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MiDA selects Philippines Electricity Company to manage ECG

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

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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 to crackdown on MFIs breaking rules

bog microfinance

The Bank of Ghana will soon take regulatory action against Microfinance Finance Institutions (MFIs) and financial houses that are refusing to payback investment of their customers. “Some of these microfinances actually went beyond the rule by investing in other businesses that they were not supposed to. They pick money on short term bases and invest in long term real estate ...

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Gov’t urged to clear remaining energy sector debt

Boakye Agyarko - Energy Minister

Government has been urged to issue the second tranche of the energy bond to help clear about 5.3 billion cedis debt in the energy sector. This, they say will restore confidence in both the financial and energy sectors. Government in November last year, sought to raise 6 billion cedis under the first tranche of the bond, to clear the 10 ...

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

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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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Brexit: Ghana hopeful of strong trade ties despite outcome

brexit

Ghana is bent on ensuring that her trade relations with the UK are not negatively affected whatever the outcome of the Brexit negotiations. The United Kingdom has been involved in negotiations with the EU following the vote to exit the European Union. With less than a year until “Brexit Day”, a number of issues remain unresolved between the UK and ...

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GSA to clear market of low quality goods from July 1st

Prof Alex Dodoo - CEO, Ghana Standards Authority

The Ghana Standards Authority and the Ghana Union Traders Association (GUTA) are set to embark on a market surveillance exercise to rid the Ghanaian market of substandard products from the first of July 2018. The Ghana Standards Authority is the statutory agency mandated to ensure the quality of safety of goods for local use and export, while the GUTA is ...

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GRA clears shelves of shops with no excise tax stamps

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The Ghana Revenue Authority (GRA) has cleared the shelves of some shops in Accra that are selling products without the excise tax stamp. The exercise which was led by Head of Excise at the GRA Kwabena Apau Anto and Head of Communication and Public Affairs at the GRA, Akwasi Bobbie- Ansah had a team of GRA officials inspect various stores ...

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My ministry has created over 20,000 jobs – Ibrahim Awal

Mohammed Ibrahim Awal- Business Dev't Minister

The Minister of Business Development, Ibrahim Awal, says his Ministry has created over twenty thousand jobs since its inception in 2017. Speaking to Citi News in London at the UK-Ghana Chamber of Commerce Investment Summit, the Minister said his ministry is confident that it would be responsible for the creation of about 230,000 direct jobs by 2020. Alhaji Ibrahim Awal ...

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GSA, FDA to close down shops flouting labelling rules

Foreign-labelled-goods

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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