BUSINESS

The clean-up of the banking, specialized deposit-taking (SDT) and non-bank financial institutions (NBFI) sectors in the country by the Bank of Ghana (BoG) is opening the Pandora’s box with regard to how some of the owners illegally transferred customers’ savings and investments without traces. The Central Bank last Friday struck once again when it announced a revocation of the licenses ...

The Chairman and CEO Groupe Nduom, Dr Papa Kwesi Nduom has reacted to the Bank of Ghana’s decision to revoke the license of his company, GN Savings Limited. The Bank of Ghana on Friday revoked the licenses of twenty-three (23) insolvent savings and loans companies and finance house companies including the GN Savings Limited. The central bank in its statement ...

Anthony Pile, founder and chairman of Blue Skies Holdings, a fruit processing company, has urged the government to help facilitate trade within the Economic Community of West African States (ECOWAS) market. He said Blue Skies Holdings and other companies in Ghana needed government’s support to be able to penetrate the ECOWAS market. Mr Pile said the ease of doing business ...

An energy expert has questioned the Finance Ministry’s move to unfreeze bank accounts of Power Distribution Services (PDS) Ghana Limited. Kwame Jantuah does not understand why the Ministry is taking steps to unfreeze the accounts when the reasons given by the Energy Ministry before suspending the concession with PDS still holds. “The Energy suspended PDS based on a law – ...

The Institute of Fiscal Studies (IFS) has raised serious concerns over government’s decision to raise an additional GH¢6.3billion through borrowing to finance its expenditure for the rest of the year, saying “the fiscal policy path the country is on is unsustainable”. In its post-budget analysis, the policy think-tank said considering the country’s current revenue situation, there is no way other ...

The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has said the delay by the government in paying local contractors, some of whom, he said, are customers or investors, has led to the lock-up of GHS2.2 billion from the Groupe’s Gold Coast Fund Management, alone. “When we keep fighting for Ghanaian contractors to be paid, we are fighting for customers/investors ...

Papa Kwesi Nduom, the founder of GN Bank, which was recently downgraded to a Savings and Loan Company, says the challenges confronting his business is being resolved. He said some of the challenges such as the delay in the payment of workers’ salaries have already been solved. The businessman has been under pressure over the past few months following the ...

Transport operators in the country are scheduled to meet on Friday, August 2 to deliberate on whether to increase transport fares following the announced increment in the Energy Sector Levy effective today. Finance Minister Ken Ofori-Atta while presenting the 2019 mid-year budget review to parliament on Monday announced increment in the levy with the view to raising the needed revenue ...

Chief Executive Officer of the Ghana National Ghana Gas (GNG), Dr. Ben Asante has stated that it is impossible for a country to industrialise without sustainable, reliable and affordable power supply and that, gas has become the fossil fuel choice for the future and not other hydrocarbons. According to him, because of the role gas plays in industrialisation drive, Ghana ...

In line with its commitment to deliver effective partnership to drive business growth in the country, Guinness Ghana Breweries PLC has paid a courtesy call to Dr Ibrahim Mohammed Awal, Minister of Business Development. The courtesy call, led by Sylvia Owusu-Ankomah, Corporate Relations Director of Guinness Ghana Breweries PLC explored ways in which the firm can collaborate with the Ministry ...