Company of Ghana 39;s (ECG) assets? Power Distribution Services (PDS) Limited? is relying heavily on cash flow from the sale of electricity to meet its financial obligations under the power concession agreement. According to a consulting firm, FTI Consulting, which was engaged to probe the recent brouhaha over the botched PDS demand guarantees submitted for the management of ECG assets under the Millennium Development Authority (MiDA) conce ... more
  • 7 days Petroleum Workers Want Fuel Prices Reduced ModernGhana -Biz
    The General Transport, Petroleum and Chemical Workers Union (GTPCWU), want a reduction in the price of fuel to help ease the cost of living of Ghanaian workers. According to the national secretariat of the union in a statement issued recently, the frequent unannounced fuel price hikes were dealing hefty blows to the pockets of workers, whose salaries remained unchanged. Fuel prices recently shot up from GH cent;5.19 per litre to about GH cent;5.39 per litre representing a 3.7 ... more
  • 7 days MTN Celebrates World Literacy Day 2019 ModernGhana -Biz
    As part of activities to mark the World Literacy Day 2019, MTN supported a Library project for pupils in Tema Community 20. It supported the project by providing books worth GH cent; 5000 and a computer for the Librarian and a turbo net to improve Internet connectivity. The Foundation 39;s support for World Literacy Day celebrations is aimed at complementing efforts being made by UNESCO to create awareness about the value of literacy and education. Speaking at the ceremon ... more
  • 7 days Ghanaian Made Standard Chartered Bank CEO In Jersey ModernGhana -Biz
    Standard Chartered Bank has appointed a new Chief Executive Officer (CEO) in Jersey, subject to regulatory approval. The Bank says Henry Baye brings with him 22 years 39; experience across Distribution, Wealth Management and Personal Lending. Most recently he was Head of Retail Banking, Ghana and West Africa. Commenting on his new role, he said: ldquo;Our Jersey business is one of the most unique examples of a platform for prosperous relationships. The business is uniquely p ... more
  • 7 days 21 Persons, Company Standing Trial For Corruption– Attorney General ModernGhana -Biz
    The Attorney General, Gloria Akufo has hinted that some persons found culpable in the collapse of some banks in the country are facing the court. According to the Attorney General, her office will begin these cases when the court resumes from the legal vacation. Madam Akufo also revealed that twenty-one persons and a Limited Liability Company are facing trial for corruption-related offences. She was speaking at this year 39;s Ghana Bar Conference being held in Takoradi. [ ... more
  • 7 days MTN Quells Rumour Over Shutting Down MoMo ModernGhana -Biz
    MTN has denied rumours it is shutting down its Mobile Money (MoMo) service in Ghana. MTN said it is incapable of doing so per its regulatory and contractual agreements. ldquo;MTN MoMo is not a centralized service being operated at the MTN Group level. Customers 39; funds are safely lodged with our 18 partner banks in Ghana, rdquo; a statement from the company said. The statement comes on the back of concerns shared on social media by some Ghanaians about what clients wou ... more
  • 7 days PwC survey shows that banking sector receives GH¢1.5 billion fresh capital injection Pulse -Biz
    <p class="">A PwC survey has shown has indicated that the banking sector received about GH¢1.5 billion in fresh capital in 2018 when banks moved to meet the Bank of Ghana’s December 31, 2018 deadline to meet the minimum capital requirement.</p> <p class="">The BoG’s directive to the banks gave three sources of meeting the GH¢400 million minimum capital requirement. The banks could seek fresh capital, capitalized from their reserves or a combination of the two sources.</p> <p class="">But the 2019 PwC Banking Survey showed that banks injected GH¢1.5 billion of fresh capital into their operations to meet the BoG directive.</p> <p ... more
  • 7 days Court orders Bank of Ghana to hold on with moves to collapse Nduom’s GN Savings and Loans Company Pulse -Biz
    <p class="">The Accra High Court in Ghana has directed the Bank of Ghana (BoG) to hold on with its move to collapse the operations of the GN Savings and Loans Company Limited.</p> <p class="">The court urged the BoG among other respondents not to act in a way that will jeopardise the outcome of an application for an interlocutory injunction on the revocation of the licence of the company.</p> <p class="">Mr Justice George Koomson, who is presiding over the case, said: “all acts and processes being undertaken as part of moves by the BoG to hand over the operations of the ... more
