BUSINESS

HFC Bank Ghana Limited and its subsidiaries recorded a widening loss-after-tax and non-controlling interest of GH¢47.73 million for the 2016 financial year. HFC Bank Ghana Limited and its subsidiaries also recorded an 18 percent rise in assets from GH¢1.6 billion to GH¢1.89 billion. Deposits also increased by 31 percent, outperforming the industry average of 25 percent. The loss position was ...

The Founder and President of Groupe Ideal, Nii Kotei Dzani has been named as the Best Entrepreneur for 2016. It follows his contribution to Ghana’s economy through his business venture comprising thirteen subsidiaries. Mr. Kotei Dzani was among thirty eight business managers honored at this year’s edition of the Ghana Entrepreneur and Corporate Executive Awards. This year’s awards saw thirty-eight ...

The National Petroleum Authority (NPA) has disclosed that Ghana loses about GH¢850 million annually in taxes due to the increased activities of fuel smugglers in the country. The illegal act is said to involve operators at the ports who fuel tanks with products brought into the country via unapproved routes. Businesses that apply under the pretext of exporting petroleum products, ...

The food and drugs authority says it is not out to witch hunt the Angel Group of companies over the punitive action recently taken in connection with the company’s organising of an Easter Monday jam used to promote its alcoholic beverage Adonko bitters. The company has been slapped with a 25 thousand fine and an order to withdraw the product ...

The Ghana Highways Authority (GHPA), has received a proposal by a Japanese company, CLUE, Inc. to include modern technology such as high tech drones in the construction and inspection of major infrastructural works in the country. CLUE, offers an infrastructure inspection service for civil infrastructure including bridges and highway using modern technology and software. At a meeting with management of ...

The Food and Drugs Authority (FDA) has ordered the manufacturers of Adonko bitters to recall the product from the market. This is after the authority suspended the license of Angel Group of Companies the manufacturers of the bitters, slapping it with a GHs25, 000 fine for flouting regulations in organizing a concert. Photographs circulating on social media show scores of ...

The Central Bank has reacted to recent media reports which suggested that proceeds from Ghana’s bauxite exports in 2015 was not captured in its 2015 Statements of Foreign Exchange Receipts and Payments report. Officials of the bank, led by Dr Johnson Asiamah, Second Deputy Governor on Tuesday, 25th April, 2017, appeared before the Public Accounts Committee of Parliament to answer ...

Origin8, Ghana’s only true Integrated Marketing Communications Company, has been named the official event organizer for the maiden Aerospace and Aviation Exhibition for Africa to be organized from 24 to 26, October 2017. Origin8 shall represent the Organizing Committee of the African Airshow and conduct the necessary negotiations and correspondence from now to the end of the show in October. ...

Financial institutions operating in the country have with immediate effect stopped charging 17.5 percent Value Added Tax (VAT) on all financial services. The decision is in pursuant to the Value Added Tax Amendment Law (Act948, 2007). Banks such as Access Bank, Ecobank, Unibank, CAL, UMB Bank and Zenith Bank, among others, have sent text messages to their customers announcing the ...

Minister of Works and Housing, Samuel Atta Kyei, has pledged to engage the services of local architects across the country to undertake government’s infrastructural projects. The move, the minister said, is to help ensure that monies, which could have otherwise been used in hiring foreign architects, are retained in the country to execute other economic projects. Mr. Atta Kyei made ...