Sunday, September 19

Business

Government will deepen private sector engagement to make Ghana self-reliant- President
Business

Government will deepen private sector engagement to make Ghana self-reliant- President

Government will continue to strengthen and deepen engagement with the private sector to enable Ghana to attain the goal of a self-reliant country, President Nana Addo Dankwa Akufo-Addo has said. He said the government recognised that it was the resilience and ingenuity of the private sector that could guarantee economic growth, create substantial job opportunities for the youth and strengthen Ghana’s position as an economic powerhouse in West Africa. Speaking at the opening of the two-day inaugural Presidential Business Summit (PBS) in Accra on Tuesday, the President noted that a strong private sector was the surest way for the Ghanaian economy to fully recover from the effects of the COVID-19 pandemic. The PBS which is being held on the theme: "Public-Private dialogue on the...
Toyota Ghana launches genuine motor oil onto the automobile market
Business

Toyota Ghana launches genuine motor oil onto the automobile market

Toyota Ghana Company Limited has launched its new Genuine Motor Oil (TGMO) into the Ghanaian automobile market. This is an engine oil designed for Toyota cars in mind. Mr Anndrew Lampety, Head of Sales Operations at Toyota Ghana, speaking on behalf of Mr Kohui Yanaka, the Managing Director, said it would not be an understatement to say that the lifeline of an automobile was clean lubrication. Mr Lampety made the remarks during the launch of the Motor Oil and seminar garages on the theme: “Choosing The Right Oil for Your Vehicle” in Accra. He said the longevity of a car's engine was greatly assured, using a genuine engine oil recommended by the manufacturer. The Head of Sales Operation said using motor oil that was not suitable for a Toyota vehicle created unwanted parti...
Dr. Bawumia Proposes Modified Taxation Regime For Informal Sector
Business

Dr. Bawumia Proposes Modified Taxation Regime For Informal Sector

Officials of the Ghana Revenue Authority have been urged to design and implement a modified taxation system for the large informal sector of Ghana’s economy in order to make it easier for them to fulfil their tax obligations to the State. Vice President Mahamudu Bawumia, who made the call on Wednesday, 25 August 2021 said even as Government strives to create a conducive environment to simplify the tax assessment and reduce the cost of compliance to large tax payers, there is also the need to simplify enforcement and compliance at the retail and micro level. “This group includes most of our market women, and the artisans in the informal sector. This group of potential tax payers are outside the scope of RACE. “For these group of citizens, the issue is not with their tax evasio...
Bank of Ghana wins arbitration against Sibton Switch Systems Limited
Business

Bank of Ghana wins arbitration against Sibton Switch Systems Limited

A tribunal constituted under the auspices of the London International Court of Arbitration (LCIA) has issued an award in favour of the Bank of Ghana dismissing all claims brought by Sibton Switch Systems Limited in relation to the termination of the master agreement for the Ghana Retail Payment Systems Infrastructure in 2017. The tribunal also ordered Sibton Switch to make a substantial payment to the Central Bank in respect of its legal fees and costs of the arbitration. On 9 April 2018, Sibton Switch filed a Request for Arbitration with the LCIA against the Bank of Ghana for breaching the Master Agreement for the Ghana Retail Payment Systems Infrastructure entered into by the two parties. Background  Following the 2016 elections and on ...
Fidelity Bank launches Banking Academy
Business

Fidelity Bank launches Banking Academy

Fidelity Bank Ghana has launched the Fidelity Banking Academy, a new capacity-building programme to provide regular, holistic training and competency upskilling for staff of the bank.  The initiative, being implemented in partnership with the Chartered Institute of Bankers Ghana, would elevate standards in the Ghanaian banking industry with respect to technical skills, and essential non-technical skills such as management and interpersonal skills. A statement from the Bank and copied to the Ghana News Agency, explained that the Academy would create an avenue for staff of Fidelity Bank to acquire top-notch skills. It also aims to provide the necessary creative environment for them to conceptualize locally relevant banking innovations that would meet the unique needs of th...
Cocobod expects record production of 1.06 million tonnes for 2020/21 season
Business

