Archive for Business

  • August 17, 2019

    BoG’s $62m...

    The Founder and owner of GN Savings and loans Dr. Papa Kwesi Nduom has dismissed claims by the Bank of Ghana that over $62 million were illegally transferred to a related company, International Business Solutions, in the USA. GN Savings and loans and 22 other companies in the savings and...

  • August 17, 2019

    Let’s support...

    The Ghana Association of Savings and Loans Companies (GHASALC) is calling on the public to support Savings and Loans companies that have been cleared to continue operating following the clean-up of the sub-sector by the Bank of Ghana. The Association says the public must remain calm and continue to do...

  • August 17, 2019

    Full List...

    The Bank of Ghana (BoG) says about 25 Savings and Loans companies and 11 finance houses are currently in good standing and would, therefore, remain operational in the country. The BoG on Friday revoked the licences of twenty-three insolvent savings and loans companies and finance house companies in the country. According...

  • August 17, 2019

    GN Savings...

    The Chairman of GN Savings and Loans, Dr Papa Kwesi Nduom, says his company would have been highly liquid if the Ministry of Finance and other government agencies had paid debts owed to it. The BoG on Friday, August 16, 2019, revoked the licences of GN Savings and Loans and...

  • August 16, 2019

    Bawumia commissions...

    Vice President Dr Mahamudu Bawumia, has commissioned Ghana’s largest fertilizer factory at Asuboi in the Ayensuano District of the Eastern Region. With a production capacity of over 800,000 metric tonnes per year, the Glofert Fertilizer Factory, a wholly-owned Ghanaian company built under the One District One Factory initiative is the first...

  • August 16, 2019

    ‘Disregard calls...

    The Registrar-General’s Department (RGD) says some faceless persons are perpetrating fraud by calling owners of companies and businesses requesting them to send various sums of money through a mobile Money account to renew their business names. According to the Department, these calls are from scammers. “We wish to state that...

  • August 16, 2019

    Guyana oil...

    Executive Vice President of Tullow Ghana, Kweku Awotwi, has said the significant discovery of oil in Guyana opens opportunities for Ghana as expertise from the country would be needed. Tullow Oil Plc earlier this week announced it had made its first discovery on its Orinduik license offshore Guyana, exceeding pre-drill...

  • August 16, 2019

    Citizen Watch...

    The Citizen Watch, a think tank in the country, is calling on the President, Nana Addo Dankwa Akufo Addo, to as a matter of urgency scale up the farmgate price of cocoa beans to GHc9,000 per ton from the current GHc8,000 for cocoa farmers to save the industry from imminent...

  • August 15, 2019

    Allianz Life...

    Allianz Life Insurance last week outdoored its innovative microinsurance products targeted at the informal sector in Koforidua in the Eastern region. The two products, Allianz Life Anidasoô Plan and Allianz Life Apômuden Plan, are aimed at revolutionizing the current life insurance market while offering affordable life insurance solutions to the...

  • August 15, 2019

    UCC School...

    The school of Agriculture at the University of Cape Coast has developed a technology that detects fake rice on the market. The technology will among other things deal with the fraud that is perpetrated in the production and sale of rice and also authenticate the integrity of food across Africa....

  • August 14, 2019

    ‘Sign agreement...

    Some private companies operating in the country have appealed to the government to, as a matter of urgency, sign a bilateral trade agreement with the United Kingdom (UK) to guarantee existing trade relations between the two countries in an event of Brexit. The companies are Blue Skies, which is into...

  • August 14, 2019

    Supreme Court...

    Former Chief Executive Officer of the Minerals Commission, Dr Toni Aubynn, has expressed shock at the Supreme Court ruling on the mining lease of Exton Cubic. The apex quashed a decision by an Accra High Court that upheld that the lease was valid and could not be revoked by the...

  • August 13, 2019

    Mining companies...

