• 7 months Gov’t tracks fertilizer supply with bar codes to stop smuggling CNR -Biz
    The days of fertilizer smuggling from Ghana to neighbouring countries should be coming to an end as a result of the introduction of a bar coding system into the program. That’s according to Prep-eez Technology Limited, the company implementing the new system. The Food and Agriculture Committee of Parliament in its report on the 2019 budget estimates of the Agriculture Ministry indicated that fertilizers had been lost to smuggling especially to neighbouring countries; Burkina Faso and Togo. The smuggling, which impacted negatively on government’s Planting for Food and Jobs program is also believed to have caused losses amounting to $12 ... more
  • 7 months Felix Addo appointed Advisor for National Investment Bank CNR -Biz
    The Bank of Ghana has appointed Mr. Felix Addo as an advisor for the National Investment Bank(NIB). The news comes after the central bank hinted in a press statement dated 4th January 2019, that it has appointed an advisor for the bank. A statement released by the Bank of Ghana on Friday, 25th January, 2019, and sighted by Citi Business News said it took the decision Pursuant to section 101 of the Banks and specialized Deposit-Taking Institutions Act of 2016 . Mr. Addo is expected to help restructure NIB through governance and management reforms as well as streamlining its business model to help ... more
  • 7 months BoG appoints former PWC partner as NIB advisor StarrFM -Biz
    The Bank of Ghana has appointed Felix E. Addo as an advisor for NIB to help improve the affairs of the bank. The appointment is pursuant to section 101 (1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930). Mr Addo until his appointment is the immediate past Country Senior Partner of PricewaterhouseCoopers, Ghana and a former member of the PwC Africa Governance Board. Mr Addo has more than 30 years of practice and consulting experience in restructuring and insolvency, corporate/project finance and recovery, financial and forensic auditing, arbitration, corporate governance, organisational restructuring and performance improvement engagements ... more
  • 7 months The Ghana Stock Exchange wants Vodafone to list on the bourse after acquiring 4G spectrum Pulse -Biz
    <ul><li>In 2018, Vodafone acquired the second 4G spectrum at a cost of 30 million dollars.  <li><li>MTN acquired the first 4G spectrum in 2015 after which listed on the bourse years later.<li><li>The Ghana Stock Exchange is hoping to get Vodafone to also list on the bourse.<li></ul> <p class="">The Chief Executive Officer (CEO) of the Ghana Stock Exchange has said that they are working with the Ministry of Communications ensure that telecom company Vodafone floats part of its shares on the bourse as a requirement after it purchased a 4G spectrum.</p> <p class="">Kofi Yamoah explained that such a move will give Ghanaians the ... more
  • 7 months Kenya’s M-PESA Global shortlisted for the Global Mobile Awards 2019 Pulse -Biz
    <ul><li><strong>The service which was launched in November last year has been nominated under the Best Mobile Innovation for Commerce.</strong><li><li><strong>M-PESA global allows all M-PESA customers to send money to any individual across the world.</strong><li><li><strong>Winners of the awards will be announced during this year’.</strong><li></ul> <p class=""><strong>Safaricom’s M-PESA Global has been shortlisted for the Global Mobile Awards 2019 (GLOMO Awards). The service which was launched in November last year has been nominated under the Best Mobile Innovation for Commerce.</strong></p> <p class="">M-PESA global allows all M-PESA customers to send money to any individual across the world through a variety of channels including directly into ... more
  • 7 months Ngozi Okonjo-Iweala awaiting nomination from the ‘right people’ to become World Bank President Pulse -Biz
    <p class=""><strong><em>Nigeria's former finance president, Ngozi Okonjo-Iweala, says she may reconsider the top job at the World Bank if the right people nominate her.</em></strong></p> <ul><li>Okonjo-Iweala says she has not declared her intention.<li><li>The Nigeria's former minister has 25-year experience at the World Bank as a development economist.<li><li>Ngozi Okonjo-Iweala may become the first female president of the World Bank.<li></ul> <p class="">Nigeria's former finance president,<strong> Ngozi Okonjo-Iweala</strong>, says she may reconsider the top job at the World Bank if the right people nominate her.</p> <p class="">Okonjo-Iweala said this when she appeared on an interview with <strong>Richest Quest o</strong>n CNN during the <strong>World Economic ... more
  • 7 months Here is why this Ghanaian economist believes the taxpayers’ money should not be used as a bailout for Menzgold customers Pulse -Biz
    <ul><li>Ghanaian economist, Prof Stephen Adei has said that the government must not compensate Menzgold customers for their loss.<li><li>He argues that the customers were warned several times but failed to heed the cautions.<li><li>Prof Adei added that they did not pay any tax when they were receiving their interests and must therefore not be compensated by the government.<li></ul> <p class="">Ghanaian economist Professor Stephen Adei has said that the Ghanaian government must not pay any customer of Menzgold Ghana for their loss.</p> <p class="">In an interview with Accra-based Class FM, the Dean of Arts and Sciences at Ashesi University said the customers failed ... more
  • 7 months HR focus organizes maiden career clinic CNR -Biz
    HR focus, in a continuous effort to shape the HR bloc in Ghana has organised its first event of the year – Career Clinic,on Saturday, the 19th of January 2019. This CSR initiative came to life with the motive of solving issues on; the increasing retrenchment rate in the industry, the widened gap between academia and world of work, and the ever-changing strategies adopted by companies in employing workers. The event recorded a list of 40 resource persons, representatives from over 25 companies and 150 participants spread across various sessions. Participants had access to several skill sharpening sessions– Speed Interviews, ... more
  • 7 months Telecoms Chamber seeks stay of execution over NCA fines CNR -Biz
    The Electronic Communications Tribunal will next week give its ruling on a stay of execution filed by the Chamber of Telecommunications. It follows the latter’s dissatisfaction over a fine for failing to provide quality services as required. The Chamber of Telecommunications last week, petitioned the Electronic Communications Tribunal over fines imposed on them by the National Communications Authority (NCA). The Chamber, comprising MTN, Airtel-Tigo, Vodafone and Glo, are seeking that the tribunal overturns the decision by the regulator. Citi Business News understands that hearing of the case has since commenced. But the stay of execution that has been filed by ... more
