Business Archives - Page 15 of 16

Ghanaian company cuts sod for greenhouse projects at Agbadzakorpe

11Jan

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Ghanaian company cuts sod for greenhouse projects at Agbadzakorpe

Seres Sath Agriculture Limited, a Ghanaian company, has cut the sod at Agbadzakope in the South Tongu District of the Volta Region for the construction and operation of greenhouses in the area. The company, with the parent company in China, will, under the project, employ between 600 and 1000 youth in and around the area. There would be 20 greenhouses at the initial stages, with each greenhouse containing at least four to six tonnes (4000 kg to 6000 kg) of tomatoes on a plot of land. Mr Dong Chao, the Chief Executive Officer, in a speech read on his behalf, disclosed that the project involved the growing and cultivation of various types of vegetables for both the local market and for export. “As the project succeeds, it will trigger other ancil...

President Mahama Names Dr. Ato Forson as finance minister designate

9Jan

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President Mahama Names Dr. Ato Forson as finance minister designate

President John Dramani Mahama has named Dr. Cassiel Ato Baah Forson as Minister for Finance designate. Dr. Ato Forson has previously served as the Deputy Minister for Finance during the first term 2012-2017 of the President. His appointment was announced alongside two other ministerial nominations for Energy and Attorney General. Dr. Forson brings a wealth of experience to the role, having previously served as Deputy Minister for Finance during President Mahama’s first term. He previously served as the Minority Leader in the eighth parliament and as the ranking member of the Finance Committee, where he spearheaded the minority’s financial policy positions. Dr. Forson boasts a distinguished career marked by academic exce...

President Mahama unveils four pillars to reset Ghana’s economy

7Jan

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President Mahama unveils four pillars to reset Ghana’s economy

President John Dramani Mahama, after being sworn in on January 7, 2025, outlined four key pillars to rejuvenate Ghana’s economy and society. These pillars are economic restoration and stabilization, improving the business and investment environment, constitutional review, and the fight against accountability and corruption. Emphasizing the urgency of these initiatives, President Mahama stressed that the current challenges required decisive and swift action to implement a 24-hour economy. “The circumstances we find ourselves in are indeed dire, but even so, I’ll be decisive and swift in my actions. We’ll focus our initial efforts on four critical areas. “The first is restoration and stabilisation of the macroeconomic environment. Second is the improvement of the business and inv...

Alan donates GHS100, 000 to Support Kantamanto Fire Victims

7Jan

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Alan donates GHS100, 000 to Support Kantamanto Fire Victims

Former Presidential Candidate Alan Kyerematen, his running mate Lawyer Kwame Owusu Danso, and senior members of the Movement for Change have visited the site of the recent Kantamanto market fire in Accra to sympathize with traders affected by the disaster. The fire reduced countless shops to ashes, destroyed goods worth millions of cedis, and left traders in despair. Touring the charred remains of the bustling market, Mr. Kyerematen engaged victims to understand their challenges and offered heartfelt condolences. He acknowledged the economic and emotional toll the tragedy had inflicted and urged traders to remain strong during the difficult times. Mr. Kyerematen called on the government to prioritize urgent relief measures to help tr...

Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority

3Jan

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Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority

The International Chamber of Commerce (ICC) has ruled in favour of Tullow Ghana in a high-stakes tax dispute with the Ghana Revenue Authority (GRA). The issue was on the application of Branch Profit Remittance Tax (BPRT) on Tullow Ghana's operations. The ICC Tribunal concluded that Branch Profit Remittance Tax does not apply to Tullow Ghana under the tax framework stipulated in its Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern operations in the Jubilee and TEN oil fields. This decision absolves Tullow Ghana of a $320 million tax liability previously assessed by the GRA and ensures the company faces no future exposure to BPRT under the agreements. The ruling underscores the binding nature of the Petroleum Agreements, which form the lega...

