Business

  • Funds Used In Supporting Liquidated Banks Will Be Accounted ...
    Finance Minister Ken Ofori-Atta has assured that state funds used in supporting the liquidated banks will be fully accounted for. The assurance follows concerns that the funds, over GH cent;8 billion used in assisting the troubled banks may not be ... more
    ModernGhana -Biz40 mins ago
  • A Senior Economist’s 2017 Memo Provides Key Insights I...
    A memo from Habibu Adam, a Senior Economist at the Office of the Senior Minister, in August 2017 sheds light on critical issues in the banking sector following the collapse of UT Bank and Capital Bank. The memo, published in full below was ... more
    ModernGhana -Biz40 mins ago
  • Strategic Roadmap To Pave Way For Lifting Ban On Small-scale...
    Government will on Thursday, August 16, announce a roadmap for the lifting of the ban on small-scale mining in the country. The ban has been in existence after the government assumed office in January 2017 in a bid was to ensure the re-claiming an ... more
    ModernGhana -Biz40 mins ago
  • Huawei Surpasses Apple To Grab Number 2 Spot Globally
    Huawei Consumer Business Group (CBG), the global smartphone giant, overtook Apple in the second quarter of 2018 to become the number two smartphone vendor globally for the first time. According to International Data Corporation (IDC) Worldw ... more
    ModernGhana -Biz40 mins ago
  • Menzgold Boss Begs BoG
    The Chief Executive of gold dealing firm, Menzgold has eaten humble pie after calling the bluff of the Bank of Ghana. Nana Appiah Mensah posted on his Twitter account Tuesday that he sincerely apologises for his reaction to the Central Bank ... more
    ModernGhana -Biz40 mins ago
  • Banking Crisis: BoG’s Roadmap For Clearing UT, Capital Ban...
    The Bank of Ghana announced the collapse of two local banks ndash; UT and Capital banks ndash; a year ago because they were ldquo;deeply insolvent. rdquo; BoG, however, allowed the GCB bank to acquire the banks and issued a GHc2 billion bond to ... more
    ModernGhana -Biz40 mins ago
  • Banking Crisis: Chamber Of Commerce Wants Culpable Officials...
    The Ghana National Chamber of Commerce and Industry has backed calls for prosecution of officials whose actions led to the collapse of some seven banks in the country. ldquo;No one is above the law. If any of them is found culpable to have done s ... more
    ModernGhana -Biz40 mins ago
  • Busy Internet’s Revival Confirmed
    Almost on the verge of near collapse early this year, BusyInternet, one of the key players and pioneers in the provision of internet services in Ghana, can now breathe a sigh of relief, as a new strategic investor is near closing deals for fund to ... more
    ModernGhana -Biz41 mins ago
  • Banking rot: A Senior Economist’s 2017 memo provides ...
    Habibu Adam's memo in August 2017 sheds light on critical issues in the banking sector following the collapse of UT Bank and Capital Bank. ... more
    MyJoyOnline -Biz5 hours ago
  • Banking rot: OccupyGhana calls for ‘ruthless actionâ...
    Pressure group, OccupyGhana, has called on the government to probe the collapse of seven banks and punish persons found to have breached prudential or banking regulations. ... more
    MyJoyOnline -Biz6 hours ago
  • Small-scale mining: Gov’t schedules August 16 to annou...
    Government will on Thursday, August 16, announce a roadmap for the lifting of the ban on small-scale mining in the country. ... more
    MyJoyOnline -Biz8 hours ago
  • All Those Linked To The Collapse Of Banks Should Be Severely...
    Corporate governance consultant Marian Barnor has emphasized the need for a corporate governance code for businesses to be developed. Speaking on the Executive Lounge on the JOYNEWS channel on MultiTV, she also insisted that directors of firms mus ... more
    ModernGhana -Biz8 hours ago
  • Banks closure: Corporate governance consultant wants those i...
    Corporate governance consultant Marian Barnor has emphasized the need for a corporate governance code for businesses to be developed. ... more
    MyJoyOnline -Biz11 hours ago
  • Menzgold boss apologises to BoG governor
    The Chief Executive officer of Menzgold Ghana Limited Nana Appiah Mensah has apologised to the governor of the Central Bank Dr. Ernest Addison for his initial reaction to the Bank of Ghana’s  public caution over his gold firm. The business magnate had scoffed at the governor on tweeter after the… ... more
    StarrFM -Biz12 hours ago
  • Banks closure: CIB calls for regulatory compliance, strong e...
