Category: Government
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Beige Bank receiver chases over 1,000 loan defaulters
The receiver of defunct Beige Bank is chasing over 1,000 loan defaulters of the bank. The names of individuals and companies have been published as the first batch of defaulters in state newspaper The Ghanaian Times. The individuals and entities have been indebted to the bank between 2013 and 2017. Some of the companies listed…
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Bidding for oil blocks: 14 companies progress to next stage
Fourteen out of the sixteen companies that applied to explore oil blocks put on offer by the government, have qualified for the next stage of the bidding process. According to the Ministry of Energy, the fourteen companies will now have up until May 21, 2019 to submit their bids for three (3) out of the…
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Staff of defunct Construction Bank owe a chunk of its loans-Report
A report on the inventory of assets and property of the five consolidated banks has revealed that Construction Bank’s entire loan portfolio of GHs 620, 000 were term loans given to nine of the company’s employees. The report, which covers the five banks, —Beige, Unibank, Construction, Sovereign and Royal banks, gives the value of assets…
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Albert Essien chairs GAT as banks get GH¢2bn support
Renowned Banker Albert Essien, has been appointed as Board Chairman of the Ghana Amalgamated Trust (GAT). In a statement issued by the Finance Ministry, the former MD of Ecobank will work with Eric Nana Otoo as Managing Director of the company. The Ghana Amalgamated Trust (GAT) was set up by the government to support solvent…
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Enforcing Standards: GSA, Nestle form strategic partnership
The Ghana Standards Authority (GSA) has signed a Memorandum of Understanding, MoU with Nestle Ghana Limited to improve standards of food products. The agreement will among others see the two institutions share knowledge, personnel and skills on new methods of production which are expected to be of the quality expected by the Ghana Standards Authority.…
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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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Illegal courier service operators to face prosecution
The Postal and Courier Services Regulatory Commission has disclosed that it will start prosecuting all illegal operators in the coming months to rid the system of non-compliant businesses. The move follows what has been described as the rise in fake courier services. The latest caution by the Postal Courier Services Regulatory Commission comes after an…
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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…