Business

BoG shuts down Dancom Microfinance; Directors arrested

The Bank of Ghana has shutdown Dancom Microfinance Ltd and also caused the arrest and prosecution of the Directors of the firm for engaging in deposit-taking activities without a licence. According to a statement from the BoG, Dancom Microfinance Ltd was not licensed to engage in microfinance business as per section 6 (1) of the Banks and Specialised Deposit-Taking Institutions ...

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GRA dispatches task force to seize goods without tax stamp

As part of the effort to control counterfeit products on the Ghanaian market and enable government block tax leakages, the Ghana Revenue Authority has begun its Excise Stamp enforcement exercise. The exercise is to ensure product manufacturers comply with the Excise Tax Stamp policy which is to be affixed on all excisable products. In September 2018 , Commissioner-General of the ...

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Gov’t to refer First Allied Savings and Loans impasse to economic management team

Ashanti Regional Minister, Simon Osei Mensah has said a petition by customers of First Allied Savings and Loans will be referred to the government’s economic management team. The move, he said, will bring a lasting solution to the over four months old impasse between customers and management of the financial institution. “We will meet officials of First Allied Savings and ...

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$100m Ghana Gas choppers deal stinks

A government sanctioned forensic audit has revealed that the acquisition of helicopters worth over $61 million by Ghana National Gas Company (GNGC) caused financial loss to the state because the choppers were never utilized. The four Z-9EH helicopters bought from China for surveillance by Ghana Gas during the previous Mahama administration at the total cost of $100 million ($25m each) ...

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Turkey desires to partner Ghana to run proposed national airline

The Turkish Government has expressed interest in partnering the Government of Ghana towards the operation of the proposed national airline. The Turkish Ambassador to Ghana, Madam Nesrin Bayazit, made this known when she paid a courtesy call on the Minister of Aviation, Joseph Kofi Adda in Accra, on Wednesday. She said the Turkish Airlines had the biggest network in Africa ...

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Gov’t terminates 11 Power Purchasing Agreements signed under Mahama

Government has terminated eleven out of the thirty Power Purchasing Agreements (PPAs) signed by the Electricity Company of Ghana(ECG) during the previous administration. This follows a recommendation by a review committee led by the Energy Commission, which was constituted by the Ministry of Energy to review all the PPAs signed by ECG. Aside the cancellation, the Committee also recommended that ...

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