GACL Shuts Down 4 Companies At Kotoka International Airport Over Debts

2Jan

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GACL Shuts Down 4 Companies At Kotoka International Airport Over Debts

In a bid to recover outstanding debts, the Ghana Airports Company Limited (GACL) has embarked on a regular debt collection exercise, targeting companies operating at Kotoka International Airport. The exercise, which takes place every month, aims to retrieve monies owed to GACL and round up debt collection for the year. According to a press statement released by GACL, several companies have failed to honour their obligations, prompting the company to take drastic measures. One such company is McDan Company Limited, which owes GACL a staggering $3,995,622.66 and GHS13,523.37.Despite numerous letters and meetings, McDan has failed to settle its outstanding debts, which include rent and other fees for Terminal 1, as well as revenue returns covering the period September 1, 2022, to Nov...

Governor warns of cyber threats, urges investment in security

25Dec

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Governor warns of cyber threats, urges investment in security

Dr. Ernest Addison, Governor of the Bank of Ghana, has warned financial institutions in the country regarding the growing threat of cyberattacks. He said the use of digital platforms for banking transactions presented both opportunities and some threats. The Governor was speaking at the Chartered Institute of Bankers, Ghana's (CIB) Governors Day event in Accra. The CIB Governors Day event was on the theme: "Resilience in the Financial System: Navigating Horizon Risks.” The event also saw the investiture of three honorary members, who have made significant contributions to the industry. The Governor cited the recent cyberattack on the Central Bank of Uganda, which resulted in a loss of $16.8 million, as a stark reminder of the potential conseque...

Ghana’s indigenous agribusiness faces challenges impacting economic growth – Dr. Azinu

23Dec

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Ghana’s indigenous agribusiness faces challenges impacting economic growth – Dr. Azinu

Dr. Amos Rutherford Azinu, Seed Business Executive at the Legacy Crop Improvement Centre (LCIC), has highlighted critical challenges facing Ghana's agricultural sector that threaten economic growth. He called for a comprehensive approach to agribusiness transformation and the establishment of large-scale indigenous agribusiness companies to address market gaps and boost economic growth, thereby enhancing job creation in the agricultural sector. In an interview with the Ghana News Agency, Dr. Azinu emphasized the urgent need for the establishment of large-scale indigenous agribusiness companies to bridge existing gaps in the market. “Ghana's agricultural sector currently operates well below its potential, primarily due to its focus on raw material exports rather than processed prod...

Stanford Seed Transformation Network reaffirms commitment to economic growth, Job Creation

18Dec

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Stanford Seed Transformation Network reaffirms commitment to economic growth, Job Creation

Mr. Prince Koblah Arkutu, the newly elected President of the Stanford Seed Transformation Network (SSTN) Ghana Chapter, has reaffirmed the Network's commitment to driving economic growth. He said the Network would foster innovation,and create sustainable opportunities for Ghanaians.  The President was speaking at the SSTN Ghana Chapter's Annual Dinner in Accra and announcement of new executives. The Network new executives for the 2025-2026 term are: Mr. William Halm; Vice President and Mrs. Esther Kesewa Ayisi Aywireng; Secretary. Other Executive Members are Mrs. Hanetta Hayford, Mr. Elloeny Amande, and Mr. Godwin Doagbodzi, Coby Asmah, Mrs. Doris Ankama Asamoah, Harry Baskmaty, Senyo Atiase, Theresa Ayoade, Emmanuel Ntim, Nana Yaw Asante, Shaibu Ali and ...

1Dec

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Derma Area Rural Bank holds AGM.

The Derma Area Rural Bank(DARB) in the Ahafo Region, has held its 37th Annual General Meeting (AGM), with a call on shareholders and prospective ones, to increase their share purchases. Mr Gabriel Essandoh, Chief Executive Officer (CEO) of the bank, who made the call in an interview with the Ghana News Agency (GNA) explained that adequate share capital was vital for the growth, viability and sustainability of any serious financial institution. He, therefore, urged the public to support the bank in this regard. Mr. Martin Awisi, Head of Audit, said the DARB was committed to best practices and due diligence in all its operations. He indicated that the bank was safe and secure to do business with, and thus, urged all and ...