• 9 months Total ban placed on harvest, export of Rosewood CNR -Biz
    The Lands and Natural Resources Ministry has placed a total ban on the harvesting and exporting of rosewood. The Ministry has directed the Forestry Commission to suspend the processing of permits for the exportation of rosewood. As at August 2017, the Ministry of Lands and Natural Resources had permitted 25 companies to salvage rosewood from the Brong-Ahafo, Upper East, Upper West and Northern Regions. A ban was first placed on the harvesting, transportation, export, sale or processing of rosewood in the country in 2014. China is noted as a major destination of felled rosewood where it is highly valued and used for antique-style ... more
  • 9 months Gov’t announces 10 measures to make Ghana an easier place to do business CNR -Biz
    Vice President Dr. Mahamudu Bawumia has announced 10 measures introduced by various Ministries, Departments and Agencies over the past nine months in an effort to improve the country’s business environment. A multisectoral technical team from across Government agencies presented the ambitious business reform plan to key stakeholders at Labadi Beach Hotel. The planned reforms are within the framework of the World Bank Group’s Doing Business Report, which provides objective measures of business regulations for local firms in 190 economies and selected cities at the subnational level. The reforms will cover starting a business, obtaining construction permits, getting electricity, trading across borders, and resolving ... more
  • 9 months Kasapreko, Cross Boundary Energy complete commissioning of 400KWp Solar Plant CNR -Biz
    Kasapreko Company Limited (Kasapreko), CrossBoundary Energy Ghana Limited (CBE Ghana), and Yingli Namene West Africa Limited (Yingli Namene) have announced the completion of commissioning of Kasapreko’s 400.4 KWp solar plant located at Kasapreko’s Spintex Road bottling facility. The installation is Ghana’s first PPA-financed solar plant for a commercial customer. CrossBoundary Energy Ghana, the first licensed operator to finance solar PPAs for Ghanaian businesses, will operate the rooftop facility on behalf of Kasapreko as part of a 16-year solar services agreement. Under the agreement, Kasapreko will only pay for solar power produced, receiving a single monthly bill that incorporates all maintenance, ... more
  • 9 months A civil servant in Ghana was ¢86,735 for no work done for a year Pulse -Biz
    <p class="">A Ghanaian employee under the Ministry of Health received his salary for 12 months for no work done.</p> <p class="">According to the Auditor General’s report which is being scrutinised by Parliament’s Public Accounts Committee, Dr Emmanuel Adjase collected ¢86,735($15,656) between December 2014 to December 2015 while posted at the College of Health Research at Kintampo in the Bono Ahafo region.</p> <p class="">At the time, Dr Adjase was linked to a corrupt practice after which he was asked to step aside for an investigation into the allegation.</p> <p class="">The Comptroller and Accountant-General’s Department which pays public sector employees still continued ... more
  • 9 months A civil servant in Ghana was paid ¢86,735 for no work done for a year Pulse -Biz
    <p class="">A Ghanaian employee under the Ministry of Health received his salary for 12 months for no work done.</p> <p class="">According to the Auditor General’s report which is being scrutinised by Parliament’s Public Accounts Committee, Dr Emmanuel Adjase collected ¢86,735($15,656) between December 2014 to December 2015 while posted at the College of Health Research at Kintampo in the Bono Ahafo region.</p> <p class="">At the time, Dr Adjase was linked to a corrupt practice after which he was asked to step aside for an investigation into the allegation.</p> <p class="">The Comptroller and Accountant-General’s Department which pays public sector employees still continued ... more
  • 9 months Food prices in Ghana to drop in March Pulse -Biz
    <ul><li>Esoko has revealed that food prices will go down in the month of March.<li><li>In a report, Esoko stated that the reduction is because farmers want to sell their old stock.<li><li>This is to help them raise enough money for the new season.<li></ul> <p class="">Food commodity prices for the month of March have been projected to reduce according to data from Esoko.</p> <p class="">The report showed the performance of commodities for the month of February by Esoko. It also explained that this projection is based on the sentiments of farmers to sell all their old stock to raise enough money to purchase ... more
  • 9 months Ex-UT, Capital bank staff to meet GCB management over contract termination CNR -Biz
    Ex-workers of defunct UT and Capital Banks are scheduled to have a  meeting with the management of GCB Bank over the termination of their contracts. Overall, 56 ex-staff of the banks were affected after the GCB Bank said they did not possess the minimum qualification required to work with the bank. Although the workers have threatened to petition President Akufo-Addo and the Commission on Human Rights and Administrative Justice (CHRAJ), spokesperson for the ex-staff, Raymond Addai Danquah said the outcome of the meeting will ultimately inform their next move. Speaking in an interview with Citi News, Mr. Danquah said the ... more
  • 9 months GNPC’s ‘backstabbing’ stopped Ghanaians from owning 40% of MTN – Yusif Ibrahim CNR -Biz
    Chief Executive Officer (CEO) of the Dara Salaam Group of Companies, Alhaji Yusif Ibrahim, has stated that but for an act of bad faith by the Ghana National Petroleum Corporation (GNPC), telecommunications giant, MTN would have been 40 percent Ghanaian-owned. Until its recent Initial Public Offering (IPO), MTN was wholly-owned by South African nationals. Speaking to Paul Adom-Otchere on Good Evening Ghana, following the launch of his autobiography, Alhaji Yusif Ibrahim said in the early 2000s, MTN agreed a partnership deal with him to purchase Western Telesystems (WESTEL), which was the biggest telecommunications company in Ghana at the time. ... more
  • 9 months Ghana is seeking a $750 million loan from StanChart and Standard Bank, here’s how it plans to spend it Pulse -Biz
    <p class="">The government of Ghana has announced that it is in talks with Standard Chartered Plc and Standard Bank Group Ltd. for a bridge loan of $750 million.</p> <p class="">The government says it will repay the facility with the proceeds of an Eurobond sale.</p> <p class="">The finance ministry listed the proposal for a syndicated loan in the last Friday’s parliamentary order papers and said it is intended to “fund or refinance development projects and for liability management.</p> <p class="">Recently, Nigeria appointed some five banks as lead arrangers for Eurobond sale which included StanChart and Johannesburg-based Standard Bank.</p> <p class="">Ghana has, ... more
