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Kofi Amoabeng charged with stealing; granted GHS 110m bail

The former Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng has been formally charged by state prosecutors after he was arraigned Tuesday afternoon in relation to the banking crisis. Prince Kofi Amoateng has been charged with two counts of stealing and money laundering. He’s been granted bail to the tune of 110 million Ghana Cedis, with two ...

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Bright Simons writes: Bank of Ghana’s murky explanations for the GHC100 and GHC200 notes

The Bank of Ghana (BoG) on November 29th, 2019, released a document justifying the need for the introduction of “higher-value denomination” currency (HVD) notes. The question of whether HVD notes are warranted at any point in time is not a merely conceptual one. It is, in fact, a highly empirical enquiry to be approached from a careful analysis of considerable ...

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Ghana to set up Diasporan Savings and Investment Account

Mr Ken Ofori-Atta, the Minister of Finance, has announced plans to establish a Diasporan Savings and Investment Account to attract people of African-American descent to invest in the various sectors of the country. Dubbed the African Sankofa Account, the plan, which is to be rolled out in the next three months, will explore ways to target African retail other than ...

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GRIDCo cuts power supply to VALCO over US$30 Million debt

Ghana Grid Company Limited (GRIDCo) has cut power supply to the Volta Aluminum Company Limited (VALCO) following the company’s inability to settle over US$30 million outstanding debt to the power transmitter. The decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed. The disconnection is part of ongoing debt collection ...

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Menzgold to pay customers beginning today

Customers of embattled gold dealership firm, Menzgold Ltd. are to receive payment towards their locked up funds starting today, Friday, December 27, 2019. The company scheduled the date after several months of agitation by customers across the country. But the Vice-Chairman of the Coalition of Menzgold Customers Isaac Nyarko in an interview said even though payment schedule is beginning today, ...

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GRA to tax clothing allowance of bankers

The Clothing allowance of bankers in the country is now subject to taxation, the Ghana Revenue Authority (GRA) has said. According to a letter addressed to the Banking Association and sighted by Kasapa News noted an agreement has been reached over the move between the two bodies. “As was discussed in relation to taxation of clothing allowance paid by members ...

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I can’t help you pay Menzgold customers – Lawyer tells NAM 1

Lawyer for Menzgold Kwame Akuffo has distanced himself from the payment procedure announced by the troubled gold dealership firm on Wednesday. Menzgold last night issued a statement announcing its payment plan to customers. According to them, the payment is to be facilitated by their lawyer because they have no access to their office premises. “Claims shall be settled in full ...

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Fuel prices to go up again

The Chamber of Petroleum Consumers has hinted of yet another upward adjustment in fuel prices at the pumps. The Chamber in a release hinted that per a letter by the National Petroleum Authority (NPA), all Petroleum Service Providers had been notified of an adjustment on “some elements on the already high petroleum price build-up and fuel prices”. Fuel prices went ...

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Cement prices in Ghana increased due to Cedi depreciation

Cement manufacturing company in Ghana, GHACEM, has announced an increase in the prices of its products. The new prices will take effect from Wednesday, 11 December 2019, the company said in a statement on Monday. Commercial Director for GHACEM, Nana Phillip Archer, said on Monday, that the upward adjustment is due to, among other things, the depreciation of the Cedi against ...

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58-year-old Charles Gyamfi is 2019 National Best Farmer

A 58-year-old farmer, Charles Gyamfi from the Ahafo Region has been adjudged the 2019 National Best Farmer at a ceremony held in the Volta Regional capital, Ho. The winner from the Tano North District has been farming for the past 25 years, producing cocoa, cassava, maize, garden eggs and citrus fruits among others. The father of five also rears cattle, ...

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