• 2 weeks Gov’t directs Ghana Manganese Company to resume operations ModernGhana -Biz
    The Ghana Manganese Company in Tarkwa is to resume operations, the Lands and Natural Resources Minister, Kwaku Asomah Cheremeh, has announced. The suspension was lifted after a crunch meeting between the management of the company and the Lands and Natural Resources Ministry. The meeting was to clarify issues and also resolve the impasse. The Minister of Environment, Science and technology and officials from the Minerals Commission were also present at the meeting. In light o ... more
  • 2 weeks Don’t use our outlets for cylinder recirculation – A/R LPG operators to NPA ModernGhana -Biz
    The Ghana LPG Operators Association in the Ashanti Region says it will resist the use of its members' retail outlets by the National Petroleum Authority for the Cylinder Recirculation Policy. The Association's members say the manner in which the policy is being implemented will collapse the LPG business. The NPA recently embarked on a pilot exercise in the Obuasi Municipality and said about 4,500 jobs will be created when the policy is fully implemented. But addressing journalists in Ku ... more
  • 2 weeks World Jollof Day: “Team Ghana Will Claim Bragging Rights” ModernGhana -Biz
    As part of activities to mark lsquo;World Jollof Day 2019 rsquo;; Brands Manager at Onga Ghana, Madam Linda Nartey is predicting that Team Ghana will come out victorious against their Nigerian counterparts in the upcoming battle on who best prepares Jollof slated for August 24. According to her, the upcoming event will not only present a unique opportunity for Onga as a brand to establish itself as the choice of spice for the delicacy but also help settle the friendly rivalry bet ... more
  • 2 weeks PDS ‘Still’ Providing Electricity ModernGhana -Biz
    Power Distribution Services (PDS) is still expected to provide a number of electricity services in the country. This was made known in a joint press release by the Electricity Company of Ghana (ECG) and PDS. According to the release, PDS would undertake all activities relating to electricity retail sales on behalf of ECG. The services, the statement pointed out, include, meter reading, billing, distribution of bills, bill reconciliation , revenue collection, new service co ... more
  • 2 weeks UBA Ghana Partners IATA At Aviation Regional Summit ModernGhana -Biz
    The United Bank for Africa (Ghana) Limited, one of Ghana rsquo;s leading banks recently partnered the International Air Transport Association (IATA) in Accra, to bring together stakeholders in the Aviation industry from Africa, Middle East and Europe at the just ended Summit and Gala Night Dinner in Ghana. The event held at the Marriott Hotel brought together more than 200 distinguished aviation decision makers and influencers, representing Airlines, Airport Managers, Regulatory Authorities, ... more
  • 2 weeks MTN Nigeria, Dangote Sugar, others lift stock market as investors gain $17.16 million Pulse -Biz
    <p class="">MTN Nigeria, Cement Company of Northern Nigeria (CCNN) Plc and Dangote Sugar on Thursday lifted the Nigerian bourse as investors gained N6.23 billion ($17.16 million).</p> <p class="">MTN gained 3.27%, CCNN gained 3.32% while Dangote Sugar posted 3.06% gain at the end of the trading day.</p> <p class="">This is coming as trading closed on a positive note as the All-Share Index (ASI) marginally rose 5bps to settle at 27,424.92 points</p> <p class="">Business Insider SSA’s analysis of the stock market shows that the year-to-date (YTD) return currently stands at -12.74% while market capitalisation increased by N6.2 billion to N13.4 trillion.</p> <p ... more
  • 2 weeks Here is how the Ghanaian government is eliminating ‘ghost’ names on its payroll Pulse -Biz
    <p class="">Ghana’s Vice President, Dr Mahamudu Bawumia, has directed that all government workers be paid through the filter of the e-zwitch card.</p> <p class="">This is to help eliminate the phenomenon of ‘ghost’ workers once and for all from the government payroll.</p> <p class="">Dr Bawumia said that all public sector workers who are paid from the Consolidated Fund must be issued with e-zwich cards if they did not have them.</p> <p class="">Dr Bawumia, who was speaking at the launch of a new payment card explained that the biometric features of the e-zwich made it ideal for public sector payments, as it ... more
  • 2 weeks Nigeria and Ghana lead MTN Group’s profit in the first half of 2019 Pulse -Biz
    <ul><li>Nigeria and Ghana markets lead MTN Group's earnings in the first half of 2019.</li><li>MTN South Africa’s market posts a meagre 3.3%% growth, impacted by a decline in consumer prepaid revenue as a result of new regulation.</li><li>Rob Shuter, MTN Group CEO, says MTN Nigeria will launch of phase 1 of the company's fintech business as receiving super grant license.</li></ul> <p class="">The subsidiaries of MTN Group in Nigeria and Ghana led the telco's overall profit for the first half of 2019.</p> <p class="">MTN Nigeria led the market share with 12.2% growth while MTN Ghana contributed 18.7% to the overall service revenue at ... more
  • 2 weeks Tax expert explains rationale behind proposed 5% VAT on online purchases Pulse -Biz
    <ul><li>FIRS plans to introduce 5%% VAT on online purchases.</li><li>Nigerians describes policy as anti-people and amount to double taxation.</li><li>Tax expert at KPMG explains what 5%% VAT is all about and why Nigerians should prepare for it.</li></ul> <p class="">This week, Nigerians <a href="https://www.pulse.ng/bi/finance/nigerians-kick-against-proposed-5-vat-on-all-online-purchases-via-bank-cards/0yw9wnf" id="0c4591b8-6de7-40b8-a92e-e6c4670ec5a9" data-link-role-code="none">lamented</a> the government’s proposed 5% value-added tax on all online purchases from 2020.</p> <p class="">They described the policy as anti-people, saying it will amount to double taxation. Others noted that e-commerce platforms and many tech startups are still struggling to make profits and need pro-business policies that will support their sector.</p> <p class=""><strong>ALSO READ: </strong><a href="https://www.pulse.ng/bi/finance/nigeria-to-charge-5-on-every-online-purchase-you-make-with-your-bank-cards-from-next/5cdm1sm" id="11a23139-1eb1-4e98-b32c-e251faf19e21" data-link-role-code="none">Nigeria to ... more
