• 3 weeks We Initiated Process To Renegotiate ‘Take Or Pay’ Power Contracts – Terkper ModernGhana -Biz
    A former Finance Minister, Seth Terkper says the announcement by the government to renegotiate contracts with the various Independent Power Producers to (IPPs) to change the existing lsquo;take or pay rsquo; arrangement was initiated by the John Mahama administration. He said the government rsquo;s recent announcement is not new and so must not tout it as such. Speaking on Eyewitness News on Monday, Seth Terkper said the Mahama government rsquo;s efforts experienced a ldquo; ... more
  • 3 weeks Tanker Drivers Angry Over TOR’s Deplorable Parking Space ModernGhana -Biz
    Some tanker drivers on Monday, threatened to stop lifting petroleum products from the Tema Oil Refinery (TOR) if management does not fix its deplorable parking space. The drivers, who park their gas and oil tankers at the TOR tanker park did not load for hours even when some of their leaders informed them about the refinery 39;s preparations to work on the park. According to them, the clayey park and passage to the loading gantry which is about two kilometers, has deep gullie ... more
  • 3 weeks NPA’s Cylinder Recirculation Sensitization Programme Takes Off In Eastern Region ModernGhana -Biz
    The National Petroleum Authority (NPA) is to begin a pilot system of the cylinder recirculation model in two districts of the Eastern Region with public sensitization and community engagements. According to the NPA, the model will be a major game-changer in minimizing and possibly eliminating gas explosions in the country. It will be piloted in the Denkyembour and Kwaebibirim Districts in the Region. In October 2017, President Nana Akufo-Addo after a cabinet meeting direct ... more
  • 3 weeks Finance Minister Demands GH¢6.37bn ModernGhana -Biz
    The Finance Minister Ken Ofori-Atta ahead of his mid-year budget presentation to Parliament has requested the legislature to approve an amount of GH cent;6.7 billion being the shortfall in funds needed to execute its 2019 budget. The government has faced a shortfall in domestic revenues and the amount is expected to go a long way in helping the government to complete its planned programmes and initiatives as contained in the 2019 financial year. Ahead of the presentation, some ... more
  • 3 weeks Procurement Authority Saves GH¢2.7bn In 31 Months – Finance Minister ModernGhana -Biz
    The Public Procurement Authority has saved the country GH cent;2.7 billion over the past 31 months, the Minister for Finance, Ken Ofori-Atta disclosed this during the presentation of the 2019 Mid-Year budget review of the government in Parliament on Monday. According to him, the savings is a significant achievement of the Akufo-Addo government as the NDC govermment made no savings while in office. http://cdn.modernghana.com/images/content/729201943608-1i840o4bbv-2019-mi ... more
  • 3 weeks Luxury Vehicles Levy To Be Withdrawn ModernGhana -Biz
    Government is proposing a withdrawal of the luxury vehicle tax introduced in 2018. While presenting the 2019 mid-year budget review in Parliament on Monday, the Finance Minister, Ken Ofori-Atta said government is taking such move following the concerns raised over the tax. ldquo;Government in 2018 introduced the Luxury Vehicles Levy to raise revenue. We have noted suggestion from the general public on the implementation of this tax and Mr Speaker, as a listening Gover ... more
  • 3 weeks Jumia Climax Anniversary Celebration With Donations To Red Cross Orphanage, LASTMA, Others ModernGhana -Biz
    Leading e-commerce platform, Jumia Nigeria brought its anniversary celebration to a finale by donating home care products and reading materials to the Nigerian Red Cross Orphanage Home located at Makoko, Yaba. The company also donated over 300 protective wear and safety items to the Lagos State Traffic Management Agency (LASTMA). In addition to the donation, the company volunteered some of its staff to support the LASTMA officers in managing traffic in Ikeja and its environs. The v ... more
  • 3 weeks Expectations From The Mid-Year Review Of 2019 Budget Statement ModernGhana -Biz
    In accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921), the Finance Minister is mandated to present a Mid-Year Fiscal Policy Review of the Budget to Parliament, not later than the 31st of July of each financial year. The mid-year review of the 2019 Budget Statement and Economic Policy together with a Supplementary Budget is scheduled to be submitted to parliament today. The fiscal policy review is to give an overview of the macroeconomic development of government ... more
  • 3 weeks A look at MTN and Airtel Nigeria’s 6-month earnings Pulse -Biz
