Today's Ghana Business, Banking and Economic news

Over the years, state owned or managed enterprises across Ghana have been sold to private companies for various reasons: the Electricity Company of Ghana – ECG is now the next on the nation’s privatization list.

SIC Life Savings and Loans, a wholly owned subsidiary of SIC Life Company Limited has launched ‘Kiosk Banking’ aimed at providing financial services to the unbanked and under-banked segment in Ghana.

Government  has announced an increment in the daily minimum wage of workers from GHS8.80 to GHS9.68 effective January 2018.

As part of the commitment of the President Nana Akufo - Addo led administration to strengthening local content, government has hinted of its intention to award the Kumasi – Paga railway construction project to a Ghanaian company.

The 20 young entrepreneurs who were awarded a grant of up to GH¢100,000 each last year by the Export Import Bank (EXIM) under the Graduate Enterprise Development Initiative (GEDI) Programme, have expressed disappointment in the hold-up of the funds.

Social media giant – WhatsApp is taking its messaging service to a new level with the proposed addition of a payment system.

Over the past three weeks, there have been growing attention on the Ghana Revenue Authority (GRA) over the revival of the 3% VAT flat rate.

US$150 million worth of fruit juice is imported into Ghana each year, while fruit juice processing factories in the country are said to be collapsing.

SIC Life Savings and Loans has won the Business Initiatives Direction (BID) International Arch of Europe Award for demonstrating commitment to quality service delivery and innovation.

The award comprising ninety members from countries globally was established to recognise the contributions of organisations with proven commitment to quality and continuous quest for excellence towards customers, through attention to products and services.

The core criteria to merit this prestigious award are based on customer satisfaction, innovation, quality, business excellence, profitability, among others.

Managing Director of SIC Life savings and loans Richard Appietu, said the Award was very significant as it would serve as a standard to measure the performance of the institution and the impact it had created on the growth of the country’s economy and globally.

The Company, a subsidiary of SIC Life has clocked a healthy growth within a short time of operation by offering profitable financial solutions and innovative products designed to meet the growing demands in the sector. It is currently one of the fastest growing financial institution in the country.

According to him, the organization has over the year’s recorded considerable growth with a focus on offering the best customer service and leadership practices, consistency in profit generation, backed by the quality of its brand.

“Within a four year period, we have been able to move the company from a loss making one to a profit oriented institution, with consistent dividend, the total assert of the company as at the year 2013 was 8.1, now it has  increased to over 200 hundred million cedis” he noted.

Mr Appietu said the organization is solidly backed by 400 dedication and highly experienced staff that has helped to make the company the most sought after within the savings and loans sector.

He mentioned that “SIC Life Savings and Loans is doing a lot of informal sector education to help the public to trust the industry again and to make them understand that the best way to become financially independent is to cultivate and master the habit of saving.”

He advised the public to thoroughly check the institutions they intended to transact business with to ensure their capital are secured.

Japanese Ambassador to Ghana, Kauro Yoshimura, has said, Ghana needs to be attractive for the Japanese private sector to support in the economic growth of the country. 

The African Development Bank (AfDB) has called for the empowerment of small and medium operators in the textiles, apparel and accessories sectors as a deliberate job creation strategy.

Guaranty Trust Bank (Ghana) Limited has again been recognized for its efforts towards the development of the shipping and maritime sector of the Ghanaian economy with the award of “Financial Services Provider of the Year” at the maiden edition of the Ghana Shippers Awards 2017 held in Accra.

Deadline for Ghana's much anticipated digital migration, which is aimed at providing the over 28 million Ghanaians the opportunity to enjoy a 100% television experience across the nation, has been postponed to next year - 2018.