Category: Business
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GHS768 million paid to over 6,000 clients of defunct FMCs – SEC
The Securities and Exchange Commission (SEC) has stated that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government’s full bailout programme. According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31,…
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Olea M&G Insurance Brokers Ltd unveils new platform, ‘mybestquote.com’
Ghana’s first insurance broker, Olea M&G Insurance Brokers Limited, formerly known as Marine & General Brokers Limited, has officially launched a digital platform where insurance transactions can easily be done. ‘Mybestquote.com’ which was launched in collaboration with Best Quote Ghana Limited, is a price aggregator platform where prospective buyers of retail insurance lines could compare…
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Produce quality products to stay competitive – Businesses urged
Ghanaian businesses have been charged to leverage on lessons from COVID-19 to accelerate development through trade and stay competitive in the global economy. This is according to Emmanuel Asumani, Director of Operations for the ILO-SCORE program. Speaking to Citi Business News on the sidelines of a workshop to train Small and Medium sized enterprises on…
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GREDA demands structure to regulate continuity of housing projects
The Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor, has demanded for a clear structure that deals with continuity of housing projects in the country. Citing the Saglemi housing project as an example, he lamented the various projects that successive governments have failed to complete and left to rot. Mr. Amegayibor…
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Risk-averse banks ditch credit advances for government securities
Latest data from the Bank of Ghana shows that Commercial Banks in the country continue to take the less risky route by using their monies on safe government securities like treasury bills and bonds. According to the Central Bank the growth in banks investment holdings in the first two months of the year, contributed to…
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Downstream petroleum sector revenue up due to our monitoring system – SML
Government has witnessed a significant increase in revenue generated from the country’s downstream petroleum sector due to the improved monitoring of in-flows and out-flows at the various oil marketing company depots nationwide. Within a period of ten months, the monitoring service being provided by a private revenue assurance firm; Strategic Mobilization Ghana Limited, SML, raked…
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BoG commends UBA for complying with banking regulations
The Head of Banking Supervision Department at the Bank of Ghana, Mr. Osei Gyasi, has commended the United Bank for of Africa (Ghana) Limited for being a compliant bank over the years. Speaking at the launch of the UBA Bancassurance partnership with Allianz Insurance, he said over the last 16 years, UBA has seen significant…
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Bank profit growth slows to about 6% in January, February due to COVID-19 – BoG Report
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021.…
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Government must balance energy sector taxes or risk collapsing economy – Energy Consultant
Energy Consultant Dr. Sulemana Yussif, has stated that the implementation of the new taxes on the energy sector risks stifling the growth of the economy. The taxes were introduced in the 2021 budget statement and will take effect on May 1, 2021. Dr Yussif argues that the new taxes have the tendency to reduce expenditure…
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Credit unions appeal for locked-up funds
The Ghana Credit Unions Association (CUA), has called on the government to expedite work on releasing funds belonging to its members that were locked up during the banking sector clean up. According to the association, the locked-up funds, totalling about GHS203 million belongs to regular Ghanaians who are currently going through difficult times out of…