  • 2 weeks East African Portland Cement throws in the towel and sends all workers packing after incurring $80,000 losses daily Pulse -Biz
    <ul><li><strong>According to CEO Stephen Nthei, the loss-making firm which is listed at the Nairobi Securities Exchange, has been making losses of up to Sh8 million ($80,000) daily which has made doing business extremely difficult.</strong></li><li><strong>The cash strapped company reported a 30 percent increase in loss to Sh1.26 billion ($12.6 million) for the half year ended December 2018.</strong></li><li><strong>The latest layoff comes just three years after the company fired hundreds of employees for the same reason.</strong></li></ul> <p class="">After years of making losses running into millions of shillings cement manufacturer East African Portland Cement (EAPCC)<strong> </strong>has had enough and decided to throw in the towel ... more
  • 2 weeks Ghana’s Central bank considers raising the limit on mobile money transactions Pulse -Biz
    <p class="">The Bank of Ghana says it is considering proposals from mobile money companies for the raising of the maximum transaction an individual can undertake in a day.</p> <p class="">According to the Head of Research at the Bank of Ghana, Phillip Abrado-Otoo the Central Bank is working on addressing the concerns from the mobile money organisations. He was speaking at the second MOMO@10 Stakeholder Forum.</p> <p class="">The Electronic Money Issuer (EMI) guidelines issued by the BoG categorises customers e-money accounts into three groups which defined their maximum daily and monthly transaction limits.</p> <p class="">Depending on which category a customer is ... more
  • 2 weeks Gov’t Should Effect Luxury Vehicle Tax Withdrawal – Car Dealers ModernGhana -Biz
    The Vehicle Dealers Association of Ghana (VADAG) is asking government to take urgent steps to give full effect to the repeal of the Luxury vehicle levy. Last week, Parliament passed a bill to scrap the tax as part of the policy measures presented to the House by Finance Minister, Ken Ofori-Atta in the Mid-Year Budget review but barely a week after, there are concerns from VADAG that the DVLA is still charging the levy despite the critical step taken by Parliament. Pres ... more
  • 2 weeks MTN MoMo @ 10: Stakeholders Meet On Sustaining Growth Of Mobile Financial Services ModernGhana -Biz
    MTN Ghana has held its annual Mobile Money (Momo) Stakeholders Conference to discuss ways of sustaining the growth of financial services in the country. This year rsquo;s edition of the program saw Ghana rsquo;s leading mobile network operator hosting the regulator of the mobile financial service, Bank of Ghana (BoG), together with banking and technological partners, as well as users of the service at the M ouml;venpick Ambassador Hotel in Accra on Wednesday, August 7, 2019. S ... more
  • 2 weeks CFC Stanbic Bank set to render hundreds of Kenyans jobless as it moves to reduce costs despite posting a 14.38% jump in net profit Pulse -Biz
    <ul><li><strong>Stanbic Bank is planning to lay off 255 employees in a move the company says is aimed at reducing cost.</strong></li><li><strong>The layoffs come even as the bank posted a 14.38 percent jump in net profit in the half year ended June, boosted by higher interest and non interest income.</strong></li><li><strong>Stanbic bank is the latest Kenyan bank to announce retrenchments, following in the footsteps of National Bank which fired 112 employees in June.</strong></li></ul> <p class="">Hundreds of Kenyans are soon set to become jobless in what is turning out to be retrenchments</p> <p class="">Stanbic Bank is planning to lay off 255 employees in a ... more
  • 2 weeks Confusion ensues as Kenyan lawmakers put brakes on country’s biggest lender ambitions to buy cash-strapped National Bank Pulse -Biz
    <ul><li><strong>On Thursday, in a report tabled at Parliament, the National Assembly’s Departmental Committee on Finance and National Planning rejected the proposed buyout of NBK by KCB.</strong></li><li><strong>KCB Group which is Kenya’s biggest lender by assets is seeking to acquire NBK through 10 for one shares swap. </strong></li><li><strong>KCB’s valuation is, however, perhaps what is behind the contention by MPs to back the deal and their refusal may be simply a last desperate effort to increase the valuation.</strong></li></ul> <p class="">Kenyan lawmakers have rejected Kenya Commercial Bank (KCB) quest to acquire cash-strapped National Bank of Kenya (NBK) and summarily ordered the two main shareholders ... more
  • 2 weeks Metropolitan Life Launches ‘Family Eternity Plus’ Funeral Policy ModernGhana -Biz
    Where the policy owner dies through accident, the policy will pay double the main funeral benefit subject to a maximum of Gh?120,000, first-ever on the Ghanaian market. Interestingly, in the event of death, 25percent of your funeral benefit mdash;Gh?15,000 is paid for the one week celebration expenses not deducted from the main funeral benefit. This and many other goodies for grabs can be found in the newly revised funeral expense finance solution lsquo;Family Eternity Plus r ... more
  • 2 weeks UBA Ghana MD/CEO Visits Clatural At The UBA Market Place In Abuja ModernGhana -Biz
    The United Bank for Africa (Ghana) MD/CEO, Mr. Isong Udom paid a visit to the stand of Clatural, a luxurious, stylish Afrocentric fashion and accents brand for both men and women in Ghana at the UBA Marketplace in Abuja. The two-day exhibition took place at the Transcorp Hilton Hotel in Abuja with Clatural being Ghana rsquo;s sole representative at the event. Mr. Isong Udom, expressed delight about the kind of attention that Clatural rsquo;s stand was getting from both exhibitors a ... more
  • 2 weeks Management Calls For Calm As They Await Gov’t’s Bailout ModernGhana -Biz
