Prime News Ghana

Today's Ghana Business, Banking and Economic news

SEC approves ADB's IPO

The Securities and Exchange Commission (SEC) has given the green light for the  Agricultural Development Bank (ADB) to go ahead with its public listing.

It was 'unwise' to have implemented Single Spine - IMANI

Executive Director of IMANI Ghana, Franklin Cudjoe thinks the migration of public sector workers onto the Single Single Spine Salary Structure (SSSS) was very “unwise” on the part of past managers of the economy.

Companies relocating because of bad economy - ICU Boss

Mr Eleazer Nyaunu, the Tema Regional Officer of the Industrial and Commercial Union (ICU) has called on government to put proper measures in place to boost Ghana’s business environment in order to prevent companies from relocating to other countries in the sub-region.

Aliko Dangote clocks 59 & inaugurates $1 billion cement factory in Okpella

The Dangote Group owned by Africa’s richest man, Aliko Dangote on Sunday began construction of a $1 billion cement factory in Okpella, Edo state. It was a double ceremony as the billionaire businessman was also born on Sunday, April 10th.


 

According to the News Agency of Nigeria, the six million metric tonnes per annum (mmtpa) Okpella plant and the upcoming six mmtpa plant in Itori, Ogun State will increase the company’s local production capacity to 41 mmtpa annually.

The project which will be completed within 26 months will create 6,000 direct jobs and 45,000 indirect jobs in the community.

Speaking at the ceremony, Dangote said that the project will meet local demands for cement, as well as surplus for export and foreign exchange generation. He also urged other investors to look at other investment opportunities in Nigeria, saying the Federal government have created investor friendly policies to boost investments.

He also said that economic reforms in the areas of tax, innovations in rural finance, and investment in infrastructure made him invest in the state.

Gov. Adams Oshiomhole of Edo State said that the investment will reduce the state’s dependence on federal allocation and boosts its internally generated revenue.

The Monarch of Okpella, Alhaji Yusuf Dirisu also pledged support from his community while commending the commitment of the Dangote Group to the establishment of the plant.

Minister of Solid Minerals, Kayode Fayemi and Minister of Trade, Industry and Investment, Okechukwu Enelamah represented by Aisha Abubakar, the Minister of State for Trade, Industry and Investment who both lauded the efforts of the business mogul to diversification of the economy and overall nation building.

bellaNaija.com

National Fire Service to shut down Odo Rice & Mr. Biggs over poor fire safety measures

Two restaurants in the national capital, Odo Rice and Mr. Biggs, risk closure today if they fail to comply with an ultimatum given by the National Fire Service on fire safety at their premises.


 

A visit by the national fire service to some commercial centres last Friday, revealed non-compliance by these restaurants.

In addition to the unserviceable fire extinguishers at both eateries, Mr. Biggs also had faulty electrical wiring as well as non-functioning early warning systems.

Unsatisfied, with the situation at hand, the Greater Accra Regional Fire Officer, Ebenezer Simpson issued a 24 hour ultimatum for the situation to be rectified.

Speaking to Citi Business News on the next move, Ebenezer Simpson disclosed of a possible shut down of the two premises if they fail to meet the deadline.

“We will be going back to Mr. Biggs and Odo Rice today to find out whether they have complied with the directive we gave last Friday….when we go there and these things are not functioning or they have not repaired them, we will revoke their fire certificate. This will also mean they have flouted the fire regulations Act as such, we will arrange for their conviction.”Ebenezer Simpson noted.

He added, “The place will no longer be safe for public consumption so we are going to close down the place.”

Meanwhile management of Grand View Hotel, located in Accra central, have a week to correct an obstruction to its entrance to allow accessibility in case of an emergency.

Regional Fire Officer, Ebenezer Simpson tells Citi Business News the Fire Service will shut down the hotel if it also fails to meet the one week ultimatum.