  • 9 months Absa Group reports increase in 2018 earnings CNR -Biz
    Absa Group Limited, one of Africa’s largest financial services providers, reported an increase in revenue and earnings for 2018, a year of almost unprecedented corporate activity as the group repositioned itself for delivery against a new growth strategy as an independent African bank. Normalised headline earnings increased 3% to R16.1 billion compared with 2017 and revenue increased 4% to R75.7 billion. Shareholders will receive a final dividend of R11.10 per share, a 4% increase from the final 2017 dividend. Normalised earnings are considered the best measure of underlying group performance as it strips out the distorting effect of items related ... more
  • 9 months Bad market for Boeing after Ethiopian Airlines crash as four countries halt fleet operations Pulse -Biz
    <p class=""><strong><em>Boeing may experience a major setback after its narrow-body airline 737 Max 8 in the Ethiopian Airlines fleet suffered deadly crash.</em></strong></p> <ul><li>Boeing 737 Max 8 in the Ethiopian Airlines fleet suffered deadly crash over the weekend, killing 149 passengers and 8 crew members.<li><li>4 countries ground and suspend the use of Boeing 737 Max 8 jets across the world.<li><li>Aviation authorities investigate deadly crash.<li></ul> <p class="">Boeing, one of the world's largest airliner developers and manufacturers in the United States, may experience a major setback after its narrow-body airline, Boeing 737 Max 8 in the Ethiopian Airlines fleet suffered deadly crash over ... more
  • 9 months Five companies to start Cylinder Recirculation Model – NPA CNR -Biz
    The National Petroleum Authority (NPA) has licensed five LPG marketing Companies to undertake the Cylinder Recirculation Model. The policy is expected to be rolled out before the end of the year. The marketing companies under the Cylinder Recirculation Model will be responsible for the distribution of already filled LPG Cylinders to consumers. They will also be responsible for the purchasing and branding of the cylinders. Per the model, the Cylinders will be filled at a point, and transported to the marketing companies for onward sale to consumers. The government has indicated that it will provide financial assistance to the marketing ... more
  • 9 months ‘Payment Systems and Services Bill’ to be passed in June – BoG CNR -Biz
    The Bank of Ghana (BoG) says it is confident that works on the Payment Systems and Services Bill before Parliament will be completed by the end of June this year. The Payment Systems and Services Bill has been in Parliament for about 2 years. When passed into law it is expected to further strengthen the regulatory environment and provide additional support for non-banks to establish, and operate businesses offering electronic payment services. The Bill also seeks to promote innovation in the design of new secure electronic money products and payment services and also engender competition in the electronic money business. Speaking on the ... more
  • 9 months Five companies licensed for cylinder recirculation program – NPA CNR -Biz
    The National Petroleum Authority (NPA) has licensed five LPG marketing Companies to undertake the Cylinder Recirculation Model. The policy is expected to be rolled out before the end of the year. The marketing companies under the Cylinder Recirculation Model will be responsible for the distribution of already filled LPG cylinders to consumers. They will also be responsible for the purchasing and branding of the cylinders. Per the model, the cylinders will be filled at a point and transported to the marketing companies for onward sale to consumers. The government has indicated that it will provide financial assistance to the marketing ... more
  • 9 months Economist calls for meritocracy to support Ghana’s growth CNR -Biz
    An Economist, Kwame Pianim has bemoaned the poor state of Ghana’s development despite its human resource strength. According to him, the number of Ghanaians in specialized fields is enough to chart the country’s development agenda. Speaking at the launch of the autobiography of a distinguished entrepreneur, Alhaji Yusi Ibrahim, the renowned economist challenged the status quo of engaging people on ethnocentric tendencies. He proposed a meritocratic system as a solution to Ghana’s problems. “If Ghana moves to use its people in a meritocracy base, I think this country will change very quickly. When Kwame Nkrumah started instralisation, we didn’t have ... more
  • 9 months Economist decries Ghana’s dev’t growth, calls for meritocracy CNR -Biz
    An Economist, Nana Pianim has bemoaned the poor state of Ghana’s development despite its human resource strength. According to him, the number of Ghanaians in specialized fields is enough to chart the country’s development agenda. Speaking at the launch of the autobiography of a distinguished entrepreneur, Alhaji Yusi Ibrahim, the renowned economist challenged the status quo of engaging people on ethnocentric tendencies. He proposed a meritocratic system as a solution to Ghana’s problems. “If Ghana moves to use its people in a meritocracy base, I think this country will change very quickly. When Kwame Nkrumah started instralisation, we didn’t have ... more
  • 9 months Eni, Gov’t launch Okuafo Pa Project in Bono Region CNR -Biz
    The Minister of Planning, Prof. Gyan Baffour, representing the President, Nana Akufo-Addo; the Krontihene of Dormaa Barimah Ansu Agyei, and Eni’s Executive Vice President for Sub-Saharan Africa Guido Brusco on Friday cut the sod for a new training center for diversified agricultural development and entrepreneurship at Kyeremasu, in the Dormaa East district of the Bono Region, The Minister of Health, Kwaku Agyemang-Manu and the Italian Ambassador to Ghana Giovanni Favilli also attended the ceremony. Mr. Guido Brusco, Eni Executive Vice President for Sub-Saharan Africa cutting the sod for the project The training centre is part of the Okuafo Pa Project, aimed ... more
  • 9 months Cost of registering business in Ghana too low – Minority Leader Pulse -Biz
    <p class="">The Minority Leader in Parliament, Haruna Iddrissu, has indicated that the government must reconsider its decision to peg the cost of registering new businesses in the country.</p> <p class="">He explained that the pegging of registration fees of companies at GH¢120 in the new Companies Bill before Parliament is too low particularly for multinational companies that would be registered as limited liability companies or companies limited by guarantee.</p> <p class="">“We should take a look at the fees and make it more realistic. You cannot at this age allow big companies to come to Ghana and let them pay GH¢120 for ... more
