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Author Archives: Lawrence Segbefia

Bidding for oil blocks: 14 companies progress to next stage

Amewu competition

Fourteen out of the sixteen companies that applied to explore oil blocks put on offer by the government, have qualified for the next stage of the bidding process. According to the Ministry of Energy, the fourteen companies will now have up until May 21, 2019 to submit their bids for three (3) out of the five (5) available oil blocks. ...

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Entire loans of defunct Construction bank was owed by staff—report

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A report on the inventory of assets and property of the five consolidated banks has revealed that Construction Bank’s entire loan portfolio of GHs 620, 000 were term loans given to nine of the company’s employees. The report, which covers the five banks, —Beige, Unibank, Construction, Sovereign and Royal banks, gives the value of assets including cash, loans, securities, property ...

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Anglogold Ashanti’s Obuasi mine reopened

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President Nana Akufo-Addo has said the circumstances that led to the shut down of the Anglogold Ashanti Company Limited at Obuasi in the Ashanti Region will not reoccur under the watch of his administration. He was speaking at the re-opening of the Anglogold Ashanti gold mine in Obuasi, which had been closed since 2014. The President warned that the government ...

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Illegal courier service operators to face prosecution

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The Postal and Courier Services Regulatory Commission has disclosed that it will start prosecuting all illegal operators in the coming months to rid the system of non-compliant businesses. The move follows what has been described as the rise in fake courier services. The latest caution by the Postal Courier Services Regulatory Commission comes after an initial exercise to register and ...

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Mobile Money transactions exceed target after launch in 2018

Mr. Archie Hesse -CEO; GhIPSS

The Ghana Interbank and Payment Settlement Systems (GhIPSS) has told Citi Business News it exceeded its Mobile Money Interoperability transaction target for 2018. The Mobile Money Interoperability platform recorded 2.2 million transactions at the end of 2018. GhIPSS was however targeting about half the number after Phase One of the  platform was launched in May 2018. The transaction took place ...

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Heritage Bank collapse: BoG being hostile towards me – Seidu Agongo

Dr. Ernest Addison, Governor of the Bank of Ghana

The majority shareholder of the defunct Heritage Bank, Seidu Agongo, has accused the Bank of Ghana (BoG) Governor, Dr. Ernest Addison, of acting in bad faith when he described him as not being fit and proper enough to be a significant shareholder of the bank. After Heritage Bank’s license was revoked due to a suspicious stated capital according to the BoG, as well ...

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Don’t deal with cryptocurrency companies – SEC warns Ghanaians

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The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam. In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.” “If you chose to go there, you are on your own,” the Deputy Director General of Securities and Exchange Commission, Paul ...

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Tamale: Angry Gold Coast customers demand payment of locked up cash

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Some customers of the Tamale branch of investment company, Gold Coast Securities, are calling on the Securities and Exchange Commission, SEC, to help them retrieve their investments, which matured in the last quarter of 2018. The entity, which is a subsidiary of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, was being investigated by the Economic and Organized Crimes Unit (EOCO) in December ...

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Article:The banking crises and rights of employees

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Introduction Following recent turmoil in the Banking Industry, some banks have had to merge and others acquired in the last two years. This development has had dramatic consequence on employment. This occurred on the heels of the Bank of Ghana’s announcement of an increase of the minimum capital requirement for banks from Ghc 120million to Ghc 400 million in 2017. ...

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SEC, EOCO investigate 3 suspected online investment companies

EOCO

Citi Business News has gathered that the Securities and Exchange Commission (SEC) has begun investigations into at least three online investment companies that are operating illegally. These companies are said to be selling investment packages to Ghanaian consumers without any physical presence in the country. Although the Commission will not immediately provide the names of the said companies, Deputy Director ...

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