  • 7 months Opportunity International Savings & Loans holds staff annual retreat, awards CNR -Biz
    The multiple award-winning Savings and Loans Company, Opportunity International Savings and Loans (Opportunity International), has held an Annual Staff Retreat in Accra and Kumasi that brought together over 650 management members and staff of the institution. The staff and management came together to thank God for helping the institution to excel despite the challenging environment and market dynamics in the banking industry in 2018. This is an annual event held by the company to give thanks to God for the past year and also seek His face for the New Year. Mr. Samuel Afful, the Chief Finance Officer who also ... more
  • 7 months If your investment promises over 20% returns it is exhibiting fraudulent traits – Securities and Exchange Commission Pulse -Biz
    <ul><li>The SEC has warned the public to be cautious when doing business with investment firms.<li><li>Deputy Director of SEC said investment firms which promise more 20%% and more interest have fraudulent tendencies.<li><li>Paul Ababio added that potential investors should check the treasury bill rate before making investments.<li></ul> <p class="">The Securities and Exchange Commission Ghana (SEC) has reiterated to the Ghanaian public to consider the returns investment firms have to offer before doing business with any.</p> <p class="">The Deputy Director of SEC, Paul Ababio said that any investment firm which promises over twenty percent interest when the inflation rate is nine percent is ... more
  • 7 months Ghana launches GESSiP to stimulate effective extension service delivery StarrFM -Biz
    For women farmers in Wulensi agriculture is paying off. Their lives have improved because of the introduction of extension service delivery. “They get information on new technologies which has improved their productivity. It has helped them because most of them have been able to educate their children. Some women are the bread winners and they are able to do it through the extension service that we give them,” said Vida Alhassan Adamu, District Agriculture Officer for Women in Agric Development. Studies have corroborated the success stories of the women in Wulensi.  It’s been proven that extension services in agriculture ... more
  • 7 months Bank of Africa embarks on Customer information update drive StarrFM -Biz
    Bank of Africa Ghana has embarked on a project dubbed Customer Information Update Exercise (CIUE) to have an updated database on all customers. The bank said it is imperative to have accurate and adequate information on all its customers. This will improve the Bank’s efficiency in serving its customers and enhancing its customer experience. “The exercise will provide comfort and convenience for customers who have become more sophisticated with their preferences,” a bank statement said. Relationship Officers of the bank are poised for this data gathering exercise with the aim of regularizing the customer database. This opportunity will also be ... more
  • 7 months Mining firms in Ghana expect gold price boom as prices pick up Pulse -Biz
    <ul><li>The CEO of the Ghana Chamber of Mines has said that they expect gold price to go higher.<li><li>Sulemanu Konney said that higher prices should make mining companies competitive.<li><li>Gold mining companies will make more profit and pay more taxes if the price keeps going up.<li></ul> <p class="">The Chief Executive Officer (CEO) of the Ghana Chamber of Mines, Sulemanu Konney has said that they expect gold price to continue going up as prices pick up.</p> <p class="">Konney told Accra-based Citi FM that they expect the price to go higher than it is going now. He was of the view that higher prices ... more
  • 7 months Kenyan sugar lobby opposes plans to reintroduce cane zoning Pulse -Biz
    <ul><li><strong>On Wednesday, the Sugar Campaign for Change (Sucam) declared that the sugar zoning proposed in Kenya’s draft Sugar Regulations, 2018 is an illegal and anti-competitive constraint.</strong><li><li><strong>Under the zoning regime, sugar millers are required to be constructed at a radius of 25 kilometres from the other, a move that has been criticised by stakeholders.</strong><li><li><strong>Sucam chairman Saulo Busolo said the lobby will from next week start seeking opinion from farmers in regard to what ails the sugar sector in the country.</strong><li></ul> <p class=""><strong>A sugar lobby is opposed to plans to re-introduce zoning to sugar factory in the country amid fierce battle between ... more
  • 7 months Ghana risks losing fish stock to depletion by Chinese-owned trawlers – Prof. Akpalu CNR -Biz
    Ghana is on the verge of losing its fish stock to China, a Natural Resources Economist, Prof. Wisdom Akpalu has warned. Prof. Akpalu in a recent lecture revealed that out of the 76 fishing trawlers operating in the country, only one of them is Ghanaian-owned, with the remaining trawlers belonging to Chinese nationals who have Ghanaians fronting for them. Data collected in the last 23 years also shows that, Ghana’s fish stock has declined. Although, the country also imports over 59 percent of the total amount of fish it consumes, the consumption level per person per annum is about 21-23kg; ... more
  • 7 months Insurance industry not in financial distress – NIC CNR -Biz
    The National Insurance Commission (NIC), has debunked reports making rounds on social media suggesting that some insurance companies are in financial distress. The NIC warned that those circulating such false information about some institutions could cause serious challenges for players in the industry. NIC in a press statement copied to Citi Business News and signed by the Commissioner of Insurance, Justice Ofori, urged the public to disregard the comments which are vicious attempts by anonymous individuals to tarnish the reputation of the said companies. “The Commission would also like to advice persons engaged in these actions to desist and refrain ... more
  • 7 months 5 things to consider before you commit to an investment Pulse -Biz
    <ul><li>People invest so they can make returns.<li><li>But some people end up losing their investment because they fail to consider certain things.<li><li>Here are five questions you should consider and answer satisfactorily before you invest.<li></ul> <p class="">Investing your money is a good thing. But an investor must always ensure they invest right.</p> <p class="">People often invest their hard-earned money and expect returns after a certain period. But some do not receive their expected returns possibly because they do not invest right. Some lose their principal as well as interest because they asked no questions before investing</p> <p class="">Here are 5 questions to ... more