  • 9 months Report: Banks in Ghana made profits in the last financial year, here’s how much your bank made Pulse -Biz
    <p class="">Banks in Ghana has been noted to have had huge profits on their operation.</p> <p class="">After these banks met the Bank of Ghana’s recapitalization requirement of $71.7 million (GH₵400 million), they have been able to make huge profits in the last financial year.</p> <p class="">An unaudited result sighted by Business Finder suggests that the balance sheets of most of the banks have improved significantly, however, Stanchart made some slight decrease.  </p> <p class=""> Here are the banks that have made significant profits in the last financial year.</p> <p class=""> Ecobank</p> <p class="">Ghana’s second-biggest bank in terms of assets and market share, Ecobank ... more
  • 9 months Fuel prices in Ghana have crossed the GHC5/litre mark Pulse -Biz
    <p class="">The prices of petrol and diesel in the country have increased beyond GHC5 at fuel stations in the country.</p> <p class="">A visit to two of the major Oil Marketing Companies (OMC) in the country showed an increase.</p> <p class="">Total and Shell fuel stations are displaying a 24 pesewas increase in the prices of both Diesel and Petrol on their fuel price board. Both are now selling at GHc5.18.</p> <p class="">However, GOIL is yet to adjust its prices, petrol and diesel are still selling at GHc4. 94 pesewas.</p> <p class="">Allied Oil are also yet to adjust its prices. The company ... more
  • 9 months Nigeria’s GTBank posts over $500 million profit in 2018 Pulse -Biz
    <p class=""><strong><em>Digital banking strategy contributes to GTBank's strong financial performance. </em></strong></p> <ul><li>Guaranty Trust Bank Plc (GTB) posts N184.6 billion ($507 million) as profit for the year ended December 31, 2018<li><li><strong>Segun Agbaje</strong>, Managing Director/CEO, GTBank, says the bank will continue to <em>build the bank of the future with the massive potential of digital technologies to create Africa’s first integrated and trusted platform.</em><li><li>Total assets stand at N3.287 trillion as at December 31, 2018, while shareholders’ funds stand at N575.6 billion.<li></ul> <p class="">Nigeria's tier-1 bank, Guaranty Trust Bank Plc (GTB) has posted N184.6 billion ($507 million) as profit for the year ended December 31, ... more
  • 9 months Isaac Adongo writes: $800m deceit and Bank of Ghana’s non-compliance with its own law CNR -Biz
    In the last few days, the Bank of Ghana (BoG) has been grappling with how to arrest the free fall of the cedi to help redeem the sinking image of the government as presiding over weak fundamentals that are now shamelessly exposing it to the Ghanaian public and the international investor community in particular. Faced with a dangerously low net international reserves (NIR) at a time there is no convincing hope of any inflows in the coming days, the central bank has been honest in admitting that it has so far been unable to support the cedi with a single ... more
  • 9 months Meet the 7 most powerful women in Nigeria’s financial industry Pulse -Biz
    <p class=""><strong><em>Business Insider Sub-Saharan Africa looks at the 7 most powerful women in Nigeria’s financial industry.</em></strong></p> <p class="">Every March 8, the world celebrates<a href="https://www.pulse.ng/bi/finance/this-chart-shows-us-that-women-are-still-left-behind-in-top-positions-in-nigerias/jg2m83v" id="c5e56add-c64b-4794-b29b-b92028adc114"> International Women's Day</a>. It is a day set out to talk about the movement for women's rights around the world.</p> <p class="">The 2019 theme for the International Women’s Day is ‘BalanceforBetter,’ and Business Insider Sub-Saharan Africa looks at the 7 most powerful women in Nigeria’s financial industry.</p> <p class=""><strong>7. Arunma Oteh – Ecobank board member</strong></p> <figure class="image" align="center"> <img src="http://ocdn.eu/images/pulscms/Nzc7MDA_/1fe6f6e2e4e727db2363f97d9c985c9a.jpeg" alt="Former Securities and Exchange Commission (SEC) DG, Arunma Oteh"> <figcaption>Former Securities and Exchange Commission (SEC) ... more
  • 9 months Injection of $800m to halt cedi’s fall unsustainable – Avedzi CNR -Biz
    The Minority in Parliament has described as unsustainable, recent measures adopted by government to tackle the fall of the cedi against major trading currencies especially the US dollar. According to the Deputy Minority Leader, James Klutse Avedzi, the injection of some $800 million of reserves from the Central Bank into the economy to stabilize the currency won’t work beyond a couple of weeks. The cedi has depreciated against the dollar from GHc 4.9 to over GHc 5 in the last two months to the dismay of the business community, among others. President Nana Akufo-Addo has said the government is doing ... more
  • 9 months Fuel prices up; cross GHc5 mark CNR -Biz
    Prices of Petrol and Diesel have gone up beyond GHc 5 at some fuel stations in the country. Checks at two of the major Oil Marketing Companies, Total and Shell showed a 24 pesewa increase in the prices of both Diesel and Petrol. Both are now selling at GHc5.18. GOIL, on the other hand, is yet to adjust its prices, petrol and Diesel are still selling at GHc4. 94 pesewas. Other companies such as Allied are also yet to adjust its prices. The company is still selling Petrol and Diesel at GHc4.94 Glory Oil is, however, selling a little below ... more
  • 9 months Review exorbitant luxury vehicle levy – Avedzi to gov’t CNR -Biz
    Deputy Minority Leader, James Klutse Avedzi wants the government to reduce the rate charged as luxury vehicle levy. Last year, the government introduced a new levy on vehicles with engine capacities of 3.0 litres and above. Vehicles with engine capacity of 2950 to 3549 capacity will pay GHS1,000 cedis, while vehicles with engine capacity of 3550 to 4049 will pay  GHS1,500. Engine capacity above 4049 will pay GHS2,000 cedis. Already, seven associations including the Vehicle and Asset Dealers Association embarked on a demonstration to protest the luxury vehicle levy. Speaking on Eyewitness News, Avedzi said, the government should consider a downward ... more
  • 9 months This chart shows us that women are still left behind in top positions in Nigeria’s banking industry Pulse -Biz
    <p class=""><strong><em>The 2019 theme for the International Women’s Day is ‘BalanceforBetter’ and it is a call for a balanced world for women and the celebration of their achievements.</em></strong></p> <ul><li>The 2019 theme for the <strong>International Women’s Day</strong> is ‘<strong>BalanceforBetter</strong>’.<li><li>Despite calls for women inclusion at all levels, there is still a glaring gender parity both in public and private sectors. <li><li>To celebrate International Women's Day, BiSSA by Pulse looks at the banking industry to see how women are being represented in top positions.<li></ul> <p class="">Despite the call for women inclusion and equal representation at the local, national and international levels, there is ... more