    <p class="">The two main publicly listed telecom firms, MTN Nigeria and Airtel Africa Plc reported double-digit revenue growth in the first half of 2019. </p> <p class="">Business Insider SSA by Pulse's analysis of the reports show that while Airtel Nigeria posted 22.2% growth in revenue to N112.6 million, MTN Nigeria's revenue increased by 34.8% to N98.93 million in the first half of 2019.</p> <p class="">The two telecom firms recently listed on the Nigerian bourse.</p> <h2>Other highlights of the financial reports</h2> <p class=""><strong>MTN Nigeria:</strong></p> <ul><li>Voice revenue increased by 11.4%%</li><li>Data revenue increased by 31.7%%</li></ul> <p class=""><strong>Airtel Nigeria:</strong></p> <ul><li>Voice revenue increased by 12.7%%</li><li>Data revenue ... more
  • 3 weeks Ghana’s Finance Minister, Ken Ofori-Atta proposes the withdrawal of luxury vehicles levy Pulse -Biz
    <p class="">The Ghanaian government is proposing to Parliament the withdrawal of the luxury vehicle tax introduced in 2018.</p> <p class="">Presenting the 2019 mid-year budget review in Parliament, Finance Minister, Ken Ofori-Atta said the government is making such a proposal because of the concerns raised over the tax since its introduction.</p> <p class="">“Government in 2018 introduced the Luxury Vehicles Levy to raise revenue. We have noted suggestion from the general public on the implementation of this tax and Mr Speaker, as a listening Government, we are proposing to the House the withdrawal of the levy. We will continue to improve compliance, ... more
  • 3 weeks Ghanaian government announces an increase in “talk tax”, energy sector levies Pulse -Biz
    <p class="">The Finance Minister Ken Ofori-Atta has announced an upward review in a number of taxes hoping to raise more revenues to implement the government’s programmes and policies.</p> <p class="">The Finance Minister made this known when he appeared before Parliament to present the mid-year budget.</p> <p class="">Ken Ofori-Atta said in his presentation that the government is proposing an upward adjustment in the Road Fund Levy, the Energy Debt Recovery Levy; and the Price Stabilisation and Recovery Levy to bring the ratios close to twenty-one percent to help bridge the financing requirements.</p> <p class="">“Government proposes to increase the Energy Sector Levies ... more
  • 3 weeks How Kenya now has international firms eating out of its palm after pulling off the dream to set up Africa’s largest wind power plant project Pulse -Biz
    <ul><li><strong>The sprawling wind farm located on the shores of Lake Turkana in northern Kenya is packed with 365 turbines each with a capacity of 850kW.</strong></li><li><strong>The renewable energy project is designed to boost Kenya’s electricity supply by 13 percent, giving more Kenyans access at a lower cost.</strong></li><li><strong>With the launch of Lake Turkana wind farm, Kenya has cemented its place as the leader in renewable energy in the African continent and with it has won many regional and international admires who are now salivating at the country’s lucrative multi-million energy projects.</strong></li></ul> <p class="">On July 18 Kenya officially unveiled Africa’s largest wind power ... more
  • 3 weeks Ken Presents Mid-Year Budget Today ModernGhana -Biz
    The Finance Minister, Ken Ofori-Atta will today Monday present the mid-year budget review and supplementary estimates in Parliament in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921). The presentation had been postponed twice. Ahead of the presentation, some pressure groups have warned government against the introduction of new taxes. They have also called for a downward review of the already existing taxes. But a statement from the Fina ... more
  • 3 weeks GSA Highten Market Swoops ModernGhana -Biz
    The Ghana Standards Authority (GSA) will intensify its swoops across the country to rid the Ghanaian market of substandard goods of all kinds. The increase in market surveillance is part of the Authority 39;s efforts to check the proliferation of fake and substandard products in Ghana and ensure a level playing field for all traders. Substandard goods cost lives but they are often smuggled, the importers or producers pay no tax and they severely disadvantage legally operatin ... more
  • 3 weeks COPEC Vows To Resist New Fuel Taxes ModernGhana -Biz
    The Chamber of Petroleum Consumers (COPEC) has said it will fiercely resist any attempt by the government to increase fuel taxes in the 2019 Mid-year Budget to be read later in Parliament today, Monday. There are speculations that among the key components of the mid-year budget review will be an increment in taxes on petroleum products. But the Executive Secretary for COPEC, Duncan Amoah argued that the general cost of living in the country has increased as a result of high fu ... more
  • 3 weeks Here is how much Finance Minister, Ken Ofori-Atta wants to spend $1.18billion in the supplementary budget Pulse -Biz