    Chartered Institute of Bankers Ghana (CIB) has described the collapse of the five banks and subsequently been consolidated as an unfortunate situation. ... more
    MyJoyOnline -Biz12 hours ago
  • Funds used in supporting liquidated banks will be accounted ...
    Finance Minister Ken Ofori-Atta has assured that state funds used in supporting the liquidated banks will be fully accounted for. ... more
    MyJoyOnline -Biz13 hours ago
  • Huawei surpasses Apple to grab number 2 spot globally
    Huawei Consumer Business Group, the global smartphone giant, overtook Apple in the second quarter of 2018 to become the number two smartphone vendor globally for the first time. ... more
    MyJoyOnline -Biz14 hours ago
  • I’m sorry BoG; Menzgold boss eats humble pie
    The Chief Executive of gold dealing firm, Menzgold has eaten humble pie after calling the bluff of the Bank of Ghana. ... more
    MyJoyOnline -Biz14 hours ago
  • Tamale Airport To Operate First MRO Facility In West Africa
    Upon completion, the Tamale International Airport is expected to become the only Maintenance, Repair and Overhaul (MRO) facility that will provide aircraft maintenance activities in Ghana and West Africa. This means that the airport will be mandat ... more
    ModernGhana -Biz14 hours ago
  • Entitlements Of Former UT, Capital Bank Staff Still Unpaid
    Former staff of defunct UT and Capital Bank are appealing to President Akufo-Addo and the Governor of the Bank of Ghana, Dr. Ernest Addison to intervene to ensure that their entitlements as former workers are paid. In a statement copied t ... more
    ModernGhana -Biz14 hours ago
  • StanChart appoints Bola Adesola as Non-Executive Director
    Standard Chartered Bank Ghana Limited has appointed Mrs Harriet-Ann Omobolanle Adesola as a Non -Executive Director, to the Board of the Bank. The appointment became effective on July 27, 2018. Bola Adesola was appointed Chief Executive Officer (CEO) of Standard Chartered Bank Nigeria Ltd in 2011 and became CEO of… ... more
    StarrFM -Biz14 hours ago
  • Finance Ministry ‘hijacks’ over GH¢226m YEA ...
    The Finance Ministry transferred an amount ofGH¢226,990,983.98 from the account of the National Youth Employment Agency (NYEA) to the ministry without the knowledge of the agency in 2015, officials have revealed. There was no documented contractual agreement concerning the withdrawal and reimbursement, a report prepared by the Auditor General Daniel… ... more
    StarrFM -Biz15 hours ago
  • Boliden Moves To Increase Market Share
    One of the world rsquo;s most trusted batteries, Boliden has marked its 30th milestone with a dealer rsquo;s seminar in Accra after a successful spell. Chairman of Samir Engineering and Trading Company, Nazem Karroum, the largest importers and dis ... more
    ModernGhana -Biz15 hours ago
  • GUTA Seeks Collaboration With Foreign Traders
    The Ghana Union of Traders Association (GUTA) has resolved to allow foreign traders, especially the ECOWAS citizens operating within the Suame magazine in the Ashanti Region to open their shops for normal business. This new development is to retra ... more
    ModernGhana -Biz15 hours ago
  • Finance Minister Assures Those Responsible For Collapsed Ban...
    Finance Minister, Ken Ofori-Atta, has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law. He believes the collapse of these banks was not a failure on the part of the ba ... more
    ModernGhana -Biz16 hours ago
  • Foreign Investor Packed Out Of Sovereign Bank After First-ye...
    It has emerged that a foreign company changed its mind about investing in Sovereign Bank after a look into the bank rsquo;s books revealed millions in losses after only 15 months of existence. Financial Consultant, Michael Annan, said his investig ... more
    ModernGhana -Biz16 hours ago
  • Ghanaian Businesses Under Foreign Attack?
    At least 30 Ghanaian-owned shops have been destroyed at Cicle in Accra as a trade row betweeen locals and foreigners escalates. Scores of angry Ghanaian shop owners at Tiptoe lane, a busy buying and selling enclave at Circle in Accra have threaten ... more
    ModernGhana -Biz16 hours ago
  • Bank Crisis: Are The gods To Blame?