  • 9 months Seven groups demonstrate against luxury vehicle tax CNR -Biz
    Seven Associations including the Vehicle and Asset Dealers Association on Thursday embarked on a demonstration to protest the luxury vehicle levy. Members of the associations presented a petition to the Ministry of Finance. The levy was introduced during the 2018 midyear budget review, and it affects vehicles with engine capacity above 3.0 litres. The yearly charge ranges between GHc1, 000 to Ghc2, 000. In an interview with Citi News, the General Secretary of the Vehicle and Asset Dealers Association, Nana Owusu Duodu, expressed their resolve to embark on countless protests to ensure a reversal of the levy. “We wrote ... more
  • 9 months We’ve not abandoned Ayensu starch factory – Management CNR -Biz
    The Management of Tiberias Ghana Limited, majority shareholders of the Ayensu Starch factory has rejected claims that it has abandoned the facility. The company in a statement said it has gone to great lengths to ensure that the plant is running after it took over the factory in 2016. “So far, Tiberias has invested over 20 million in retooling and refurbishing the factory to improve its operations and increase yield for the ready market because of the quality of starch it produces,” the company added in a statement sighted by citinewsroom.com. While answering questions on the Floor of Parliament last ... more
  • 9 months Ghana’s Parliament summons the Finance Minister over the collapse of local banks Pulse -Biz
    <ul><li>In August 2018, the Bank of Ghana merged five other local banks into what is now called the Consolidated Bank Ghana limited.<li><li>Ghana's Parliamentarians have indicated that they want to know the state of the banking sector after the merger and other reforms.<li><li>Parliament has therefore asked the Finance Minister to appear himself to answer questions.<li></ul> <p class="">The Speaker of Parliament, Prof. Mike Oquaye has directed the Finance Minister, Ken Ofori-Atta to appear before the house himself to answer questions filed by Members of the House on the collapse of some local banks.</p> <p class="">This comes after the Minority in Parliament insisted ... more
  • 9 months The Private Enterprise Federation wants the Bank of Ghana to provide guidelines to sustain local banks Pulse -Biz
    <ul><li>The Bank of Ghana during the process of sanitising the banking sector merged some local banks.<li><li>The Central bank said this was done in a bid to ensure a stronger and robust financial sector.<li><li>Even though the Private Enterprise Federation believes it was a good thing, they also want the BoG to develop a framework that will ensure that the local banks grow.<li></ul> <p class="">The Private Enterprise Federation (PEF) has called on the Bank of Ghana to make available strategic guidelines which will help the local banks in the country to become stronger to match up to the standard of the foreign ... more
  • 9 months No more deputies; Finance Minister ordered to appear in Parliament CNR -Biz
    The Speaker of Parliament, Prof. Mike Oquaye has directed the Finance Minister, Ken Ofori-Atta to be in Parliament himself to answer questions filed by Members of the House. Prof. Mike Oquaye’s ruling follows the Minority’s insistence that the Minister and not his deputies be present to answer questions which mainly concern mobile money transactions and other details about the banking sector reforms. The questions were to be answered on Thursday but the Minister wrote to the House asking for a leave of absence. In such cases, Deputy Finance Ministers, some of whom are Members of Parliament, are allowed to answer ... more
  • 9 months Ghana’s former Finance Minister says the country still needs IMF to deal with its current economic crisis Pulse -Biz
    <p class="">The International Monetary Fund (IMF) boss Christine Lagarde, on her recent visit to Ghana, said that Ghana had everything it takes to do without an IMF programme.</p> <p class="">However, Ghana’s former Finance Minister, Seth Terkper thinks otherwise.</p> <p class="">He has projected that a complete breakup between Ghana and the International Monetary Fund (IMF) could cause serious economic problems for the country.</p> <p class="">In an interview, the former finance minister revealed that the government should consider staying under the check of the international body although its programme with the IMF is gradually drawing to a conclusion.</p> <p class="">This according to ... more
  • 9 months Meet Nigeria’s wealthiest billionaires with a collective net worth of over $20 billion Pulse -Biz
    <p class="">Four Nigerians made the newly released Forbes list.</p> <ul><li>Forbes has released its annual list of billionaires.<li><li>It features the 2,153 richest people in the world.<li><li>This year's list has billionaires from various African countries including four from Nigeria.<li></ul> <h1>Meet Nigeria's wealthiest billionaires with a collective net worth of over $20 billion.</h1> <p class="">The <strong>Forbes</strong>' annual Billionaires List, released on March 5, 2019, has 2,153 richest people in the world and seven from various parts of <strong>Africa. </strong></p> <p class="">We narrow the list down to the wealthiest people from Nigeria. From<strong> Aliko Dangote</strong> to the only woman on the list,<strong> Folorunsho Alakija, ... more
  • 9 months Databank CEO interacts with clients CNR -Biz
    Databank, Ghana’s leading investment bank, held a Forum dubbed ‘Time with the CEO’ for its clients and the general public on Friday, March 1, 2019, at the new Accra Metropolitan Assembly Office Complex. The program was moderated by Bernard Avle, host of the Citi FM Breakfast Show. The crisis in the financial sector and the inability of many investors to access their investments through a number of financial institutions has eroded the trust of many Ghanaians. Many have been affected directly or have a friend or family member who has been impacted in some way. There is a lot of ... more
  • 9 months Twellium Industries Supports Teong 8-Unit Classroom Project CNR -Biz
    Beverage and water manufacturing giants, Twellium Industries limited has yet again demonstrated gross responsibility by again giving back to society. Last Tuesday, they joined the McDan Foundation to commission an 8-Unit  Classroom Block and furniture in Teong, a deprived community at the Tempane District, Upper East. It was a collaborative effort by Twellium Industries and the McDan Foundation geared towards addressing the schools under trees menace. In his address at the inauguration ceremony, Ali Ajami, head of marketing, Twellium Industries Limited said ” We believe in making education accessible to every child. Every child in Ghana deserves quality education, hence ... more