  • 7 months Nigeria is planning to increase tax on Coke, Pepsi and other luxury items Pulse -Biz
    <p class=""><strong><em>Nigeria is working on modalities to increase Value Added Tax on some carbonated drinks and beverages like Coke, Pepsi, and energy drinks may be affected.</em></strong></p> <ul><li>Nigeria government will work with the National Assembly to amend the VAT law on carbonated drinks and luxury items.<li><li>Beverages like Coke, Pepsi, and energy drinks may be affected.<li><li>Finance minister says the increase will help the government in providing infrastructure for its people.<li></ul> <p class="">Nigeria is working on modalities to increase <strong>Value Added Tax </strong>on some items which include carbonated drinks and other luxury items in 2019.</p> <p class="">Beverages like Coke, Pepsi, and energy drinks ... more
  • 7 months Andela Secures $100M Series D to Build Distributed Engineering Teams and Power the Future of Work Pulse -Biz
    <ul><li><strong>With tech campuses in Nigeria, Kenya, Uganda, and Rwanda, Andela has been recognized as “The Best Place to Work in Africa.” </strong><li><li><strong>Andela, the company building distributed engineering teams with Africa’s top software developers, today announced the completion of a $100M Series D funding. </strong><li><li><strong>Andela was founded in 2014 to connect Africa’s engineering talent with the demand for software developers worldwide. </strong><li></ul> <p class=""><strong>Andela, the company building distributed engineering teams with Africa’s top software developers, today announced the completion of a $100M Series D funding. </strong></p> <p class="">The round was led by Generation Investment Management with participation from existing investors including ... more
  • 7 months Kenya’s Equity Group CEO James Mwangi recognised by Columbia University Pulse -Biz
    <ul><li><strong>Columbia Global Centers | Nairobi is part of is part of a network of nine global centers associated with Columbia University in New York. </strong><li><li><strong>He will work with the board to steer the Centre on pertinent regional matters and emerging issues such as leadership, technological advances and higher educational advances in the region.</strong><li><li><strong>Dr. Mwangi had earlier in the week hosted a group of over 30 MBA students from Columbia University’s Chazen Institute of Global Business.</strong><li></ul> <p class=""><strong>Equity Group Holdings Plc CEO and MD Dr. James Mwangi, has been appointed to the Columbia Global Centers-Nairobi Advisory Board.</strong></p> <p class="">He will work ... more
  • 7 months Kenya Airways to start flying to Rome and Geneva four times a week Pulse -Biz
    <ul><li><strong>The airline plans to launch flights from Nairobi to Rome, Italy and Geneva, Switzerland on its Boeing 787 Dreamliner four time a week starting in June this year.</strong><li><li><strong>Kenya Airways previously operated to Rome and with the resumption of flights plus the addition of Geneva, this will bring the destinations Kenya Airways serves in Europe to 5. </strong><li><li><strong>With this route, Kenya Airways will offer excellent connections from these two cities to its 43 destinations in Africa for business, diplomatic missions, and tourism. </strong><li></ul> <p class=""><strong>Kenya’s national carrier, Kenya Airways will start flying to Rome, Italy and Geneva, Switzerland four times a ... more
  • 7 months Beige Bank receiver chases over 1,000 loan defaulters CNR -Biz
    The receiver of defunct Beige Bank is chasing over 1,000 loan defaulters of the bank. The names of individuals and companies have been published as the first batch of defaulters in state newspaper The Ghanaian Times. The individuals and entities have been indebted to the bank between 2013 and 2017. Some of the companies listed include Agro Africa, Cargo Centre Limited and Boafoa SK travel. The receiver has asked the defaulters to rectify the information. Beige Bank, which was said to have obtained a banking licence falsely, was one of seven collapsed banks taken over by the state in last six ... more
  • 7 months Africa’s most influential business leaders are coming together to decide how to protect the continent’s interests at the Africa CEO Forum ... Pulse -Biz
    <p class=""><strong><em>Africa CEO Forum 2019, in its 7th edition, will bring to the fore various burning issues and address ways to make African economic integration a reality.</em></strong></p> <ul><li>African business leaders will convene at the<strong> Africa CEO Forum 2019</strong>.<li><li>One of their goals is to make the implementation of the <strong>Continental Free Trade Area</strong> (CFTA) a powerful driver for private sector growth and the emergence of new African champions.<li><li>The event will attract 1,500 decision-makers from industry, finance, politics and other participants across Africa.<li></ul> <p class="">Africa’s most influential business leaders have decided to come together and make their voices heard as they will ... more
  • 7 months Effective Living Series 2019: Andrew Ayiku’s 5 pillars for business growth CNR -Biz
    Business owners who have been operating their firms for some time will definitely want to improve and see their businesses grow. They may however lack the secrets to achieving the expansion they so desire. But on the third day of the Effective Living Series, Business Coach with expertise in the management of Small and Medium Enterprises (SMEs), Andrew Ayiku, highlights the five strategies to be put in place for business growth. Andrew Ayiku’s 5 pillars for business growth 1. Sell the customer experience: Businesses should not focus on selling their products or services. They should rather focus on selling the ... more
  • 7 months It will no longer be possible for companies at Nairobi Securities Exchange to buy back their shares Pulse -Biz
    <ul><li><strong>Kenya has suspended share-buy backs by listed companies which were incorporated in 2015 in the New Companies Act.</strong><li><li><strong>At the time of incorporation, the law allowed public companies to repurchase their own shares from the capital market. </strong><li><li><strong>There were fears that had the share-buy backs seen the light of the day it could have opened the door for listed companies to manipulate share prices.</strong><li></ul> <p class=""><strong>It will no longer be possible for companies at Nairobi Securities Exchange to buy back their shares</strong>.</p> <p class="">Kenya has suspended share-buy backs by listed companies which were incorporated in 2015 in the New Companies Act. Former ... more
