BUSINESS

The seventh state institution; the Securities and Exchange Commission (SEC), has finally succeeded in temporally shutting down the Ghanaian gold dealership company, Menzgold, effective yesterday, September 13, 2018, with the fate of over One Thousand Two hundred workers of the company at stake. Strangely, the SEC a year ago, in a public statement dated September 22, 2017, had said it ...

Vice-President Dr. Mahamudu Bawumia has defended government’s handling of the cedi insisting it has never been better in the last eight years. Although the cedi is trading close to 5 cedis to a dollar and more than 5 cedis on the black market, the Vice-President seen as the government’s economic czar, explained the rate of depreciation is much slower than ...

In its unwavering commitment to become the first virtual finance company in Ghana, Dalex Finance has opened a state-of-the-art Call Centre at the Accra Digital Centre (ADC). The facility will enable the company to enhance its engagement with current and potential clients. Overtime, this will serve as a rich data source for the improvement of current products and the development ...

Aggrieved customers of gold trading company, Menzgold Ghana Limited, are threatening a mammoth demonstration to the Jubilee House. Their threat follows Securities and Exchange Commission’s (SEC) directive that the company halts with immediate effect, its gold trading activities. In a letter issued September 7, 2018, the Commission said it has found, following investigations into Menzgold activities that the firm, does ...

Some recruitment agencies in Ghana have defied the government’s ban on the recruitment of workers to the Gulf countries. In 2017, the government placed a temporary ban on the recruitment of workers to Gulf countries after a hike in reported cases of abuse faced by migrant workers. These countries include Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. Despite ...

The Bank of Ghana has assured the public the fundamentals of the economy are sound and strong, despite recent depreciation of the Cedi. Speaking at “The Cedi Forum” to discuss the depreciation of the local currency, the head of Financial Markets and Treasury Dr Stephen Opata pointed out that the Central Bank has firm grips over the issues. He said ...

A Senior Research Fellow at the Institute for Fiscal Studies (IFS), Dr Said Boakye, has expressed confidence in the managers of the economy, allaying fears the recent depreciation of the local currency will lead to economic meltdown. The Ghana Cedi in recent times has depreciated marginally against major international currencies, especially the US dollar causing fears within the business community. ...

Menzgold has accused the Bank of Ghana of deliberately aiming to destroy their business. According to lawyer for the firm Kwame Akuffo, the Central bank has directed local banks not to do business with the gold trading company. “I know for a fact that the Central Bank is telling banks not to do business with us, that wouldn’t be proper ...

Legal counsel for gold trading firm, Menzgold, has stated that the company’s operations are not regulated by any law. Kwame Akuffo in an interview on Joy FM’s Midday News, however, said the company cannot be blamed for the lack of a legislation to legalise their activities. “Our business is not regulated by law. It is not regulated by the Securities ...

The Bank of Ghana (BoG) has stepped up its supply of United States (US) dollars to meet daily demands for foreign exchange as global pressures and the exit of investors from emerging markets cause the cedi to depreciate. According to a source at the BoG, the central bank had sold $157 million to banks this month, while in August this ...