  • 9 months A Ghanaian economist believes the Central Bank’s decision to release more dollars to stabilize the cedi is good Pulse -Biz
    <ul><li>The Ghana Cedi has weakened by 8.6 percent against major foreign currencies this year (2019) <li><li>In an attempt to stabilise the Cedi, the Bank of Ghana has decided to add a minimum of $800 million to Ghana’s reserves.<li><li>An economist believes this is a step in the right direction by the Central Bank.<li></ul> <p class="">A Ghanaian economist Dr Lord Mensah has said that the Bank of Ghana (BoG) has taken the right decision to add a minimum of $800 million to Ghana’s reserves in an attempt to stabilize the Cedi against the dollar.</p> <p class="">The Central Bank said it expects the ... more
  • 9 months Ghana’s Aviation Minister, Kofi Adda says the interest rate on loan for KIA’s Terminal 3 project is expensive Pulse -Biz
    <ul><li>Aviation Minister has said that the interest rate on the loan used to construct the KIA'a Terminal 3 is expensive.<li><li>He indicated that the expensive nature of the credit facility is negatively affecting the Ghana Airports Company Limited.<li><li>He said the current government has renegotiated the rate but it is still high.<li></ul> <p class="">Ghana’s Aviation Minister Joseph Kofi Adda has said that the interest rate on the loan secured for the construction of the Kotoka International Airport’s (KIA) Terminal 3 is too much.</p> <p class="">The Ghana Airports Company Limited negotiated a deal with an interest rate of Libor plus 8.5%. The loan ... more
  • 9 months What Access, Diamond Bank shareholders want from merger Pulse -Biz
    <p class=""><strong><em>Shareholders endorse Access and Diamond Bank merger to create Nigeria's largest bank by asset.</em></strong></p> <ul><li>99.98%% of Diamond Bank shareholders voted in support of the merger<li><li>For Access bank, 97.89%% of the shareholders representing 14.3 billion of the total shares of 14.6 billion) voted for merger.<li><li>The two lenders awaiting final approval from the Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC) to finalise deal.<li></ul> <p class="">To complete the <a href="https://www.pulse.ng/bi/finance/what-you-should-know-if-you-have-diamond-bank-and-access-bank-accounts/776kr9m" id="3acd293c-bcae-42b0-afd3-a98f2704ad2f">merging process</a> between <strong>Access Bank Plc</strong> and <strong>Diamond Bank Plc</strong>, shareholders of both banks have approved the deal.</p> <p class="">At its different extra Ordinary General Meetings held ... more
  • 9 months More made in Ghana goods on the Ghanaian market as Ghana celebrates her 62nd Independence Day today, here’s what Ghanaian traders told Business Insi... Pulse -Biz
    <p class="">Ghana is celebrating its 62nd Independence day today. This day is marked with significant historical and cultural celebrations to recount how the country attained freedom from colonial rule and also look forward to a prosperous future for citizens.</p> <p class="">Over the years, March has become the month of showcasing the Ghanaian cultural heritage and history. This is to tell the Ghana story and relive it in many ways.</p> <p class="">Business tycoons are taking advantage of the celebration to sell more made in Ghana goods and some souvenirs for the occasion and even the whole of the month.</p> <p class="">Business ... more
  • 9 months Ghana charges the highest import duty in Sub-Saharan West African according to the Ghana Union of Traders Association Pulse -Biz
    <ul><li>Ghanaian importers are now buying imported items from neighbouring West African countries.<li><li>This is due to Ghana's high import duties.<li><li>President of GUTA, Joseph Kwaku Obeng said this affects the Ghanaian currency and economy of the country negatively.<li></ul> <p class="">The President of Ghana Union of Traders Association (GUTA), Joseph Kwaku Obeng has said that Ghana charges the highest import duties on goods brought into the country within the Sub-Saharan region.</p> <p class="">In an interview with Accra-based Citi FM, Mr Obeng said due to the high import rates in Ghana some Ghanaian traders buy imported goods from their neighbouring West African countries since ... more
  • 9 months Interest rate on loan for KIA Terminal 3 project expensive – Kofi Adda CNR -Biz
    Ghana’s Aviation Minister Joseph Kofi Adda has described the interest rate for the loan secured for the construction of the Terminal 3 at Kotoka International Airport as too much. In 2015, Ghana Airports Company Limited (GACL) secured a US$250 million loan for the construction of Terminal 3 at an interest rate of Libor plus 8.5%. The loan was approved by a consortium of banks led by Ecobank Capital. The Terminal 3 project at the time was meant to expand the facilities at the Kotoka International Airport to accommodate the gradually increasing number of passengers as well as increasing the number of ... more
  • 9 months Ghana’s import duty highest in Sub-Saharan West African – GUTA CNR -Biz
    The President of Ghana Union of Traders Association (GUTA), Joseph Kwaku Obeng has said Ghana charges the highest amount of levies on goods imported into the country within the Sub-Saharan region. Speaking in an interview on the Citi Breakfast Show on Tuesday, Kwaku Obeng said Ghanaian traders go to neighbouring West African countries to buy goods imported to those countries because it is cheaper than importing directly into Ghana. “We have compared the charges we pay to other Sub Saharan West African, Ghana has the highest import levy charges. This makes the cost of doing business relatively high. That is why you ... more
  • 10 months The Bank of Ghana wants to inject $800 million to help stabilise the fall of the cedi, here’s how optimistic they are because this strategy may work Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has revealed that it will inject some $800 million to the country’s reserve funds this month.</p> <p class="">The initiative is to help stabilise the local currency (cedi) against international currencies. Head of Financial Markets at the central bank, Steven Opata, made this revelation to in an interview.</p> <p class="">According to him, the accumulation of more dollars would help increase the net international reserve (NIR) to around $4 billion. This will be enough to provide confidence in the system and help stabilise the free fall of the local currency.</p> <p class="">The cedi since the start ... more
  • 10 months Aisha Ahmad, Ahmed Kuru may replace Godwin Emefiele as CBN Governor Pulse -Biz
