Category: Business
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We also deserve bailout – Aggrieved Menzgold customers to SEC
Some aggrieved customers of defunct gold dealership company, Menzgold Ghana Limited have reiterated calls on the Securities and Exchange Commission (SEC) to bail them out on the basis of the principle of “equal justice.” They say the government and SEC must take the blame for their plights. “We, customers of Menzgold blame government and SEC…
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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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Bank of Ghana warns public against unlicensed money doublers
The Bank of Ghana is asking Ghanaians to desist from engaging in money doubling, card loading and credit card loading systems. The Central Bank says any entities or individuals engaged in such acts are unauthorized and must be avoided. Money doubling involves taking people’s money with the promise of giving back more than was paid…
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Food prices to remain relatively stable in October – Esoko Ghana
Prices of foodstuff are expected to remain relatively stable with occasional drops in the month of October, 2020. That’s according to commodity analyst, Esoko Ghana. According to Esoko, most of the commodities grown down south of the country are still in the harvest season. It is also expected that supplies from the northern parts of…
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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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Ghana Grains Council advocates for enforcement of standards in grain industry
The Executive Secretary of the Ghana Grains Council, Emily Afaribea Boahen, says there’s the need for stronger collaboration between stakeholders in the grain and legumes sector value chain to aid enforcement of industry standards for Ghana’s economic development. Speaking to Citi Business News, Mrs. Boahen said the implementation of national standards aimed at keeping aflatoxin…
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Delisting on GSE: Companies urged to strengthen corporate governance systems
The increasing number of companies delisting from the Ghana Stock Exchange (GSE) has been attributed to the failure of the companies to deliver dividends as well as share price appreciation. That’s according to the head of Research at Databank, Alex Boahen. Since 2017, about 8 companies have had their listing on the Ghana Stock Exchange…
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Business of Christmas: A look at preparedness and sales in Accra’s Business District
With barely two months to Christmas, it appears the buzz that usually heralds the holiday season is missing this time round. A visit by Citi Business News to the Makola Market in Accra for instance, showed that business activities are yet to pick up. Usually, around this time, traders begin to stock up for the…