    The Senior Manager – Sustainability for AngloGold Ashanti Iduapriem Mine, Emmanuel Baidoo, has urged mining companies to adopt an integrated approach to social investment programmes to address human capital needs in host communities. Speaking on the topic: An integrated approach to community human capital development: Lessons from Iduapriem Mine, at...

  • August 13, 2019

    New oil...

    A New oil jetty at the Takoradi Port is to become operational on October 1, 2019, as part of the Takoradi Port expansion works. The new jetty replaces an old one that could discharge only 20,000 tonnes of petroleum from ships. The new jetty can discharge in excess of 80,000 tonnes of petroleum....

  • August 13, 2019

    CBOD urges...

    The Chamber of Bulk Oil Distributor Companies (CBOD) has advised Bulk Oil Distribution Companies (BDCs) to revise their trade credit tenor from the current forward foreign exchange rate from the average 60-day to 30-day forward rate. It stated that the adoption of a 30-day forward rate instead of a 60-day...

  • August 13, 2019

    Relocation of...

    The Energy Ministry has assured Ghanaians that a scheduled transfer of Karpowership Ghana’s 470MW power barge, will not affect power supply in the country. The power barge is expected to be off the national grid for 17 days after its transfer from Tema in the Greater Accra Region to the...

  • August 13, 2019

    Do you...

    Every business needs to know its market and its status/position in that market. This write-up is basically to inform businesses about the importance of knowing this to shape planning and to bring about the necessary benefits. The market has had various meanings in the years past, but in its original form,...

  • August 12, 2019

    Siemens Ghana...

    Siemens, global technology in electrification is set to leverage on technology to create more jobs. This, according to the Country Manager of Siemens Ghana, Edmund Acheampong, will be done through cutting edge technology aimed at addressing the increasing unemployment levels in the sub-region. Speaking at the company’s Ghana Customer Day...

  • August 12, 2019

    ‘New investors...

    “For the rest of the year, our attention will be on raising funds to unlock customer funds from ‘old deposits’ (deposits made prior to this year). Our national retail footprint has enabled the company to find credible potential partners who when cleared by the Bank of Ghana, will invest new...

  • August 9, 2019

    PDS deal...

    President Nana Addo Dankwa Akufo-Addo says Government suspended the PDS agreement in the interest of the public, and to protect the assets of the Electricity Company of Ghana worth over $3 billion. According to President Akufo-Addo, the decision to make the suspension of the PDS agreement public was “for the...

  • August 9, 2019

    Furniture business...

    There is a gradual sprawling of a furniture market on a segment of the shoulders of the Graphic Road close to the Liberty Avenue, contrary to the metropolitan, municipal and district assemblies’ bye-laws against street hawking and trading; however, the Korley Klottey Municipal Assembly says it is unaware of such...

  • August 9, 2019

    Barclays tops...

    Barclays Bank Ghana, part of the Absa Group, topped the 2019 Ghana Banking Sector League by emerging as the Overall Best Bank in the country. The Bank was also named the Best Intermediating Bank of the Year, cementing Barclays’ position as a top-tier bank in Ghana. The recognition confirms Barclays’...

  • August 9, 2019

    Canada to...

    Canada is eager to build on its existing partnership with Ghana, particularly in the mining sector to help government realise its Ghana Beyond Aid Agenda vision. The Canadian Minister in charge of Counsellor and Senior Director for Development programme Christian Tardif said this when he paid a courtesy call on the Lands and...

  • August 9, 2019

    COCOBOD to...

    COCOBOD is set to sign its annual cocoa loan syndication deal with some 20 French banks in September 2019. This was after it secured Parliament’s approval to borrow up to $1.5 billion to aid cocoa purchases for the 2019/2020 crop season. Joy Business understands that COCOBOD could sign the deal...

  • August 8, 2019

    New tax...

    New tax measures outlined in the supplementary budget is expected to rake in a significant amount of revenue to the state. A breakdown of revised estimates as captured in the appendix shows that the state could rake in additional GH¢513 million in additional to what has already been projected in...

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