“We expect that their entrance will be cleared of any obstruction. The initial thing to do is to ensure that the structure that they are constructing at the frontage of the entrance is cleared to make it more accessible than it is now. So within one week if they have not done anything, we are going to revoke their fire certificate meaning the place is not safe to be used by the public. We will also put measures in place to get the place closed down.”

citifmonline.com

GH¢350 black & white puppy owner dismayed to see black washed off after rain

When an Egyptian expatriate in Ghana decided to acquire a dog for his wards who had been on his neck for a while, he never thought he would be outsmarted but he knows better now.


The man who craves anonymity explained on the first attempt to buy the puppy from dealers around the Accra Mall, he was offered only white puppies of which he wasn’t a fan but when he attempted to leave, one seller promised to get him his preferred Alsatian white dog with black spots the next day should he leave his cell line with him.

Truly the call came through and upon inspection secured the white with black spots puppy for GH¢350.

However when he got home, he realised there was some black spots around where the puppy was lying but he didn't know what it was until the children went to play with the dog when it rained on Easter Sunday.

"Instantly, the dog just changed into a white puppy with all the black spots vanishing," he lamented.

He said careful examination showed that the dog was the spotless white dog he rejected initially. In his opinion, the guys outsmarted him by spraying some dark spots around the dog to meet his request.

He, therefore, decided to call the guy to complain but the number was completely off. He went to the Accra Mall area where he bought the dog to search for him but he was not successful.

The caution is to be sharp when trading on the streets.

graphic.com.gh

Profile of Central bank’s Dr. Abdul-Nashiru Issahaku

Newly appointed Governor of the Bank of Ghana, (BoG), Dr. Abdul-Nashiru Issahaku  assumed his new position at the central bank last Friday April 1, 2016, a release from the BoG has stated.


According to the statement, Dr. Issahaku is an International Development Economist with several years of experience in economic policy management and development.

Work profile

He has worked with reputable international and local institutions including the World Bank as a Senior Public Sector Specialist; the African Development Bank as a Principal Governance Expert; the United Nations Economic Commission for Africa as a Development Management Officer; the Canadian International Development Agency as a Socio-Economic Advisor and Project Coordinator; and the National Development Planning Commission, Ghana, as a Senior Planning Analyst.

Before his appointment as Governor of the Bank of Ghana, he was the Second Deputy Governor and Executive Board member with oversight responsibilities of nine departments including Economics, Statistics, Finance, Legal, Banking Supervision and Financial Stability.

He is Chairman of the Investment Management Committee of the Bank and a member of the Bank’s Monetary Policy Committee.

Dr. Issahaku is a member of Ghana’s Economic Management Team.

He chairs the Finance and Administration Committee of the Ghana Cocoa Marketing Company and he is the Commissioner and Chairman of the F&A Committee of the Securities and Exchange Commission.

He was previously the Chief Executive Officer of the Export Development and Agriculture Investment Fund, which he restructured and helped restore to operational effectiveness before his appointment to the central bank in 2013.

 Educational Background

Dr. Issahaku has a Doctorate in International Affairs and Development from Clark Atlanta University, MBA in Finance and Strategic Management from Maharishi University of Management, USA, and Bachelors in Business Administration from the International Islamic University, Malaysia.

He has a certificate in Public Financial Management from Harvard University Kennedy School.

Dr. Issahaku has effectively managed and supervised complex projects of international proportions.

He was the Task Manager for Gambia’s Economic Management Programme from 2004 to 2009.

He also spearheaded the Institutional Budget Support Programme for Tanzania from2005  to 2009.

Dr. Issahaku loves writing and has authored several publications including his much-acclaimed research work on the “Political Economy of Economic Reforms in Ghana”, “Capacity Building for Good Governance and Poverty Reduction in Parliamentary Systems” and “Human Rights, Economic Development and Democracy”.

From the Royal Zambang family of Kunbungu, Dr. Issahaku started his education in Tamale and attended Tamale Secondary School where he obtained his GCE ‘O’ and ‘A’ levels.

He was a member of the school’s Debate Society and a Senior House Prefect.  He was a known sportsman at the school and in the Northern Region where he was once the Table Tennis Champion.

Dr. Issahaku is married and has four children.

Bank of Ghana