Today's Ghana Business, Banking and Economic news

During the turn of 19th century Gold was the only mineral mined and exported from Gold Coast (Ghana). Thomas Hughes, a wealthy Fante entrepreneur, advisor to the Cape Coast and the British Colonial authorities at Gold Coast, was the first man to order modern heavy machinery to start mining at Wassa areas. In no time, Hughes struck a rich vein of gold in 1861.

Cassava has become a potential industrial crop, which could reduce imports, increase exports, create employment and increase smallholder farmers’ incomes along the value chain.

The Aflao Customs Division of the Ghana Revenue Authority (GRA), on Tuesday, intercepted a Nigerian-registered articulated truck carrying large quantities of un-cleared imported goods near Dabala, on the Accra Aflao Highway.

The Metropolitan Chief Executive for the Kumasi Metropolitan Assembly, Kojo Bonsu has revealed that the phase one of the Kumasi Kejetia-Central market reconstruction project is about 60% complete. Mr. Bonsu said this when he inspected the project with market queens from the Kumasi Central market.

Africa has 23 billionaires this year 2016, with aggregate net worth exceeding $80billion.Nigeria's Aliko Dangote, 58, is first on the list of Africa's richest. Dangote's net worth is estimated at $15.4billion. Sixty-two-year-old Mike Adenuga, another Nigerian comes second with a net worth of $10billion dollars. They are on the Forbes 2016 Ranking of the World's Billionaires, published March 1, 2016.

Some aggrieved staff of KLM Airline in Accra have dragged the company to the High Court (Labour Division) over salary increment.

The plaintiffs, who are members of the KLM Staff Association of Ghana, comprising workers of various departments of the company, claim the company had failed to fulfill its obligation to the workers with regards to salaries and other benefits due them.

Three institutions have secured Bank of Ghana’s approval to operate as a commercial bank in the country. They include Sovereign Bank, an institution made up some Ghanaian investors and foreign partners, Union Savings and Loans and Heritage Bank.

The Royal Bank (TRB) Limited-Ghana, has since its establishment three years ago, provided training and employment to more than 200 fresh graduates from the country’s universities, to help create employment and bridge the widening gap between the academia and corporate world.

The Chief Executive Officer of Joy Industries Ltd, Dr Manfred Takyi, has appealed to the government to provide tax holidays to indigenous Ghanaian companies to assist them to grow. He has also advocated for the establishment of a special fund to support local industries which are performing well and which seek to expand beyond the frontiers of the country.

The Private Enterprises Federation (PEF) has urged government to decentralize the application process in acquiring licenses and permits through the use of an electronic platform with complementary bank accounts to reduce delays and save time.

The Government of Ghana and the European Union (EU), on Monday signed a financial agreement of Euro 31.6 million for the new Ghana Employment and Social Protection (GESP) Programme in Accra.

Mining giants AngloGold Ashanti has said 11 of their staff lost their lives in the line of duty in 2015.

According to the mining outfit, the figure underlines “safety as the most pressing challenge, primarily at its South African operations.”

 

Telecom network operators in the country’s mobile telephony space are increasingly disturbed that the current macroeconomic uncertainties and high cost of living could limit consumer spending on telecom services and also affect the sustainability of their business.

 Following the rising Non-Performing Loans (NPLs), banks in the country have begun reviewing their credit policies in order to reduce bad debts on their books.

 

Savannah Accelerated Development Authority (SADA), in collaboration with the Ghana Trade Fair Company Limited, is ready to commence the 20th International Trade Fair in Tamale from next week.