Prime News Ghana

Today's Ghana Business, Banking and Economic news

White settlers in Zim land told to sell or give up 51 percent of shares to black Zims by April 1

Companies owned by foreigners face closure unless they sell or give up 51 percent of their shares to black Zimbabweans by April 1, announced Indigenization Minister Patrick Zhuwao.

“Comply by that date or close shop, comply by that date or face the full wrath of the law,” Bloomberg quotes Zhuwao, who is also President Robert Mugabe’s nephew.

This month, the IMF asked the Mugabe administration to clarify the country’s policy on black empowerment. Zimbabwe has agreed to major reforms including compensation for evicted white farmers.

Harare says it expects an IMF loan in the third quarter of this year, the first since 1999, after repaying foreign lenders $1.8 billion by the end of June.

President Mugabe is known for evicting white farmers. In 2010, the Guardian reported that Mugabe used land reform to reward his allies rather than ordinary black Zimbabweans. The newspaper’s sources reported Mugabe and his supporters owned about 40 percent of the land seized from white farmers.

The white farmers received no compensations after being evicted.

“If white settlers just took the land from us without paying for it, we can, in a similar way, just take it from them without paying for it,” said Mugabe.

However, Mugabe’s allies have hinted that at least some of the evicted farmers can return.

Zimbabwe is known for its mineral resources. It has the world’s second-biggest deposit of chrome and platinum after South Africa.

Ghana’s Bright Simons makes Fortune’s 50 greatest leaders list

Young Ghanaian entrepreneur Bright Simons has been named one of the World's 50 Greatest Leaders by Fortune®. The 34-year old Simons made the list, published in Fortune® Magazine, 24th March 2016, alongside eminent persons including Jeff Bezos, CEO of Amazon; Angela Merkel, the German Chancellor; Pope Francis, and Christine Largarde, Managing Director of the International Monetary Fund.


The World's 50 Greatest Leaders are men and women selected from business, government, philanthropy and the arts and all over the globe who are transforming the world and inspiring others to do the same. The 2016 edition is the third publication of the World’s 50 Greatest Leaders list.

Bright Simons, President and Founder of mPedigree is named on the coveted list of The Worlds 50 Greatest Leaders, for his innovation to fight medications counterfeiting in Africa and elsewhere in the world.

Consumers could check the authenticity of medications simply by sending a text message with 12 digit code marked on their medicine packets to mPedigree and get confirmation almost instantly.

It is proving to be an efficient solution to fighting counterfeit medicines in Africa where one estimate pegs the chances of purchasing and, in fact, consuming one at 30%. Over 120,000 African Children are reported to have died because of fake anti-malarial medications in 2013 alone.

AstraZeneca and Sanofi are some of the manufactures who have signed on to mPedigre now have its Goldkey labels on over 500 million packets.

Beyond the pharmaceutical industry, TextStyles, the African print cloth manufacture in Ghana has signed on, in a bid to fight counterfeiting of its prestigious GTP Cloth products.

Ghana’s debt now $25.6 billion – BoG

Ghana's debt stock rose to US$25.6 billion or GH¢97.2 billion in December last year, equivalent to 72.9 per cent of the year's total economic output, measured by gross domestic product (GDP), it has been reported.

3% royalties paid to the state/chiefs since 1897 remains till date (2016)

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.

New Kumasi Kejetia Market is 60% complete – MCE

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’s 23 billionaires for 2016 revealed

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.

KLM Airline dragged to High Court by aggrieved staff for non-increment in salary

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.

Joy Industries Ltd CEO appeals to gov’t for tax holidays for local firms

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.