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Business

Unibank moves to add over GHS700m to its capital

One of Ghana’s most stable indigenous banks, Unibank, is to obtain a colossal amount of over GHS700 million. The amount, which will significantly shore up the bank’s capital when the Central Bank approves the recapitalisation programme it is embarking on, will peg the bank’s assets at almost a billion cedis. The over GHS700 million is coming from a local financial ...

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Goldfields to lay off 1,500 workers

Mining firm, Goldfields Ghana is to lay off about 1,500 of its workers. The retrenchment is expected to affect most of its miners at the Tarkwa mine. Citi Business News has gathered that the layoffs will take effect this month December, 2017. Goldfields has told Citi Business News it had to undertake the layoffs due to the current lifespan of ...

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EOCO probes AGT Microfinance Company

The Economic and Organised Crime Office (EOCO) has taken over a case involving AGT Microfinance over the company’s inability to pay customers whose investments are due. Citi Business News understands the management has since been compelled to make some commitments in settling the affected customers. Citi Business News’ checks at the central bank show that this issue has been going on for ...

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PIAC criticizes Finance Minister for breaching petroleum laws

The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017. According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation. This is among the findings ...

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Bui CEO urges caution over VRA, Bui merger

The CEO of the Bui Power Authority, Fred Oware is impressing on government to consider available options in its quest to merge the Volta River Authority (VRA) and the Bui Power Authority (BPA). In his view, the decision could impact Ghana’s power generation efforts if not properly reconsidered. Government is seeking to merge the Volta River Authority (VRA) and the ...

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62 firms surcharged by Auditor General to cough up nearly Ghc9m

62 organisations have been surcharged by the Auditor for receiving payments from the state without any documentation as proof. The surcharge certificates totaling GHȻ8,886,791.9101742 cover the period between December 31, 2013 and December 31, 2015. The companies, mostly private organisations, also include some state institutions and staff of some government agencies. In a release by the Auditor General’s office, it ...

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Second Deputy Governor denies resignation reports

The Second Deputy Governor of the Bank of Ghana(BoG), Dr. Johnson Asiama, has denied reports that he has resigned. Reports on Monday morning in sections of the media suggested that, Dr. Asiama had bowed out from the central bank, after serving close to two years of his four year contract. But reacting to the report after Citi Business News contacted ...

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Access Bank’s ‘W’ initiative wins another global award

Access Bank’s women empowerment programme, the ‘W’ Initiative has received the Global Banking Alliance’s (GBA) “Highest Engagement Award” at the 2017 GBA Summit held in London. The award is in recognition of the Bank’s continuous focus on programmes aimed at creating more opportunities for women to improve their businesses and general wellbeing. In 2015 the GBA adjudged Access Bank a “Women Market ...

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UKGCC to drive trade and investment agenda in Ghana — CEO

The Chief Executive Officer at UK-Ghana Chamber of Commerce (UKGCC), Tony Burkson, has disclosed that his outfit is poised at driving trade and investment agenda in Ghana to greater levels. According to him, UKGCC in the next few years is expected to be the major driver of trade and investment activities between Ghana and the United Kingdom. “We intend to ...

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Darlington Munhuwani is CEO of Allianz Ghana ,Patrick Prado named CEO of Allianz Ghana Life Insurance

Darlington Munhuwani joined Allianz Ghana on December 1, 2017 to assume the role of CEO of the company, responsible for non-life insurance. He succeeds Patrick Prado who is taking on a new created role as CEO of Allianz Ghana Life Insurance, which will be kicking off shortly, to develop this segment in the Ghanaian market. Both announcements are pending regulatory ...

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