BUSINESS

The Securities and Exchange Commission (SEC) has stated that it is not mandated to retrieve debt for struggling Fund Management Companies. The comment comes after claims by Group Nduom that SEC failed to respond to numerous requests to assist Blackshield Capital Management (formerly Gold Coast Fund Management) to retrieve funds owed them by the various government of Ghana entities. Group ...

Following the revocation of the licences of the 347 microfinance institutions (MFIs), the Receiver, Mr Eric Nipah, among other things, has announced an upward review of capped payments to GHS20, 000 for each depositor of the affected companies whose claim(s) has/have been validated in the receiverships of these MFIs. Based on the total number and value of claims received in ...

The Minority in Parliament has threatened to block the 2020 budget of the Ghana National Petroleum Corporation (GNPC) if it fails to provide a complete breakdown of its projected expenditure. The threat by the minority follows the approval by the GNPC board to donate over three million cedis to Okyehene, the Rebecca Foundation, EOCO and other organisations. Speaking to Starr ...

The Customs Division of the Ghana Revenue Authority (GRA) at the Tema Port appears to have commenced enforcement of a directive by its Board Chairman, Prof. Stephen Adei, to ignore ‘order from above’ commands from superior officers at the port. An internal memo sighted by DAILY GUIDE has warned junior officers not to take instructions in the form of ‘order ...

The World Bank has thrown out an audit report sent it by the Akufo-Addo-led government and has ordered it to use the Ghana Audit Service (GAS) to conduct “an in-depth Review” of all procurement related expenditures from the period spanning the life of the administration from January 2017 to June 30, 2019. The rejected report, had come from a private ...

The Akufo-Addo administration acting through Cocobod is to inject a 600m USD stimulus package into the cocoa sector through a Cocoa Productivity Enhancement Program which will among other things step up Ghana’s production to 1.5m tones by 2027. The stimulus will target rehabilitation of plantations, improvement in storage and domestic processing, stimulation of local consumption as well as efforts to ...

Three factories established in the Akuapem North Municipality under the government’s signature One District, One Factory (1D1F) programme, have begun operations, Mr. Dennis Aboagye, the Municipal Chief Executive (MCE), has announced. These are into coffee production, poultry farming, and palm oil extraction. The Asili Coffee Factory at Akropong has been producing three tons of bagged coffee for both the local ...

Banks in Ghana continue to make huge profits post-banking sector reforms, signaling some positive times ahead. According to unaudited financial statements released by some banks, profit margins either almost doubled or increased by some reasonable margins. So far, the quarter three financials indicate that majority of the banks have registered significant gains. GCB, Consolidated Bank, Ghana (CBG), Stanbic, ADB, Prudential, ...

Former Finance Minister Seth Terkper has condemned the government for the taxes it has levied since taking office in 2017. Speaking to JoyNews’ UpFront show, he said Ghanaians are “paying more taxes than they did in 2016,” under John Mahama, a situation which deviates from what the governing New Patriotic Party (NPP) promised, he said. Vice President Mahamudu Bawumia, for instance, slammed the ...

Angry members of the Ghana Union of Traders Association (GUTA) on Thursday stormed shops owned by Nigerians in Kumasi, the Ashanti Region capital, and locked them up. GUTA members have for some time now waged a war on foreigners doing retail business in the country. They cite Ghanaian laws to justify their action, insisting that they have been left with ...