Business

Panic withdrawals giving me sleepless nights – Nduom

The Founder of Groupe Nduom has appealed to customers of his bank, GN Bank to cease panic withdrawals that have hit the bank in recent times. Dr. Papa Kwesi Nduom noted that his bank is financially sound and the panic withdrawals would rather affect the bank. He told traders at the car parts retail market at Abosey Okai in Accra ...

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Cocoa Marketing MD accuses Ato Forson of ‘conjuring’ figures on cocoa prices

Managing Director of the Cocoa Marketing Company, Joe Forson, has rubbished the Minority’s claims that government is shortchanging cocoa farmers by deciding to maintain the producer price of cocoa for the 2018/2019 crop season. The Minority has accused government of being insensitive to the plight of cocoa farmers, after it maintained the producer price of cocoa at GH¢7,600 per tonne, ...

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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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