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Ex Capital bank workers lament locked up providence funds

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Former workers of defunct Capital bank are livid over what they say is the calculated attempt by their fund managers not to pay their providence funds. The disclosure comes despite the approval by the receiver of the joint purchase and assumption of UT and Capital banks, PricewaterhouseCoopers (PwC), for payment of such funds to the workers. The workers tell Citi ...

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Frances Essiam suspended as CEO of Gas Cylinder Company

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Six out of the nine Board Members of the Ghana Cylinder Manufacturing Company Limited, have taken a decision to suspend the Chief Executive Officer of the company, Frances Essiam. Her suspension comes on the back of a disagreement with the Board Members during which she locked them out on Tuesday afternoon when they attempted to hold a meeting at the premises. The ...

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Govt to insure all state assets – Osafo Maafo

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Government will soon roll out a policy that will ensure all state owned companies and assets are insured by local insurance companies in the country. The move according to Senior Minister Yaw Osafo Maafo, is to reverse the low insurance penetration in the country. Insurance in Ghana has for years, remained at just two percent despite numerous moves by insurance ...

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Ex-workers of collapsed Capital, UT Banks to petition Nana Addo over benefits

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Former workers of defunct UT and Capital banks have served notice they will petition President Akufo-Addo this week, over the delay in the payment of their severance packages. According to the former workers, after over eight months of being asked to go home due to the collapse of the banks, they have been adversely affected by the development. GCB Bank in ...

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Frances Essiam ‘shuts down’ Ghana Cylinder company over scuffle with Board

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The Board members of the Ghana Cylinder Manufacturing Company (GCMC) were today, Tuesday, May 8, 2018, locked out of the company’s premises allegedly on the orders of the Chief Executive Officer of the company, Frances Essiam. This follows an impasse between the CEO and the company’s Board of directors. Customers were also compelled to leave without their cylinders. The board had ...

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Erratic power supply hampers industrialisation in rural areas

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Businesses expanding or seeking to extend their operations into rural communities are skeptical of their prospects with the prevailing situation of unreliable power supply in such communities. The Country and Sales Marketing Manager of Voltic Ghana, Raymond Mensah Gbetiv believes such issues must be addressed critically if government is to achieve major policy initiatives on industrialisation. Mr. Gbetiv argues that businesses often ...

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GCB Bank to publish 2017 financial results end of May

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GCB Bank has announced that it will release its financial statement for 2017, by the end of May 2018. The bank says it will at the same time release the first quarter financial performance results for 2018. GCB Bank has been unable to comply with the Bank of Ghana’s directive asking all commercial banks to publish their financial statements for ...

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Trade Ministry intensifies plan to clear foreign retailers

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Deputy Trade Minister, Carlos Ahenkorah has said, the ministry is developing strict measures to remove foreigners from Ghana’s retail market. Mr. Ahenkorah disclosed that the ministry has come up with pragmatic ways to deal with the issue of foreigners trading in Ghana’s retail market. “That breaking of the commercial law where some Chinese citizens unknowingly come to Ghana invest, trade ...

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Time to navigate the changing landscape of blended finance

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Blended finance is a new buzzword in the development finance discourse. While some key definitions and modalities are still under debate, the OECD Development Assistance Committee (DAC) has set out the “rules of the game” alongside publication of a flagship report. Under the title “Making Blended Finance Work for the Sustainable Development Goals, the report provides a comprehensive treatment of rationales, definitions and instruments as ...

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Gov’t delegation on Eurobond roadshow heads to London

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Citi Business News has learnt that a team of government personnel and officials from the Bank of Ghana on a Eurobond road show will be leaving the U.S to London today to meet investors. The roadshow is in preparation of moves by government to raise about 2 billion dollars this year. It is not clear when government intends to issue ...

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