    The Management of the Produce Buying Company (PBC) is confident the assurance of a bailout by the government will turn the fortunes of the company around. PBC has been bedevilled with a myriad of financial challenges, a situation the current management of the company has consistently blamed on the poor decisions of its predecessors. On Tuesday, hundreds of PBC workers across the country besieged the premises of the company 39;s headquarters in Accra to register their displeas ... more
  • 2 weeks Ghanaian government uses half of tax revenue to settle debts Pulse -Biz
    <p class="">Ghana’s Finance Minister, Ken Ofori-Atta last week presented the 2019 mid-year budget to the country’s Parliament.</p> <p class="">Mr Ofori-Atta requested to spend an additional GHC6.4 billion in the supplementary budget. GHC6.1 billion of the requested amount will be used to pay interest on the government’s debt.</p> <p class="">How much does Ghana owe?</p> <p class="">Ghana’s public debt reached $37,787,767,500 (GHC203.9 billion) in June 2019. The cost of servicing this debt seems to be preventing the government from spending on the needed capital infrastructure.</p> <p class="">What does this mean to tax payers?</p> <p class="">The Finance Minister’s request shows that the government’s ... more
  • 2 weeks Nana Appiah Mensah granted bail Pulse -Biz
    <p class="">The embattled Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, Nana Appiah Mensah has been freed from police custody after he met the requirements for his bail.</p> <p class="">The Director of Communication of Menzgold, Nii Armah Amartefio, told Accra-based Class that “We met all the bail conditions, he is a free man now. As a speak to you now, he is on his way home.”</p> <p class="">Nana Appiah Mensah who is popularly referred to as NAM 1 was released on Tuesday (August 6, 2019) afternoon after an Accra High Court, presided over by Harriet Naa Akweley Quaye maintained ... more
  • 2 weeks Nigerians are kicking against 5% proposed VAT on all online purchases via bank cards Pulse -Biz
    <ul><li>Expert says the proposed 5%% VAT is backed by law with no new effect on buyers.</li></ul> <p class="">Nigerians have kicked against the proposed 5% value-added tax on all online purchases from next year.</p> <p class=""><strong>Babatunde Fowler</strong>, FIRS chairman, in a <a href="https://www.pulse.ng/bi/finance/nigeria-to-charge-5-on-every-online-purchase-you-make-with-your-bank-cards-from-next/5cdm1sm" id="f8d00926-190c-44ee-8a3f-44b9e93c9a47">recent interview</a>, had explained that the tax agency is working on ways to tax the burgeoning digital economy in the country. Fowler said it is difficult to bring the digital economy into the tax net the world.</p> <p class=""><em>“We will address the issue of the digitalised economy very soon. Nigeria has not taken a position yet. But, we ... more
  • 2 weeks Gov’t Committed To Creating More Jobs, But More Depends On Private Sector — Carlos Ahenkorah ModernGhana -Biz
    Government is working to create more opportunities to provide sustainable jobs to the bulging youth population but the private sector must assist in creating more, Carlos Ahenkorah, Deputy Minister of Trade and Industry, has said. ldquo;Everybody that comes out of school wants to get a government job. Today, government is the biggest employer in Ghana ndash; which, of course, in most developed countries doesn rsquo;t happen like that. Our wage bill alone in Ghana is about GH cent;15billion. ... more
  • 2 weeks Ghana Manganese Company shut down over $300m loss of revenue Pulse -Biz
    <p class="">Ghana’s Minister of Lands and Natural Resources Minister has ordered for the shutdown of the Ghana Manganese Company Limited until further notice effective.</p> <p class="">He ordered that the shutdown should take effect from Monday, August 5, 2019.</p> <p class="">The Minister, Kweku Asoma Cheremeh said the closure is due to the company's inability to fulfill its financial obligations which have resulted in over $300 million loss of revenue to the state.</p> <p class="">“We are going to engage them to find an amicable solution to the infraction that they have committed. If indeed they do not have any good explanation for ... more
  • 2 weeks MTN Nigeria is facing another tax dispute with government agency Pulse -Biz
    <ul><li>MTN Nigeria is facing a fresh dispute with the country's tax agency.</li><li>Babatunde Fowler, Chairman fo FIRS, accuses the Nigerian subsidiary of the South African telco of deducting tax from the N330 billion fine imposed by the NCC in 2015.</li><li>MTN confirms dispute, says it will abide by the findings of the tribunal on the matter.</li></ul> <p class="">MTN Nigeria is in another tax dispute with the country's tax agency, Federal Inland Revenue Service (FIRS) over deductions of taxes from its 2015 record fine.</p> <p class="">This is coming days after the FIRS chairman, <strong>Babatunde Fowler</strong>, accused the Nigerian subsidiary of the South African ... more
  • 2 weeks Ghana needs US$10billion annually to meet infrastructure demand according to its Finance Minister, Ken Ofori-Atta Pulse -Biz
    <p class="">Ghana’s Finance Minister Ken Ofori-Atta says the government will need up to US$10 billion a year to achieve its infrastructure demand.</p> <p class="">Justification</p> <p class="">The Minister explained that even though Ghana’s debt keeps rising like other African countries, borrowing remains an alternative for raising funds for the country’s development.</p> <p class="">“The problem is how do you tackle your infrastructure if you don’t borrow and whether we can find means of long-term facilities, 50 odd years low financing to be able to do that.”</p> <p class="">Mr. Ofori-Atta believes infrastructure is a human right issue that must be addressed.</p> <p class="">“Because ... more
  • 2 weeks Take A Critical Look At Inhibiting Factors Of Funding Sources ModernGhana -Biz