    <p class="">Ghana’s Finance Minister Ken Ofori-Atta has requested the Parliament to approve an amount of $1.18 billion (GHC6.7).</p> <p class="">This amount is the shortfall in funds the government needs to execute its 2019 budget.</p> <p class="">The Akufo-Addo-led government has been unable to raise its targeted domestic revenues.</p> <p class="">READ ALSO: <a href="https://www.pulse.com.gh/bi/finance/bank-of-ghana-recorded-over-dollar146-million-loss-in-2018/d6hz5r4" id="c57e8b69-6028-45c6-baeb-9ba60aea8c47" data-link-role-code="none">Bank of Ghana recorded over $146 million loss in 2018</a></p> <p class="">The requested amount is therefore expected to help the government to complete its planned programmes and initiatives as contained in the 2019 financial year.</p> <p class="">The Finance Minister made this request ahead of his <a href="https://www.pulse.com.gh/bi/finance/finance-minister-ken-ofori-atta-to-present-mid-year-budget-today/0e868sd" ... more
  • 3 weeks 2019 Mid-Year Budget Review: 10 Things To Expect ModernGhana -Biz
    The Minister of Finance, Ken Ofori-Atta is expected to be in Parliament on Monday, July 29, 2019 to present to the House, a reviewed 2019 budget. The presentation of the mid-year budget review is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921). Ahead of the presentation, some Ghanaians including the Minority in Parliament have urged the government to scrap the luxury vehicle tax and also introduce policies to cushion Ghanaians from economic ... more
  • 3 weeks Bank of Ghana recorded over $146 million loss in 2018 Pulse -Biz
    <p class="">The 2018 Annual report of the Bank of Ghana has shown that the central bank recorded a loss of GHC793 million (&amp;146,903,250) resulting from its operations.</p> <p class="">This figure is a drop of over 50%. In 2017, the BoG recorded GHC1.6 billion loss when the banking sector was facing challenges due to the new Minimum Capital Requirement set at the time.</p> <p class="">The BoG undertook a clean-up of the banking sector where a total of nine local banks had their licenses revoked because they were insolvent.</p> <p class="">The central bank’s Annual Report revealed that the bank succeeded in reducing ... more
  • 3 weeks Finance Minister, Ken Ofori-Atta to present mid-year budget today Pulse -Biz
    <p class="">Ghana’s Finance Minister, Ken Ofori-Atta will present the mid-year budget review and supplementary estimates in Parliament today [Monday, July 29, 2019].</p> <p class="">This is in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921).</p> <p class="">The presentation had been postponed twice.</p> <p class="">Even before the presentation is done, some pressure groups have cautioned the government against the introduction of new taxes. These groups have called on the government to review downward the already existing taxes.</p> <p class="">The mid-year budget is expected to touch on Ghana’s fiscal performance between January and June 2019, as well as ... more
  • 3 weeks Nigeria’s central bank pumps $284.2 million, 36 million Chinese Yuan into the forex market Pulse -Biz
    <ul><li>Nigeria's central bank injects the sum of $284.2 million and CNY 36.0 million into forex market. </li><li>The CBN says it is satisfied with the continued stability in the foreign exchange market.</li><li>Nigeria's external reserves peak at $45.07 billion in the first half of 2019.</li></ul> <p class="">The Central Bank of Nigeria (CBN) injected the sum of $284.2 million in the Retail Secondary Market Intervention Sales (SMIS) over the weekend</p> <p class="">The apex bank also intervened with CNY 36.0 million in the spot and short-tenured forwards segment of the inter-bank foreign market.</p> <p class=""><strong>Isaac Okorafor, </strong>the Bank’s Director, Corporate Communications Department, said the ... more
  • 3 weeks Mid-Year Budget Review: Remove Excise Tax On Bottled Water—AGI ModernGhana -Biz
    The Association of Ghana Industries (AGI) is calling for an excise tax on bottled water removed in the mid-year budget review as it would help make companies in the sector more competitive and productive. The Association said the high excise regime on bottled water, a basic necessity in the country, is a major challenge because Ghana 39;s excise rate of 17.5 percent on bottled water was significantly higher than the ECOWAS recommended a limit of 10 percent for non-alcoholic bever ... more
  • 3 weeks GRA Says No More Service Extension For Retired Staff ModernGhana -Biz
    The Ghana Revenue Authority (GRA) has served notice to all its employees that it will no more extend the services of its officers who are due for retirement. GRA says the move is part of processes to adopt a strategy aimed at its ldquo;transformation journey of effectively planning succession to ensure continuation of business and build a world class Authority rdquo;. This comes days after workers of the Ghana Revenue Authority (GRA) protested a myriad of issues that they say ... more
  • 4 weeks BoG Lost GHS793m In 2018 ModernGhana -Biz
    The Bank of Ghana last year recorded a loss of GHS793 million resulting from its operations, the bank 39;s 2018 Annual Report, has cited. The figure represents a more than 50 percent drop from the GHS1.6 billion the bank made in 2017 when the troubles from the banking sector were at their peak. The central bank 39;s Annual Report published on its website revealed that the bank succeeded in reducing its cost of operations from GHS4.4 billion in 2017 to about GHS3.9 billion in ... more
