Author: TNRgh

OmniBank Ghana Limited (“OmniBank”) and BSIC Ghana Limited, trading as Sahel Sahara Bank (“BSIC”) have informed the Bank of Ghana in a letter dated 14th August 2018 about their decision to merge. “The Bank of Ghana (BOG) has ‘no objection’ for merger talks between BSIC Bank (Ghana) Ltd. and OmniBank Ghana Ltd. to commence. You are, however, to note that the final approval of a merger will only be considered after all the necessary documentation has been submitted for review,” a joint statement by the two banks announced. By this arrangement, the banks have since signed a Heads of Terms…

Picture AFP[/caption] The authorities in Nigeria say more than 100 people have been killed in floods across the country in the past two weeks. The National Emergency Management Agency (Nema) says heavy rains caused the country’s two major rivers – Niger River and Benue River – to overflow. The government is urging residents along waterways to relocate to safe places. The devastation is across Nigeria, but most have been killed in the north-central state of Niger. The head of Nema, Mustapha Yunusa Maihaja, told the BBC more than 40 people have died in the state. Deaths have also been reported…

Global and international credit ratings agency, Standards and Poor (S&P) global has affirmed Ghana’s stronger macroeconomic fundamentals, upgrading it’s credit score from ‘B’ minus to ‘B’ with a stable outlook. At the same time, they have revised Ghana’s transfer and convertibility (T&C) assessment to ‘B+’ from ‘B’. In it’s latest release on the credit ratings of Ghana on Friday, 14th September, S&P Global indicated that “The upgrade reflects our assessment that Ghana’s monetary policy effectiveness has improved, albeit from a low base, and will support the credibility of the inflation-targeting framework over the period”. The stable outlook balances Ghana’s fairly…

Anas at BBC on Saturday[/caption] International investigative journalist, Anas Aremeyaws Anas, credited with several mind-blowing undercover works, has admitted to being traumatised a number of times after coming face to face with death in line of duty. The Ghanaian journalists has been involved in a number of life threatening situations whilst going undercover, escaping by the skin of the teeth. He was recently lynched in Malawi when led a team of BBC journalists investigating a series of mysterious murders in that country. The BBC had said the team were working undercover to expose men who claim to suck the blood…

Ken Ofori-Atta[/caption] Finance Minister Ken Ofori-Atta has revealed that government has planned to replace the 3-year programme with the International Monetary Fund with a social contract when it ends in December 2018. The 3-year facility to Ghana was approved by the Executive Board of the Fund on April 3, 2015. Ghana is in its final year of the $918 million extended credit facility signed to fix the country’s economy, which was dogged by high deficits, inflation and a distressing public debt. Mr. Ken Ofori-Atta told TV3 on Thursday in Accra on the sideline of government’s interaction with top 100 tax…

The Vice President, Dr. Mahamudu Bawumia, has explained the reasons for the cedi’s performance against the country’s major trading currencies in the face of extra ordinary pressures on global capital markets. Speaking at the launch of the Student Entrepreneurship Initiative at the Ghana Senior High School (GHANASCO) in Tamale on Friday 14th September, 2018 Dr. Bawumia asserted that the relatively resilient performance of the cedi is mainly attributable to the strong economic fundamentals of the economy arising from prudent policies being implemented by the Nana Akufo-Addo government. The cedi appears to be the star performer in emerging economies’ currencies strength…

Steel and iron manufacturing giant, B5 Plus Limited, has commenced the construction of what is to be the biggest metal manufacturing factory in Ghana. The over $80 million project for which sod was cut on Wednesday, September 12, 2018, forms part of the government’s One District One Factory (1D1F) flagship programme. The factory, located within Ningo-Prampram District of the Greater Accra Region, is expected to produce different qualities of metal and steel products. When completed, the mega factory will have the capacity to serve the Ghana & West African sub-region. The factory is expected to be well positioned to produce…

The former President with Atukwei Okai’s family[/caption] Former President Jerry John Rawlings has paid a glowing tribute to Ghana’s iconic poet, Professor Atukwei Okai, describing him as “a perfectionist and a stickler for what was right”. The renowned Ghanaian poet and cultural activist who was the Secretary-General of the Pan African Writers Association of Ghana and a former president of the Ghana Association of Writers died on July 13 in Accra. Read: Prof. Atukwei Okai is dead “Atukwei Okai was a man whose life was dedicated to the literary enrichment of not only Ghanaians but Africans. A man in whose dictionary,…

The Bank of Ghana has assured the public that the fundamentals of the economy is sound and strong, despite recent depreciation of the Cedi. Speaking at “The Cedi Forum” to discuss the depreciation of the local currency, the head of Financial Markets and Treasury Stephen Opata pointed out that the Central Bank has firm grips over the issues. He said the depreciation of the Cedi is temporary, promising that measures such as “adequate reserves” have been put in place to address the shocks. “We’re providing liquidity to the banking systems to meet the shocks,” Opata stated on Thursday, 13 September…

The global chocolate and cocoa industry is rapidly demanding traceable cocoa that is certified and produced in a sustainable manner. In Ghana, licensed buying companies are leading the drive for farmers to implement better farming and management practices in exchange for premium price on their produce. But there are calls for the industry regulator, COCOBOD, to play a lead role in establishing a Ghanaian standard, independent of external interest in the cocoa trade. This report looks at the impact of cocoa certification on farmers’ livelihood and the need to harmonize the various certification programmes. Cocoa is an essential commodity in…