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Business

BoG closes down GN Savings, Midland, 22 others

The Bank of Ghana (BoG) has revoked the licences of twenty-three insolvent savings and loans companies and finance house companies. The Bank of Ghana has also appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930. According to a statement from BoG, “The revocation of the licences of these institutions has ...

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4,750 job opportunities created for young entrepreneurs

Government says it has created 4750 jobs under its capacity building for young entrepreneurs and start-up initiative. The Minister for Business Development, Dr. Ibrahim Mohammed Awal who disclosed this at the Meet the Press Series in Accra said in 2017, under the Presidential Business Support Programme (PBSP) Window one, 7,000 young entrepreneurs were trained with 1350 receiving funding. Beneficiaries were ...

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PDS agreement suspended in the interest of the public – Akufo-Addo

The President of the Republic, Nana Addo Dankwa Akufo-Addo, says Government suspended the PDS agreement in the interest of the public, and to protect the assets of the Electricity Company of Ghana worth over $3 billion. According to President Akufo-Addo, the decision to make the suspension of the PDS agreement public was “for the country to know exactly what is ...

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PDS back again as interim operators

Power Distribution Services(PDS) has taken over operations again in the Power distribution sector. Barely a week ago, Board of the Energy Commission on the back of the suspension of the concession agreement appointed the Electricity Company of Ghana (ECG) as interim operators to take charge of the management and operations of electricity sales in the country. The decision to reappoint ...

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NAM 1 receiving emergency medical attention

Menzgold CEO Nana Appiah Mensah (NAM 1) is receiving medical attention after his release from police custody, management of the troubled gold dealership firm announced Wednesday. “We wish to inform the public that the CEO is currently receiving urgent medical attention following the excruciating nine-month ordeal in Dubai and Ghana,” a statement from Menzgold noted. It added: “In the face ...

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We’ve always acted in good faith – PDS responds to Gov’t

Power Distribution Services (PDS) has said it will cooperate with the Government of Ghana as it undertakes to probe its Payment Securities (Demand Guarantees) for the ECG takeover. In a statement, the company said it has always acted in good faith and will not rush to put out any information until they are sufficiently substantiated. Government on Tuesday, July 30, ...

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Gov’t suspends contract with PDS

Government has suspended its contract with the Power Distribution Services (PDS). A statement by the Information minister Kojo Oppong Nkrumah Tuesday night said the decision takes immediate effect. “The Government of Ghana through the Ministry of Finance and the Electricity Company of Ghana (ECG) Ltd. has suspended the concession agreement with Power Distribution Services (PDS) Ghana Limited with immediate effect”. ...

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Gov’t withdraws Luxury Vehicles tax

The Government has announced the immediate withdrawal of the Luxury Vehicles Levy which was introduced in 2018 to raise some additional revenue to augment the public purse. Finance Minister, Ken Ofori-Atta made the announcement when he moved a motion on the floor of Parliament on Monday, July 29, 2019, for the approval of the Mid-Year Review of the Budget Statement ...

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Finance Minister presents mid-year budget review

The Finance Minister, Ken Ofori-Atta will today, Monday, 29 July 2019 present the mid-year budget review and supplementary estimates in Parliament. This is in accordance with Section (28) of the Public Financial Management Act, 2016 (Act 921).The Mid-year budget review is expected to touch on the review of the Luxury Vehicle Tax, the economic outlook, Ghana’s debt situation, and domestic ...

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NAM 1 granted GH¢1bn bail

An Accra High Court has granted bail to embattled Chief Executive Officer of gold dealership firm, Menzgold , Nana Appiah Mensah popularly known as NAM 1. NAM 1 was admitted to bail in the sum of 1 billion cedis with 5 sureties, 3 of which must be justified. The case has been adjourned to August 12. Aggrieved customers of Menzgold Company ...

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