    The Chairman, Economic Policy Committee of the National Development Planning Commission (NDPC) has said that although most of the suggested sources of funding for development has been around for some time now, the problem was, the lack of access to most of the funding sources because of our inability to satisfy preconditions for doing so. According to him, it is about time for us to look at these inhibiting factors so that we can gain access to all available financing sources. ... more
  • 2 weeks How-To train your Employees on Soft Skills ModernGhana -Biz
    It seems like a sort of Universal Truth these days that Soft Skills are very important and even skill needed by every individual in their personal lives and professional lives. Although, many times people seem to prioritize technical skills over soft skills because they think the (technical) action / practice matters more than the theory. Nowadays we also see Recruiters advertising vacancies with a lot of emphasis and details on the candidate rsquo;s desirable Soft Skills, ... more
  • 3 weeks Gov’t Looks For $1.5b To Buy Cocoa Beans ModernGhana -Biz
    Government is seeking an amount of 1.5 billion dollars for the purchase of cocoa beans for the 2019/2020 crop season. According to a motion tabled in Parliament, COCOBOD wants a receivables-backed Trade Finance facility from a consortium of banks and financial institutions. The motion is expected to be approved today, Friday, before Parliament ends its second meeting for this session. In a parliamentary report, in 2018 the Ghana Cocoa Board (COCOBOD) said it required $1.5b ... more
  • 3 weeks MTN Nigeria To Become A Bank ModernGhana -Biz
    MTN Nigeria, the country 39;s largest telecoms operator, has been granted a ldquo;super-agent rdquo; license which allows it to set up an agent network through which it can provide financial services. It 39;s the first step in MTN 39;s plans to finally roll out mobile money services in Africa 39;s largest economy as the company says it has also applied for a payment service bank license, which will allow it ldquo;offer a broader and deeper range of financial services. rdquo; ... more
  • 3 weeks Let’s Signify Credibility In Managing Our Natural Resources ModernGhana -Biz
    Economic Policy Committee Chairman of the National Development Planning Commission (NDPC), Dr. Nii Kwaku Sowa, has urged government as part of its development agenda to establish credibility in managing its resources in all sectors of the economy in order to achieve better economic growth. Speaking at the 3rd national Development forum in Accra, he said a well-functioning system, especially in the areas of law and order, has a potential of attracting financial in-flows as a result ... more
  • 3 weeks Gino Max Launched ModernGhana -Biz
    GBFoods, a leading multinational company and producers of the Gino range of foods in Ghana, has launched Gino Max ndash; its unique 12g bouillon and the latest addition to its Gino range of food products at a ceremony in Accra. The Gino Max is a seasoning that comes in three unique flavours; Shrimps, Shrimp Peppe and Shrimp Spices. Vicen ccedil; Bosch, the General Manager of GBFoods Africa in his address at the launch said, ldquo;While Ghanaians love their cuisine, tastes are ... more
  • 3 weeks PenOp urges Nigerians to complete Pension data recapture Pulse -Biz
    <p class=""><strong>What happened</strong></p> <p class="">The Pension Fund Operators Association of Nigeria (PenOp) held a media parlay on July 31st, 2019, at their Secretariat in Lekki phase 1, Lagos. During the Q &amp; A session, they stressed the urgency of employed Nigerians with Retirement Savings Accounts (RSA) to complete their data recapture with their Pension Fund Administrators (PFA).</p> <p class=""><strong>Why the need for data recapture?</strong></p> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/ZGM7MDA_/6a5bfdbfe25984dfa7f1b998a8b66a54.jpg" alt="PFA notice"> <figcaption>PFA notice</figcaption> </figure> <p class="">Prior to the media parlay, PFAs around the country had been sending SMS notices to RSA holders asking them to visit their offices for the ... more
  • 3 weeks Nigeria to charge 5% on every online purchase you make with your bank cards from next year Pulse -Biz
    <ul><li>Babatunde Fowler, the FIRS boss says Nigerian banks will be used as an agent in achieving the 5%% value-added tax.</li><li>Analyst says the digital economy may impact tax revenue in 2019</li><li>Nigeria's multi-billion dollar burgeoning digital economy is still out of tax net</li></ul> <p class="">Nigeria is planning to deduct 5% VAT for every online transaction via bank cards from next year. </p> <p class="">The burgeoning digital economy includes e-commerce where <strong>Jumia </strong>and <strong>Konga</strong> are playing. We also have the tech space with <strong>Flutterwave</strong>, <strong>Cowrywise</strong>, <strong>Piggybank</strong>, and others.</p> <p class=""><strong>Tunde Fowler</strong>, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive interview ... more
  • 3 weeks Kenya makes a triumphant entry into OPEC club with first sale of crude oil worth $12 million Pulse -Biz
    <ul><li><strong>On Thursday, President Uhuru Kenyatta announced amid cheers that the country has exported its first crude oil worth billions of shillings</strong></li><li><strong>Kenya’s crude oil is classified as light and sweet, meaning it has less sulphur (below 0.5 per cent) – an impurity that has to be removed before crude is refined into petroleum.</strong></li><li><strong>This is Kenya’s first sale of crude oil from Turkana County and though considered a small scale compared to other exporters, it paves the way for establishment of the first croup of local oil barons.</strong></li></ul> <p class="">Kenya has officially joined the exclusive club of oil exporters countries after making ... more
  • 3 weeks A Beginner’s Guide To Financing A Side Hustle ModernGhana -Biz