  • 7 days Here are the three important items you need to deposit or withdraw money according to the Bank of Ghana Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has instructed banks and other specialised deposit-taking institutions to ensure that people who deposit money into and/or withdraw same from accounts that are not theirs provide certain details before they are attended to.</p> <p class="">In a notice published by Central Bank, it stated that depositors or withdrawers must provide their “full personal details” to the transacting institution.</p> <p class="">The notice was signed by the Secretary of BoG, Frances Van-Hein Sackey.</p> <p class="">The full details, in this case, refers to the “name and address, a verifiable identification card and a telephone number to the requisite ... more
  • 7 days Kenyans love for alcohol leaves East African Breweries Limited top executives laughing all the way to the bank as company profits hits $115 million Pulse -Biz
    <ul><li><strong>Rising beer sales and profit have delivered triple-digit growth in the bonuses of the beer making company top managers.</strong></li><li><strong>The EABL annual report shows that bonuses paid to CEO Andrew Cowan, Jane Karuku (managing director of Kenya Breweries Limited) and Gyorgy Geiszl (the finance director) recorded triple-digit growth on the back of a 59%% growth in profits to Sh11.5 billion.</strong></li><li><strong>Revenues in Uganda and Tanzania grew by 8%% and 20%% respectively while Kenya went up 13%%.</strong></li></ul> <p class="">Kenyans love for the brown bottle has left East African Breweries Limited (EABL) top executives laughing all the way to the bank.</p> <p class="">Rising beer ... more
  • 7 days Redundant Bankers Association Blames Gov’t For Sector Woes ModernGhana -Biz
    The current Banking crises in Ghana rsquo;s banking sector has created over 15000 job loses in Ghana and that has led us to form the Association of Redundant Bankers in Ghana. While we are still in the process of registering more Unemployed Banker to join Us, we have so far registered over 8420 Redundant Bankers who were laid off and are still being laid off due to the harsh and inhumane Public Policy option that the Current Government has taken. It is surprising to us, that a Government in i ... more
  • 7 days Stanbic IBTC Introduces Educational Payment Products To Usher Students Back To School ModernGhana -Biz
    As another school year beckons, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, has introduced a suite of educational payment products that will ease the burden of school fees which parents and guardians have to bear. Stanbic IBTC Bank PLC, being a Nigerian bank, specifically developed the educational products, taking cognisance of the country rsquo;s cultural nuances. The first of the solutions is the EZ cash loan/advance. Parents and wards who are strapped for cash ... more
  • 1 week Pwc Partner; Ayesha Bedwei and NLP Master Practitioner ModernGhana -Biz
    Role Model Africa together with Ghana 39;s fastest growing management consultancy for business and industry advisory; Firstcode Management Services present another outstanding edition of the Corporate Dialogue series. As has been the main feature, the platform interviews, infront of a live audience, distinguished african personalities whose contributions on the continent and or beyond are worthy of emulation. Slated for Saturday October 26th 2019 at the African Regent Hotel in Accra the Corpora ... more
  • 1 week Russia and Africa to Boost Trade ModernGhana -Biz
    Foreign Affairs Minister Sergey Lavrov has said that trade between Russia and Africa would grow further as more and more African partners continued to show interest in having Russians in the economic sectors in Africa. ldquo;Our African partners are interested in Russian business working more actively there. This provides greater competition between the companies from Western countries, China, and Russia. With competition for developing mineral resources in Africa, it is easier and cheaper f ... more
  • 1 week 95% Insurance Companies Submit Recapitalization Plans To NIC ModernGhana -Biz
    The National Insurance Commission (NIC) says 95 percent of insurance companies have submitted their plans to recapitalise their operations ahead of the deadline. This follows an August 30th, 2019 deadline set by the NIC for the insurance industry to present their plans following the increment in the minimum capital requirement for insurance companies. ldquo;Most of the insurance companies have submitted. There were some who could not meet it due to certain peculiar issues. T ... more
  • 1 week Inlaks Wins 2019 Best ICT Infrastructure Provider ModernGhana -Biz
    Inlaks, one of the fastest-growing ICT infrastructure and systems integrator in Sub-Saharan Africa recently received an award of innovation and excellence as the best ICT infrastructure Provider of the year at the just concluded 2019 Digital Banking Summit. The two-day event themed ldquo;Digitisation of Banking Sector - en route to a cashless Africa, rdquo; was organised by the International Centre for Strategic Alliances (ICSA) with KPMG as Knowledge Partner; First Bank Nigeria as O ... more