  • 4 weeks A former Finance Minister, Seth Terkper, wants his successor to be realistic about Ghana’s fiscal prospects Pulse -Biz
    <p class="">The former Finance Minister Seth Terkper has said that the Akufo-Addo-led government must be realistic about where they plan to take the country.</p> <p class="">His comment is coming when the Finance Minister, Ken Ofori-Atta is scheduled to present the mid-year budget review to Parliament on Monday (July 29, 2019).</p> <p class="">His predecessor argues that the government is not doing better but rather crumbling under the weight of several promises made while the governing party was in opposition.</p> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/ZjE7MDA_/17c811c2d4f229cbdf1d2d4c9451fe5f.jpg" alt="Finance Minister, Ken Ofori-Atta"> <figcaption>Finance Minister, Ken Ofori-Atta</figcaption> </figure> <p class="">In an interview with Accra-based Citi FM, ... more
  • 4 weeks Bank employees who flout rules could face up to 10-year ban Pulse -Biz
    <p class="">The Bank of Ghana has announced that former employees or shareholders of commercial banks who flout the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector.</p> <p class="">This was contained in the Fit and Proper directive issued by the Bank of Ghana (BoG) on Thursday (July 25, 2019).</p> <p class="">The Fit and Proper directive is to ensure sound corporate governance as a way of instilling confidence in the banking sector.</p> <p class="">The directive states that anyone that is not fit and proper shall not ... more
  • 4 weeks Ghana’s debt levels worrying according to World Bank Country Director Pierre Frank LaPorte Pulse -Biz
    <p class="">The World Bank Country Director Pierre Frank LaPorte says that Ghana’s rising debt levels put it at pre-HIPC levels.</p> <p class="">He was speaking at the World Bank’s Economic Marathon on Thursday afternoon and expressed worry about the situation.</p> <p class="">He explained that the government’s borrowing rate to pay outstanding debts and not to be re-invested is risky for an emerging economy like Ghana which poses dire consequences.</p> <p class="">“The World Bank is quite concerned about the recent trend in debt. We see across Africa debt is rising and we may be returning to HIPC levels of debt, where debt was ... more
  • 4 weeks Producer Price Inflation Records 7.6% In June ModernGhana -Biz
    The year-on-year producer price inflation for all industry was 7.6percent in June 2019, while the monthly change rate was 2.1%. David Yenukwat Kombat, a Deputy Government Statistician in charge of operations, who delivered the report recently in Accra, said the mining and quarrying sub-sector recorded the highest year-on-year producer price inflation rate of 22.4%, followed by manufacturing sub-sector with 6.1%. The utilities sub-sector recorded the lowest year-on-year produce ... more
  • 4 weeks Nigeria is Airtel Africa’s single largest revenue market, posts 22% revenue growth in the first half of 2019 Pulse -Biz
    <ul><li>Africa Nigeria posts $312.9 million profit in the first half of 2019 </li><li>Raghunath Mandava, Airtel Africa CEO, says the company awaits payment service bank license from Nigerian authority.</li><li>The company’s pretax profit rose to $167.4 million, more than double of the 2018 earnings.</li></ul> <p class="">Airtel Nigeria has reported 22.2% growth in revenue for the first half of 2019 supported by double-digit growth in voice and data revenue.</p> <p class="">According to its half-year financial results released on Friday, voice revenue increased 12.7% while data revenue was up 73.1%. Airtel Nigeria explains the results are driven by a double-digit increase in customer growth and ... more
  • 4 weeks AfDB Welcomes Fitch’s Affirmation of AAA Rating: Driven By Extraordinary Shareholder Support ModernGhana -Biz
    Abidjan, C ocirc;te d rsquo;Ivoire, July 25 2019 ndash; The Fitch rating, of the African Development Bank, published 24th July in London, is affirmed as AAA, with a stable outlook, on improved assessments, qualifications, and estimates. The rating provides a significant boost for the Bank at a time when it is discussing a substantial general capital increase to finance its strategy and activities over the next few years. Fitch Ratings is one of the leading global providers of cre ... more
  • 4 weeks Inlaks Wins Banking Technology Solutions Provider Of The Year At GITTA 2019 ModernGhana -Biz
    Inlaks Limited, the leading systems integrator in Sub-Saharan Africa, has won the enviable Banking Technology Solutions Provider of the Year award at the 2019 edition of the Ghana Information Technology and Telecoms Awards (GITTA) in Accra. Receiving the award, Femi Muraino, Executive Director, Inlaks, noted that the organization is geared towards providing world-class banking solutions that impact the banking industry in the Sub-Saharan region. Technology will continue to progress and th ... more