    Side hustling is a way of life in West Africa, with many people doing a little work on the side in addition to their day job to earn extra money. Whether you are driving a taxi after-hours to make ends meet, or making money from a passion like blogging, making clothes or hairdressing, you need to treat your side hustle as a proper business. Perhaps you hope to turn your side hustle into a full-time job one day, or maybe you simply want to continue making money from something you love doing ... more
  • 3 weeks Kenya drops Euro and Sterling pounds in favor of US Dollar as the preferred currency in its famed parks Pulse -Biz
    <p class="">Tourists visiting Kenya’s parks will no longer be able to pay gate/entry fees using Euro and Sterling pounds.</p> <p class="">The Kenya Wildlife Service has issued an announcement that it has discontinued the use of the Euro and British sterling pound in transacting its business including the processing of park entry fees.</p> <p class="">On Thursday, the state corporation said going forward it will only accept the Kenyan shilling and US dollar as the only valid legal tender at national parks and game reserves.</p> <p class=""><em>“This means that KWS shall henceforth transact in two currencies only; Kenya Shillings (Kes) and United ... more
  • 3 weeks MTN Heroes Of Change 2019: Mawusi Awity Redefines Economic Empowerment ModernGhana -Biz
    On this week rsquo;s episode of MTN Heroes of Change 2019, the MTN Foundation highlights the works of Mawusi Awity, the Executive Director of the National Vocational Institute. Through her Network of Women In Growth (NEWIG GHANA), a self-funded project based in Dansoman, she offers vocational skills training and acquisition of entrepreneurial skills to women who lack such skills. From the beginning of time, women have always been at a disadvantage in society. But times are changing. Wi ... more
  • 3 weeks NLA Set To Launch Super 6 Dividend Game ModernGhana -Biz
    In order to boost the revenue generation capacity of Government as well as create jobs, the National Lottery Authority (NLA) is fully set to launch a new exciting game onto the market, the game is Super 6. The Super 6 game would be launch on Tuesday, 6th August, 2019 alongside VAG Lotto. The Super 6 is a dividend game where players have the opportunity to win a jackpot not less than Hundred Thousand Ghana Cedis (GHS 100, 000). Interestingly, there is no capping, players can even win ... more
  • 3 weeks Bank of Ghana’s Governor, Dr Ernest Addison appointed a co-chair of Swiss-based Financial Stability Board Pulse -Biz
    <p class="">The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has been appointed as one of the Co-Chairs of the Regional Consultative Group for Swiss Based, Financial Stability Board.</p> <p class="">According to Accra-based Joy FM, he was appointed on July 1, 2019. As a co-chair, he is expected to work with Governor of the Reserve Bank of South Africa, Lesetja Kganyaga to jointly Chair the Regional Consultative Group of the Financial Stability Board Standing Committee on Supervisory and Regulatory Cooperation.</p> <p class="">The team of the Co-Chairs are predominately Central Bank governors in some selected countries around the world ... more
  • 3 weeks Nigerian stock market ends July in the red Pulse -Biz
    <p class="">All-share index declined by 7.5% last month</p> <p class="">The Nigerian stock exchange said farewell to the seventh month of 2019 on a sour note. The All-share index was down by 0.37% on the last trading day in July, closing at 27,718.26 points. The market closed at 29,966.87 points on the last trading day in June, meaning July saw a decline of 7.5%</p> <p class="">There was parity among the gainers and losers with 20 each. Construction company Julius Berger was the top gainer yesterday, up 9.87% to close at N20.60. University Press PLC, publisher of Education materials, was the top ... more
  • 3 weeks Ghana’s Securities and Exchange Commission investigates fund managers for over $920 million locked up in ‘shady’ deal Pulse -Biz
    <p class="">The Securities and Exchange Commission (SEC) is probing fund managers for investing as much as GH¢5 billion ($920,575,000) in risky ventures they’re struggling to retrieve for clients.</p> <p class="">According to the Deputy Director-General of SEC Paul Ababio, the funds are stuck in short-term unlisted bonds, direct private-equity stakes and related-party deals for small- and medium-sized businesses.</p> <p class="">The SEC has, therefore, started forensic audits to determine how to retrieve money for investors which may include selling off the fund managers’ assets, he said.</p> <p class="">“If part of their portfolio is distressed, we have to understand it to know what ... more
  • 3 weeks After finalising Diamond Bank acquisition, Uzoma Dozie floats a new firm, Sparkle, to help reduce operational risks of small businesses in Nigeria Pulse -Biz
    <p class="">Uzoma Dozie, the last Group Managing Director of Diamond Bank, has announced that he is launching a new financial technology community and ecosystem, Sparkle; a mobile-first platform focused on the country’s retail sector.</p> <p class="">Sparkle will tackle how retailers can achieve their daily objectives and scale their businesses, providing a suite of innovative lifestyle services, in addition to typical current and savings accounts that exist in the market. In particular, Sparkle will deliver customer experience-led support services, ranging from inventory management and invoicing statements to foreign exchange services and a POS-via-mobile function.</p> <h2>How Sparkle Ng will work?</h2> <p class="">Powered ... more
  • 3 weeks Blame Finance Ministry For ‘Botched’ Concession Deal– Kwabena Donkor ModernGhana -Biz
    A former Power Minister, Kwabena Donkor is blaming the Finance Ministry for the bad concession deal it entered with Power Distribution Services rsquo; (PDS). According to him, the Ministry played a leading role in the signing of the agreement with the sector minister being the one who appended his signature to finalize the deal. Speaking on Citi TV rsquo;s The Point of View, Kwabena Donkor said the Energy Ministry is also culpable for the ensuing debacle. l ... more
  • 3 weeks No Come Back For PDS – KT Hammond ModernGhana -Biz