    <p class=""><strong><em>CBN governor, Godwin Emefiele may go on 3-month terminal leave before his tenure expires in June 2019.</em></strong></p> <ul><li>Aisha Mohammed, Ahmed Kuru likely to replace Godwin Emefiele as CBN Governor.<li><li>Emefiele may go on 3-month terminal leave before his tenure expires in June 2019.<li><li>Godwin Emefiele-led CBN has consistently retained the key lending rate at 14%% to curb inflation and defend the local currency, Naira.<li></ul> <p class="">Ahmed Kuru, the managing director of the Asset Management Company of Nigeria and <a href="https://www.pulse.ng/bi/lifestyle/lifestyle-aisha-ahmad-edward-adamu-meet-the-two-new-deputy-governors-of-nigerias/0bex9c5" id="15afa4b3-3af0-4df2-880b-c94c63fbe45d">Aisha Ahmed</a>, deputy governor of Central Bank of Nigeria (CBN) are among top candidates penned down to replace <a href="https://www.pulse.ng/bi/finance/godwin-emefiele-still-cbn-governor-officials/5sdbsyc" id="99848b14-363d-47cc-98d3-db9efb23ea83">Godwin ... more
  • 10 months Nii Moi Thompson writes: As cedi plunges – Time for a National Economic Forum CNR -Biz
    With the president finally stating publicly that he is “upset” over the rapidly depreciating cedi, and the implications for the economy, perhaps it’s time for him to call a national economic forum to seek ideas on how best to rescue the situation before it gets worse.  By now, it should be clear to any Ghanaian that no single government(or president) has all the solutions to Ghana’s seemingly intractable economic problems, and that if we can’t have coalition governments – the ideal form of governance for a developing country like Ghana that would harness the best ideas from all political parties ... more
  • 10 months Council of State, Nana Addo meet over high import taxes CNR -Biz
    The Council of State has taken up concerns of importers and exporters to President Nana Akufo-Addo in hope of getting a downward review of the duties they pay at the country’s ports. The Council of State was petitioned by Trade Union members, Ghana Union of Traders Associations (GUTA) and other related parties to intervene and help save them from the exorbitant charges. At a meeting with the President, the Chairman of the Council, Nana Otuo Serebuo II, said its meeting with the importers and exporters revealed a growing discontent over what they call exorbitant taxes at the country’s ports hence the ... more
  • 10 months Godwin Emefiele is still the CBN governor – Officials Pulse -Biz
    <p class=""><strong><em>Godwin Emefiele is still the governor of the Central Bank of Nigeria (CBN), the apex bank officials say.</em></strong></p> <ul><li>Isaac Okorafor, CBN spokesperson, debunks rumour that the government sacked the CBN governor, Godwin Emefiele.<li><li><em>The CBN governor to meet with stakeholders in the cotton value chain on Tuesday, March 5, 2019.</em><li><li>Godwin Emefiele's 5-year tenure expires as CBN governor in June 2019 and may be reappointed.<li></ul> <p class=""><strong>Godwin Emefiele</strong>, governor of the Central Bank Of Nigeria (CBN) has not been asked to go on terminal leave by the <a href="https://www.pulse.ng/bi/politics/5-major-problems-nigerias-president-muhammadu-buhari-must-address/qlwx84c" id="e6852a99-3161-486f-92a6-fc66245a6956">government</a>, officials said.</p> <p class=""><strong>Isaac Okorafor, </strong>CBN spokesperson told The Nation on ... more
  • 10 months Ghana’s top investment firm sees a spike in withdrawals; here’s why (according to their CEO) Pulse -Biz
    <ul><li>Since September 2018, gold dealership firm Menzgold has not paid its customers their investment returns or principals.<li><li>This has affected another investment firm Databank.<li><li>The customers of Databank are panicking and therefore withdrawing their investment which is affecting the firm.<li></ul> <p class="">The Group Chief Executive of investment company Databank, Kojo Addae-Mensah, has said that the collapse of gold dealership firm Menzgold is having an effect on his firm.</p> <p class="">He told Accra-based Starr FM that after the collapse of Menzgold, there have been some panic withdrawals by investors.</p> <p class="">He explained that some of the customers fear that they will lose their ... more
  • 10 months Importers advocate the use of the Chinese currency as a major trading currency in the Ghana Pulse -Biz
    <p class="">The Business Community in Ghana has asked the government to introduce the Chinese currency, the Yuan as a major trading currency.</p> <p class="">This is to help reduce the pressures on the Foreign Exchange (FX) market.</p> <p class="">According to some business owners especially importers, this will also reduce the pressure on the dollar which accounts for the free fall of the cedi.</p> <p class="">Currently, China is Ghana’s second largest trading partner after Europe.</p> <p class="">Textiles, machinery, vegetable oil, plastics, and chemical products are examples of the items imported into Ghana from China every year.</p> <p class="">Statistics from the Trade Ministry ... more
  • 10 months Ghanaian importers are pushing for the use of Chinese Yuan to reduce FX pressures Pulse -Biz
    <ul><li>The Ghana cedi has been depreciating freely and steadily against the dollar.<li><li>This is worrying since the Ghanaian business community especially importers trade in dollars.<li><li>The business community have therefore suggested the introduction of the Chinese Yuan as a major currency in Ghana.<li></ul> <p class="">The Ghanaian business community is advocating for the introduction of the Chinese Yuan as a major trading currency in Ghana to reduce pressures on the Foreign Exchange (FX) market.</p> <p class="">According to business owners especially importers, this will ensure that the dollar is under little or no pressure in order to slow down the cedi’s depreciation against the ... more
  • 10 months A new report shows that one litre of fuel in Ghana will exceed $1 in March this year Pulse -Biz
    <p class="">Institute of Energy Security (IES) has projected that a litre of fuel in Ghana is likely to exceed $1 dollar (equivalent GH¢5) in March this year.</p> <p class="">The IES says the increment in the price of fuel is occasioned by the 6.33% rise in average Brent crude price, as well as a corresponding 8.81% and 5.56% increase in prices of Gasoline and Gasoil on the international market respectively.</p> <p class="">The increment is also attributed to the cumulative depreciation of the Cedi against the U.S dollar.</p> <p class="">A Research Analyst at the IES, Mikdad Mohammed in an interview said despite ... more
  • 10 months OmniBank, Sahel Sahara complete merger; now known as OmniBSIC Bank Pulse -Biz
