BUSINESS

Ghana Cocoa Board may struggle to fully pay back loans of $1.3 billion as this season’s harvest will likely be smaller than first anticipated, according to the head of the industry regulator. The world’s second-biggest grower signed for the loans with lenders such as Credit Agricole SA and Natixis SA prior to the start of the annual harvest in October ...

The tussle between the Chamber of Petroleum Consumers (COPEC) and the Bulk Oil Storage and Transportation Company (BOST) has gone a notch higher with the former accusing BOST of causing financial loss to the state. According to COPEC, Ghana lost in excess of 30m cedis in revenue from a transaction BOST had with an unlicensed company. The losses, the Chamber insists, ...

Bank of Ghana (BoG) has dragged the directors of 30 microfinance companies to the Economic and Organised Crime Office (EOCO) for investigations and prosecution for alleged embezzlement and fraud. The names of the companies are being withheld for security reasons. Among other things, the anti-graft agency will investigate how more than GH¢90 million belonging to depositors was utilised by the ...

The Second Lady, Mrs. Samira Bawumia, has lauded the global movement for women empowerment, but has kicked against fighting men to attain such goal. She said men must be seen as partners instead of competitors “in the struggle” to give women an equal opportunity. Speaking at the Global Women’s Empowerment event in Philadelphia, US on Saturday, March 10, 2018, Mrs. ...

Four workers at Goldfields mines in Tarkwah in the Western region have been left injured amid firing of gun shots after allegations of military and police brutality on the mine workers. The workers, according to Starr News intend to boycott work until the company reverses its decision lay off some workers of the company. Starr News’ Western regional correspondent, Emmanuel ...

Omanhen of Komenda Traditional Area, Nana Kojo Kru II, has registered his displeasure about the seeming collapse of the Komenda Sugar Factory in the Central region. According to him, the machines are rotting and the building is deteriorating due to government inaction and unwillingness to start work. The Komenda Sugar Factory, set up to provide 7,300 direct and indirect jobs, ...

Minister for Energy, Boakye Agyarko is convinced the country will not experience power crisis, which became popularly known as ‘dumsor’ under erstwhile John Mahama administration again given the level of work the current administration has done in the generation sector. According to him, dumsor was not caused by the technical problems but rather financial mismanagement of the energy sector by ...

While Ghanaians are expectantly waiting for March 15 to start enjoying reduced electricity bills, tariff submissions the Electricity Company of Ghana (ECG) has presented to the Public Utilities and Regulatory Commission (PURC) reveal that government will pay GH¢2.3 billion (GH¢2.364 billion) in 2018 for idle capacity. This will cover the capacity charge for 780 megawatts of idle capacity, which translates ...

United Bank for Africa (UBA) Plc has announced the appointment of Mrs. Abiola Bawuah as the new Regional Chief Executive Officer (RCEO) in charge of six African countries. The new appointment, which takes effect from 1st March 2018, will see her overseeing the bank’s businesses in Ghana, Benin Republic, Burkina Faso, Cote D’Ivoire, Liberia and Sierra Leone. Before her appointment ...

Government’s agricultural transformation agenda cannot be realized without agro insurance, according to General Manager of Ghana Agricultural Insurance Pool, Alhaji Ali Muhammad Katu. He says flagship programmes such as Planting for Food and Jobs should be backed with interventions to deal with potential risk. “In case of crop failure the farmer should not go and sell his assets; he should ...