    The Member of Parliament for Adansi Asokwa constituency, KT Hammond says he is quite certain Power Distribution Service (PDS) will not be cleared to manage the country rsquo;s power distribution service again after its suspension by the government for some breaches in its concession agreement. KT Hammond told Bernard Avle on The Point of View on Citi TV that, to a large extent it has been determined that the document presented as guarantee by the company was forged and it t ... more
  • 3 weeks FBNBank Deepens Savings Culture With ‘Save & Win’ Promo ModernGhana -Biz
    FBNBank Ghana has launched the third edition of its lsquo;Save and Win rsquo; promo to boost savings culture among Ghanaians. The promo which runs for a period of three months between July 31st and October, 31st 2019 also seeks to reward loyal customers of the bank and broaden the bank rsquo;s customer base by connecting with the unbanked population. The promo will have monthly draws and an ultimate draw which will be held at the end of October. At stake are a number of priz ... more
  • 3 weeks Energy Commission Appoints ECG As Interim Operators ModernGhana -Biz
    The Board of the Energy Commission has appointed the Electricity Company of Ghana (ECG) as interim operators to take charge of the management and operations of electricity sales in the country. According to a press statement issued by the Board and sighted by ModernGhana, ECG 39;s appointment was under licence number EC/ESL/02-19-001 to power distribution services Ghana Limited. The statement said In accordance with clause 27 of the Electricity Sale Licence (EC/ESL/02-19-001 ... more
  • 3 weeks 575 Kenyans become the first casualty of Kenya’s loss-making telecommunication firms, Telkom Kenya and Airtel merger as they are set to lose the... Pulse -Biz
    <ul><li><strong>Telkom Kenya has announced that it is going to sack 575 out of its 800 employees before its merger with Airtel takes place.</strong></li><li><strong>According to a memo from CEO Mugo Kibati, the move is as a consequence of discontinued transferred business.</strong></li><li><strong>In February this year, Telkom Kenya announced plans to merge operations with Airtel in a deal that will see the former swallow the Indian owned telco, Airtel, which is the most bleeding of the two, after nearly a decade of being in the red.</strong></li></ul> <p class="">More than 500 Kenyans are set to become jobless soon in what is one of Kenya’s ... more
  • 3 weeks Lafarge completes sale of South African subsidiary to Caricement B.V Pulse -Biz
    <p class=""><strong>Lafarge Africa Plc</strong> has <a href="https://www.pulse.ng/bi/finance/lafarge-africa-is-selling-its-south-africa-subsidiary-for-dollar317-million-to-pay/khnbtf1" id="f0acb4ad-dff8-4f6c-ac99-1acc5ebc056d">completed the sale of South African operations</a> for $317 million to <strong>Caricement B.V</strong>, an indirect subsidiary of <strong>Lafarge Holcim Limited</strong>.</p> <p class="">The proceeds will be used to offset a related-party loan, amounting to $293 million and an accrued interest of $23.29 million on the Inter-Company loan owed to Caricement BV (Purchaser).</p> <p class=""><strong>Adewunmi Alode</strong>, General Counsel &amp; Company Secretary at Lafarge Africa Plc, made this known in a corporate filing on Wednesday, July 31.</p> <p class=""><strong>ALSO READ:</strong> <a href="https://www.pulse.ng/bi/finance/femi-otedola-completes-sale-of-forte-oil-to-focus-on-geregu-power-plc/m92skrk" id="fe642d2b-e597-4a14-bdc8-5f75c9e9fd82" data-link-role-code="none">Femi Otedola, one of Nigeria’s richest men, completes sale of his oil business, ... more
  • 3 weeks Macroeconomic Management Weakens While Social Inclusion Policies Improve Slightly In Africa’s Poorest Countries ModernGhana -Biz
    Africa rsquo;s poorest countries saw little to no progress on average in improving the quality of their policy and institutional frameworks in 2018, according to the World Bank rsquo;s annual Country Policy and Institutional Assessment (CPIA) released today. The average CPIA score in Africa rsquo;s 38 International Development Association (IDA)-eligible countries in 2018 remained unchanged at 3.1 on a scale of 0 to 6, with some areas of social policy seeing improvements while macroeconomic manag ... more
  • 3 weeks ACEP Want Officers Interdicted If Found Culpable In PDS Bad Deal ModernGhana -Biz
    Executive Director of the Africa Centre for Energy Policy (ACEP), Ben Boakye has attributed the suspension of government rsquo;s concession agreement with the Power Distribution Services (PDS) to sheer negligence on the part of some persons who were expected to monitor the process before finalising the concession agreement. According to him, although ACEP is deeply worried by the outcome of the concession agreement, and the announcement came as a little surprise due to the actions ... more
  • 3 weeks 12,000 Entrepreneurs To Be Trained In 3years ModernGhana -Biz
    Minister for Business Development,Dr Ibrahim Mohammed Awal maintains the private sector remains the engine of growth which could move the country to its desired level. In this regard, he said it is the goal of government to train and mentor 12,000 entrepreneurs nationwide to enhance their businesses within three years, adding that beneficiaries of the training would also have access to a GHC 100 million loan with 10 percent interest rate. Dr Awal, who made this known during th ... more
  • 3 weeks 2000 Fibre Cuts Hit Telecoms In 6 Months ModernGhana -Biz
    The Chamber of Telecommunications says the Ghanaian telecoms industry recorded over 2000 fibre cuts in the last six months. The Chief Executive Officer (CEO) of the Chamber, Kenneth Ashigbey, disclosed this at a sensitization workshop organized in Takoradi. He stressed the need for a collective effort to help curb the menace of fibre cuts which he said was hurting the telecoms industry. The cuts which were caused mainly by road contractors, private developers, some criminals and ... more
  • 3 weeks PDS Presented Forged Document—Minister ModernGhana -Biz
