BUSINESS

Fidelity Bank has appointed Edward Opare-Donkor and Samuel Aidoo as Deputy Managing Directors in-charge of Operations and Support Functions, and Wholesale Banking respectively. Until their appointments, Edward Opare-Donkor was the Bank’s Chief Operating Officer while Samuel Aidoowas the Group Head of Wholesale Banking of Fidelity Bank. Mr Edward Opare-Donkor has a strong background and solid professional experience of over 15 ...

Former Chief Executive of the now defunct UT Bank, Prince Kofi Amoabeng, has revealed he turned down several invitations to seek the assistance of two ‘big men’ in the country in getting back his bank. According to him, people he knew suggested that he sought the intervention of former President John Kufuor and Asantehene Otumfuo Osei Tutu when the Bank ...

Economist, Prof. Eric Osei Assibey has observed that a drastic appreciation of the cedi – which is highly doubtful — won’t benefit the local economy. Prof. Assibey explained that, should the cedi appreciate from its current GH¢5.51 against its major trading partner, the dollar to GH¢1 to $1, it would be detrimental to the country’s export revenue. Speaking on JoyNews’ ...

FINANCIAL ENGINEER, Ato Benson has exposed what he considers to be an “empty” argument put forward by the vice president of policy think tank, IMANI Ghana, Kofi Bentil, on the controversial Power Distribution Services (PDS) power concession deal. Mr. Bentil had written a piece following announcement about the suspension of PDS by Akufo-Addo’s government that “PDS is a motley crew ...

COCOBOD is set to sign its annual cocoa loan syndication deal in Paris, France with some 24 French banks on Friday. This was after it secured Parliament’s approval to borrow up to $1.5 billion to aid cocoa purchases for the 2019/2020 crop season. Sources at COCOBOB say the board has already secured the extra $200 million from some of the ...

Transaction advisors in a concession agreement with energy company, Power Distribution Services (PDS) have been accused of shifting blame after controversy gutted the agreement. In the controversy, Power Distribution Services (PDS) have been found to lack the financial capacity to provide $12.5m in guarantees when they took over ECG management in March 2019. PDS has been suspended. But the agreement ...

There has been an upsurge of cement companies in Ghana, Kwaku Asomah- Cheremeh, Minister of Lands and Natural Resources, has revealed. This, he said, has resulted in high demand for limestone in the country to produce clinker to make production and supply of cement affordable to Ghanaians. Speaking at a press conference in Accra, Mr Asomah-Cheremeh said the Government through ...

Customers of the collapsed 347 microfinance companies who could not submit their claims for their locked-up funds have been granted more time to do so by the receiver, Eric Nana Nipah. According to a notice issued by the receiver, the customers now have up to Friday 27th September 2019 to submit their claims for validation. The receiver further added that, ...

A Finance lecturer at the University of Ghana has observed that it would be problematic to cap the number of banks that can operate in the country. Dr. Lord Mensah explained that financial expansion to the rural areas is not fully completed; “we are still penetrating,” he said. Disagreeing with suggestions to limit the number of banks – to force ...

The Herald has intercepted incontrovertible pieces of evidence that indicate that the Bank of Ghana (BoG) received a cash transfer of GHS90 million from the now-collapsed Heritage Bank Ghana Limited (HBL) as minimum capital to help meet the requirements of the licence granted its shareholders. The documents indicate that the money was transferred by Stanbic Bank Ghana Limited on behalf ...