Category: Government
-
SSNIT lost no money in 5 collapsed banks—Director General
The Director General of the Social Security and National Insurance Trust Dr. John Ofori-Tenkorang has disclosed that even though SSNIT had shares in four out the five banks that were collapsed into the Consolidated Bank Ghana Limited, it made no losses. This he said was due to securities it had which allowed SSNIT to easily…
-
‘We’ll continue to certify Ghana’s gold’—GSA to PMMC
The Ghana Standards Authority has reiterated that it will continue to certify gold as part of its mandate enhancing standards. The statement is in sharp contrast with assertions made by the Managing Director of the Precious Minerals Marketing Company (PMMC) Dr. Kwadjo Opare-Hammond that the Ghana Standard Authority has no right to certify gold. According to…
-
Increase agric production to sustain Ghana Commodity Exchange
Some private operators in the agribusiness value chain have suggested targeted investments into the agricultural sector to increase production and sustain the Ghana Commodity Exchange(GCX). According to the Managing Director of RMG Ghana, William Kotey, existing programs like planting for food and jobs could be expanded to reach more farmers with the provision of their…
-
Banking sector cleanup attracts more investors – GIPC
Ghana is recording appreciable investments into its financial sector following the clean up by the central bank. The CEO of the GIPC, Yofi Grant tells Citi Business News the centre should record more after the banks recapitalize. The banking sector reforms which has spanned for about a year and a half, has seen seven local…
-
BoG staff gave liquidity support to banks without security—Ace Ankomah
Private legal practitioner Ace Anan Ankomah has disclosed that an investigative report on the recent collapse of banks implicates some former leaders of the Bank of Ghana who contributed in irregularities. Mr. Ankomah stated that the former leaders approved billions of cedis in liquidity support for banks without security as they themselves benefited from the…
-
I was only invited by police – Beige Bank boss refutes arrest claims
The Chief Executive Officer (CEO) of the collapsed Beige Bank, Mike Nyinaku, has said he was never arrested by police for selling the defunct bank’s properties contrary to some media reports. Mr. Nyinaku told Citi News he has only been invited by police, most recently over an enquiry into the disposal of some vehicles. [contextly_sidebar…
-
Ghana must focus on electricity distribution efficiency—Turkey Electrical Association
The Electrical and Electronics Exporters Association of Turkey have called on government to focus more on improving the efficiency associated with the transmission and distribution of electricity in the country. The Vice Chairman of the Association, Mehmet Kavaklioglu made the call at the ongoing Turkey-Ghana Business to Business Summit. The Turkey-Ghana Business to Business Summit,…
-
Develop single cash transfer platform for vendors – Bawumia to telcos
The Vice President, Dr. Mahamadu Bawumia has directed the rolling out of a third phase of the mobile money interoperability. It follows the successful launch of the second phase of the platform on Wednesday, November 28, 2018. According to Dr. Bawumia, the third phase should allow vendors and merchants to transfer money from one network…
-
Phase 2 of mobile money interoperability goes live
The Vice President, Dr. Mahamudu Bawumia is advocating a review of the cap on daily mobile money transfers. He explains this should reduce the turnaround time for businesses and individuals. The Vice President made the remark when he launched the second phase of the mobile money interoperability on Wednesday, November 28, 2018. “Given this powerful…
-
Domestic cocoa processing hits 300,000 tonnes
Domestic processing of cocoa hit 300,000 tonnes in the 2017/2018 cocoa season, a 19 per cent jump from the 252,000 tonnes processed the previous season. That brings to 34 per cent of the total volume of annual cocoa output averaging 900,000 tonnes that is processed locally. According to the Ghana Cocoa Board (COCOBOD), the rise…