BUSINESS

Prosecution on failed banks coming soon – Special Investigation Team

In a matter of weeks, the Special Investigation Team (SIT) constituted to probe the seven collapsed banks will be in the news, as prosecutorial action is taken against those responsible for the financial mess. A source close to the team while disclosing this to DAILY GUIDE anonymously regretted that some Ghanaians are exerting what he said ‘undue pressure’ on the ...

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Confiscate assets of Menzgold boss – Ken Agyapong charges government

Member of Parliament for Assin Central, Kennedy Ohene Agyapong wants assets of Menzgold owner Nana Appiah Mensah seized. He also wants properties of directors of some savings and loans companies in the country confiscated and shared amongst affected customers of embattled gold firm. “Whether Menzgold, Ideal finance or whatever, government must seize their assets and sell to defray the debts ...

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Gold Coast pays 3,000 Structured Finance Customers

Gold Coast Fund Management has begun payments to its Individual Structured Finance (SF) clients nationwide. The payment comes ahead of the planned schedule for the official installment payments due to begin on March 1, 2019 over a three-year period. Gold Coast Fund Management had earlier issued a statement informing its customers of a new directive from their regulators, the Securities ...

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Duty-Free shops being audited – FZA

The Ghana Free Zones Authority is undertaking independent audit of all licensed duty-free shops and household plastic manufacturing companies found to have violated the Free Zone Act 1995 (ACT504) and its supporting regulations. The auditing exercise began last week. Meanwhile, the Ghana Revenue Authority (GRA) has said some of its officers colluded with a company within the Free Zones enclave ...

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Angry Menzgold customers to seize properties of NAM 1, Becca, Shatta Wale, Stonebwoy

Angry customers of gold trading hub, Menzgold in the Ashanti Region have threatened to invoke curses of Menzgold management and workers as well seize and sell properties of signed artistes under Zylofon Music. They indicate that it is part of their money that has been used to acquire properties for these individuals including Shatta Wale, Stonebwoy, Becca and the rest ...

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ECG wants 38% increase in power tariffs

The Electricity Company of Ghana wants Parliament to approve an increase in end user tariffs of at least 37.6 percent to cover the losses it is making on electricity sales under the current tariff structure which has been in effect since April this year. This year’s edition of the annual major review of electricity tariffs is currently ongoing, under the ...

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2018 has been turbulent – Spare parts dealers

Spare parts dealers in the country say they are hopeful the 2019 budget will alleviate the hardships in the ensuing year since 2018 has been difficult for them. According to them, the poor performance of the Cedi has had a major effect on their business since they import with the dollar. It comes as the finance minister is set to ...

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Government to convert US$140m GRIDCo debt to equity

Government has heeded the Ghana Grid Company’s appeal for help and decided it will convert loans it has on-lent to the power transmitter into equity. This means GRIDCo will not have to pay back an estimated US$140million of debt that government-contracted on its behalf. GRIDCo inherited about US$120million of the debt from the Volta River Authority, from which it was ...

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Menzgold clients angry over delayed 15% payment

Some customers of Menzgold Ghana Limited, who thronged the gold-trading firm’s Dzorwulu office on Friday 9, November 2018 with the expectation of receiving 15 per cent of their principal investments as promised them by the company last week, were left disappointed as they say the embattled company appears to be only interested in migrating its customers onto its new online ...

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GRA begins enforcing Excise Tax Stamp policy in UER

The Ghana Revenue Authority (GRA) in the Upper East Region, has embarked on a programme to enforce the Excise Tax Stamp Policy, as part of measures to prevent excisable products without Tax Stamp from being sold to the public. The nationwide activity is part of efforts instituted by the revenue mobilization institution to ensure that all distributors, wholesalers and retailers ...

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