BUSINESS

Finance expert exposes loophole in capping number of banks

A Finance lecturer at the University of Ghana has observed that it would be problematic to cap the number of banks that can operate in the country. Dr. Lord Mensah explained that financial expansion to the rural areas is not fully completed; “we are still penetrating,” he said. Disagreeing with suggestions to limit the number of banks – to force ...

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‘Heritage Bank gave BoG GHS90m stated capital, GHS35m for infrastructure’

The Herald has intercepted incontrovertible pieces of evidence that indicate that the Bank of Ghana (BoG) received a cash transfer of GHS90 million from the now-collapsed Heritage Bank Ghana Limited (HBL) as minimum capital to help meet the requirements of the licence granted its shareholders. The documents indicate that the money was transferred by Stanbic Bank Ghana Limited on behalf ...

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Government announces risk guarantee programme to give credit facilities to farmers

Finance Minister, Ken Ofori-Atta, has announced that government’s risk guarantee programme for the banking sector will give credit facilities to farmers and agribusinesses to expand and grow their enterprises. “We anticipate that a properly managed bank with stronger balance sheets will be able to develop appropriate financial products to support the operations of farmers and entrepreneurs in the agriculture value ...

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Banking reforms beneficial for industry – Alan Kyerematen

Trade and Industry Minister Alan Kyerematen has described the reforms in the financial sector as a key measure that will help local businesses to be competitive. According to him the move by the Bank of Ghana to collapse some banks has strengthened existing banks and made them well-capitalized to provide the needed financial support for local businesses to expand. Speaking ...

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Nduom reacts to news of resignation from Gold Coast Brokerage

Dr Papa Kwesi Nduom has reacted to media reports of him resigning from the board of Gold Coast Brokerage Limited. The Chairman of Groupe Nduom in a statement revealed that the organisation has a tradition of rotating directors off and on the boards of all its subsidiaries and his stepping down from the board was just part of that tradition. ...

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$2.8bn revenue estimated for economy from coconut industry

The Ghana Export Promotion Authority (GEPA) has estimated a $2.8 billion coconut revenue for Ghana by 2021 if efforts to improve production, processing and exportation of the crop are successful. As part of government’s effort to promote other cash crops in its Planting for Export and Rural Development (PERD), GEPA and the African Coconut Group are organising the first-ever International ...

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Ghana’s 20-year bond didn’t flop – Gov’t

The government has dismissed assertions that Ghana’s debut 20-year bond issued last week flopped after receiving low bids from investors. In a press statement issued by the Public Affairs Department of the Ministry of Finance Wednesday, August 28, 2019, the government said although the amount received in bids was less than the targeted amount, the nature of the issue did ...

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Ponzi scheme boss who defrauded investors of $1.1m gets indicted

Thomas Lanzana of South Carolina, USA was indicted on Tuesday on charges that he defrauded at least 20 people by soliciting investments in a bogus FX trading scheme, Attorney for the United States Rachael Honig announced. Lanzana was charged by indictment with two counts of wire fraud and one count of commodities fraud. He was previously charged with the same ...

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BOST board must go – COPEC

The Chamber of Petroleum Consumers Ghana (COPEC) has called for the dissolution of the board of the Bulk Oil and Transport (BOST) Company Limited following the resignation of its second Managing Director withing a space of three years. According to the CEO of COPEC, Duncan Amoah, the board which supervised the alleged malfeasance which caused the exit of the heads ...

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