Wednesday , 23 January 2019
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Business

‘Greedy few behind collapse of 7 banks won’t go free’ – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has assured Ghanaians that persons responsible for the collapse of some indigenous banks in the country will be brought to book. He said it would be unfair for innocent Ghanaians to be at the receiving end of the fallouts from the collapse of seven banks within the last year. The licences of some seven banks; …

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Over 600,000 litres of BOST’s contaminated fuel ‘evaporates’

The Bulk Oil Storage and Transportation (BOST) is in the news again, this time over the disappearance of about 600,000 litres of its contaminated fuel. A five-member committee set up by the current Managing Director of BOST, George Mensah Oakley to take stock of five million litres of the off-spec product noticed the disappearance. The committee chaired by the CEO …

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SEC decision to shut down Menzgold was premature – Company’s lawyer

Lawyer for embattled gold marketing firm, Menzgold Ghana Limited says the decision by the Securities and Exchanges Commission (SEC) to shut down the company was unfair and premature. In a letter to the Commission Friday, Kwame Boafo Akuffo argued that in the letter of Sept 7, in which SEC ordered the company to shut down, the information required leading to …

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China bauxite deal ‘old fashioned’ model of exporting raw materials – Dr.Graham

The Coordinator of the Third World Network, Dr. Yao Graham has cautioned government against rushing into agreements with powerful nations such as china that may lead to Ghana’s raw material being exported. He argued for example that, the model being adopted by the government in signing the two-billion-dollar bauxite deal with China is not new but an old system that …

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Bank of Ghana telling banks not to do business with us – Menzgold

The lawyer for Menzgold Ghana Limited, Kwame Akuffo, has alleged that the Bank of Ghana is colluding with commercial banks to collapse the gold-trading company. “I know for a fact that the central bank is telling banks not to do business with us; that wouldn’t be proper for an economy which thrives on free market, can that be proper?” Mr …

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BOST Board Chairman resigns over collapse of Sovereign Bank

Board Chairman of the Bulk Oil Storage and Transportation Company (BOST) has resigned from office over the collapse of Sovereign Bank, one of five banks the Bank of Ghana shut down recently over breach of banking regulations. Kwame Acheampong Kyei resigned as the Board Chairman of the now defunct Sovereign Bank shortly before the revocation of operating licence by the …

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Home-based carrier to be established by end of year – Aviation Minister

Cecilia Abena Dapaah, outgoing Aviation Minister has disclosed government will “by the end of the year move towards the establishment of a home-based carrier.’’ This follows Cabinet’s approval for the Ministry to negotiate with Africa World Airlines, Air Mauritius and Abu Dhabi Aviation while continuing discussions with Ethiopian Airlines, amongst other investors. Government, in October last year granted a policy …

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Minority writes to IMF to stop Akufo-Addo from accessing $2bn Sinohydro Chinese facility

The Minority, in a letter written to the International Monetary Fund (IMF), has asked the international body to stop the Akufo-Addo government from securing a Chinese facility to embark on a robust infrastructural development in the country. In a letter written on 10th August 2018 and signed by the Minority Leader, Haruna Iddrisu, the opposition NDC opined that under the …

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Less than GHC255K was stolen from us, not GHC110M; CalBank clarifies

CalBank has denied media reports that an Ivorian has been arrested for syphoning over GH¢110Million from the bank According to a press statement released by the bank, the total amount at risk in the said fraudulent transaction was “less GH¢255, 000 of which GH¢130, 000 has been recovered”. “The Bank’s IT risk systems upon detecting the fraudulent acts immediately stopped …

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Stop Cargo Tracking Note – GIFF to government

The President of the Ghana Institute of Freight Forwarders (GIFF), Kwabena Ofosu-Appiah, has issued a one-week ultimatum to government to stop the implementation of the Cargo Tracking Note (CTN). He said failure by the government to respond positively to their concerns, will result in a sit-down strike of GIFF’s 3,000 members. At a joint press conference with the Association of …

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