    Today, August 14, 2018 marks exactly one year since the Bank of Ghana made a historic announcement on the collapse of two local banks ndash; Capital and UT banks mdash;and their acquisition by the GCB bank. The central bank at the time ex ... more
    ModernGhana -Biz16 hours ago
  • Ofori-Atta hints of action against those behind banks’ col...
    Finance Minister, Ken Ofori-Atta, has said government will ensure persons responsible for the collapse of some local banks in the country will be made to face the law. He believes the collapse of these banks was not a failure on the part of the banks, but individuals who stole depositors’… ... more
    CitiFm -Biz16 hours ago
  • Boliden to increase market share
    One of the world’s most trusted batteries, Boliden has marked its 30th milestone with a dealer’s seminar in Accra after a successful spell. ... more
    MyJoyOnline -Biz17 hours ago
  • GUTA lifts foreign traders ban, calls for cooperation
    The Ghana Union of Traders Association has resolved to allow foreign traders, especially the ECOWAS citizens operating within the Suame magazine in the Ashanti Region to open their shops for normal business. ... more
    MyJoyOnline -Biz17 hours ago
  • Foreign investor packed out of Sovereign Bank after first-ye...
    A foreign company changed its mind about investing in Sovereign Bank after a look into the bank’s books revealed millions in losses after only 15 months of existence. ... more
    MyJoyOnline -Biz18 hours ago
  • GCNet, GPHA deepen partnership to consolidate gains
    The acting Director General of the Ghana Ports and Harbours Authority (GPHA) Michael Luguje has paid a courtesy call on GCNet to explore ways of deepening collaboration to ensure efficient and effective business transactions at the port. ... more
    MyJoyOnline -Biz18 hours ago
  • Ghana Civil Aviation Authority Procures Navigation Equipment
    The Ghana Civil Aviation Authority (GCAA) has installed ultramodern air navigation equipment to enhance communication, navigation, surveillance and air traffic management within the Accra Flight Information Region (FIR). Speaking at a ceremony, fo ... more
    ModernGhana -Biz18 hours ago
  • Gold Fields To Restructure Giant Loss-Making South Africa Mi...
    Gold Fields Ltd. said it may cut more than 1,100 workers at its huge, loss-making South Deep operation in South Africa. The move according to the company will refocus the mine plan after repeated turnaround efforts failed. South Deep, Go ... more
    ModernGhana -Biz18 hours ago
  • Consolidated Bank Assures Customers
    Consolidated Bank Ghana (CBG) Limited has assured its customers that it will meet their needs through its branches and channels. ldquo;However, as a new bank created out of several legacy institutions, there would of necessity, be a period of sta ... more
    ModernGhana -Biz18 hours ago
  • NCA Supports Robotics Team With $5,000
    The National Communications Authority, (NCA) will provide an amount of $5,000 to support a robotics team participating in the Global International Robotics Competition in Mexico City, Minister for Communications Ursula Owusu-Ekuful has said. The f ... more
    ModernGhana -Biz18 hours ago
  • SEC Cleans Sector; Stops Fund Managers From Illegal Investme...
    The Securities and Exchange Commission (SEC) has ordered fund management companies to stop issuing fixed-term/guaranteed returns to clients. SEC issued the order at a meeting with chief executive officers (CEOs) and board members of fund managemen ... more
    ModernGhana -Biz18 hours ago
  • Tamale Airport to operate first MRO facility in West Africa
    Upon completion, the Tamale International Airport is expected to become the only Maintenance, Repair and Overhaul (MRO) facility that will provide aircraft maintenance activities in Ghana and West Africa. ... more
    MyJoyOnline -Biz19 hours ago
  • Finance: Here’s how much GTBank made from its charges...
    The financial report also showed that the bank recorded N95.5 billion as profit after tax for the period ended June 30, 2018. Nigeria's tier-1 bank, Guaranty Trust Bank Plc, made N27.3 million from fees, commission and other charges in the last 6 months, according to the financial statement seen by… ... more
    Pulse -Biz20 hours ago
  • Finance: GTBank made N27.3m from charges and other commissio...
