Category: Business
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Pay our locked-up cash within one month – Customers of defunct GCFM
The Coalition of aggrieved customers of Gold Coast Fund Management has issued a one-month ultimatum to government to pay their locked-up funds or face their wrath. According to them, government has unjustifiably delayed their payment after their funds were locked up three years ago. Addressing the media in Accra, the spokesperson of the group, Charles…
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Expand frontiers to other African countries – GPHA Boss to BAJ Freights and Logistics
The Director General of the Ghana Ports and Harbors Authority, GPHA, Michael Luguje has charged players within the Port industry in the country to consider expanding their frontiers to other African countries as there are several untapped opportunities beyond the Ghana Ports that can be harnessed. He said his outfit is however committed to ensuring…
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China might be flexing its economic muscle with closure of Ningbo-Zhoushan port – Dr. Lord Mensah
Economist Dr. Lord Mensah says China’s partial closure of one of its major ports may be another attempt by the country to flaunt its economic muscle. A portion of the Ningbo-Zhoushan port was closed last week after a COVID-19 case was recorded at the facility. Some argue though that this move might be just China…
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GUTA expresses concerns over closure of China’s Ningbo-Zhoushan port
The Ghana Union of Traders Associations (GUTA) has raised concerns over the partial closure of one of China’s major ports, the Ningbo-Zhoushan Port. According to the association, this poses a major concern as China is a major source of goods imported into Ghana. President of GUTA Dr Joseph Obeng stated that “It is going to…
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Kwadwo Baoateng Genfi re-appointed as Board Chairman of EXIM Bank
The President, Nana Addo Dankwa Akufo-Addo, has re-appointed Kwadwo Boateng Genfi as the Board Chair of the Ghana Export-Import (EXIM) board. Kwadwo Boateng Genfi is an experienced Global Business Executive with comprehensive knowledge of leading-edge solutions and best practices in Financial Management, Trade, Asset Management and Working Capital Finance. He has an excellent understanding of…
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Prioritize government’s ‘Year of Roads’ agenda – Construction Chamber to Road Fund Board
The Ghana Chamber of Construction Industry says it expects the newly constituted Road Fund Board to work assiduously to achieve government’s year of roads agenda. Chief Executive Officer of the Chamber, Emmanuel Cherry, stated that “…the second year of roads is a mandate that the board must quickly prioritize to make sure that they realise…
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OMC’s likely to repeat infractions in audit report if GRA refuses to ‘bite’ – COPEC
The Chamber of Petroleum Consumers (COPEC), says some Oil Marketing Companies (OMC’s) in the country are likely to default on the payment of taxes on petroleum products lifted from the Tema Oil Refinery (TOR) next year if political interference in the affairs of the Ghana Revenue Authority (GRA) is not halted. The 2020 report of…
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Government engages Bank of America Securities for valuation of GNPC-Aker Energy oil deal
A Deputy Minister for Energy, Andrew Egyapa Mercer, says the government has begun engaging American multinational investment banking division – Bank of America (BofA) Securities Inc. to conduct a valuation of the fields involved in the planned Ghana National Petroleum Corporation (GNPC) and Aker Energy oil bloc acquisition for oil exploration in the country. Mr.…
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ADB’s profit after tax in 2020 up by 400% despite impact of COVID-19
Despite the ravaging impact of the COVID-19 pandemic on the financial sector, Ghana’s sole agriculture bank, the Agricultural Development Bank (ADB) has recorded a 400 percent increase in profit after tax for the year 2020. GHS65.5 million was declared for 2020 as against GHS14.9 million recorded in 2019. This was announced by the former Board…
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GRA charged to retrieve GH¢226.9 million in unpaid taxes from 28 OMCs
A 2020 report of the Auditor-General has revealed that 28 Oil Marketing Companies in the country owe the Customs Division of the Ghana Revenue Authority an amount of GH¢ 226.9 million. According to the audit report, the 28 OMCs from July 2018 to December 2019, lifted various petroleum products without paying the required duties and…