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Author Archives: Pius Amihere Blay

Menzgold licensed to deal in gold—company insists

menzgold

Documents sighted by Citi Business News reveal that Menzgold Ghana, formerly Menzbank Ghana, a gold dealing company was licensed under the administration of the then Lands and Natural Resources Minister, Nii Osah Mills on the 22nd of August, 2016. Per the document, the company was authorized to purchase gold locally from persons holding small scale mining license. The document also ...

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One year on; Receiver still pursuing UT, Capital cash [Audio]

Vish Ashiagbor - Country Senior Partner, PwC

Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take more time than expected. The ...

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Capital bank collapse: Ato Essien, two others owed GH¢79.9m

William Ato Essien

An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William Ato Essien, owed the highest. ...

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133 new items added to inflation basket

inflation-300x160

The Ghana Statistical Service has announced the rebasing of the calculation of the Consumer Price Inflation effective July this year. This means that the reference year for calculating the change in the prices of goods and services at any particular point, has moved from 2012 to 2017. According to the Ghana Statistical Service, the move is in line with international ...

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UT Bank collapse: Ibrahim Mahama denies blame over loan default

Ibrahim-Mahama - CEO, Engineers & Planners

The CEO of Engineers and Planners (E&P), Ibrahim Mahama, has refuted allegations that his non-payment of a GH¢302,000,000 loan facility granted to four companies reported to be his, resulted in the collapse of defunct UT Bank. He has also disputed claims that he owns the said companies; Dzata Cement, Holman Brothers Ltd and MBG Ltd. Speaking to the media after ...

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Leaked UT, Capital bank report independent of investigations – PwC

Vish Ashiagbor - Country Senior Partner, PwC

The Joint Receivers of defunct UT and Capital banks, PricewaterhouseCoopers (PwC), has ruled out any impact of disclosures on questionable dealings by the former directors and shareholders, on its investigations. Documents sighted by Citi Business News have showed that the former shareholders of the two banks, engaged in related party transactions among other unapproved activities which led to the collapse ...

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We have excess capital—Consolidated Bank Ghana

consolidated bank

The management of Consolidated Bank Ghana Limited (CBG) has disclosed that the Bank is capitalized in excess of the 400 million cedis capital requirement announced by the Bank of Ghana. The bank which was formed by the central bank after the revocation of licenses of five banks also announced that it has opened for operations. There five banks were Beige ...

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Cane Weavers Association appeals for govt’s help

cane

Cane Weavers Association are calling on government to include them in its One District One Factory policy. The weavers, who believe their industry is expanding very fast say their ultimate need is a factory and will be very enthused should government include them in their plans. Philip Osono, a weaver who has been in the business for the past 16 ...

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MTN finalizes modalities to pay victims of SBI ‘ponzi scheme’

Selorm Adadevoh - MTN Ghana CEO

MTN Ghana has announced that it has finalized modalities for the disbursement of funds to victims of Savannah Brokerage Investment(SBI) limited. This decision was taken after management of the mobile money met with the representatives of the victims of the “Ponzi scheme”, the Ghana Police and the Bank of Ghana. According to a release by MTN, the police has since ...

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GRA to stop tax evasion with new exemptions law

Emmanuel Kofi Nti - Commissioner General, GRA

The Ghana Revenue Authority is to review the country’s tax exemption laws to address revenue losses. The GRA is concerned that the wholesale exemptions have resulted in exploitation where some beneficiaries eventually evade taxes completely. The comments also come at a time where the government is enforcing its tax laws. The Commissioner in charge of Domestic Tax Revenue Division, Kwasi ...

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