Tag: Ghana Business News
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NPP’s John Boadu appointed to Guinness Board
The Acting General Secretary of the New Patriotic Party (NPP), John Boadu has been appointed unto the Board of Guinness Ghana Limited. John Boadu’s appointment took effect on August 1, 2017. It comes on the back of the resignation of Mr. Prince William Ankrah who resigned on July 26, 2017. Mr. Boadu is the CEO…
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Compel companies to list on stock market
Financial analysts have suggested the implementation of some legal requirements that will compel certain large corporate institutions to list on the stock market. They argue that such a move will afford investors more options which will ultimately increase investments on the stock. Speaking to Citi Business News on the matter, the General Manager for IFS…
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UT, Capital banks still on BoG’s banking list
It is emerging that the Bank of Ghana (BoG) is yet to update its list of banks even weeks after it allowed GCB to purchase some assets and liabilities of UT and Capital banks. A visit to the BoG’s website has shown that the two collapsed banks are still on the list of commercial banks…
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New IMF cash to stabilize cedi
Ghana’s ability to attract another tranche of disbursement by next month under the IMF deal, should strengthen the local currency and restore investor confidence in the economy. That is the assertion of some Economists who have been speaking on the Fund’s progress with the government of Ghana. The comment also comes ahead of the government’s…
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SSNIT scandal: Guilty officials to face 5-year jail term
The Chief Executive Officer of the Public Procurement Authority, Agyenim Boateng Agyei has said that persons found culpable in SSNIT’s OBS project scandal after the Authority’s audit, will face a jail term of at least 5 years. Speaking on Eyewitness News on Tuesday, Mr. Boateng Agyei said the Authority’s audit will cover every aspect of the deal and will reconcile…
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GUTA demands abolishment of import levy
The Ghana Union of Traders Association (GUTA) is making fresh appeals to get the 2 percent special levy scrapped. GUTA argues that the continuous imposition of the charge adds unto the costs of its members and increased their retail prices. The concerns by the traders’ union come at a time that government is collating inputs…
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GSE praised for suspending companies
Financial sector analysts have backed the decision by the Ghana Stock Exchange (GSE) to suspend companies that fail to comply with the rules of the stock market. According to them, the move will improve the efficiency of the local bourse and attract more investors. The GSE, last Friday suspended five companies for failure to comply…
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Ghana meets IMF to finalize exit
Government is set to meet the board of the International Monetary Fund (IMF) tomorrow to present its decision not to extend the programme. Finance Minister Ken Ofori-Atta in his mid-year budget review indicated that government’s economic team will meet the board in August. Already, President Akufo-Addo has stated that government will not extend the programme…
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VRA staff risk layoff over assets sale
Energy sector analysts have raised labour security concerns with the government’s decision to sell off some thermal assets of the Volta River Authority (VRA). They argue that the move may spark protests if unmanaged properly. Government, through the Finance Ministry is seeking to sell majority stake in the thermal assets of VRA. Deputy Finance Minister,…
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Banks reduce mortgage loans over high NPLs – BoG
Banks have begun tightening their stance on mortgages due to the rise in their Non-Performing Loans (NPLs). At least according to the Bank of Ghana’s latest banking sector report, the commercial banks decreased their loans for house purchases by some two percentage points from 8 to 5 percent as at June this year. The position…