BUSINESS

Accountant-General to stop state-owned enterprises from banking with commercial banks

The Controller and Accountant-General’s Department says it is working towards restraining public officials from buying treasury bills with state funds for personal gain. As a first step, accounts of Ministries, Departments and Agencies (MDAs) with commercial banks have been closed. “Government through the budgetary process allot funds to the various MDAs, and other State Agencies. Many who get the money ...

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Finance ministry tops Auditor-General ‘league table’ of ¢892m squanderers

The public accounts of Ministries, Departments and Agencies (MDAs) for the financial year ended December 31, 2017 have revealed that the overall financial impact of weaknesses and irregularities discovered by the Auditor-General amounted to over GH¢892 million. The breakdown is: tax irregularities GH¢655 million; cash irregularities GH¢190 million; stores/procurement irregularities GH¢41 million; payroll irregularities GH¢1.7 million; outstanding loans/advances GH¢2.6 million ...

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Nissan admits falsifying emissions tests in Japan

Nissan has admitted that it has uncovered falsified data from car exhaust emissions tests at most of its Japanese factories. The firm did not disclose how many cars were involved, but said emissions and fuel economy tests had “deviated from the prescribed testing environment”. The carmaker added that inspection reports had been “based on altered measurement values”. Nissan pledged there ...

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Vice President Bawumia to serve on the Board of global body

Vice President Dr Mahamudu Bawumia has been appointed to the United Nations (UN) Global Partnership for Sustainable Development Data (GPSDD) Board. GPSDD is a global network bringing together governments, the private sector, and civil society organizations, dedicated to using the data revolution to achieve the Sustainable Development Goals. This was announced in a press a statement issued by the Office ...

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Ghana Beyond Aid Is Attainable – US

The United States Secretary for Commerce, Wilbur Ross has endorsed President Akufo Addo’s vision of a ‘Ghana Beyond Aid’. Speaking at the plenary session of the U.S-Ghana Business Forum at the Accra Marriott Hotel under the theme; ‘Strengthening U.S. – Ghana Commercial Partnership Towards a Ghana Beyond Aid’, Secretary Ross, said the United States is looking forward to a strong ...

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Capital Requirement: Tier Banks – Seth Terkper

A former Minister of Finance Seth Terkper has suggested to the Bank of Ghana to reconsider its position on the minimum capital requirements for commercial banks. Speaking on the Morning Starr on Thursday, Mr. Terkper stated the Central Bank should categorise the banks based on their financial muscles in order not to suffocate the indigenous banks. Business magnate Dr Papa ...

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Lift ban on fishing – Edina Chief to government

The Omanhene of Edina Traditional Area, Nana Kodwo Conduah IV, has called on the Ministry of Fisheries and Aquaculture to immediately lift the ban placed on fishing activities by the government. According to Nana Conduah IV, the ban is in breach of an earlier agreement the ministry struck with the fishermen to ban fishing from May to June which has ...

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Avoid temptation to over-regulate Fintech companies – Bawumia

Vice-President Dr Mahamudu Bawumia has urged the Bank of Ghana (BoG) to give the financial technology (Fintech) companies free hand to operate to engender innovation. He said players in the Fintech sector were “free spirits” who required freedom to experiment and to innovate in order to come up with solutions geared towards deepening financial inclusion – a key part of ...

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Manufacturing subsector drives PPI upwards to 7.1 %

Manufacturing sub-sector, in the month of May, drove up the producer inflation to 7.1 percent from 6.4 percent in April, the Acting Government Statistician, Baah Wadieh has noted. This represents 0.7 percentage point increase over the previous month figure. The producer price index measures the average change over time in the prices received by domestic producers for the production of ...

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