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Tag Archives: Ghana Business News

Albert Essien chairs GAT as banks get GH¢2bn support

Albert Essien

Renowned Banker Albert Essien, has been appointed as Board Chairman of the Ghana Amalgamated Trust (GAT). In a statement issued by the Finance Ministry, the former MD of Ecobank will work with Eric Nana Otoo as Managing Director of the company. The Ghana Amalgamated Trust (GAT) was set up by the government to support solvent and well governed indigenous banks ...

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Enforcing Standards: GSA, Nestle form strategic partnership

GSA Nestle

The Ghana Standards Authority (GSA) has signed a Memorandum of Understanding, MoU with Nestle Ghana Limited to improve standards of food products. The agreement will among others see the two institutions share knowledge, personnel and skills on new methods of production which are expected to be of the quality expected by the Ghana Standards Authority. The CEO of the GSA, ...

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Odorna fire: Uninsured shops trigger compulsory insurance

fire one

Players in the country’s insurance sector are calling for the enforcement of the “compulsory insurance for commercial properties”. Their call follows the recent fire that gutted the Odorna market on the 17th of January,2019. Some occupants of the market lost their goods running into thousands of Ghana cedis. Ghana’s insurance industry however continues to record slow growth with just about ...

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UT, Capital bank debtors given 3 month ultimatum to clear debts

ut capital

Loan defaulters of defunct UT and Capital banks have till the end of March this year – 2019 to redeem their indebtedness to the banks. A newspaper publication lists ninety-one (91) companies and individuals who owe the two banks. The development comes at a time where some recoveries have been made which is being used to pay off exit pay ...

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GACL Board still in place as MD is removed from office

Terminal 3

The Ghana Airports Company Limited says its board Chaired by Madam Oboshie Sai Coffie is still in place. It comes after the removal of the former Managing Director of the company, John Dekyem Attafuah from office last Friday. A statement issued by Madam Oboshie Sai Coffie also said that Mr. Robert Sackey Tagoe, the Group Executive (Human Capital & Office ...

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Ghana Airport Company MD sacked

John Attafuah - MD, Ghana Airport Company Limited

The Managing Director of the Ghana Airport Company Limited, Mr. John Dekyem Attafuah, has been sacked from his position with immediate effect. According to sources, the dismissal letter dated 16th January 2019, was signed by the Aviation Minister, Joseph Kofi Adda, and addressed to the Board Chairman. Mr. John Dekyem Attafuah has been directed to hand over to his Deputy, ...

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Cedi depreciates by 11% against the dollar over one year period

Ghana Cedi

The cedi has depreciated by 11 percent between January 2018 and the same period this year [2019]. The local currency is now trading at 4 cedis 91 pesewas to a dollar on the interbank foreign exchange market. This is also remarkable as some currency analysts have predicted that the cedi could hit 5 cedis to a dollar soon, if economic ...

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Ex UT, Capital bank workers to receive exit pay this week?

Capital-Bank- RIP600x330

Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This is expected to ease the ...

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Aker energy to increase oil revenue by 15% by 2021

CEO of Aker Energy - Jan Arve Haugan

Ghana could be earning about 640 million dollars or (15%) in oil revenue by next the next two years with the coming on board of Aker Energy’s new production wells. The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful as it shows oil quantities estimated between 450 and 550 ...

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Menzgold customers do not need compensation – Dr. Lord Mensah

Dr Lord Mensah - Lecturer, University of Ghana Business School

Economist, Dr. Lord Mensah has kicked against any form of compensation for embattled customers of gold dealership company, Menzgold. He explains that such a support is likely to encourage other forms of financial activities that breach the country’s financial laws. Dr. Lord Mensah’s comments come in the wake of recent calls by customers of Menzgold to be relieved of their plight. ...

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