    <p class="">OmniBank, Sahel Sahara is now OmniBSIC Bank</p> <p class="">OmniBank Ghana Limited and Sahel Sahara Bank Ghana Limited (BSIC) have completed their merger process.</p> <p class="">A statement released said that the two banks which is now one company will be known as OmniBSIC Bank Ghana Limited.</p> <p class="">The theme of the merger is: “Together we give you more”.</p> <p class="">“The merger was necessitated by the need to increase capital to meet the new Bank of Ghana Minimum Capital Requirement of GHS400 million. This merger represents a pooling of the expertise of two major banks with strengths in various banking services ... more
  • 10 months Mohammed Awal adjudged Most Business-Oriented African Minister CNR -Biz
    The Minister for Business Development, Dr Ibrahim Mohammed Awal, has been adjudged the Most Business-Oriented African Minister by the World Business Angels Investment Forum (WBAF). Dr Awal was chosen for his innovative initiatives that have enhanced the entrepreneurial ecosystem in Ghana, as well as his support for startups and small businesses in the country. The citation read, “WBAF recognises your role in encouraging and enhancing startups and bringing the startup agenda at the centre of government policy.” The award was presented by the Chairman of the Board of Directors of WBAF, Mr Baybars Altuntas, at the World Excellence Awards night ... more
  • 10 months Currency traders set N250/$1 exchange rate agenda for President Buhari Pulse -Biz
    <p class=""><em>Gwadabe urges the Nigerian government to constitute a new economic management team and review forex performance in the last four yeas.</em></p> <ul><li>Currency traders set N250/$1 agenda for President Muhammadu Buhari.<li><li>The BDC operators believe that a lower foreign exchange regime will stabilise the local currency, raise investors' confidence, improve remittance inflows and entrench fiscal discipline.<li><li>Naira opens trading on Monday at N362 to the dollar at the parallel market and N361 at the I&E; – Investors’ & Exporters’ FX Window. <li></ul> <p class="">Currency traders have set an agenda for President Muhammadu Buhari to achieve a lower foreign exchange rate N250 against ... more
  • 10 months OmniBank, Sahel Sahara bank complete merger; now OmniBSIC CNR -Biz
    OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named OmniBSIC. The two entities thus will effective today (4th March) operate under the merged name Omnibsic. The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million cedis. An official statement released by the merged bank stated that “This merger represents a pooling of the expertise of the two major banks with strengths in various banking services to provide more opportunities, increase access and make the merged entity attractive to the banking ... more
  • 10 months We’re not spending more on CSR than operational budget – GNPC CNR -Biz
    The Ghana National Petroleum Corporation, GNPC has refuted claims that it will be spending more on corporate social investment projects in 2019 than its operational mandate of exploration and production of petroleum. According to the corporation, the claim is outrageous. The General Manager of GNPC Foundation’s Sustainability Development, Dr. Kwame Baah Nuakoh, argued that GNPC’s CSR budget represents less than five percent of its operational budget for 2019 which is over 800 million dollars. Dr. Baah Nuakoh who was speaking to Citi News at Aburi during the review of the 2016 report of the Ghana Extractive Industry and Transparency ... more
  • 10 months Michael Ansah appointed CEO of Ghana Integrated Aluminium Development Corporation CNR -Biz
    President Nana Akufo-Addo, has appointed Michael Ansah, as Chief Executive Officer of the newly established Ghana Integrated Aluminium Development Corporation. The Government has outlined its intent to develop an Integrated Aluminium Industry which will be one of the major pillars to drive the industrial transformation and accelerated development of the Ghanaian economy. To this end the Ghana Integrated Aluminium Development Corporation (GIADEC) was established through an Act of Parliament last year. GIADEC will focus on leveraging Ghana’s bauxite reserves, and allied aluminium assets, including the strategically aligned businesses, VALCO Aluminium Smelter at Tema, and a minority stake in Ghana Bauxite Company, ... more
  • 10 months The 5 best and worst performing stocks on the Nigerian Stock Exchange after presidential election Pulse -Biz
    <p class=""><strong><em>During the week, Cornerstone Insurance Plc led the gainers' table, gaining 19.05% while Transnational Corporation of Nigeria Plc (Transcorp) led the laggards by 14.48%.</em></strong></p> <ul><li>The NSE All-Share Index and market capitalisation depreciated by 2.12%% to close the week at 31,827.24 and N11.869 trillion respectively.<li><li>Al market stocks finished lower with the exception of the Insurance and Industrial Goods indices.<li><li>The bearish run was caused by investors' disappointment to the outcome of the presidential election.<li></ul> <p class="">The Nigerian equity market closed negative last week following three trading sessions of profit taking and investors' disappointment to the outcome of the presidential election.</p> <p ... more
  • 10 months GIPC leads private sector business delegation to Netherlands CNR -Biz
    The Ghana Investment Promotion Centre (GIPC) is leading a private sector business delegation on an investment promotion mission to the Netherlands scheduled to take place from 4th to 9th March 2019. The mission is jointly organized with the Embassy of the Kingdom of the Netherlands in Ghana with the assistance of the Netherlands Enterprise Agency (RVO) and Netherlands African Business Council (NABC). It is also supported by the Ghana Embassy in the Netherlands. The objective of the mission is to showcase investment opportunities in Ghana and pursue opportunities for bilateral trade and investments in the areas of agriculture and agro-processing, ... more
  • 10 months ‘Ghana emerging as key market for UAE’ – Dubai Chamber CNR -Biz
    The Dubai Chamber Ghana Office has held a round table engagement with relevant stakeholders in the fashion, textile and print industry in Ghana. The meeting was aimed at accessing new business opportunities and to explore new prospects for boosting trade relations between Ghana and Dubai. Giving his keynote address, the head of the Dubai Chamber Ghana Office, Mr. Cyril Darkwa explained that Ghana is fast emerging as a key market for the UAE as several companies based in the UAE are investing in Ghanaian industries such as infrastructure, communications and tourism. According to Mr. Cyril Darkwa, the event aims at offering ... more
  • 10 months ABL launches the “Beta Malt Interco” partnership with GES CNR -Biz
