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Author Archives: Lawrence Segbefia

MiDA selects Philippines Electricity Company to manage ECG


The Millennium Development Authority (MiDA), has selected Meralco Consortium, to manage the Electricity Company of Ghana [ECG], under the power compact Two agreement. Meralco Consortium is led by the Manila Electricity Company from the Philippines. A statement from MiDA copied to Citi Business News said Meralco Consortium is known to have the highest combined technical and financial score, and has ...

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Probe auditors of defunct UT, Capital banks—Auditor General


The Auditor-General, Daniel Yaw Domelevo, has called for the prosecution of all auditors found culpable in the recent collapse of local banks in the country. Stakeholders within the banking sector have been calling for the internal and external auditors of collapsed UT and Capital Banks, as well as, the auditors of struggling uniBank to be held partly responsible for the ...

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BoG justifies GH¢2bn bond issue to clear UT, Capital banks liabilities

Capital-Bank- RIP600x330

The Bank of Ghana (BoG) has justified the need to issue a bond to cater for the gap that has been realized after the assets of collapsed UT bank and Capital bank were compared to its liabilities. According to the central bank, it is important for government to issue the bond to save the deposits of customers of the defunct ...

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GSA, FDA to close down shops flouting labelling rules


The Ghana Standards Authority (GSA) in collaboration with the Food and Drugs Authority (FDA), will begin closing down supermarkets and shops that fail to comply with its general labeling rules. According to the GSA, the move is to rid Ghanaian markets of products that do not conform to labeling requirements. The GSA in an attempt to fight the influx of ...

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We didn’t pledge our ESB for loans – ex-UT, Capital banks’ staff

Capital-Bank- RIP600x330

Former workers of defunct domestic banks, Capital and UT, are rejecting claims that they pledged their End of Service Benefit (ESB) and Provident Fund (PF) for loans at the banks while working. The former workers in a statement argued that the funds must be released to them since it is their personal contributions made through an arrangement for monthly deductions ...

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IMF endorses crpto currency

IMF Managing Director Lagarde addresses Institute of International Finance in Washington

IMF head Christine Lagarde has dedicated a new blog post to the “potential benefits” of “crypto-assets such as Bitcoin.” The head of the International Monetary Fund (IMF) Christine Lagarde was buoyant about cryptocurrency in a blog post in support of the technology, published Monday, April 16. The post, which comes roughly one month after Lagarde cautioned against the “dark side” ...

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Govt must step in to make housing affordable—GREDA

Executive Secretary of GREDA - Sammy Amegayibor

Houses in Ghana will continue to be expensive until government implements pragmatic interventions to support the real estate sector. That’s the assertion of the Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Sammy Amegayibor. Expressing his disappointment with government’s lack of support on the Citi Breakfast Show on Tuesday (April 17, 2018), Mr. Amegayibor said affordable housing can ...

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Gov’t to complete fibre-optic project by 2020

Ursula Owusu Ekuful - Communications Minister

The Minister of Communication, Ursula Owusu-Ekuful has told Citi Business News that government will complete the installation of a fibre optic network across the entire country, by the end of 2020. This, she believes will help government effectively deliver on its promise of digitizing the economy. As part of efforts to connect the country, then-President John Mahama inaugurated the Danish funded ...

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Go for Savings and Loans license if you can’t recapitalize—Prof. Quartey

Head of the Economics Department of the University of Ghana, Prof. Peter Quartey

As president Akufo-Addo prepares to form a committee to look into a petition presented by the Ghana Association Indigenous Banks, some observers have warned that Ghana’s banking sector risks facing serious challenges if attempts are made to extend the deadline of the capital requirement. According to them, the governor of the Bank of Ghana has a perfect opportunity to sanitize ...

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Local banks hit govt for giving contracts to foreign banks


As President Nana Akufo-Addo prepares to set up a committee to look into a petition presented by the Association of Indigenous Banks to extend the deadline of the minimum capital requirement, members of the Association are accusing present and past governments of deliberately stifling the growth of local banks. They argue that governments have consistently overlooked the efforts of local ...

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