  • 4 weeks Akufo-Addo Commends Chinese Factory KEDA Ceramics ModernGhana -Biz
    The good works of KEDA ceramics also known as Twyford, a Chinese manufacturing factory in Shama in the western region have won the heart and admiration of the President Nana Akufo-Addo. The president has commended the company for their industrialization drive in the Western enclave. President Nana Akufo Addo stated that he is throwing his weight behind the company to encourage them to continue with their good job of creating jobs, reducing the import bill for tiles and participation ... more
  • 4 weeks China Is In Full Support Of One D, One F ModernGhana -Biz
    The People 39;s Republic of China is in full support of Ghana 39;s industrialization agenda, according to the Chinese Ambassador to Ghana, Mr. Shi Ting Wang. According to the Chinese Ambassador, his country has taken a keen interest in the Ghana government rsquo;s industrialization policy of one district one factory and fully supports its operation. He cited China rsquo;s show of support to the 1D1F policy by the massive investments of Chinese companies in the manufacturing ... more
  • 4 weeks Ghana Hosts Governors Of World Bank, IMF ModernGhana -Biz
    Finance Ministry and Bank of Ghana will host the first leg of 2019 African Caucus Meeting of the governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Accra between 31st July and 2nd August 2019. The second meeting will take place at the venue of the Annual Meetings of the IMF and WBG. ldquo;Hosting the African Caucus meeting in Ghana cements Government rsquo;s effort to position Ghana as a diplomatic and commercial hub, particularly ... more
  • 4 weeks Akufo-Addo Launches Community Mining Programme ModernGhana -Biz
    President Akufo-Addo on Wednesday launched the Community Mining Programme at Wassa Akropong, in the Western Region. The Community Mining Programme is aimed at formalizing mining in selected communities across the country. With at least one community mine expected to be set up in each of the mining districts in the country, the community mines will provide employment for more than 4,500 miners that were trained by Government at the University of Mines and Technology (UMaT), Tarkwa. ... more
  • 4 weeks Retailers Want 23% Tax On LPG Abolished ModernGhana -Biz
    Retailers of Liquefied Petroleum Gas (LPG), are calling on Akufo-Addo 39;s government to scrap the 23 percent tax levied on the fuel product. The LPG Marketing Association of Ghana wants the Finance Minister, Ken Ofori Atta, to take advantage of next week rsquo;s mid-year budget review, to bring relief to Ghanaians. ldquo;We note with grave concern that the product which used to be subsidised, has its price build-up being constituted of more than 23% taxes now. ldquo;For examp ... more
  • 4 weeks GCB Pays GH¢16.9m Dividend To Government ModernGhana -Biz
    GCB Bank has paid a dividend of GHS16.9 million to the government for the 2018 Fiscal Year. The cheque was presented to Mr Ken Ofori-Atta, Minister of Finance by the Managing Director of GCB Bank, Mr Anselm Ray Sowah at a short ceremony held at the Ministry of Finance on Wednesday 24th of July 2019. Mr Ofori-Atta commended GCB Bank for the stellar performance and for living up to expectations. He said GCB Bank plays a key role in national development and gave assurance tha ... more
  • 4 weeks Petrosol’s Marketing Head addresses young African leaders MyJoyOnline -Biz
    The Head of Marketing & Strategy of PETROSOL has advised young African entrepreneurs to build the foundations of their businesses on integrity and excellent stakeholder relationship management.  ... more
  • 4 weeks Remove 23% tax on LPG – Retailers to gov’t MyJoyOnline -Biz
    Retailers of Liquefied Petroleum Gas (LPG), are calling on government to scrap the 23 percent tax levied on the fuel product. ... more
  • 4 weeks Do more to increase internally generated revenue – Ofori-Atta tasks port operators MyJoyOnline -Biz
    Finance Minister Ken Ofori-Atta has vowed to ensure that the country’s revenues generated internally are used prudently to develop the economy. ... more
  • 4 weeks Mining the right way: Akufo-Addo launches Community Mining Programme MyJoyOnline -Biz
    President Akufo-Addo on Wednesday, July 24, launched the Community Mining Programme at Wassa Akropong, in the Western Region. ... more
  • 4 weeks Yango Launches Its New Comfort Tariff In Accra ModernGhana -Biz
    Yango, a ride-hailing service, after successfully launching in Ghana in June 2019, has introduced the Comfort tariff. The Comfort tariff is an additional tariff in the Yango app which allows individuals to order a high-quality air-conditioned car selected manually for a slightly higher but still affordable price. Musheg Sahakian, the Global Expansion Director of Yango said, ldquo;Our launch in Ghana is touted as the most successful in all our markets, and the Comfort Tariff is a r ... more