  • 7 months Staff of defunct Construction Bank owe a chunk of its loans – Report CNR -Biz
    A report on the inventory of assets and property of the five consolidated banks has revealed that Construction Bank’s entire loan portfolio of GHs 620, 000, were term loans given to nine of the company’s employees. The report, which covers the five banks, —Beige, Unibank, Construction, Sovereign and Royal banks, gives the value of assets including cash, loans, securities, property and equivalent, intangible assets and other assets. The report was prepared by the receivers’ of the five banks, KPMG. According to the Bank of Ghana, it is in accordance with section 130 (4) of the Banks and Specialized Deposit-Taking Institution ... more
  • 7 months Gov’t targets US$2.2 billion in taxes from reopened Anglogold Ashanti Mine CNR -Biz
    Government is expected receive direct taxes of about $2.2 billion from the reopened Anglogold Ashanti Gold Mine, should they meet the target of producing an estimated 500,000 ounces of gold each year. This follows plans by the company to also invest about Ghc881 million into its initial redevelopment stage which will span for over two decades. The total investment for the redevelopment of the Obuasi Gold mine is 1.6 billion dollars for the 22-year period. On Tuesday, President Akufo-Addo joined the Asantehene, Otumfuo Osei Tutu II to officially reopen   the AngloGold Ashanti after its closure in 2014 due to concession ... more
  • 7 months Diageo appoints Gabriel Opoku-Asare as Head of Society, Africa StarrFM -Biz
    Diageo Plc has appointed Gabriel Opoku-Asare, as Head of Society (Sustainability and Responsibility) – Africa Region. His appointment takes effect from 1st February 2019. In his new role, Gabriel will lead Diageo’s Sustainability and Responsibility strategy across the beverage giants’ 13 priority markets, comprising 4 business units which are Africa Emerging Markets, East Africa, Southern Africa and Nigeria. He will also be leading the agenda to shape the future of the business and accountable for driving and leading programmes and campaigns which focus on Water, Skills, Environment and Local Raw Materials (LRM). Additionally, he will be accountable for regional supra ... more
  • 7 months Naspers is freeing its pay-TV, MultiChoice, to flex financial muscle with Netflix in Africa Pulse -Biz
    <p class=""><strong><em>Naspers will complete listing of its PayTV, MultiChioce, as a standalone entity on the Johannesburg Stock Exchange (JSE) by March 2019. </em></strong></p> <ul><li>The new entity will be MultiChoice Group Limited (MultiChoice Group) comprising of MultiChoice South Africa (MCSA), MultiChoice Africa, Showmax and Irdeto and their subsidiaries and affiliates.<li><li>The listing processes will officially start on February 27.<li><li>The move will pave way for Africa’s biggest pay-TV business by subscribers, Multichoice, to compete with fast-growing Netflix and other streaming services.<li></ul> <p class=""><strong>Naspers</strong> has announced plans to complete listing of its PayTV, <strong>MultiChioce</strong>, as a standalone entity on the<strong> Johannesburg Stock Exchange</strong> (JSE) by ... more
  • 7 months Britam Asset Managers pours $140 million into private equity firm owned by Gulf Energy Pulse -Biz
    <ul><li><strong>In a statement, Britam noted that the funds will be used to buy a stake in the 80MW Heavy Fuel Oil Athi River Power Plant owned by Gulf Energy.</strong><li><li><strong>The power plant was commissioned in 2014 with a 20-year power purchase agreement with Kenya Power.</strong><li><li><strong>The new investments signal a new direction for Britam which currently has Ksh158 billion in assets under management and invests assets for both institutional and retail clients.</strong><li></ul> <p class=""><strong>Britam Asset Managers has announced its investment of Sh1.4 billion ($140 million) into Everstrong Power Limited, a private equity firm that invests in energy assets in Africa as it ... more
  • 7 months Bawumia jets off for 2019 World Economic Forum StarrFM -Biz
    Vice President Dr Mahamudu Bawumia is off to Davos, Switzerland to attend the 2019 World Economic Forum Annual Meetings. The World Economic Forum Annual Meeting brings together leaders of global society including the heads and members of more than 100 governments, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations, the most prominent cultural, societal and thought leaders, and the disruptive voices of the Forum’s Young Global Leaders, Global Shapers and Technology Pioneers. While in Davos, Dr Bawumia will participate in a series of discussions and also meet with a number of world ... more
  • 7 months Anglogold Ashanti’s Obuasi mine reopened CNR -Biz
    President Nana Akufo-Addo has said the circumstances that led to the shut down of the Anglogold Ashanti Company Limited at Obuasi in the Ashanti Region will not reoccur under the watch of his administration. He was speaking at the re-opening of the Anglogold Ashanti gold mine in Obuasi, which had been closed since 2014. The President warned that the government will enforce the laws of the land to stop encroachment on the concessions of the mines. “I assure management and staff of the mine that the sequence of events that led to the closure of the mine will not recur ... more
  • 7 months Diageo PLC appoints Gabriel Opoku-Asare as Head of Society, Africa CNR -Biz
    Diageo Plc has appointed Gabriel Opoku-Asare, as Head of Society (Sustainability and Responsibility) – Africa Region. His appointment takes effect from 1st February 2019. In his new role, Gabriel will lead Diageo’s Sustainability and Responsibility strategy across the beverage giants’ 13 priority markets, comprising 4 business units which are Africa Emerging Markets, East Africa, Southern Africa and Nigeria. He will also be leading the agenda to shape the future of the business and accountable for driving and leading programmes and campaigns which focus on Water, Skills, Environment and Local Raw Materials (LRM). Additionally, he will be accountable for regional supra ... more
  • 7 months Total Ghana unveils third solar-powered station CNR -Biz
    Total Petroleum Ghana Ltd., a locally listed oil marketing company, has opened its third solar powered station in Kumasi as part of its commitment to develop solar energy through cutting-edge technology. The Total Mile 4 service station which is also the very first of its kind in the Ashanti Region, has 50 solar panel installation with about 16.35 kWp of power production. This service station is an ultramodern one with a convenient shop, forecourt and a lube bay for efficient vehicle servicing. Speaking on the project, the Managing Director, Eric Fanchini, said that the installation of the solar system is ... more
