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More companies dissociate themselves from former CEO of collapsed Capital Bank

William Ato Essien

Another Savings and Loans Company, Commerz Savings and Loans has denied having any link with embattled former Managing Director of collapsed Capital Bank, William Ato Essien. According to the company, Capital Bank just acted as a clearing bank for Commerz from February 2017 until it was taken over by the GCB Bank. A statement issued by the solicitors of the ...

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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 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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 Levy on imports of second hand electronic gadgets starts October 1

Prof Frimpong Boateng - Minister of Env't, Science, Tech & Innovation

Importers of second hand electronic gadgets will from 1st October pay levies on the products they import into the country. This follows the strict enforcement of the Advance Eco Levy factored in section 917 of the Hazardous and Electronic Waste Control and Management, Act 2016. Per the implementation, an External Service Provider, Société General Du Serviellance, (SGS), a  multinational company ...

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New factory to employ 500 people in Prampram—Deputy Trade Minister

Screen Shot 2018-08-09 at 8.10.51 PM

About 500 people should secure employment by the end of the year with the completion of Leefound Food Stuff Company Limited. This announcement was made by a Deputy Minister for Trade and Industry, Robert Ahomka Lindsey at the ground breaking ceremony of the company in Ningo Prampram District of the Greater Accra Region. The Leefound Food Stuff Company Ghana Limited ...

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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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Ministerial reshuffle: Expectations of business related ministers

President Akufo Addo 620x330

Expectations for ministers affected by President Akufo Addo’s reshuffling are high. The President, in his first reshuffle, moved fifteen ministers, three of whom are those whose portfolio affects the business related sectors of the economy. The first is the current Aviation Minister, Cecilia Dapaah who is heading to the Ministry of Sanitation and Water Resources. Her term saw the comeback ...

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Cedi depreciation; a major challenge for businesses—Report

AGI President - Dr.  Yaw Adu Gyamfi

The free fall of the Cedi against major foreign currencies remains the biggest challenge for businesses in the country. This was revealed in the Association of Ghana Industries (AGI) barometer for the second quarter of 2018. According to the report, 48 percent of people surveyed said the high dollar rate affect their businesses greatly. Other challenges for businesses include high ...

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External Auditors also responsible for collapse of banks


The Institute of Internal Auditors Ghana, is blaming board of directors for influencing and coercing external auditors to change financial statements of banks and companies in order to make them look good. According to the institute, most external auditors sideline internal auditors when auditing their financials. The assertion comes at the back of concerns raised by some financial observers on ...

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