  • 1 week Africa commits to transformative actions for sustainable blue economy ModernGhana -Biz
    New York, 6 September 2019 - African countries have committed to enhance the development of blue economy as the engine of growth as it has the potential of driving industrialization, alleviating poverty, increasing food security and creating job opportunities. During a blue economy side event held at the 7th Tokyo International Conference on African Development (TICAD7), African government representatives agreed that countries stand to reap maximum benefits from utilizing seas, ... more
  • 1 week 7th TICAD: Advancing Africa’s Development Through People, Technology And Innovation ModernGhana -Biz
    Convened on August 28 in Yokohama under the theme ldquo;Making breakthroughs in Africa People, technology and innovation, rdquo; a wide array of national leaders participated in the Seventh Tokyo International Conference on African Development (TICAD7). Attendees included Prime Minister Shinzo Abe of Japan and leaders from 53 African countries, leading to the adoption of the ldquo;Yokohama Declaration rdquo; on August 30. The Yokohama Declaration of 2019 set forth support f ... more
  • 1 week Agongo ‘Sad’ Over Auctioning Of Heritage Bank Assets ModernGhana -Biz
    The majority shareholder of the now-defunct Heritage Bank Ghana Limited, Mr Seidu Agongo, has bemoaned what he describes as the ldquo;sad end rdquo; to the indigenous financial institution following news of the scheduled auctioning of the collapsed bank rsquo;s assets. Narrating the dream behind setting up HBL, Mr Agongo, in a short write-up, said: ldquo;In July 2014, I set out to build a brand that will endure and stand the test of time. It was a deliberate attempt, guided and inspire ... more
  • 1 week Aspire To Become Employer, Not Employee—Venture Capital Boss ModernGhana -Biz
    The Chief Executive Officer (CEO) of the Venture Capital Trust Fund, Mr. Yaw Owusu-Brempong has encouraged the youth especially the young graduates to believe in themselves and focus on developing their potentials to become employers rather than seeking jobs. According to him, majority of the Ghanaian youth were intelligent, have big dreams and excellent business ideas, but only lacked the confidence to transform those ideas into profitable ventures. Speaking at the opening session o ... more
  • 1 week AirtelTigo Bids Farewell To CEO Mitwa Kaemba Ng’ambi ModernGhana -Biz
    Accra, 6th September 2019 ndash; Telecom operator AirtelTigo announced today that Mrs. Mitwa Kaemba Ng rsquo;ambi, Chief Executive Officer will be leaving the organisation from 13th September 2019 for personal reasons. Mr. Murthy Changanti, Chief Operating Officer will act as CEO until the appointment of a new CEO. The company thanked Mrs. Ng rsquo;ambi for her leadership and wished her well for the future. Mrs. Mitwa Ng rsquo;ambi joined AirtelTigo over a year ago, and duri ... more
  • 1 week Oxford Business Group Report To Analyse Ghana’s Companies Law ModernGhana -Biz
    A global research and advisory firm, Oxford Business Group (OBG), has announced it will explore the key role that Ghana 39;s new Companies Law is expected to play in enhancing the country 39;s investment environment. The Report: Ghana 2020 will provide detailed coverage of the legislative overhaul and the benefits that the government hopes its bid to improve the ease of doing business and introduce best practices will bring. Amendments that are set to be analysed include the ... more
  • 1 week Women Entrepreneurs Urged To Take Advantage Of Free Markets ModernGhana -Biz
    Women entrepreneurs have been called upon to take advantage of the numerous trading opportunities available in the country through which they can grow their businesses. Some of the opportunities are the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS), European Union (EU) Economic Partnership Agreement (EPA), the African Growth and Opportunity Act (AGOA) and the Continental Free Trade Agreement, among others. The Deputy Chief Commercial Officer in charg ... more
  • 1 week Menzgold set to actively make payments – NAM1 to angry customers Pulse -Biz
    <p class="">The Chief Executive Officer of Menzgold Ghana Limited Nana Appiah Mensah has said that his beleaguered company will soon start paying its customers.</p> <p class="">In an Instagram post, NAM1 as he is popularly referred to warned Menzgold customers to beware of agitators and rumourmongers.</p> <p class="">He said he had listened to some voice notes allegedly from the Coalition of Aggrieved Customers of Menzgold (CACM). He asked those circulating the voice notes to stop since it will only make their situation worse.</p> <p class="">“Listened to misleading CACM voice notes in circulation. Beware of demagogues. Think first of your economic interests. ... more
