Category: Business
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Odorna fire: Uninsured shops trigger compulsory insurance
Players in the country’s insurance sector are calling for the enforcement of the “compulsory insurance for commercial properties”. Their call follows the recent fire that gutted the Odorna market on the 17th of January,2019. Some occupants of the market lost their goods running into thousands of Ghana cedis. Ghana’s insurance industry however continues to record…
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Anglogold Ashanti’s Obuasi mine reopened
President Nana Akufo-Addo has said the circumstances that led to the shut down of the Anglogold Ashanti Company Limited at Obuasi in the Ashanti Region will not reoccur under the watch of his administration. He was speaking at the re-opening of the Anglogold Ashanti gold mine in Obuasi, which had been closed since 2014. The…
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Mobile Money transactions exceed target after launch in 2018
The Ghana Interbank and Payment Settlement Systems (GhIPSS) has told Citi Business News it exceeded its Mobile Money Interoperability transaction target for 2018. The Mobile Money Interoperability platform recorded 2.2 million transactions at the end of 2018. GhIPSS was however targeting about half the number after Phase One of the platform was launched in May…
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Heritage Bank collapse: BoG being hostile towards me – Seidu Agongo
The majority shareholder of the defunct Heritage Bank, Seidu Agongo, has accused the Bank of Ghana (BoG) Governor, Dr. Ernest Addison, of acting in bad faith when he described him as not being fit and proper enough to be a significant shareholder of the bank. After Heritage Bank’s license was revoked due to a suspicious stated capital according…
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Don’t deal with cryptocurrency companies – SEC warns Ghanaians
The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam. In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.” “If you chose to go there, you are on your own,” the Deputy Director General of…
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Tamale: Angry Gold Coast customers demand payment of locked up cash
Some customers of the Tamale branch of investment company, Gold Coast Securities, are calling on the Securities and Exchange Commission, SEC, to help them retrieve their investments, which matured in the last quarter of 2018. The entity, which is a subsidiary of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, was being investigated by the Economic and…
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Article:The banking crises and rights of employees
Introduction Following recent turmoil in the Banking Industry, some banks have had to merge and others acquired in the last two years. This development has had dramatic consequence on employment. This occurred on the heels of the Bank of Ghana’s announcement of an increase of the minimum capital requirement for banks from Ghc 120million to…
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UT, Capital bank debtors given 3 month ultimatum to clear debts
Loan defaulters of defunct UT and Capital banks have till the end of March this year – 2019 to redeem their indebtedness to the banks. A newspaper publication lists ninety-one (91) companies and individuals who owe the two banks. The development comes at a time where some recoveries have been made which is being used…
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SEC, EOCO investigate 3 suspected online investment companies
Citi Business News has gathered that the Securities and Exchange Commission (SEC) has begun investigations into at least three online investment companies that are operating illegally. These companies are said to be selling investment packages to Ghanaian consumers without any physical presence in the country. Although the Commission will not immediately provide the names of…
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Tullow Ghana hopeful of wining oil block in bidding process
Tullow Oil says it is one the best suited companies to explore the 5 oil blocks that were put on offer by government during a bidding process last year. That’s according to the Managing Director of the company Kwaku Awotwi. The President, Nana Addo Dankwa Akufo-Addo, on October 15, opened the blocks up for competitive tendering…