Business

Huge sums of money recovered in banking rot – Probe reveals

It has emerged that auditing firm, PricewaterhouseCoopers (PwC) has recovered huge sums of money from some banking officials in the wake of the financial crisis. This came to light during the Parliamentary probe into the banking crisis that has forced the Central Bank to roll up seven indigenous banks, five of which were merged to form The Consolidated Bank Ghana. ...

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Akufo-Addo lauds VW’s decision to set-up assembly plant in Ghana

President Nana Addo Dankwa Akufo-Addo, has welcomed the decision by German car manufacturing giant, Volkswagen, to establish a vehicle assembly plant in Ghana. According to the President, an agreement between Volkswagen, the Government of Ghana, and a local Ghanaian company for the assembly, and, ultimately, the production of automobiles in Ghana has been reached, after a business meeting between officials ...

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UMB commits $10.8m in establishing 1D1F in Pru District – CEO

Chief Executive Officer for Universal Merchant Bank (UMB), John Awuah, has hinted that his bank is committing a total of $10.8 million towards the establishment of a district factory in the Pru district of the Brong Ahafo region. According to him, it is a realization of a promise his outfit made to the President in 2017 when they visited him ...

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Passion Air joins domestic aviation industry

Patrons of domestic air travel should get access to alternatives by the end of August 2018. This is because a new airline, Passion Air, has joined the space to provide air transport services for the local market. This brings to two, the number of airlines operating in Ghana’s domestic aviation market. Speaking at the official ceremony to inaugurate Passion Air’s ...

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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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COPEC calls for national dialogue on ‘sustained’ fuel price increases

The Chamber of Petroleum Consumers Ghana (COPEC) is calling for “an immediate national dialogue” on constant fuel price increases that have hit consumers over the past few months. “Ghanaian petroleum consumers have over the past 24 hours been hit with another fuel price increases. Fuel prices across most Major Oil Marketing Companies within the country has seen a marginal increase ...

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See all the GHC3.7bn ‘suspicious transactions’ of uniBank

Accounting and auditing firm, KPMG, has, in its 278-page report on the financial health of now-defunct uniBank, stated that the local bank was enmeshed in “suspicious transactions” to the tune of GHS3.7 billion with withdrawals from a particular account called ‘Other Assets’ by shareholders and their related parties, hitting GHS10.8 billion in value. The Bank of Ghana recently fused uniBank ...

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Three airline operators to help manage national carrier

Ghana is currently in talks with three airline operators as the country nears the establishment of a national carrier. The companies will be responsible for injecting capital and help manage the new entity. Air Mauritius, Ethiopian Airlines and Abu Dhabi Aviation, are currently being considered for the private sector participation. The collapse of the erstwhile Ghana International Airlines has warranted ...

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1D1F: Tomato paste, spices factory to be ready in December 2018

Government’s quest to industrialize the country through its flagship programme One-District-One-Factory has witnessed a major boost as one of the factories registered under the programme is scheduled to commence operations in December this year. The factory, sited in Afienya, is known as Leefound Food Stuff Company Ghana Limited and is a joint venture between two major shareholders; Ghana Rise Food ...

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