  • 1 week PwC Backs Sanction Against Audit Firms Will Improve Quality ModernGhana -Biz
    The accounting and auditing firm, PwC, says it supports the sanctions that the Institute of Chartered Accountants, Ghana (ICAG) imposed on four auditing firms for various breaches of auditing principles. While describing the GH cent;2.2 million fine that the ICAG imposed on the four auditing firms as a step in the right direction, the Country Manager of PwC, Mr Vish Ashiagbor, told the Daily Graphic in Accra yesterday that he was convinced that the fine would put the affected audi ... more
  • 2 weeks GRA Launches Task Force To Collect, Name And Shame ModernGhana -Biz
    The Ghana Revenue Authority (GRA) has set up a 28-member task force to retrieve all outstanding revenue due the state. Dubbed: Operation collect, name and shame , the task force has entreated people in high places to stay off its way as it moves out to recover the due revenue. Members The task force, which is made up of members of the Public Services Workers Union (PSWU) and the Ghana Revenue Authority Workers Union (GRAWU), is expected to publish in the media the names of ... more
  • 2 weeks OPEC Struggling To Arrest Oil Price Decline ModernGhana -Biz
    OPEC is under intensifying pressure to show it still has the power to reverse a slide in oil prices, according to RBC Capital Market rsquo;s Helima Croft. The Middle East-dominated producer group has struggled to shore up crude futures this year, amid a deteriorating outlook for global growth and a protracted trade dispute between the U.S. and China. It has once again raised questions about whether OPEC really wields that much influence over world crude markets, particularly at a time when ... more
  • 2 weeks How Maxwell Kofi Jumah Has Changed Fortunes Of GIHOC Distilleries From Grass To Grace ModernGhana -Biz
    GIHOC Distilleries Company Limited (GDCL) has over the past 61 years perfecting the art of distillation, refinery, blending and manufacturing of various types of both alcoholic and non-alcoholic beverages for the local market. Known for products like Castle Bridge, Mandingo, Takai, Apet Dry Gin, Castidingo, Herb Afrik, Kaiser Imperial Schnapp, Meridian Water and many other equally important and quality products, the fortunes of GIHOC took a nosedive and went into comatose. Until Ma ... more
  • 2 weeks Let Customers Provide Full Personal Details For Deposit Or Withdrawal – BoG Warns Banks ModernGhana -Biz
    The Bank of Ghana (BoG) has directed banks and other specialised deposit-taking institutions to ensure that people who deposit money into and/or withdraw same from accounts that are not theirs provide their ldquo;full personal details rdquo; to the transacting institution. In a notice published in the Wednesday edition of the Daily Graphic, the central bank said such persons must provide their ldquo;name and address, a verifiable identification card and a telephone number to the requisite b ... more
  • 2 weeks The Ghana Cedi to end the year at GH¢5.40 to $1, Stanbic bank predicts Pulse -Biz
    <p class="">Standard Bank, the parent company of Stanbic Bank Ghana has predicted that domestic currency will remain at the GH¢5.40 to $1 for the rest of 2019.</p> <p class="">According to the bank,<em> “The US$/GH¢ ratio is likely to be characterised by a fair bit of stability in the near-term.”</em></p> <p class="">The bank captured this in its August 2019 edition of the African Local Markets Monthly (ALMM) report.</p> <p class="">The report noted that<em> “It seems likely that the pair will be in the vicinity of GH¢5.40”</em></p> <p class="">It attributed the Cedi’s steadiness to the bolstering of financial reserves, which gave the ... more
  • 2 weeks US grants Kenyan company green light to develop a feasibility study on 50-megawatt wind power plant with integrated battery storage capacity Pulse -Biz
    <ul><li><strong>Actis, a leading investor in growth markets across Africa, Asia, and Latin America, is co-developing the project with Craftskills.</strong></li><li><strong>U.S. firm Delphos International will execute the study.</strong></li><li><strong>In addition to a wind resource assessment and plant design, the study will explore a battery energy storage solution that will enhance the capacity of the power plant and stabilize the intermittency of wind power to the grid.</strong></li></ul> <p class="">The United States Trade and Development Agency (USTDA) has awarded a grant to Kenya’s Craftskills Energy Limited for a feasibility study to develop a 50-megawatt wind power plant with integrated battery storage capacity in Kajiado, Kenya.</p> ... more
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