    The financial report also showed that the bank recorded N95.5 billion as profit after tax for the period ended June 30, 2018. Nigeria's tier-1 bank, Guaranty Trust Bank Plc, made N27.3 million from fees, commission and other charges in the last 6 months, according to the financial statement seen by… ... more
    Pulse -Biz20 hours ago
  • Banks Warned Against Unreported Gov’t Suspense Funds
    The Auditor General Mr. Daniel Yaw Domelovo has warned that banks doing business with monies meant for government 39;s suspense account will be surcharged. According to Mr. Domelovo, the practice amounts to siphoning monies from the state, thus a ... more
    ModernGhana -Biz20 hours ago
  • Nominations For Forty Under 40 Awards Close On August 17
    The second edition of the Forty under 40 Award 2018, closes nominations this Friday, August 17. The Awards Gala is an initiative of Xodus Communications Limited and seeks to identify, honour and celebrate a cross-section of the nation 39;s most i ... more
    ModernGhana -Biz20 hours ago
  • GUTA Stands Down After Clash With Nigerian Traders
    President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has stated that they have stepped down their plans to stop Nigerians from trading in the retail market in the Ashanti Region. Last month, some unidentified trader ... more
    ModernGhana -Biz20 hours ago
  • Ban Shareholders Of Companies From Holding Management Positi...
    Managing Director of Stanbic Bank Ghana Limited Alahassan Andani has called for a new regulation, which will ban individual majority shareholders from being part of the top management of firms they have invested in. It has emerged that interferenc ... more
    ModernGhana -Biz20 hours ago
  • One Year On; Receiver Still Pursuing UT, Capital Cash
    Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhous ... more
    ModernGhana -Biz20 hours ago
  • Gold Fields to restructure giant loss-making South Africa mi...
    Gold Fields Ltd. said it may cut more than 1,100 workers at its huge, loss-making South Deep operation in South Africa. ... more
    MyJoyOnline -Biz21 hours ago
  • SEC cleans sector; stops fund managers from illegal investme...
    The Securities and Exchange Commission (SEC) has ordered fund management companies to stop issuing fixed-term/guaranteed returns to clients. ... more
    MyJoyOnline -Biz21 hours ago
  • NCA supports robotics team with $5,000
    The National Communications Authority, (NCA) will provide an amount of $5,000 to support a robotics team participating in the Global International Robotics Competition in Mexico City, Minister for Communications Ursula Owusu-Ekuful has said. ... more
    MyJoyOnline -Biz21 hours ago
  • 1D1F project commissioned in Asokwa
    President Nana Addo Dankwa Akufo-Addo has commissioned the Spring and Bolts Limited, one of the companies under Government’s 1-District-1-Factory initiative. The company, which is engaged in the manufacture of U-bolts, leaf springs, trailer suspension parts, bolts and nuts, can import machinery and equipment duty-free, will, amongst others, not pay duty… ... more
    StarrFM -Biz22 hours ago
  • Bank crisis: Otabil can’t absolve himself – Fi...
    Financial analyst Jerry Larbi has said Dr. Mensa Otabil cannot absolve himself of blame in the financial mismanagement that led to the collapse of Capital Bank. In his view, claims by Dr. Otabil that he was not an executive chairman of the defunct bank hence not involved in the day… ... more
    StarrFM -Biz22 hours ago
  • Bank crisis: I’ve submitted myself to EOCO –  Ot...
    Pastor Mensa Otabil has disclosed the Economic and Organised Crimes Office (EOCO) is investigating him over developments leading to the collapse of Capital Bank. As the board chairman of the defunct Capital Bank, the anti-graft body has invited him over circumstances leading to the revocation of the bank’s license by… ... more
    StarrFM -Biz23 hours ago
  • Directors & Officers Insurance – worth Considerin...
    Recent information attributable to the Bank of Ghana (BoG) also suggests that a few more Banks are expected to go down. ... more
    MyJoyOnline -Biz23 hours ago
  • Nominations for Forty Under 40 Awards close on August 17
    The second edition of the Forty under 40 Award 2018, closes nominations this Friday, August 17. ... more
    MyJoyOnline -Biz24 hours ago
  • Ban shareholders of companies from holding management positi...
    Managing Director of Stanbic Bank Ghana Limited Alahassan Andani has called for a new regulation, which will ban individual majority shareholders from being part of the top management of firms they have invested in. ... more
    MyJoyOnline -Biz24 hours ago
  • Bank crisis: I remain resolute to inspire others – Ot...