    The Energy minister John Peter Amewu has said investigations conducted by the government has established that a document that was presented by Power Distribution Service (PDS) as a guarantee for the takeover of the Electricity Company of Ghana (ECG) was forged. The minister explained that even though the document indicated that a company in Qatar has guaranteed for PDS, the management of the company told the government it had no knowledge of the document. Speaking to Citi Business Ne ... more
  • 3 weeks The new tax measures introduced is expected to yield over $64 million Pulse -Biz
    <p class="">The tax measures announced by the Finance Minister, Ken Ofori-Atta, during his presentation of the mid-year budget is expected to generate additional revenue of GHC 349.1 million($64.7 million).</p> <p class="">Presenting the mid-year budget in Parliament, Ken Ofori-Atta announced several tax measures to make up for the poor revenue performance.</p> <p class="">The Communication Service Tax popularly referred to as Talk Tax has been increased from 6 to 9%. There were also increases in the rates of the road fund, energy debt recovery, and the price stabilization and recovery levies — all components of the ESLA.</p> <p class="">Meanwhile, the luxury vehicle ... more
  • 3 weeks AirtelTigo Introduces “FUSE”, All-In-One Bundle With No Expiry ModernGhana -Biz
    Accra, 31st July 2019 ndash; Telecom operator AirtelTigo today unveiled Fuse bundle, another innovative product which will enable exiting and new prepaid customers to call all networks and browse the internet at affordable price points with no expiry. FUSE bundle has been designed based on extensive research and feedback from customers, who highlighted the need for talk time and data to browse the internet in one package. The bundle offers customers a choice of three price op ... more
  • 3 weeks Kenya keeps Emirates Airlines waiting as it tries to buy time for ailing Kenya Airways to get back in shape Pulse -Biz
    <ul><li><strong>The country is delaying on a decision to whether grant Emirates Airlines a third daily flight into Nairobi or not until the nationalisation plan for the troubled Kenya Airways has been completed.</strong></li><li><strong>Last week, the National Assembly recommended that Kenya Airways be nationalised in a plan modelled on successful national carriers such as Ethiopian Airlines in a bid to rescue the hailing airline which has been in the red for years. </strong></li><li><strong>Foreign Affairs Principal Secretary (PS) Macharia Kamau also hinted that there will be a general freeze on decisions until it is clear how Kenya Airways will be run.</strong></li></ul> <p class="">Kenya is ... more
  • 3 weeks Ghana’s President wants measures put in place to reduce interest rates Pulse -Biz
    <p class="">The president said even though several changes have been made in strengthening the banking sector, one major problem that still prevails is the high rates at which banks lend.</p> <p class="">However, in the President’s view, those changes have not proven sufficient at the moment “for us to sit back and say that now we have created a situation where the financing sector can be really autonomous and independent."</p> <p class="">“There is the need for some involved engagement to find out how this particular hurdle can be overcome because with the changes that have been made…the interest rates in Ghana ... more
  • 3 weeks Tackle Excess Capacity In Energy Sector – ACEP Tell Gov’t ModernGhana -Biz
    Africa Center for Energy Policy (ACEP) is asking government to focus on addressing excess power generated by the Independent Power Producers and not renegotiating the take or pay agreements with the producers. The Executive Director of ACEP, Ben Boakye, said to Citi News that the sector 39;s real challenge is the reckless signing of power agreements which must be addressed. ldquo;The problem the energy sector has is not because we have take-or-pays. It is because we ... more
  • 3 weeks Clean-Up In Energy Sector Next — Ofori Atta ModernGhana -Biz
    The energy sector, whose inherent financial and technical inefficiencies affect every facet of the economy and millions of lives, is next in line for a major clean-up after a similar exercise undertaken in the banking sector over the last two years, the Finance Minister, Ken Ofori-Atta, has said. Fresh from an expensive banking sector clean-up that cost the taxpayer some GH cent;12.1billion, renegotiation of take-or-pay energy contracts and streamlining excess capacity for power production an ... more
  • 3 weeks Kenya beats Iceland to be ranked 8th globally in world’s largest geothermal powerhouses Pulse -Biz
    <ul><li><strong>On Tuesday, the Kenya Electricity Generating Company (KenGen) announced that it had completed load tests for the unit which attained its full design output of 82.7 megawatts. </strong></li><li><strong>The unit, which was first was first synchronised to the national grid on June 28th 2019 has been undergoing commissioning tests and would significantly boost Kenya’s green energy on the national grid.</strong></li><li><strong>Globally, United States, Indonesia, Philippines, Turkey, New Zealand, Mexico, Italy, Iceland and Japan are world leading geothermal powerhouses.</strong></li></ul> <p class="">Kenya has moved a position up against Iceland to be ranked eighth in the global rankings of world’s largest geothermal powerhouses as the <a ... more
  • 3 weeks Mobile Customers To Enjoy 400MB Data, Others For GHC1 From Glo ModernGhana -Biz
    Mobile customers across Ghana now have a unique opportunity to enjoy 400MB Data and unlimited calls for GHc1 only. This looks too good to be true but is the present reality from Glo Mobile Ghana. The network, known for its best data experience, has launched a complete new range of products to wow customers across Ghana to latch onto the Glo network, especially those who yearn to have the best value for every cedi in their purse. To subscribe to these plans, all a customer needs is t ... more
