BUSINESS

The Herald has chanced upon reports, suggesting the Bank of Ghana (BoG) could be blowing some outrageous amounts of money on the appointment of PricewaterhouseCoopers Limited (“PwC”) and KPMG, as receivers for the purpose of winding down the affairs of the collapsed commercial banks, Savings and Loans and Finance Houses. Insiders have hinted about the procurement irregularities in the selection ...

The management of the Kumasi Shoe Factory is considering closing the factory over the refusal of the security agencies, particularly the Ghana Armed Forces (GAF), to patronise its boots and shoes. Nothing had changed since November 2017 when the management of the factory came out to lament the effects of the refusal of the state security agencies to patronise their ...

President Nana Akufo-Addo has donated a sum of 450,000 CFA to stranded Ghanaian drivers at the Seme-Krake Border of Nigeria and Benin. Deputy Minister of Trade and Industry, Carlos Ahenkorah, made the donation on behalf of the President. The money is to help ease their financial burden as the Nigerian and Ghanaian authorities dialogue over the reopening of Nigeria’s borders. ...

Government has called on angry members of the Ghana Union of Traders Association (GUTA) who are locking Nigerian shops in Kumasi to be cautious as the action could trigger a bigger trade impasse between the two nations. According to Deputy Trade minister Carlos Ahenkorah, the sheer size of Nigeria’s economy requires that some amount of tact is applied when dealing ...

Finance Minister Ken Ofori-Atta has affirmed that Ghana as a country needs money and every citizen of this country can attest to it. The Minister who was speaking on Citi TV’s ‘Point of View’ Wednesday evening indicated that the Akufo-Addo led administration met a budget deficit of 9.3% from the erstwhile Mahama government. He said, “You can’t get away from ...

The economy is not struggling…the business models are changing. It’s often heard in most West African economies that, “Economy is struggling”. Sit back & dispassionately think “is the economy really struggling or the business models and ways of doing business which is struggling? Some thoughts to let you understand what really the problem is: 1) Car sales are going down… ...

Energy expert Dr. Charles Wereko-Brobby has advised government to place ECG on the Ghana stock exchange following the failed concession deal with PDS. In his view, such a move will take the power distribution company out of the direct control of government and therefore ensure transparency and efficiency in management. “Placement on the Ghana stock exchange will address the issues ...

The Institute of Statistical, Social and Economic Research (ISSER) has revealed that figures on Ghana’s economy for the first half of 2019 are not encouraging. According to ISSER, economic growth predictions for the year which were initially placed at 7.6% will therefore not be met. Dr Charles Ackah, Senior Research Fellow at ISSER presenting the 2019 mid-year review of the ...

GCB Bank Ltd has extended financial support to the tune of GH¢100 million to the energy sector of the country this year. This went into selected oil marketing companies (OMCs) and bulk distribution companies (BDCs) as working capital and financing for capital expenditure. The Managing Director of GCB, Mr. Anselm Ray Sowah, who announced this explained that the companies were ...

The Ghana Microfinance Institutions Network has described as misleading a release by the Receiver of the collapsed microfinance institutions that 96 branches of the 347 companies placed into receivership remain open for business. The receiver announced that 96 branches of the 347 microfinance companies that were placed into receivership by the Bank of Ghana are still open for customers of ...