    Pastor Mensa Otabil, who was the board chairman of the defunct Capital Bank, has said he will continue to inspire daring persons to realize their dreams, despite the chaos in the banking sector. The International Central Gospel Church (ICGC) founder has been the toast of social media pundits who are… ... more
    StarrFM -Biz1 day ago
  • GH¢500m For Ashanti Roads – Akufo-Addo Reveals
    The President, Nana Addo Dankwa Akufo-Addo, has revealed that his administration has set aside an amount of GH cent;500 million to construct new roads, as well as give a facelift to some existing roads in the Ashanti Region. Sp ... more
    ModernGhana -Biz1 day ago
  • Women In Poultry Appeals For Assistance
    The Ashanti Regional Women in Poultry Association has appealed to the government for credit facilities to enable its members acquire broiler processing machines and venture into the production of broilers in order to meet the demands of custome ... more
    ModernGhana -Biz1 day ago
  • GRA Soon To Roll Out Of EPOS Devices Nationwide To Monitor V...
    The Ghana Revenue Authority (GRA) is to introduce the Electronic Point of Sale (EPOS) device to monitor Value Added Tax (VAT) collection on real-time basis in the country. The EPOS device is a computer-like device and it comes in several forms suc ... more
    ModernGhana -Biz1 day ago
  • I wasn’t responsible for daily operations of Capital ...
    The Board Chairman of defunct Capital Bank, Pastor Mensa Otabil, has subtly denied direct involvement in the woes of the financial institution. In his first public reaction to the development which has been a controversial subject in the media space, Mensa Otabil said his role as the chairman of the… ... more
    CitiFm -Biz1 day ago
  • Former UT, Capital banks workers rejected due to stigmatizat...
    A year after the collapse of UT and Capital banks, some workers are still battling with the stigmatization of working under a company that collapsed. The former workers tell Citi Business News they are turned away anytime they apply for a job in the financial sector due to the stigmatization.… ... more
    CitiFm -Biz1 day ago
  • Group petitions parliament over collapse of banks
    A Civil Society Group, New Era Africa (NERA) has petitioned parliament to conduct a bi-partisan public enquiry into the recent banking crisis. According to NERA, the cost of seven defunct banks in the past one year will be borne by people of Ghana, hence it will prudent for the people’s… ... more
    CitiFm -Biz1 day ago
  • One year on; Receiver still pursuing UT, Capital cash [Audio...
    Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of… ... more
    CitiFm -Biz1 day ago
  • GRA soon to roll out of EPOS devices nationwide to monitor V...
    ... more
    MyJoyOnline -Biz1 day ago
  • GRA soon to roll out of EPOS devices nationwide to monitor V...
    ... more
    MyJoyOnline -Biz1 day ago
  • Collapse Of Banks Doesn’t Affect Bancassurance
    Experts have given the firm assurance that bancassurance premiums are always safe in an event of a collapse of a bank. There have been fears that the collapse of banks could see customers losing their investments and have a rippling effect on banc ... more
    ModernGhana -Biz1 day ago
  • Agric Technologies Crucial To Optimizing Farmers’ Outp...
    The President of the African Development Bank Group Akinwumi Adesina has made an urgent call to give farmers across the continent new technologies with the potential to transform agricultural production. Adesina said the technology transfer was ne ... more
    ModernGhana -Biz1 day ago
  • How Capital Bank Recklessly Blew BoG Cash
    Details are emerging of how the defunct Capital Bank misapplied 620 million cedis Liquidity Support extended to it by the Bank of Ghana. The amount was meant to help the struggling bank stay viable. But the managers, in what the Central Bank ca ... more
    ModernGhana -Biz1 day ago
  • EOCO Chase Directors, Shareholders Of Collapsed Banks
    Sources at the Economic Organised Crimes Office (EOCO) have told Joy News that the investigative body has begun a formal probe into circumstances which led to the collapse of five indigenous banks. The banks ndash; The Royal Bank, Beige Bank, Con ... more
    ModernGhana -Biz1 day ago
  • Internal Auditors Call For Effective Collaboration To Addres...
    The Institute of Internal Auditors Ghana has charged external auditors to collaborate with internal auditors to ensure that firms follow controls and comply the necessary accounting standards. President of the Institute, Juliet Aboagye-Wiafe, said ... more
    ModernGhana -Biz1 day ago
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