  • 3 weeks The Ghanaian government will use 96% of its supplementary budget to pay debts Pulse -Biz
    <p class="">The Finance Minister Ken Ofori-Atta has asked Parliament to approve GH¢6.37 billion as the supplementary budget for the 2019 fiscal year.</p> <p class="">He made this request on Monday, July 29, 2019, when he presented the mid-year budget review.</p> <p class="">Many have asked what the additional funds will be used for. But analysis of the mid-year budget has shown that more than GHC6.15 billion, representing 96.6% of the supplementary budget, will be used to pay debts.</p> <p class="">The analysis reveals that government’s provision for amortisation — which is the process of reducing or paying off debt with regular payments — ... more
  • 3 weeks Mid-Year Budget Review: More Hardship Coming – Fifi Kwetey ModernGhana -Biz
    A former Deputy Finance Minister, Fifi Kwetey believes that the announcement of tax increment in the government rsquo;s 2019 mid-year budget review indicate more challenging times ahead for Ghanaians. He said with the introduction of new taxes and increment in some existing ones, Ghanaians should expect more hardships. Speaking on The Point of View on Citi TV on Monday, Fifi Kwetey said the proposed increase in fuel prices and the communication service tax are major developmen ... more
  • 3 weeks COPEC Threatens ‘All Night’ Demo Over Energy Sector Levies Hike ModernGhana -Biz
    The Chamber of Petroleum Consumers (COPEC) says it intends to protest the increase in the Energy Sector Levies (ESLA) which will adversely increase fuel prices. During the mid-year budget review, the Finance Minister said the government had to turn to the ESLA to raise more funds to settle legacy debts inherited from the previous government. COPEC 39;s Executive Secretary, Duncan Amoah said the chamber will try to engage MPs before opting for the protest. Ahead of the bud ... more
  • 3 weeks First Residents Collect Keys To Bijou Homes In Appolonia City ModernGhana -Biz
    The first phase of Bijou Homes in Appolonia City has been officially opened to new residents and potential homeowners. A ribbon-cutting ceremony to unveil the new homes was led by CEO of EIB Media Network, Nathaniel Kwabena Adisi (aka BolaRay). New homeowners, potential buyers, and executives of Appolonia City and GHL Bank, the partners behind Bijou Homes, attended the event. ldquo;We knew what product was suitable for the market, and we found the right partner in Appolonia City to ... more
  • 3 weeks Kenya’s lakeside city of Kisumu is now the proud host of South African retailer, Game, 150th store in Africa Pulse -Biz
    <ul><li><strong>On Thursday, the South African retailer officially opened its third outlet in Kenya and its first outside Nairobi, at the Kisumu Mega City Mall.</strong></li><li><strong>The Kisumu store now joins Game’s other two stores located in Nairobi namely at Garden City and Karen Waterfront outlet.</strong></li><li><strong>Game Stores, a subsidiary of South Africa’s Massmart Holdings, opened its first and only local outlet in May 2015 at the Garden City Mall located along Thika Road.</strong></li></ul> <p class="">Kenya’s lakeside city of Kisumu is now the proud host of South African retailer, Game, 150th store in Africa.</p> <p class="">On Thursday, the South African retailer officially opened its ... more
  • 3 weeks Pound falls lower on no-deal Brexit prospect ModernGhana -Biz
    The pound has continued to fall on currency markets as the government insists that the UK is prepared to leave the EU without a deal. Sterling fell in overnight trade in Asia to a two-year low of $1.2152 against the dollar. The currency also lost ground against the euro, falling to euro;1.0912. Under new Prime Minister Boris Johnson, the government has toughened its stance on a no-deal Brexit, which it has said is now a very real prospect . The pound - which was trading at about $1 ... more
  • 3 weeks Ghana’s Finance Minister, Ken Ofori-Atta announces an increase in fuel prices Pulse -Biz
    <p class="">The people living in Ghana will soon be expected to pay more when they purchase fuel.</p> <p class="">This is because of the Finance Minister’s announcement of an increase in Energy Sector Levies Act (ESLA) which is charged on petroleum products.</p> <p class="">Speaking on the floor of Parliament today, Ken Ofori-Atta said the government has resorted to ESLA to raise more funds to settle legacy debts inherited from the previous government.</p> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/NDc7MDA_/ee2c91ae81910303a77f36797968b451.jpg" alt="Finance Minister, Ken Ofori-Atta"> <figcaption>Finance Minister, Ken Ofori-Atta</figcaption> </figure> <p class="">“Government proposes to increase the Energy Sector Levies by GHp 20 per litre for ... more
  • 3 weeks British Airways Partners Tom Kerridge To Create On Board Menus ModernGhana -Biz
    As part of its centenary celebrations, British Airways has teamed up with Michelin-starred British chef, Tom Kerridge, to design gourmet menus for customers travelling with the airline throughout August ndash; the airline rsquo;s birthday month. The new menus, which feature great British flavours, will be available in every cabin on all of the airline rsquo;s long-haul flights, providing customers with the option to enjoy a dish designed by Tom Kerridge for each course . The airline rsquo ... more
  • 3 weeks Empowering Young African Entrepreneurs: African Presidents And Global Leaders Tackle Job Creation, Youth Empowerment ModernGhana -Biz
    At the recently concluded 5th edition of the Tony Elumelu Foundation (TEF) Entrepreneurship Forum, five African Presidents and thousands of young African entrepreneurs converged at the most influential gathering in the African entrepreneurship ecosystem. Job creation and youth empowerment were the key themes tackled at the Forum. The Tony Elumelu Foundation, which has been at the forefront of advocating for entrepreneurship as the catalyst for the economic transformation of ... more
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