  • 4 weeks Kenya turns a corner in motor insurance policy and becomes the 1st country in E. Africa and 2nd in Africa to use insurance solution powered by telemat... Pulse -Biz
    <ul><li><strong>Kenya, through Heritage Insurance Kenya, becomes the first country in East Africa and second in Africa, after South Africa, to launch a telematics motor insurance solution. </strong></li><li><strong>The device collects and transmits driving behaviour relating to acceleration, braking and cornering, all of which are key factors in evaluating how well or poorly a vehicle is driven.</strong></li><li><strong>Godfrey Kioi, Managing Director of Heritage Insurance Kenya, which developed the solution in partnership with its technology partners, said at the end of the day the customer is the winner of this game-changing solution.</strong></li></ul> <p class="">Leading general insurance company, Heritage Insurance Kenya, has unveiled the Kenya’s ... more
  • 4 weeks 2019 Africa Caucus Meeting: Ghana hosts governors of World Bank, IMF MyJoyOnline -Biz
    The Finance Ministry and Bank of Ghana will host the first leg of 2019 African Caucus Meeting of the governors of the World Bank Group and the IMF in Accra between July 31 and August 2. ... more
  • 4 weeks Melcom@30: Over 60 customers win prizes from third draw MyJoyOnline -Biz
    Over 150 customers have won amazing prizes including home appliances, mobile phones, motorbikes and the ultimate prize, and the ultimate prize the Renault Kwid. ... more
  • 4 weeks Ghana’s Securities and Exchange Commission to shut down some more investment banks Pulse -Biz
    <p class="">The Deputy Director-General Securities and Exchange Commission (SEC), Paul Ababio, has said that they will soon revoke licences of some investment banks in the country after it completes an ongoing forensic audit of some 21 investment companies.</p> <p class="">Speaking to The Finder newspaper, Paul Ababio said that SEC is currently assessing the risk exposure levels of the 21 firms through a third party. The role of the third party is to verify their assets and ascertain their interconnectedness to other players in the financial sector.</p> <p class="">“We had some complaints from the market about certain investment firms. What are ... more
  • 4 weeks Ocean Marine Solutions Ready To Partner Gov’t For Maritime Security ModernGhana -Biz
    Rear Admiral Ameen A. Ikioda Rtd., Managing Director, Ocean Marine Solutions says his company is ever ready to provide maritime security for the Ghana Navy and other shipping companies in Ghana rsquo;s territorial waters. The company he explains is Nigeria 39;s premium pioneer private maritime security with over a decade experience in maintaining hundred percent record success in deterring threats from piracy and terrorism on the sea. He was speaking in an interview on the sidelin ... more
  • 4 weeks Qatar joins the race of firms eyeing a piece of Kenya’s ‘light and sweet’ crude oil and buys three offshore exploration blocks ahead of ... Pulse -Biz
    <ul><li><strong>Qatar Petroleum, a State-owned company of the energy-rich Arab nation, has acquired three offshore exploration blocks in the Lamu Basin.</strong></li><li><strong>The three offshore blocks are situated in what is considered to be a frontier and largely unexplored area in the Lamu Basin. </strong></li><li><strong>Kenya has about 63 gazetted oil blocks, 27 of which have been assigned to 15 oil companies for prospecting including the State-owned National Oil Corporation of Kenya (NOCK).</strong></li></ul> <p class="">Energy-rich Arab nation of Qatar is eyeing a piece of Kenya’s ‘light and sweet’ crude oil ahead of a major crude production in 2022.</p> <p class="">Qatar Petroleum, a State-owned company ... more
  • 4 weeks Controller and Accountant General’s warns against unsolicited messages MyJoyOnline -Biz
    The Controller and Accountant General’s Department has warned that it will with immediate effect blacklist and subsequently publish the names of financial institution or its agent engaged in issuing unsolicited messages to government employees. ... more
  • 4 weeks Bank of Ghana to assess people appointed to key positions of banks in the country Pulse -Biz
    <p class="">The Bank of Ghana has said that it will now scrutinize people appointed by financial institutions to occupy key positions using its new fit and proper persons directive.</p> <p class="">This directive is the BoG’s way to of ensuring sound corporate governance as a way of instilling confidence in the banking sector.</p> <p class="">In the directive, Ghana Central Bank said its fit and proper persons directive emanates from provisions of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and the Bank of Ghana Act 2002 (Act 612), as amended by Act 738, which empowers the bank to have ... more
  • 4 weeks Alex Mould Wants TOR Privatised ModernGhana -Biz