  • 7 months Mastercard fined £504m for competition breach StarrFM -Biz
    The European Commission has fined Mastercard €573m ($650m, £504m) for anti-competitive behaviour. It said Mastercard had prevented retailers using cheaper banking services outside their home country. Prior to 2015, Mastercard obliged banks receiving card payments to use a fee set in their home country, even if cheaper rates were available elsewhere in the European Union. Mastercard said the closure of the case was an important milestone. Commissioner Margrethe Vestager said: “European consumers use payment cards every day, when they buy food or clothes or make purchases online. “By preventing merchants from shopping around for better conditions offered by banks in ... more
  • 7 months Supreme Court dismisses Exton Cubic’s plea for compensation CNR -Biz
    The Supreme Court has dismissed a lawsuit before it by Exton Cubic Ghana Limited seeking to overturn a decision by a Kumasi High Court refusing to grant compensation for the seizure of their equipment. The lawyers for the company headed to the apex court after the High Court, presided over by Justice George Addai Kwofa in June 2018, dismissed the mining company’s case on the basis that its mining lease had not been ratified by Parliament. In an application for review by lawyers for Exton Cubic, they argued that the High Court had no jurisdiction to give an interpretation of Article ... more
  • 7 months “We’re taking steps to pay you” – Gold Coast Securities to aggrieved customers CNR -Biz
    The troubled investment firm, Gold Coast Securities has assured its aggrieved customers that it working to pay back their monies. The company has stated that it is making efforts to resolve all outstanding issues. The Economic and Organised Crimes Unit [EOCO] in 2018 begun investigations into the operations of fund managers, Gold Coast Securities after clients complained that they were struggling to retrieve their investments. After months of protests and petitions, the customers who are yet to get paid have also called on SEC to help them retrieve their investments, which matured in the last quarter of 2018 But speaking to Citi ... more
  • 7 months Dangote wants to solve Nigeria’s many problems – forex scarcity, crude refining and jobs but oil price is still a major determinant of all the... Pulse -Biz
    <p class=""><strong><em>Aliko Dangote, Africa's richest man, says increase in export of cement will boost sales and make more forex available in the domestic market.</em></strong></p> <ul><li>Africa’s richest man is ready to solve his home country’s many problems -- including forex scarcity, crude oil refining -- and create millions of jobs.<li><li>Dangote says he is stepping up the game to increase the exports of cement and other commodities from Nigeria in 2019 to foreign markets.<li><li>He is expected to earn about $600 to $700 million annually from cement export.<li></ul> <p class="">Africa’s richest man, Aliko Dangote, is ready to solve his home country’s many problems ... more
  • 7 months Nigeria sets policy direction for 2019 as monetary authority holds interest rate at 14% Pulse -Biz
    <p class=""><strong><em>Godwin Emefiele, CBN governor, says all the Committee members voted to retain interest rate at 14%. </em></strong></p> <p class="">The CBN monetary policy committee (MPC) on Tuesday, <a href="https://www.pulse.ng/bi/finance/analysts-see-cbns-monetary-policy-committee-leaving-the-interest-rate-at-14-record/ve2pk6z" id="96c5e9b5-b037-4b7e-b38b-c2caa35b77c7">retained key lending rate</a> at record-high 14% in more than two years.</p> <p class="">This is the outcome of the first monetary policy meeting of the Nigerian central bank and it also the set policy direction for the country ahead of the 2019 elections.</p> <p class=""><strong>Godwin Emefiele</strong>, CBN governor, while reading communique at the end of the two-day, said all the Committee members voted to retain interest rate at 14%. </p> <p ... more
  • 7 months Chinese firm pumps more than $200 million to Kenyan family owned construction firm, Devki Group Pulse -Biz
    <ul><li><strong>Devki Group, which is owned by Kenyan tycoon Narendra Raval has inked a Sh25.5 billion deal with Chinese firm Sinoma Energy.</strong><li><li><strong>Sinoma made the announcement in regulatory filings last week.</strong><li><li><strong>Devki Group, East Africa’s largest building materials company, which is owned by Kenyan tycoon Narendra Raval.</strong><li></ul> <p class=""><strong>A Chinese firm is set to pump more than Sh20 billion ($200 million) to a Kenyan family own construction firm.</strong></p> <p class="">Devki Group, East Africa’s largest building materials company, which is owned by Kenyan tycoon Narendra Raval has inked a Sh25.5 billion deal with Chinese firm Sinoma Energy to power its Mombasa-based raw steel processor ... more
  • 7 months Ghana takes steps to export timber to EU market CNR -Biz
    Ghana’s foreign exchange earnings is expected to go up as the country’s exportation of timber is expected to also rise significantly soon. This is according to the Minister of Lands and Natural Resources, Kwaku Asoma-Cheremeh. Speaking to journalists during a visit accompanied by representatives from the European Union (EU) to the Konsinwa forest at New Edubiase in the Ashanti Region, he indicated that as a result of a voluntary partnership agreement between Ghana and the EU to use a coding system for tracking exportation of wood products moving out of Ghana, measures are being put in place to prevent illegal ... more
  • 7 months Over US$100m lost to cyber fraud in two years StarrFM -Biz
    With Ghana seeking to advance its ‘digital economy’, cybersecurity experts have said that a lot more effort will be required to ensure the country’s readiness to take on the threats that come with digitisation. At an Internet penetration rate of 35 percent – three million yearly growth since 2015 – in a population of about 29.2 million, it is feared that failure to implement some basic Internet security protocols could deepen the vulnerability levels of many people in cyberspace, including organisations. For instance, it emerged that about 60 percent of cases reported to the police, as at August 2018, were ... more
  • 7 months ‘We’re working on roadmap with Gold Coast Securities on delayed payments’ – SEC CNR -Biz
    The Security and Exchange Commission (SEC) is currently working on a roadmap with the troubled investment company, Gold Coast Securities. The Commission says the plan will enable the company to pay its customers their monies. It would be recalled that the Economic and Organised Crimes Unit [EOCO] in 2018 begun investigations into the operations of fund managers, Gold Coast Securities after clients complained that they were struggling to retrieve their investments. After months of protests and petitions, the customers who are yet to get paid have also called on SEC to help them retrieve their investments, which matured in the ... more
