BUSINESS

The Ghanaian currency over the years has changed in terms of its physical look (both the notes and coins), as well as, its monetary value. The change, many believe is partly the reason the cedis has lost its value. Due to that, GhanaWeb sets out to look at the timeline of the currency’s transformation and its history. Before independence, Gold ...

A senior researcher at the Institute of Fiscal Studies (IFS) Dr. Saeed Boakye says Ghana’s current debt level is “scary” According to him, the situation is worsened by the amount of money government spends on compensation for public sector workers. “It is very scary, the debt rate compared with revenue inflows is scary. And the government must do something about ...

The Chinese government has decided to cancel a 250 million Yuan debt owed it by Ghana. In addition, the world super power has given the government 300 million Yuan grant to assist in its development process, both totalling 550 million Yuan. This came to light at a meeting between the Chinese Vice-Premier, Sun Chunlan, and Vice-President Dr. Mahamudu Bawumia at ...

The Securities and Exchange Commission (SEC) has announced specific branches of CBG where customers of the 53 collapsed fund management firms could go for validation of their documents in order to receive their claims. The validation exercise begins next Monday. Deputy Director-General for SEC Paul Ababio on Monday told Starr FM funds will be made available for payments of claims ...

Ghana, the world’s number two cocoa producer, has sold nearly 200,000 tonnes of cocoa for the 2020/21 season, with prices including a new premium to support farmers, the Chief Executive Officer of Cocobod has said. Ghana and top producer Ivory Coast announced in July that all cocoa purchases for the 2020/21 season must include a Living Income Differential (LID) of ...

The Securities and Exchange Commission (SEC) has refuted assertions of deliberately collapsing Dr Papa Kwesi Nduom’s BlackShield (formerly Gold Coast Fund Management) which was part of some 53 fund management firms whose licences were revoked for various infractions. Dr Nduom, a businessman and politician, who founded the Progressive People’s Party (PPP), is Chairman of Groupe Nduom, a conglomerate that operates ...

The Securities and Exchange Commission (SEC) has asked customers of the collapsed fund management firms to visit CBG branches from Tuesday to validate their documents in order to receive payments. According to the Deputy Director-General for SEC Paul Ababio, customers will receive text messages showing them the processes to receive their monies once their documents are validated. “In terms of ...

The Securities and Exchange Commission (SEC) has stated that it is not mandated to retrieve debt for struggling Fund Management Companies. The comment comes after claims by Group Nduom that SEC failed to respond to numerous requests to assist Blackshield Capital Management (formerly Gold Coast Fund Management) to retrieve funds owed them by the various government of Ghana entities. Group ...

Following the revocation of the licences of the 347 microfinance institutions (MFIs), the Receiver, Mr Eric Nipah, among other things, has announced an upward review of capped payments to GHS20, 000 for each depositor of the affected companies whose claim(s) has/have been validated in the receiverships of these MFIs. Based on the total number and value of claims received in ...

The Minority in Parliament has threatened to block the 2020 budget of the Ghana National Petroleum Corporation (GNPC) if it fails to provide a complete breakdown of its projected expenditure. The threat by the minority follows the approval by the GNPC board to donate over three million cedis to Okyehene, the Rebecca Foundation, EOCO and other organisations. Speaking to Starr ...