    A former Chief Executive of the Ghana National Petroleum Corporation (GNPC) Alex Mould is proposing the privatisation of the Tema Oil Refinery (TOR) to make it viable. According to Mr Mould privatisation could be one of the surest ways to deal with the challenges that have prevented the refinery from making good profits over the years. Mr Alex Mould rsquo;s proposal follows revelations in an internal management report which suggested that the company was facing some serious li ... more
  • 4 weeks Ban on fishing good but check exploiting industrial trawlers – Rawlings to gov’t MyJoyOnline -Biz
    ... more
  • 4 weeks African Development Bank and Egypt’s Stock Exchange hold investor roundtable for the African Domestic Bond Fund ModernGhana -Biz
    Cairo, Egypt, 24 July, 2019 - The Egyptian Exchange (EGX) and the African Development Bank have jointly organised an investor roundtable in Cairo to promote the African Domestic Bond Fund (ADBF), set up to improve the liquidity and transparency of African local currency bond markets ndash; a key step in expanding the continent rsquo;s capital markets, with Egypt playing a leading role. The event held 21-22 July, was well attended by a wide range of financial groups including represent ... more
  • 4 weeks Kenyans will soon start buying locally assembled Toyota Hilux models after Toyota Kenya sinks $1 million to make it a reality Pulse -Biz
    <ul><li><strong>Toyota Kenya is planning to sink Sh100 million ($1 million) in setting up a local assembly plant of its popular Hilux model starting October.</strong></li><li><strong>The motor vehicle manufacturer plans to churn out more than 500 Hilux cars during the first year of production.</strong></li><li><strong>Toyota Hilux will join Land Cruiser pick-ups, Hino trucks and Yamaha Motorcycles, which are already assembled locally. </strong></li></ul> <p class="">Kenyans will soon start buying locally assembled Toyota Hilux, one of Toyota Kenya highest selling models.</p> <p class="">Toyota Kenya is planning to sink Sh100 million ($1 million) in setting up a local assembly plant of its popular Hilux model starting October, ... more
  • 4 weeks Vodafone partners Samsung to launch smartphone campaign MyJoyOnline -Biz
    In a drive to empower the digital lives of customers, Vodafone has partnered Samsung to launch a new smartphone campaign. ... more
  • 4 weeks Vodafone partners Zenith Bank to deliver mobile financial services MyJoyOnline -Biz
    Vodafone Ghana, a leading telecommunications company in Ghana, and Zenith Bank, a market leader in banking, have joined forces to enhance the delivery of mobile financial services across the country. ... more
  • 4 weeks Privatisation is best option for TOR – Alex Mould MyJoyOnline -Biz
    A former Chief Executive of GNPC, Alex Mould, is proposing the privatisation of the Tema Oil Refinery (TOR) to put the firm on a strong footing.  ... more
  • 4 weeks WAMCO Revamped, Promise Fulfilled—Says Akufo-Addo ModernGhana -Biz
    President Akufo-Addo has expressed delight at the revamping and re-opening of the West African Mills Company Ltd (WAMCO), a cocoa processing factory in Takoradi which was closed down in 2014. Visiting the factory on Wednesday, July 24, the 2nd day of his working visit to the Western Region, President Akufo-Addo was excited to have fulfilled the pledge he made to the people in the run-up to the December 2016 elections. ldquo;...the promise I made to the people of Takoradi has been fu ... more
  • 4 weeks GUTA Threatens Mammoth Demo ModernGhana -Biz
    The Ghana Union of Traders Association (GUTA) is planning a mammoth demonstration against government in three months, if the authorities fail to enforce laws governing retail trade. President of the Association, Dr Joseph Obeng, at a press conference held at the Central Business District (Opera Square) said, if government does not do as expected and the time comes for the demonstration, his members will not be stopped. ldquo;We are going to declare the destiny day demonstration in t ... more
  • 4 weeks Construction of Axim mini-harbour starts MyJoyOnline -Biz
    Work has commenced on the construction of a mini-harbour and fish landing site in Axim, in the Western Region. ... more
  • 4 weeks Akufo-Addo ‘excited’ at revamped WAMCO MyJoyOnline -Biz
    President Akufo-Addo has expressed his delight at the revamping and re-opening of the WAMCO, a cocoa processing factory in Takoradi which was closed down in 2014. ... more
  • 4 weeks Here are the faces of all the 15 men who have served as Kenya’s finance ministers since independence Pulse -Biz
    <ul><li><strong>The ministry is responsible for managing Kenya's National and County Levels of Government Finances.</strong></li><li><strong>It derives its mandate from the Kenyan Constitution 2010, the Public Management Act 2012 and the Executive order No. 2/2013.</strong></li><li><strong>Considering that, here are all the men who have served as Kenya's finance ministers at different times of the country's history.</strong></li></ul> <p class="">The National Treasury is one of the most powerful and lucrative ministries in the Kenyan government. The ministry is responsible for managing Kenya's National and County Levels of Government Finances.</p> <p class="">It derives its mandate from the Kenyan Constitution 2010, the Public Management Act 2012 and ... more
