BUSINESS

The Bank of Ghana has assured customers of uniBank that their savings are safe, despite handing over management of the financial outfit to KPMG. The Central Bank, as regulators, said the audit firm will manage uniBank for at least six months, because the bank’s “capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below ...

The Chamber of Petroleum Consumers (COPEC) has served notice that it will petition the Office of the Special Prosecutor to launch a forensic audit into the alleged sale of 1.8 million barrels of crude oil by the Bulk Oil Storage and Transportation Company (BOST) at a discount, leading to the loss of GH¢23million in revenue to the state. At a ...

housands of customers of an online investment scheme, Savana Brokerage,  are counting their losses as the digital platform has been inaccessible for weeks. It is estimated that funds amounting to over GHC2million was invested across the country by Ghanaians. The Central Bank and the Securities and Exchange Commission; the major financial regulators are yet to comment on the development but ...

The Institute of Energy Security (IES) has predicted prices of petroleum products to remain stable for the second pricing window in March. The IES largely attributes the prediction to the insignificant increase in the price of key indicators such gasoline on the international market. “Fortunately for consumers in this window, the international indicators have been really favourable. We have had ...

Ghana raised its target for the sale of Eurobonds to as much as $2.5 billion, of which the country wants to use more than half to pay existing debt, said Finance Minister Ken Ofori-Atta. The West African nation will use $1 billion to help meet its 2018 budget and may issue another $1.5 billion to refinance dollar debt, should it ...

Facebook Inc. on Friday said it was suspending political data analytics firm Cambridge Analytica, which worked for President Donald Trump’s 2016 election campaign, after finding data privacy policies had been violated. Facebook said in a statement that it suspended Cambridge Analytica and its parent group Strategic Communication Laboratories (SCL) after receiving reports that they did not delete information about Facebook ...

Some banks have expressed strong resistance to the adoption of cryptocurrency in Ghana describing it as grounds of breeding money laundering and other financial crimes. The banks have also cited the absence of a law as basis for their posture. There have been calls on the central bank to allow the use of cryptocurrencies due to the uptake in the ...

The Bulk Oil Storage and Transportation Company Limited (BOST) has absolved itself of any wrongdoing in the sale of 942,000 barrels of crude to Lebanon-based oil firm, BB Energy. The company said it saved Ghana over ¢2.8million when it sold the crude to the firm at a discount of $2 instead of the normal $5 a barrel. Officials of BOST ...

Nine institutions have been charged for contravening Sections 1, 2, 3 and 10 of the Accra Metropolitan Assembly (AMA) Waste Management by-law 1995. They are the Korle bu Branch of the Ghana Private Transport Union (GPRTU), Abbosey Okai branch of Ghana Oil (GOIL), Agricultural Development Bank (ADB), Samir Engineering Company, Prudential Bank, Access Bank and the Yellow City Hotel. A ...

The Member of Parliament for Efutu Constituency, Alexander Afenyo-Markin, is pushing for the production of pharmaceutical labels locally. Mr Afenyo-Markin was speaking in parliament during a debate on the importation of pharmaceutical labels. It will be recalled that some time last year, the minister responsible for Trade and Industry was on the floor of parliament to assure the house that ...