  • 7 months Ghanaians have been warned not to deal with cryptocurrency companies Pulse -Biz
    <ul><li>The Deputy Director General of Securities and Exchange Commission, Paul Ababio said they are now researching into cryptocurrency.<li><li>He therefore cautioned Ghanaians not to invest in cryptocurrency.<li><li>Paul Ababio said they welcome any input on the research from the general public.<li></ul> <p class="">Ghana’s Securities and Exchange Commission (SEC), has cautioned Ghanaians to desist from investing in cryptocurrency of any form.</p> <p class="">The Deputy Director General of Securities and Exchange Commission, Paul Ababio told Accra-based Citi FM that they have started thorough research into cryptocurrency-related activities in the country.</p> <p class="">“We are still doing our research and gathering information, and we welcome any ... more
  • 7 months Bank of Ghana acted in bad faith by revoking the licence of Heritage Bank – Majority shareholder, Seidu Agongo Pulse -Biz
    <ul><li>The Bank of Ghana earlier this month revoked the licence of Heritage bank.<li><li>The BoG governor Dr Addison revealed that Heritage Bank “obtained its licence with questionable sources of capital”.<li><li>However, the majority shareholder Seidu Agongo has said that the BoG's claim is prejudiced.<li></ul> <p class="">The majority shareholder of the defunct Heritage Bank, Seidu Agongo, has said that the Bank of Ghana’s claim that he is not fit enough to be the significant shareholder of the bank is prejudicial.</p> <p class="">Earlier this month, the BoG revoked the licence of Heritage Bank. The governor of the Central Bank Dr Ernest Addison, said this was ... more
  • 7 months Akufo-Addo reopens Obuasi Gold mine CNR -Biz
    President Nana Addo Dankwa Akufo-Addo has re-opened the AngloGold Ashanti gold mine in Obuasi, in fulfilment of a campaign pledge he made to the people of Obuasi in the run-up to the 2016 general elections. The mine had been closed since 2014, Addressing the Chiefs and people of Obuasi, on Tuesday, President Akufo-Addo noted that upon his assumption of office, a series of discussions took place leading to the redevelopment project of the Obuasi mine. “In order to help Anglogold Ashanti secure the needed investment for this project, Government had to provide a number of fiscal incentives, and guarantee the ... more
  • 7 months Road contractors still owed over GHC 3.69 billion – Report CNR -Biz
    The Association of Road Contractors Ghana has bemoaned government’s failure to pay its members debts owed them. A report by the parliamentary committee on roads and transport has shown that the government still owes road contractors more than GHC 3.69 billion for projects financed from the consolidated and roads fund. Although the government has paid over 2.2 billion of the funds in arrears, the delay in settling the outstanding debt is affecting the construction industry. In an interview with Citi News, Chairman of the Association, Daniel Agro intimated that government is dealing with them unfairly. “If banks are collapsing because ... more
  • 7 months Heritage Bank collapse: BoG being hostile towards me – Seidu Agongo CNR -Biz
    The majority shareholder of the defunct Heritage Bank, Seidu Agongo, has accused the Bank of Ghana (BoG) Governor, Dr. Ernest Addison, of acting in bad faith when he described him as not being fit and proper enough to be a significant shareholder of the bank. After Heritage Bank’s license was revoked due to a suspicious stated capital according to the BoG, as well as their inability to meet the new GHc400 million minimum capital requirement, the Governor also suggested that, the involvement of Mr. Agongo in the ongoing trial over alleged fraud in a Cocobod fertilizer contract, meant he was unfit to ... more
  • 7 months Don’t deal with cryptocurrency companies – SEC warns Ghanaians CNR -Biz
    The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam. In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.” “If you chose to go there, you are on your own,” the Deputy Director General of Securities and Exchange Commission, Paul Ababio said to Citi News. The SEC does not regulate the cryptocurrency space in Ghana, and cryptocurrency is not accepted as legal tender. “We are still doing our research and gathering information, and we welcome any input that people might have ... more
  • 7 months UT, Capital loan defaulters have been given 3-month ultimatum to clear debts Pulse -Biz
    <ul><li>The joint receivers of defunct UT and Capital banks published a list of 91 debtors.<li><li>The loan defaulters have till end of March this year to pay the loans.<li><li>Fifty-eight companies and individuals on the list owe UT bank, while the remaining thirty-three (33) owe Capital bank.<li></ul> <p class="">Debtors of defunct UT and Capital banks have till the end of March 2019 to pay the loans they owe the 2 banks.</p> <p class="">A newspaper publication listed ninety-one (91) companies and individuals who owe the two banks.</p> <p class="">Out of the ninety-one companies and individuals, fifty-eight (58) owe UT bank. Meanwhile, the remaining ... more
  • 7 months Tamale: Angry Gold Coast customers demand payment of locked up cash CNR -Biz
    Some customers of the Tamale branch of investment company, Gold Coast Securities, are calling on the Securities and Exchange Commission, SEC, to help them retrieve their investments, which matured in the last quarter of 2018. The entity, which is a subsidiary of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, was being investigated by the Economic and Organized Crimes Unit (EOCO) in December 2018. It followed a petition from clients who were struggling to retrieve their investments. But one of the aggrieved customers in Tamale who spoke to Citi News on condition of anonymity, said the situation is worrying, hence the ... more
  • 7 months 10 developments that will shape Africa’s energy sector in 2019 CNR -Biz
    After a year of rebound and recovery, Africa’s old and new hydrocarbons markets have an opportunity to further entrench the continent’s position as the world’s hottest oil and gas frontier in 2019. However, the new year also brings a new set of dynamics and challenges set to influence the future of the industry, from presidential elections to megaprojects developments, amidst intensifying international competition. New African frontiers opening up  Independents are leading the way in exploring and opening up new frontiers across Africa. This year will be key for the advancement of new exploration and production development projects from West to ... more