  • 4 weeks GUTA threatens civil disobedience if gov’t fails to enforce retail trade laws MyJoyOnline -Biz
    ​​​​​​​The GUTA is planning a mammoth demonstration against government in three months, if it fails to enforce laws governing retail trade. ... more
  • 4 weeks NNPC eyes 3 million barrels per day oil production with $3.15 billion financing for OML 13 Pulse -Biz
    <p class="">The <strong>Nigerian National Petroleum Corporation</strong> (NNPC) has signed a $3.15 billion financing and technical services agreement with <strong>Sterling Oil Exploration and Energy Production Company Limited</strong> (SEEPCO) and the exploration and production arm of NNPC for the development of Oil Mining Lease (OML) 13.</p> <p class="">OML 13, one of the lucrative oil wells, located in the eastern axis of the<strong> Niger Delta</strong>, covering a total area of 1987km² is 100 percent owned by the <strong>Nigerian Petroleum Development Company</strong> (NPDC).</p> <p class="">The quest is to increase the nation’s crude oil reserves and daily oil production to 3 million barrels per day, ... more
  • 4 weeks NIB MD calls for realignment as bank rebounds MyJoyOnline -Biz
    The Managing Director of the National Investment Bank (NIB) is confident the bank will soon experience a rebound in its operations and take an enviable place in the banking industry. ... more
  • 4 weeks Fidelity Bank outdoors Visa Contactless card, POS Terminals MyJoyOnline -Biz
    As part of Fidelity Bank’s ongoing digital transformation to support our aggressive customer-centric drive, Fidelity Bank has introduced Visa-contactless cards.  ... more
  • 4 weeks Ghana’s mid-year review focusing on raising more revenues to complete government’s agenda, Information minister discloses Pulse -Biz
    <p class="">The Information Minister in Ghana says the mid-year budget review will among others focus on augmenting government revenues to fund the outstanding coordinated programmes of social and economic policies.</p> <p class="">According to him, the 1992 Constitution requires every administration to prepare a coordinated programme of social and economic policies with which it will govern hence it will raise more revenues to complete its agenda.</p> <p class="">The Information Minister announced this at a media briefing in Accra.</p> <p class="">He said the annual budget programme were designed to fund and execute a part of that programme each fiscal year, adding that, ... more
  • 4 weeks Here’s all you need to know about Kenya’s new Treasury Cabinet Secretary Ukur Yatani Kanacho Pulse -Biz
    <ul><li><strong>On Wednesday, President Kenyatta appointed (Amb.) Ukur Yatani Kanacho, who currently serves as the Cabinet Secretary, Ministry of Labour and Social Protection, as the new treasury secretary in Acting Capacity. </strong></li><li><strong>Mr. Rotich is accused of flouting procurement procedures in awarding a contract worth more than $450m (£405m) for the construction of two dams to an Italian firm, CMC de Ravenna.</strong></li><li><strong>Here’s all you need to know about the new Treasury CS.</strong></li></ul> <p class="">Kenya has a new Treasury Cabinet Secretary following the arrest of Mr. Henry Rotich and the Principal Secretary for the National Treasury Dr. Kamau Thugge both of whom are ... more
  • 4 weeks Mid-Year Budget Review: Don’t Introduce New Taxes – AGI Warns ModernGhana -Biz
    Businesses have warned against the introduction of new taxes in the midyear budget review because it will be counterproductive and could destabilise their activities. Rather, they are urging the Finance Minister Ken Ofori-Atta to review a number of policies they claim are having negative repercussions on local businesses, particularly those in the manufacturing sector. Key among them include the 5% VAT rate introduced during the last midyear review, the reduction in benchmark ... more
  • 4 weeks Association of Ghana Industries warns the government not to introduce new taxes ahead of midyear budget review Pulse -Biz
    <p class="">The Association of Ghanaian Industries (AGI) has cautioned the government against the introduction of new taxes in the midyear budget review. </p> <p class="">The president of the AGI Seth Twum-Akwaboah explained that this is because the introduction of new taxes could destabilise the business community.</p> <p class="">“The 2019 budget has been presented and implemented, so we do not expect major adjustment except that last year we were shocked with some few taxes. This year we are not expecting a major shift in the budget review.”</p> <p class="">He said that the AGI rather want the Finance Minister Ken Ofori-Atta to review ... more
  • 4 weeks Lawmakers back plan to nationalize Kenya Airways MyJoyOnline -Biz
    Kenya's parliament voted on Tuesday to nationalize the country's main airline Kenya Airways to save it from mounting debts. ... more
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