admin-mainMarch 1, 2019
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2min720

The Bank of Ghana (BoG) has justified the amount of dollars it releases onto the market, to support operations of commercial banks in the country.

This follows concerns that the limited amount of dollar cash being released onto the market has contributed to the cedis’ fast rate of depreciation over the past weeks.

The local currency has witnessed some significant depreciation selling at GH¢5.51 at the end of trading on February 25, 2019.

The Central Bank, on the other hand, argued that they are very active on the market in terms of the dollar cash support.

The Head of Financial Markets at the Bank of Ghana, Stephen Opata in an interview stated their supports are influenced by several factors on the market including, demand for dollars and the Central Bank’s dollar reserves.

STORY BY: NANA AKUA FREMAH/BUSINESS DESK


admin-mainFebruary 20, 2019
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2min1050

The Chief Executive Officer of the Ghana Maritime Authority, Kwame Owusu has resigned from his post. His abrupt resignation comes just within four months after he was alleged with financial mishandling at the company instituting a search into the matter by the government.

He was alleged to have squandered more than questionable amount at the authority which includes millions of cedis in furnishing his official residence.

The Transport minister, Kwaku Ofori Asiamah at a press conference yesterday disclosed, the search is yet to be done but Kwame Owusu resigned after age 65.

STORY BY: NANA AKUA FREMAH/ BUSINESS NEWS

 


admin-mainFebruary 20, 2019
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2min750

A team from the Ghana Revenue Authority (GRA), enforcing the Excise Tax Stamp Policy yesterday stormed the Eastern Region to seize products without tax stamps. This was to ensure manufacturers adhere to the policy by affixing stamps on all excisable products.

After visiting some wholesale depots, retail shops and some manufacturing firms the team realized improvement in obeying the policy but seized some products like alcoholic beverages without tax stamps.

According to Nathan Dankwa who happens to be a principal revenue officer at GRA he said the exercise was done as a follow up to ensure the public was obeying the policy.

STORY BY: NANA AKUA FREMAH/ BUSINESS DESK


admin-mainFebruary 19, 2019
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2min880

Some former workers of inoperative UT and Capital Banks who were accepted into GCB Bank, have cautioned to go to the Commission on Human Rights and Administrative  Justice ( CHRAJ) to be accepted back after their contracts were cancelled by the bank. According to them, their dismissal is cruel and will negatively affect their livelihood as well as their dependents.


Reports stated that an ongoing audit of former UT and Capital banks employees with GCB Bank raised some issues with the qualifications of over a hundred staff.

The recent sacking comes about 2 years after the Ghana Commercial Bank took-over UT and Capital banks. GCB was ordered to take over the two banks because according to the Central Bank, they had serious capitalization issues.

STORY BY: NANA AKUA FREMAH/ BUSINESS DESK


eugenia nyarkoFebruary 13, 2019
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2min1290

Payment for services in the public sector will be digitised from July this year to ensure cashless government business, the Vice-President, Dr Mahamudu Bawumia, has announced.

The move, he said, followed the successful implementation of the mobile money interoperability infrastructure that would aid efficient electronic payments for government services.

He stated that, Ghana has about 34.5 million mobile money subscribers in the country and the interoperability infrastructure allows payments to be made from bank accounts to mobile accounts and the other way round.

He further stated, with this infrastructure, government wants to deal with the problem of financial inclusion, so by the middle of the year, the government will move away from the use of physical cash as payment for services.

Dr Bawumia announced this when he opened the third German-Africa Business Summit (GABS) in Accra yesterday.


admin-mainJanuary 31, 2019
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Ride-hailing company Uber says it has suspended its services in the Spanish city of Barcelona because of new rules.

This agreement was made after   the Catalan government   demanded a command of   a 15-minute delay before passengers could be picked up.

Uber has been the aim of protests by taxi drivers in Barcelona who say their business  are being sabotaged.

Uber said the new restrictions left it with “no choice” but to halt its services “while they assess their future in Barcelona”.

In July last year, Spanish taxi drivers began public demonstrations   in Barcelona and Madrid.

The drivers are still on strike in the Spanish capital, but Madrid authorities have said they will not accept the same restrictions as in Barcelona.

Uber has fallen victim of restrictions in many parts of the world at different times.

In the UK, Transport for London denied   them   of its   license   in late 2017, saying it was not a “fit and proper” operator.

