Today's Ghana Business, Banking and Economic news

Domestic processing of cocoa hit 300,000 tonnes in the 2017/2018 cocoa season, a 19 percent jump from the 252,000 tonnes processed the previous season.

The Economic Community of West African State, (ECOWAS) says confidence in products exported from the region to the European market is very low.

The Social Security and National Insurance Trust (SSNIT) has received GH¢1.6 million as dividend for the 2017 financial year from its two subsidiaries.

The Chief Executive Officer of the Ghana Export Promotion Authority (GEPA), Afua Asabea Asare, has stated that the country will continue to lose millions of dollars if the export of services like housekeeping, education, and medical services are not formalized.

Finance Minister Ken Ofori-Atta, has sworn in three additional members to the Board of Directors of Ghana EXIM Bank.

Over 1.3 million transactions have been recorded so far under Phase I of the Mobile Money Interoperability (MMI) platform, and Phase II of the MMI Project is expected to be rolled out this Wednesday, November 28, 2018.

According to the Bank of Ghana (BoG), the country added 11.4 billion cedis to its debt stock between July and August 2018, representing 57.2 per cent debt-to-GDP.

Scancom Ghana Limited, operators of the telecommunication network, MTN, has been recognized as the number one company of the year 2017 at the GIPC Ghana Club 100 Awards.

The Bank of Ghana has said it is soon going to publish a report that will show members of the central bank who played a role in the collapse of seven banks.

Tema Oil Refinery (TOR) management, has begun processes to get an investor to develop a 3.5 billion dollar modern refinery, the Greenfield facility in Prampram.

Menzgold Ghana Limited is calling on aggrieved customers of the company to call off their planned nationwide demonstration.

Ghana Revenue Authority (GRA) has begun reform works to improve revenue collection by the facility.

Kantanka Automobile will soon introduce electric vehicles (EV) onto the Ghanaian market.

The Professional and Managerial Staff Union (PMSU) of the Agricultural Development Bank (ADB) have expressed their opposition to the suggested merger between the Bank and the National Investment Bank (NIB).

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The PMSU said the ADB was strong and had the muscle and all the human resource capital it required to stand alone and to run the Bank profitably and sustainably.

Mr. James Obeng-Gyan, the Chairman of the ADB PMSU, revealed this at the ADB PMSU/Local Union of the Union of Commerce, Industry and Finance Workers (UNICOF) Joint National Executive Council Meeting at the weekend in Accra.

The meeting was on the theme: “Ensuring Sustainable Growth of ADB: The Role of the Unions.”

Mr. Obeng-Gyan said looking at the balances of the two institutions, the ADB was much stronger than the NIB in terms of profit.

He said the ADB had lots of outstanding facilities valued at not less than GHC 300 million with Unibank and the Sovereign Bank, which were taken over by the government to form the Consolidated Bank.

“We believe that government, by taking over these banks, has the responsibility of both its assets and liabilities and should pay ADB its debt to make it stand on its own,” Mr. Obeng-Gyan said.

“It would be good that the Government comes in to support ADB with this funds whilst we also chase other customers who have defaulted in our loan facilities.”

He advised the government to focus its attention on recapitalizing the ADB by resourcing it financially to perform to the expected heights adding that it will repay whichever money that was used for the recapitalization.

Mr. Obeng-Gyan said the previous leadership did not manage the Bank properly, adding; “Under the current management led by Dr. John Kofi Mensah, Managing Director (MD) of the Bank, and with the support of the leadership of the Union and staff, ADB is growing stronger.”

ADB’s core mandate was to support agri-business and agro-processing, he said, and cautioned government not lose sight of the ADB oversight responsibilities of supporting government’s flagship programme; Planting for Food and Jobs, and the Planting for Crops and Exports.

Mr. Obeng-Gyan said shares of the Bank were being floated erroneously, whilst so much loan facilities, which could be injected to help the Bank, were given out.

He added that  “Managers who advance those facilities are still at post and show no interest in recovery, and we thought that government will have conducted investigations to know the circumstance at which these facilities were approved.”

“I can confidently confirm that the current MD is doing something about that and we are hopeful that very soon a lot of these facilities will be recovered, but we are confronted with time as an enemy”.

Mr. Obeng-Gyan assured the Government that going forward into 2019, the ADB would become one of the first tier in the financial industry, and the Bank’s brand alone was enough to show that it was growing stronger.

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The value of Bitcoin has fallen below $5,000 (£3,889) for the first time since October 2017.