BUSINESS

The Ghana Chamber of Mines has parried blame over the under development of mining communities in Ghana, saying government must respond to the situation. The Ghana Chamber contends that despite the meagre percentage of disbursement of the mineral royalty to the communities by central government, the royalties are always in arrears depriving the beneficiary mining communities of development. The Chief ...

I used to accept the fatalistic ritual inherent to entrepreneurship: tireless days followed by the sleepless nights, most notably marked by the seemingly endless staring at the ceiling. After all, I put my family’s capital and reputation on the line every day. A common theme in business literature is that risk-taking is an inherent characteristic of today’s entrepreneur. The real ...

The Bank of Ghana (BoG) has said establishing wrongdoing on the part of the hierarchy of uniBank is not its key focus, after the Central Bank took over management of the indigenous financial institution. The BoG’s 2nd Deputy Governor of the Bank of Ghana, Elsie Awadzi said the takeover of uniBank is primarily to keep it from collapse. “We do ...

Ghana Airports Company Ltd says it has already commenced repayment of loans secured for the $250 million Terminal 3 project at the Kotoka International Airport (KIA). The project is a capital investment project by the Ghana Airports Company limited to enhance infrastructure at the international airport in the country. Speaking to JoyBusiness on a tour of the new terminal which ...

The Minority Spokesperson on Finance Cassiel Ato Forson has said the decision by the Bank of Ghana to handover the management of unibank to KPMG will trigger capital flight among indigenous banks. The Central Bank, as regulators, has handed over managerial powers of uniBank to the audit firm, at least for the next six months, because the bank’s “capital adequacy ...

The Minority in Parliament has described the directive from the Bank of Ghana for audit firm, KPMG to takeover management of uniBank as an orchestrated move by the Finance Minister, Ken Ofori Atta to destroy businesses purportedly linked to the opposition National Democratic Congress (NDC). The Central Bank, as regulators, has handed over managerial powers of uniBank to the audit ...

Senior Minister, Yaw Osafo Maafo, has argued that the excess production of cocoa by Ghana and Cote d’Ivoire is causing harm to the economies of both countries. According to him, the urge to release cocoa beans by both countries on the international market within the shortest possible time affects the prices of the beans, which has a negative impact on ...

In spite of a recent advice by the International Monetary Fund (IMF) for the country to limit its next Eurobond to US$500 million, the GRAPHIC BUSINESS is reliably informed that the government is boosting its appetite for foreign debt, with a planned incursion into the international bond market to raise some US$3.36 billion in bonds by December this year. Of ...

The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has ...

An economist Prof. John Gatsi believes the Bank of Ghana’s directive to KPMG to manage indigenous bank – uniBank – was “politically motivated.” The Central Bank, as regulators, has handed over managerial powers of uniBank to the audit firm, at least for the next six months, because the bank’s “capital adequacy ratio (CAR) has fallen below 50% of the required ...