It was then awarded a short-term 15-month license for London in June last year, with London mayor Sadiq Khan saying the firm had been “put on probation”.

 

STORY BY : NANA AKUA FREMAH/BUSSINESS DESK

 


admin-mainJanuary 29, 2019
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3min1500

The Managing Director of the International Monetary Fund (IMF) Christine Lagarde, has told deprived countries to stop using global consultancy firms to write development strategies.

She mentioned inefficient spending on consultants for criticism at an event about funding the sustainable development goals at the World Economic Forum (WEF) in Davos, Switzerland.

Mad. Lagarde even asked any representatives of “the McKinseys and Boston Consulting Groups” and any other consultancy firms in the room to listen to her as she delivered an uncomfortable message about their work.

The former French government minister said low-income and emerging-market economies had to provide more revenue themselves domestically and cut expensive projects and corruption.

She insisted the private sector had a major role to play if deprived countries were to ever achieve the 17 development goals set by the UN.

The comments may cause squabble not only in the consultancy industry, but also among fault finders of the IMF itself.

The fund has dishonored reputation in many parts of the world for its heavy-handed promotion of free-market reforms in indebted countries over the past few decades.

The sight of a senior IMF personnel now advising developing countries to cut down on their use of imported private sector expertise may cause awareness.

STORY BY: NANA AKUA FREMAH/BUSSINESS DESK

 


admin-mainJanuary 29, 2019
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3min1210

Apple has realized a flaw in its Face Time software that allowed for brief intruding  even if the recipient did not pick up.

 

In most cases the target iPhone would send video, presumably without the receiver’s idea.

The company said it had discovered a fix and an update would be rolled out this week.

In the meantime, Apple appears to have deactivated the ability for users to make group calls on Face Time.

The flaw which was first disclosed by a  blog, appears to occur  when both users are running version 12.1 of Apple’s mobile operating system, or newer.

On social media, concerned users including Jack Dorsey, Chief Executive Of Twitter proposed disabling the Face Time function altogether, which can be done via the device’s settings menu.

Discovery of the flaw concurred with National Privacy Day in the US, a day announced by Apple boss Tim Cook and he posted on twitter that ,on this privacy day let everyone insist on action and reform for vital privacy protections

Governor Of New York, Andrew Cuomo also stated the FaceTime bug is an appalling breach of privacy that puts New Yorkers in danger and advised his city residents to deactivate the app

STORY BY : NANA AKUA FREMAH/ BUSSINESS DESK


admin-mainJanuary 10, 2019
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2min1600

The Central Bank has refused playing any personal role in the selection of five banks for recapitalization under the Ghana Amalgamated Trust (GAT) which is an arrangement of private pension funds to inject GH¢2 billion into supporting solvent and well-run local banks, which were having difficulties meeting the new minimum capital requirement of GH¢400 million.

The involved banks are the merged Omni/Sahel Sahara Bank, Universal Merchant Bank, Prudential Bank, ADB and NIB. There are now 23 universal banks operating in Ghana and these banks met the new minimum paid-up capital of GHC400 million.

Following announcement on January 4, 2018, the Central Bank came under heavy allegations for excluding some local banks from gaining under the scheme.
But Governor of the Central Bank, Dr Ernest Addison says they had no direct role in the selection process.

STORY BY: NANA AKUA FREMAH/ BUSINESS DESK


admin-mainJanuary 9, 2019
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2min1450

The Ghana Oil Company Limited (GOIL) the nation’s leading local Oil Marketing Company (OMC) has set an expedient objective of setting up 400 active modern filling stations across the country by the end of the 2019.
In achieving that target, GOIL opened its 360th Filling Station at Adenta-Ashaley Botwe link road with an environmental friendly court-yard and other services to make their customers comfortable.
Mr Patrick Akpe Kwame Akorli, Group Chief Executive Officer credited the achievement of the nation’s leading OMC to the cooperation of present and previous board of directors, well judged and hardworking management and staff, as well as customers who had demonstrated loyalty to the GOIL brand.
Mr Marcus Deo Dake, GOIL Head of fuels marketing, stated that the company would increase efforts at improving customer care and pledged the company’s commitment to improving on product offerings that will satisfy consumers.
Mr Clement Gyato, the Dealer of the station, applauded GOIL for the quality of products and importantly the company’s local identity and promised to raise the bar in terms of service delivery and contribute to improving the brand.

STORY BY NANA AKUA FREMAH/ BUSSINESS DESK



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