Cocobod expects record production of 1.06 million tonnes for 2020/21 season

Ghana Cocoa Board expects production to reach 1.06 million tonnes for the 2020/21 season, the Chief Executive Mr Joseph Boahen Aidoo, said on Thursday. He said with six weeks to the end of the season, the Board had recorded 1.033 million tonnes, beating the previous record of 1.024 million metric tonnes in the 2010/ 2011 crop season. Mr Boahen Aidoo was speaking at an event to introduce new weighing scales to be used by Licensed Buying Companies for purchases when the new cocoa season begins on October 1, 2021. Mr Boahen Aidoo attributed the achievement to the efforts of the hardworking farmers and the several interventions introduced by COCOBOD  to increase the yield. “This achievement has never happened in the history of our cocoa industry. Not withstanding the nega...
Access Bank posts strong performance in first quarter
Business

Access Bank posts strong performance in first quarter

The Access Bank has recorded an impressive growth in its financial performance for the first half of the year. It recorded a net interest income growth from GH¢188 million to GH¢218 million, while profit before tax grew from GHS 193 million to GHS 216 million year-on-year. The strong performance represents a 16 and 12 percent growth in its net interest income and profit before tax respectively. Mr Olumide Olatunji, Managing Director of the Bank, disclosed this at its annual “Facts behind the Figures” session which was held virtually. The “Facts behind the Figures”, is an event organized by the Ghana Stock Exchange for its listed companies to present their performance to key stakeholders, investors and the public through the media. Mr Olatunji was elated at the growth tr...
Vodafone Ghana launches Smart Surf Wireless Router
Business

Vodafone Ghana launches Smart Surf Wireless Router

Vodafone Ghana has officially launched a new wireless router, the “Vodafone Smart Surf” to connect all customers without access to fibre broadband to fast internet connectivity. The router selling at GH¢399.00 connects up to 32 users at a time. Mr George Abban, the Head of Fixed Business, Vodafone Ghana, who joined other officials from the telecom company to launch the device on Wednesday at Ashaiman, said the telecom company would continue to enforce commitment by making life simple for the citizenry. In the wake of the COVID-19 pandemic, he said, people were now spending their lives together online, with social distancing measures becoming the new standard around the world. “The web is how we connect with our loved ones in this time of physical isolation. Many people who...
Let’s invest more in customer education to curb mobile money fraud- Eli Hini
Business

Let’s invest more in customer education to curb mobile money fraud- Eli Hini

Mr Eli Hini, Chief Executive Officer of Mobile Money Limited, a subsidiary of MTN Ghana, has advised stakeholders in the digital financial ecosystem to allocate more resources towards customer education to eradicate mobile money fraud. He said education would provide customers with the right knowledge and information to overcome the tricks deployed by mobile money fraudsters. According to data from the cybercrime unit of the Ghana Police Service, over 300 mobile money fraud incidents were reported in 2019, with losses ranging from GHC70 to GHC4,000. Speaking in an interview with the media on the sidelines of this year’s MTN MoMo Month Stakeholder Forum in Accra, Mr Hini charged stakeholders to do more to curtail the situation. He noted that even though building a robust sy...
Economy In Good Hands— Dr. Bawumia
Business

Economy In Good Hands— Dr. Bawumia

The Vice-President, Dr. Mahamudu Bawumia, has urged Ghanaians to be optimistic about the competent management of Ghana's economy, saying it has begun to show strong signs of recovery following the global impact of the COVID-19 pandemic.He said the exceptional economic prowess and intelligence of the managers of the economy, led by President Nana Addo Dankwa Akufo-Addo, was key to wealth creation to reduce poverty, attract investments, empower businesses to expand to create jobs, and deliver quality education to make the economy yield prosperity for all.The Vice-President gave the assurance last Saturday at the Central Regional conference of the Tertiary Students Confederacy (TESCON), a tertiary students wing of the New Patriotic Party, held at the University of Cape Coast.Speaking on ...
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