    Accra Brewery Limited (ABL), producers of the nourishing true malt beverage, Beta Malt, has launched “Beta Malt Interco”, a partnership with Ghana Education Service (GES) as sponsors of the Inter-Colleges Athletics Competition (Interco). Interco is a sports festival organized by GES for second cycle schools held at both the regional and national levels. This event brings together thousands of students from over 200 schools to compete over a 3-day period for the opportunity to win personal and school athletic honours. Speaking at the media launch held at T.I. Ahmadiyya Senior High School in Kumasi, Ms. Ewurafua Addo-Atuah, ABL’s ... more
  • 10 months The 8 strongest currencies in Africa in 2019 Pulse -Biz
    <p class="">It is not enough to have a nice-looking currency in today’s world. The play of economic concepts both on the local and international scenes lead to strong or weak currencies and some African currencies have shown this in 2019.</p> <p class="">The strength of a currency is determined by a number of factors, including its supply and demand, market forces within the country, inflation and the foreign exchange market.</p> <p class="">The United States dollar is considered one of the strongest currencies in the world and it’s, therefore, an appropriate benchmark with which to measure the strength of some African currencies.</p> ... more
  • 10 months Here is how much surplus cocoa the world will have in the 2018/19 season according to Informa Pulse -Biz
    <p class="">Informa’s Agribusiness intelligence has said predicted that a global cocoa surplus in the 2018/19 season even though there will be record production driven by favourable weather in West Africa.</p> <p class="">The report indicated that a global cocoa production was seen hitting a record high of 4.85 million tonnes, leading to a surplus of 71,000 tonnes for the October/September season, it said in a report.</p> <p class="">Agribusiness intelligence analyst Sergey Chetvertakov said, “Massive cocoa production is almost certain this year and as a result, we may expect a very volatile market in 2019 as higher-than-expected production pressures cocoa prices.”</p> <p ... more
  • 10 months GPHA, GMA gives supply chain management skills developmental boost CNR -Biz
    Director General of the Ghana Ports and Harbours Authority (GPHA), Michael Luguje, has disclosed that a national supply chain management skills development and awareness campaign is needed in order to drive local growth and participation in the ocean economy. Through a corporate citizenry partnership with Professor Douglas Boateng, GPHA and the Ghana Maritime Authority (GMA) will make limited copies of the world’s only inclusive supply chain management compendium, available to select organisations and individuals operating in amongst others, Ghana’s maritime supply chain sector. According to Mr. Luguje, his outfit was pleased to co-sponsor the books which they believe are ... more
  • 10 months Dangote shifts listing of Cement firm on London Stock Exchange to 2020 Pulse -Biz
    <p class=""><strong><em>Dangote Cement says the company is still in talks with a number of banks for the London stock listing.</em></strong></p> <p class="">Dangote Cement has shifted listing on the London Stock Exchange earlier scheduled for 2019 to 2020.</p> <p class="">In a report by Reuters on Friday, the company said it had been in talks with several banks over the long-planned secondary stock market listing in London which it now thinks likely to happen in 2020.</p> <p class="">At the 2018 FT Africa summit in London, owner of Dangote Cement, <strong>Aliko Dangote</strong> <a href="https://www.pulse.ng/bi/finance/finance-aliko-dangote-says-he-will-complete-the-process-of-london-listing-by-2019/zpyxgq1" id="22d1269e-32a7-4d06-bc23-4552c2165abc">hinted </a>that the usual banks like Bank of America ... more
  • 10 months Here are some directives the Bank of Ghana has introduced to forex market operators to help stabilize the cedi Pulse -Biz
    <p class="">The Bank of Ghana (BoG) has issued some directives to participants in the forex market on how they must conduct their businesses to help stabilize the cedi.</p> <p class="">The directive also aims at improving information flow on how operators in the forex market will react and act on issues related to the cedi dollar relationship.</p> <p class="">The BoG has further urged the forex market operators to start using these measures immediately.</p> <p class="">President Nana Akufo-Addo recently assured Ghanaians that his government will do everything within their power to arrest the recent depreciation of the cedi. </p> <p class="">This has ... more
  • 10 months Workers of defunct Heritage Bank asked to go home Pulse -Biz
    <ul><li>The Bank of Ghana (BoG) revoked the license of Heritage Bank in January 2019.<li><li>Ghana's Central Bank said that Heritage bank’s capital seems to have come from sources which were suspicious.<li><li>The Receiver of Heritage Bank has directed the staff to stop work.<li></ul> <p class="">The Receiver of defunct Heritage Bank, Vish Ashiagbor has asked all branches of the bank to cease operations.</p> <p class="">This directive excludes only two branches which are the Tema Community 1, and Suame – Kumasi branches.</p> <p class="">In a letter by Vish Ashiagbor, it said: “Consolidated Bank Ghana will cease to operate the former branches of Heritage bank ... more
  • 10 months Airlines operating in Ghana to pay $5 more for using KIA Terminal 3 counters Pulse -Biz
    <ul><li>The Ghana Airpot Company will now charge airlines in Ghana $5 per hour for using the counter at the facility.<li><li>This new fee is referred to as the Check-in Counter fee.<li><li>The Check-in Counters are the counters used by the airlines to verify passengers passports, tickets and luggage.<li></ul> <p class="">Airlines in Ghana using the Terminal Three facility at the Kotoka International Airport (KIA) will from March 1, 2019, pay $5 per hour for using the counter at the facility.</p> <p class="">This new fee is referred to as the Check-in Counter fee. The Ghana Airport Company wrote a letter to the airline companies ... more
  • 10 months The cost of renting a home in Lagos is incredibly high, but a new rent model could be the way around it Pulse -Biz
    <p class=""><strong>Despite the need to make up for its housing deficit of about 3 million, Lagos’ major housing problem lies elsewhere -- the cost of rent.</strong></p> <ul><li>Lagos, Nigeria’s commercial capital, is home to 21 million people. It currently has a housing deficit of about 3 million.<li><li>Due to its limited geographic size, large population, and status as Nigeria’s central business district, housing in Lagos is in high demand. This makes rent incredibly high.<li><li>A monthly (or quarterly) rent model could be the way forward, but are landlords willing to embrace this?<li></ul> <p class="">Welcome to the city of Lagos, Nigeria’s commercial capital and ... more
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