Today's Ghana Business, Banking and Economic news

Accra Brewery Limited (ABL) and Kasapreko Company Limited risk losing their operational licenses after it surfaced the companies were fixing tax stamps illegally on their products.

The Consolidated Bank Ghana(CBG) limited has recorded five cases of fraud within its first three months of operation.

The Ghana Commodity Exchange (GCX), which will serve as a platform for buying and selling listed agricultural commodities has been launched on Tuesday, November 7, 2018.

Ghana Commercial Bank (GCB) have started issuing instant ATM cards at selected branches across the country.

Ghanaian markets are expected to be flooded with a lot of imported products, with a few weeks ahead to the start  Christmas festivities.

Menzgold Ghana Limited says they will begin paying their clients part of their initial gold collectibles value from Friday (November 9).

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The firm in a press statement released on Sunday, November 4, 2018, Menzgold explained its intent was to pay off the entire amount in 90 days from their previous release.

“As promised, we are glad to indicate that, fifteen percent (15%) of the initial gold collectibles values committed to the buying and selling on the Menzgold 'Gold Vault Market' would be paid beginning 9th November, 2018…”

“These 15% percent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured 'transactions schedule'," the statement said.

The statement explained that the schedule will take into consideration the date of trade commencement of clients, “whether a trader did receive any extra value payment since the trader’s trade commencement or not, how long the trader has been buying and selling gold collectibles on the Gold Vault Market, the total quantity and value of gold collectibles put up for trade on the Gold Vault Market, and the extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market”.

The statement also noted that Menzgold today will launch an online platform known as Menzgold Global Market.

“Traders on the 'Gold Vault Market' which is an offline gold market, that has been plagued by the antecedents in the last two months, are advised to migrate onto the global online market at a fee,” the company advised.

This, the Menzgold says “would keep customers’ gold buying and selling business actively in session on the online-market, to forestall any payment impediments in the subsequent months”.

“May we also express our heart-ache and the excruciating pain we feel, sharing in our cherished customers’ distress over the unpleasant matters in the last two months”.

“We, however, assure our dear customers of our dedication to one cause only, which is our resolve to not rest or relent, until we offer them the best of service and satisfaction,” the statement said.

Read also:NAM 1 finally breaks silence on Menzgold saga

Ghana News: Latest news in Ghana

The top three Oil Marketing Companies (OMCs), Goil, Shell and Total Ghana are selling both Petrol and Diesel at GHC 5.15 pesewas across the country. 

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Checks at the pumps this morning indicated the reduction in prices comes after the major OMC’s all increased the price of petrol and diesel to GHC 5.21 pesewas per litre in the last pricing window.

The reduction is below the 2 to 4 percent decrease anticipated by the Institute of Energy Security (IES).

Explaining the reasons behind their prediction, the IES said the fall in Brent crude prices, and finished products on the international market, as well as the cedi’s respectable gains against the dollar, could lead to prices dropping at the pumps.

By this, the IES was hopeful the drop in the prices of fuel will bring some relief to Ghanaians at the pumps in the first pricing window in November.

In an interview on Citi News monitored by Prime News Ghana, Research Analyst at the IES, Mikdad Mohammed said they expect some OMCs to be influenced by the Price Deregulation policy to effect reductions beyond the projected margin.

READ ALSO: Rise in fuel prices: Transport fares to increase from Monday


“Unlike the previous window where we have had the depreciation of the cedi lead the increment, this particular window has had two major positive news. IES economic data show that we had an appreciation of around 2.4 percent from the cedi against the dollar,” he stated.

“For Brent crude, we have had a reduction of about 5 percent and finished products have now come down too. When you take gas oil, for example, it has come down by about 5 percent, gasoline has also come down to beyond 2 percent.

It is the cumulative effect of all of these indices that IES foresee a reduction in prices from the current 5cedis, 21 pesewas to about 5cedis, 10 pesewas” he added.

Ghana News: Latest news in Ghana

Mr John Kumah, Chief Executive Officer (CEO), of the National Entrepreneurship and Innovation Plan (NEIP), has expressed concerns over the dwindling number of students now offering Business studies in Senior High Schools (SHS) across the country.

The Ghana Revenue Authority (GRA) has issued a ban on some selected items which are imported and stored in Warehouses.

The 2018 Chartered Institute of Marketing, Ghana (CIMG) annual Strategic Marketing CONFAB ended on Thursday, November 1, 2018, at the Golden Tulip Hotel in Accra.

Huawei Consumer Business Group (CBG) has announced that their Light flagship, the HUAWEI Y9 2019, will be available for pre-order at selected retail shops from the 1st to the 8th of November 2018.

The awards ceremony held at the Kempinski Hotel in Accra was in recognition of the Banks exemplary leadership in Banking which includes being the first bank to partner with Western Union to introduce global remittances service in Ghana, the lead sponsor of the National Farmers Day and one of the first Banks to have branches nationwide.

The Bank of Ghana (BoG) has announced that Identification Cards (ID) will now be a requirement for services at all Forex Bureaux in the country.

The first session of the Chartered Institute of Marketing, Ghana (CIMG) annual strategic marketing conference was held yesterday, October 31, 2018.

The Chartered Institute of Marketing, Ghana (CIMG) in pursuance of its mission to improve on the performance of marketers, professionals and administrators within Corporate Ghana is organizing its Annual Strategic Marketing Conference on October 31 and November 1,2018 at 5:30pm each day.