Author: Nerteley Nettey
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SEC increases capital requirement for market operators to GHS2M
As part of efforts to sanitize and strengthen the capital market, the Securities and Exchange Commission, SEC, has set a new capital requirement for market operators in the Ghanaian Capital Market Industry. The new directive, which sees an increase for fund managers from GHS100,000 to GHS2 million, is in accordance with Section 209 of the…
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Registrar General begins payment to investors of collapsed FMCs
The official liquidator of the 53 defunct fund management companies, Jemima Oware, has stated that payment of bailout funds for the first batch of investors of the companies, whose licenses were revoked by the Securities and Exchanges Commission, SEC, has begun. According to her, the payment will be to investors of only 20 of the…
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98 oil contracts for local firms cancelled due to COVID-19 – Petroleum Commission
The Chief Executive Officer of the National Petroleum Commission, Egbert Faibille Jnr., has disclosed that some 98 contracts worth US$ 389 million have been cancelled due to the impact of COVID-19 on the Petroleum industry. These contracts were awarded by Aker Energy and four other oil companies from the fourth quarter of 2019 to the…
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Int’l Airlines operating in Ghana introduce innovative ways to attract travelers
Since the outbreak of COVID-19 in the latter part of 2019, the impact of the disease has been very severe as almost every sector has had its share of the ravaging virus. But one of the sectors that suffered a huge hit was the aviation sector. This was due to the imposition of travel restrictions…
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UK Brands opens new store at Accra Mall
As part of effort to expand the fashion and clothing sector, Accra Mall, this month has welcomed its latest retailer, UK Brands, a quality UK High Street department store which stocks clothing for all ages, ranging from infants and toddlers to boys, girls, men and women. The store is located outside on the corner of…
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Labour Commission directs GCNeT workers to call off strike
The National Labour Commission (NLC), has directed striking workers of Ghana Community Network Service Limited (GCNet), to call off their strike with immediate effect. According to the Commission, the strike by the workers is in violation of the Labour Act 2003. It will be recalled that the members of the Association began the strike on…
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Gov’t makes significant savings in gas supply agreement with Cenpower
Government and Cenpower Generation Company Limited (Cenpower), a major power producer in Ghana have successfully secured terms for a gas supply agreement, GSA. According to the agreement, Cenpower Generation Company Limited (Cenpower) has committed to switching its primary fuel from light crude oil (LCO) to natural gas and signed a gas supply agreement (GSA) with…
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Edzordzinam Agrosah wins Accra Mall’s future fashion fund 2020
Edzordzinam Agrosah has been adjudged the winner of the second edition of the Future Fashion Fund in a keenly contested competition organized by Accra Mall Limited. Out of five finalists who went through several evaluation stages, Edzordzinam, who operates under the brand name ‘MissEvy’s’ and ‘Bloom by Edzi’ was declared the winner at the runway…
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GCNET challenges NLC order on compensation payment for redundant workers
The management of Ghana Community Network Service Limited (GCNet), has filed a motion at the Accra High Labour Court, challenging the enforcement of an arbitration award over the terms of a redundancy compensation payment to its workers. The company is seeking the intervention of the High Court to set aside the award which directed the…
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Ghana’s overall exports and imports decline due to poor oil performance
The value of Ghana’s total exports decreased to 9.6 billion dollars in the first eight months of 2020, from the 10.6 billion dollars recorded in the same period last year. This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data for September 2020. The report also showed a decrease in total…