BUSINESS

Coalition of Former Menzgold Customers on Tuesday, 22 June 2021 called on the Speaker of Parliament Alban S. K Bagbin to ask him to help them retrieve their locked-up funds with the now-defunct company. The leader of the 10-man delegation Isaac Nyarko expressed worry about the impact of closure of Menzgold on customers and their families, adding that the banking ...

International Economic rating firm Fitch has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from stable. Fitch has affirmed the IDR at ‘B’. According to the latest Fitch report, the negative rating reflects the significant deterioration in public finances as a result of the Covid-19 pandemic and the delays by government to roll out its fiscal consolidation efforts. ...

Enterprise Group PLC has entered into an agreement to fully acquire Acacia Health Insurance Limited, it has said in a statement signed by Sadia Chinery-Hesse, Group Head, Legal and Company Secretary. The statement, dated Wednesday, 16 June 2021, said the transaction is subject to regulatory approval. Acacia has been in existence since 2013 and is a major private health insurance ...

MTN Group has said it is leveraging its expansive footprint across Africa to test and ultimately deploy OpenRAN – an innovative technology that will enable us to launch new services more quickly, cost-effectively and seamlessly, supporting its strategy, Ambition 2025: Leading digital solutions for Africa’s progress. In a statement, MTN Group said: “We plan to modernise our radio access networks ...

World Bank President David Malpass has said the Bretton Woods institution “will have approved” COVID-19 “vaccination programmes in over 50 countries by the end of June”. “It’s vital that we connect excess vaccine supplies with countries that are able to use them. That’s a major challenge in terms of logistics and contracting”, Mr Malpass said at the recent G7 Summit. ...

The Managing Director (MD) of Tema Oil Refinery (TOR), Francis Boateng, has been sacked from his post, together with his deputy, Ato Morrison. The duo, who had been at the helm of the troubled state-owned refinery since May 2020, was reportedly served with their dismissal letters last Friday, June 11, 2021, by the Ministry of Energy. Commenting on the issue, ...

Impact Investing Ghana will on Thursday, June 17, 2021, hold the first-ever public Dialogue Series on Financing for Development. The forum, dubbed “What is the Role of the Development Bank in Ghana’s Economic Transformation?” will also seek to address some niggling questions on the minds of Ghanaians such as; “Will the development bank actually enable Ghanaians to access financing to grow their ...

Tullow Oil plc (Tullow) has announced the completion of the sale of its Dussafu Marin permit asset in Gabon to Panoro Energy ASA (Panoro). Tullow, on Wednesday, 9 June 2021, received a payment of $39 million from Panoro for the Dussafu asset and $5 million of contingent consideration relating to the Equatorial Guinea transaction. The transaction also included contingent cash ...

The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah, has announced that rent tax will be implemented before the year ends. According to the commissioner, businesses Liable to pay Rent Tax include businesses or individuals who receive income from letting or leasing a property and an agency that qualifies to withhold tax. Speaking at the Ghana Financial Intermediation ...

The Ghana Stock Exchange and its partner institution, the Central Securities Depository (GH) Limited, have commended the nationwide one-day tree-planting exercise that took place on Friday, 11 June 2021, saying they believe in sustainability and also support green initiatives. The GSE said it intends issuing green bonds and other biodiversity products in the future. “We, therefore, commend the nation for ...