Tag: Ghana Business
-
Unstable gold prices affecting mining sector – Chamber of Mines President
The Ghana Chamber of Mines has stated that current fluctuations in the prices of gold on the global market, make it difficult to put a definite price on the commodity. The Chamber argues that the development also makes it challenging for mining companies and other industry players to make informed decisions using the price of…
-
BoG to appear in court over GH¢88.5m judgement debt
A commercial court is expected to today [Wednesday], hear a case in which the Bank of Ghana is expected to justify why some government accounts should not be frozen to pay off judgement debts in favour of NDK Financial Services. An appeals court last week, struck out a stay of execution case after the Attorney…
-
Dollar auction may least control cedi depreciation – Economist
As the Bank of Ghana prepares to commence its first dollar auction to banks through a competitive bid, some financial observers have stated that the regulations guiding the process may put excess pressure on the banks. “You could clearly that the move by the central bank is to try to influence the banks’ rate in…
-
Swiss Spirit International to transform Alisa Hotel- CEO
New owners of Alisa Hotel, Swiss Spirit International have expressed their resolve to introduce world class service despite stiff competition in the hotel and hospitality industry. The Greater Accra region over the past few years have seen some international hotels merge with local ones or build new ones in the country. Speaking to Citi Business …
-
Bank treasurers blame cedi depreciation on increased retail demand
Treasury units of commercial banks have attributed the current marginal depreciation of the cedi to an increase demand by retailers ahead of the festive season. According to them, the need for retailers to meet their payment obligations has increased demand without an equal measure in supply of dollars. “For the past two weeks, the cedi…
-
BoG directs MD of ARB Apex Bank to proceed on leave
The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016. It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him. A letter from the central bank and addressed to the Board Chairman of ARB…
-
NDK pursues ‘diverted payments’ in court today
A commercial court will today [Monday] hear a contempt case filed against the Chief Director and Principal Accountant of the Ministry of Energy, for failing to furnish the court with details of accounts of payments made in contravention of payment guarantees/undertakings giving to NDK. Per the Supreme Court ruling, the two, should have filed the…
-
GCNET updates platform for tracking export proceeds
Exporters, who defy the current procedure of channelling proceeds via the electronic Ministries Department and Agency (e-MDA) platform, will risk being blocked from making any transactions for at least two months. This is the indication from the Ghana Community Network services limited (GCNET). According to the online portal service, the inability of commercial banks to…
-
ADB IPO takes off, pegs price at 2 cedis 65 pesewas
The Agricultural Development Bank (ADB), has re-launched its Initial Public Offer (IPO) after failing to successfully complete the process a number of times. The offer which was re-launched today [November 24, 2016], seeks to raise about 380 million cedis. Managing Director of ADB, Daniel Asiedu who confirmed the re-launch in an exclusive interview with Citi…
-
VRA workers renew protests against ‘takeover’ of assets
Staff of the Volta River Authority (VRA) have resumed activities to protest against allegations of a takeover of some properties of the Authority. It follows what the workers say is a breach of contract by the management of the VRA in the processes of protecting the assets of the authority. A statement issued by the…