BUSINESS

More than 1,000 participants are taking part in the 27th World Economic Forum on Africa in Durban, South Africa which opens today. This year’s forum, which focuses on the theme “Achieving inclusive growth through responsive and responsible leadership”, will explore ways in which Africa can leverage on its technological revolution to achieve inclusive economic growth. The three-day event has brought ...

Angel Group of Companies, manufacturers of Adonko Bitters, has apologised for “any untoward developments” leading to the suspension of the product by the Food and Drugs Authority (FDA). The product with batch number 201 allegedly caused the passing out of several patrons at an Easter Monday event at the Baba Yara Sports Stadium in Kumasi. The FDA sanctioned the company ...

More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits for its members continue to ...

More workers are set to be laid off in the petroleum downstream sector as the illegal sale of petroleum products continue unabated. Already, the CEO of the Association of Oil Marketing Companies, Kwaku Agyeman-Duah has warned of some 4000 job losses in the next few months due to the development. The Association contends that profits for its members continue to ...

Officials of HFC Bank and Republic Bank have paid a courtesy call on Ghana’s president Nana Addo Dankwa Akufo-Addo. They include HFC Bank’s new board chairman, Mr. Charles William Zwennes, together with the Managing Director, Mr. Robert Lennard Le Hunte and the President of Republic Financial Holdings Limited (RFHL), Mr. Nigel Mark Baptiste. During the meeting, the President of Ghana ...

Commercial banks in Ghana would have to increase their minimum capital for operation to at least 200 million cedis. This follows the revision of the minimum capital requirement by the Bank of Ghana. The new figure will represent close to a hundred percent increase in the current minimum capital requirement of 120 million cedis. Some financial analysts have cited the ...

The Bank of Ghana (BoG) is to implement new corporate governance guidelines for the banking sector next month, as it seeks to ensure that proper corporate governance practices are entrenched. The new guidelines will see the capping of the tenure of CEOs at a maximum of three 5-year terms. The tenure of non-Executive Directors is also expected to be capped ...

HFC Bank Ghana Limited and its subsidiaries recorded a widening loss-after-tax and non-controlling interest of GH¢47.73 million for the 2016 financial year. HFC Bank Ghana Limited and its subsidiaries also recorded an 18 percent rise in assets from GH¢1.6 billion to GH¢1.89 billion. Deposits also increased by 31 percent, outperforming the industry average of 25 percent. The loss position was ...

The Founder and President of Groupe Ideal, Nii Kotei Dzani has been named as the Best Entrepreneur for 2016. It follows his contribution to Ghana’s economy through his business venture comprising thirteen subsidiaries. Mr. Kotei Dzani was among thirty eight business managers honored at this year’s edition of the Ghana Entrepreneur and Corporate Executive Awards. This year’s awards saw thirty-eight ...

The National Petroleum Authority (NPA) has disclosed that Ghana loses about GH¢850 million annually in taxes due to the increased activities of fuel smugglers in the country. The illegal act is said to involve operators at the ports who fuel tanks with products brought into the country via unapproved routes. Businesses that apply under the pretext of exporting petroleum products, ...