  • 7 months BoG’s ‘I’m not fit’ claim prejudicial – Seidu Agongo StarrFM -Biz
    The majority shareholder of the now defunct Heritage Bank Limited (HBL) Seidu Agongo has described as ludicrous the revocation of the bank’s license because its sources of financing were not clear. Then Central Bank earlier this month revoked the banking license of HBL. The move, according to the governor of the Central Bank, Dr Ernest Addison, was because the original source of finance for the bank is currently a basis of criminal prosecution in court. Dr Addison went further to state that Mr Agongo as a significant shareholder of HBL, was not a “fit and proper person” to hold shares ... more
  • 7 months Ignore reports about reduction in electricity tariffs – PURC CNR -Biz
    The Public Utilities Regulatory Commission (PURC), has asked electricity consumers to disregard speculations about a reduction in electricity tariffs effective 1st February. According to the Commission, such claims are baseless as they’re merely rumours. The PURC is set to announce new tariffs on February 1. But even before the official announcement is made, some persons are speculating a reduction in the cost of electricity. Some have also said the cost of electricity is expected to increase particularly as the new partner for the Electricity Company of Ghana comes on board. But the Head of Public Affairs and External Relations of ... more
  • 7 months REPORT: Here’s why the Nigerian naira may hit N400 per dollar in 2019 Pulse -Biz
    <p class=""><strong><em>The report states that the exchange rate may breach resistance levels in 2019 unlike the stability recorded in 2018.</em></strong></p> <ul><li>Nigerian naira may experience depreciation to about N401 per a $1 mirroring the rate of 12-month non-deliverable forwards quoted on <strong>Bloomberg</strong>.<li><li>Afrinvest project that Nigeria’s <strong>Gross Domestic Product</strong>, GDP, will grow by 2.5%% in 2019 as against 1.9%% recorded in 2018.<li><li>The investment firm also notes that the emergence of a new CBN governor by mid-2019 may result in a new exchange rate policy.<li></ul> <p class="">The Nigerian Naira may hit N400 per dollar towards the end of 2019 when investors retreat from ... more
  • 7 months After years of banning export of unrefined metals, Tanzania now says it is ready to lift the ban and wants to set up a smelter Pulse -Biz
    <ul><li><strong>Stanislaus Nyongo, Deputy Minister for Minerals, said the government had already received a number of offers from “big investors” ready to build the smelter.</strong><li><li><strong>Tanzania government has received more than 20 offers from different mining firms.</strong><li><li><strong>In March 2017, President Magufuli issued a ban on exports of unrefined metals, preventing Acacia from selling partially processed gold and copper concentrates.</strong><li></ul> <p class=""><strong>After years of banning the export of unrefined metals, Tanzania says it is now ready to lift the ban and allow export of gold and copper concentrates as it enters the final stages of negotiation with investors to construct a smelter in ... more
  • 7 months Effective Living Series 2019: 7 barriers to break for the success of SMEs CNR -Biz
    Several limitations continue to bedevil the success of Small and Medium Enterprises (SMEs) in Ghana, despite the sector’s huge contribution to the economy. This seems to make it extremely difficult for individuals to venture into such businesses. But on day one of the fourth week on Citi FM’s Effective Living Series, a management Consultant, Kofi Otutu Adu-Larbi, who spoke on how to start and manage the success of a business, mentioned that for businesses to attain their main roles of solving problems, creating jobs and income, and nurturing new ideas for national and social development, all actors within the business ... more
  • 7 months Kenyans splashed $127.4 million to buy second-hand clothes in 2018 as local manufacturers cry foul Pulse -Biz
    <ul><li><strong>In a new record since 2013 when 101,066 tonnes worth Sh8.3 billion was brought in, last year’s imports rose 31.3 percent.</strong><li><li><strong>While Kenyans would want to look fashionable and trendy, local manufacturers in the country are crying foul and counting losses.</strong><li><li><strong>Kenya Association of Manufacturers now want blanket taxation of up to Sh2 million ($200,000) for a 20-foot container and Sh4 million ($400,000) for a 40-foot container of finished textiles and apparels .</strong><li></ul> <p class=""><strong>Kenyans splashed Sh12.74 billion ($127.4 million) to buy 134,000 tonnes of second-hand clothes in the first three quarters of 2018 alone.</strong></p> <p class="">In a new record since 2013 ... more
  • 7 months Analysts see CBN’s Monetary Policy Committee leaving the interest rate at 14% record-high Pulse -Biz
    <p class=""><em>Led by the CBN Governor, Godwin Emefiele, the meeting will take measures on foreign capital inflow, rising inflation taking consideration February 2019 elections.</em></p> <ul><li>Members of the <strong>Central Bank of Nigeria</strong> (CBN)-led <strong>Monetary Policy Committee</strong> (MPC) converge for the first time in 2019.<li><li>The meeting will take measures on foreign capital inflow, rising inflation taking consideration February 2019 elections.<li><li>Analysts say the committee will maintain status quo on the key lending rate.<li></ul> <p class="">Members of the <strong>Central Bank of Nigeria</strong> (CBN)-led <strong>Monetary Policy Committee</strong> (MPC) have converged for a two-day meeting in Abuja, the nation's capital to take a decision of key ... more
  • 7 months Kenya is set to produce as many new millionaires as China in the five years Pulse -Biz
    <ul><li><strong>According to Global research firm Wealth-X, Kenya is listed among countries that are primed to mint new millionaires at the highest rate in the next five years.</strong><li><li><strong>The country is now ranked sixth globally and third in Africa after Nigeria and Egypt. </strong><li><li><strong>Kenya’s projected millionaire growth pace is the same as that of China and both are tied at number six globally.</strong><li></ul> <p class=""><strong>Kenya and China, the world’s second-largest economy, will be the place to watch in the next five years as the two countries are set to mint out new millionaires at the highest rate in the world, a global ... more
  • 7 months Govt suspends tax stamp policy on textile StarrFM -Biz
    Government has suspended plans to begin the implementation of the tax stamp policy for the textile industry which is slated for this month. The move is to ensure additional security features are added to the stamp. Government revealed last year of its plans to extend the tax stamp policy to textiles in order to curb smuggling of the product in the country and to increase jobs in the sector. The Tax Stamp Policy emanates from the Excise Stamp Act, 2013 (Act 873). The policy requires that specified excisable products are affixed with tax stamps with specific features designed and supplied ... more
  • 7 months How 2 British nationals conned Kenya’s most profitable company, Safaricom, out of more than $1 million Pulse -Biz
    <ul><li><strong>The two British nationals are said to have left Kenya without Safaricom’s knowledge</strong><li><li><strong>Safaricom and the UK firm, according to documents filed in court, have a relationship that dates back to 2006</strong><li><li><strong>On Thursday, High Court Judge James Makau allowed Safaricom to inform the company of the pending suit against it by placing an advertisement in a local daily newspaper</strong><li></ul> <p class=""><strong>Kenya’s most profitable company has been conned of more than $1 million by two British nationals.</strong></p> <p class="">According to court papers filed by Safaricom, Iphone Global Systems, an international telecommunications firm that owes the mobile company Sh120 million ($1.2m) cannot be ... more
  • 7 months Help us retrieve our monies – Victims of crypto-currency scam tell gov’t CNR -Biz
    Customers of cryptocurrency company, Global Coin Community Help, are calling on government to help them retrieve their locked-up monies from the company. The customers say all efforts to get their monies back have been unsuccessful. Global Coin Community Help is among six (6) financial intuitions the Bank of Ghana cautioned the public about in December 2018, although their problems had started months earlier. By January 2019, there were already many complaints from customers that they were unable to retrieve their monies from the company. Earlier reports showed that Global Coin Community Help had swindled more than 110,000 customers of their ... more
  • 7 months GACL Board still in place as MD is removed from office CNR -Biz
    The Ghana Airports Company Limited says its board Chaired by Madam Oboshie Sai Coffie is still in place. It comes after the removal of the former Managing Director of the company, John Dekyem Attafuah from office last Friday. A statement issued by Madam Oboshie Sai Coffie also said that Mr. Robert Sackey Tagoe, the Group Executive (Human Capital & Office Services) cum Secretary to the GACL Board, has been reassigned to the Ministry of Aviation effective 18th January 2019. Ms. Amma Osafo-Mensah would act as the Group Executive (Human Capital & Office Services). The Deputy Managing Director, Mr. Yaw Kwakwa, ... more
  • 7 months Tanzania understudies NLA’S transformational agenda StarrFM -Biz
    A high powered delegation from Tanzania visited the National Lottery Authority (NLA) to understudy the transformational agenda taking place at the Authority. This forms part of efforts of the Tanzanian Government to restructure and transform the Lottery business and operations in Tanzania. The delegation was well received by the Management of the NLA.  The Business Development Committee of NLA took the Tanzanians through a series of presentations and discussions on the history, change management processes, business models and initiatives of the Authority. After the meeting with the Business Development Committee of NLA, the Tanzanians were educated by Kofi Osei-Ameyaw, Director-General ... more
  • 7 months One of Kenya’s largest manufacturing firm owned by Manu Chandaria is facing the auctioning hammer over $60 million debt Pulse -Biz
    <ul><li><strong>Kaluworks Limited, a manufacturing firm that is part of billionaire Manu Chandaria’s Comcraft Group, is facing the auctioneer’s hammer over non-payment of multiple debts worth an estimated Sh6 billion.</strong><li><li><strong>Credit officers from the affected banks said the banks loaned the money to Kaluworks because Mr Chandaria allegedly presented himself as the face of the company.</strong><li><li><strong>When reached for comment on Thursday, Mr Chandaria said he currently “does not have anything to do with the company” and was only linked with the company “through representing foreign firms”.</strong><li></ul> <p class=""><strong>One of Kenya’s largest manufacturing firm owned by one of the richest Kenyans who made ... more
  • 7 months Societe Generale bank sells out its South African unit to ABSA Pulse -Biz
    <p class="">Societe Generale bank has revealed that it will its South African unit.</p> <p class="">The revelation was made on Friday, January 18, 2019.</p> <p class="">According to the French bank, it is offering the custody, trustee and clearing services to South Africa-listed bank ABSA. This the bank said is part of a strategy to review its scope of businesses.</p> <p class="">Currently, the bank has not disclosed the amount of the transaction.</p> <p class="">The bank also signed an agreement with ABSA to mutually provide wholesale banking services in most African countries.</p> <p class="">“The agreement between the two banks includes a specific offer ... more
  • 7 months Here’s how much the Ghanaian economy made from 2.2 million mobile money transactions in 2018 Pulse -Biz
    <p class="">A report has revealed that the Ghanaian economy recorded about 2.2 million transactions from the cross-network mobile money dealings.</p> <p class="">These transactions were done between May and December 2018.</p> <p class="">The Ghana Interbank Payment and Settlement Systems (GhIPSS) who revealed the figure describe the revelation as incredible because the figure was seen as a continuous increase in the patronage of the service.</p> <p class="">Before the introduction of mobile money interoperability in May 2018, such cross-network transfers were done through the ‘token’ system.</p> <p class="">The monthly average transactions using the ‘token’ system was about 93,000. </p> <p class="">Since the introduction of ... more
  • 7 months IMANI proposes better idea than GAT to recapitalise indigenous banks CNR -Biz
    The Governor of the Bank of Ghana (BOG) has, in his latest press conference, sought to assure the public about the success of the BOG’s two-year “clean-up effort”. This is curious considering the fact that after all the hoopla and hoo-ha, the “recapitalisation” drive could not attract even $300 million of fresh capital into the banking sector. About half of the Banks simply transferred income surpluses to stated capital, and for the remainder, meeting the minimum equity requirement imposed by the BOG was achieved through mergers padded with some minimal injections of equity. If the proposed GAT (Ghana Amalgamated Trust) ... more
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