BoG to slowly get rid of GHC1 and GHC2 soon.

BoG to slowly get rid of GHC1 and GHC2 soon.

The Bank of Ghana (BoG) says it is getting ready to phase out the GHC1 and GHC2 notes in circulation. The BoG says these notes would be replaced by their respective coin. Addressing a press conference after the MPC meeting Monday (27 September), the Governor of the Bank of Ghana, Dr Ernest Addison said, “Both the GHC1 note and the GHC2 note would eventually be phased out because they are not cost-effective in terms of the printing cost. “Notes that circulate very widely and they come back very torn and soiled and…

US President Joe Biden Nominates Ghanaian As US District Court Judge

US President Joe Biden Nominates Ghanaian As US District Court Judge

The President of the United States of America, Joe Biden, has nominated a daughter of Ghanaian immigrants in the United States, Maame Ewusi-Mensah Frimpong, to serve as a judge on the US district court for the Central District of California. She is part of eight new candidates for the federal bench announced by President Biden, who is willing to offer opportunities to “all of whom are extraordinarily qualified, experienced, and devoted to the rule of law and our Constitution.” Her nomination to the bench is pursuant to President Biden’s promise…

Over $9million GNPC projects stalled – Audit report

Over million GNPC projects stalled – Audit report

The Auditor-General has warned the Ghana National Petroleum Corporation (GNPC) to take steps to secure funding to complete all of its abandoned projects so that costs does not shoot up over time. The Auditor-General in its 2020 report estimated that projects costing over $9 million had not seen any progress over a period of time, which it said could spike up the cost. “These stalled projects could also potentially expose the corporation to negative publicity in the media”, the report stated. Some of the stalled projects includes the renovation of…

Bernard Arnault Once Again The World’s Richest Person After Jeff Bezos Loses Nearly $14 Billion In One Day

Bernard Arnault Once Again The World’s Richest Person After Jeff Bezos Loses Nearly  Billion In One Day

Jeff Bezos is no longer the richest person on the planet, and this time it’s not because he physically left earth in a Blue Origin rocket. Amazon stock cratered 7.6% Friday after the company reported second quarter earnings Thursday afternoon—shaving $13.9 billion off its founder’s fortune in one day and pushing Bezos behind French tycoon Bernard Arnault. Shares of Arnault’s luxury goods conglomerate LVMH fell by 1.4% Friday, making Arnault $2.9 billion poorer as well, but he still finished the week with an estimated net worth of $192.9 billion, $500…

Fitch ratings… Economy fastest growing – Prez Akufo-Addo

Fitch ratings… Economy fastest growing – Prez Akufo-Addo

Fitch Rating agency has projected Ghana to be the fastest growing economy in Sub Saharan Africa as it emerges strongly from the COVID-19 pandemic, President Nana Addo Dankwa Akufo-Addo has noted. The agency also projects that the economy will be restored to its previous position before the onset of the pandemic. Last year, in the midst of global recession, Ghana’s economy and a few others in the world recorded positive growth in Gross Domestic Product (GDP). This buttressed the findings of the Ghana Statistical Services that the first quarter of…

GH¢7.62bn for Free SHS in 5 years — Finance Minister

GH¢7.62bn for Free SHS in 5 years — Finance Minister

The government allocated a total amount of GH¢7.62 billion for the implementation of the Free Senior High School (SHS) programme during the past five years, the Minister of Finance, Mr Ken Ofori-Atta, has told Parliament. He said GH¢4.18 billion out of the amount representing 54.76 per cent, was sourced from the government of Ghana (GoG), while the remaining GH¢3.44 billion, representing 45.24 per cent, came from Annual Budget Funding Amount (ABFA). “Mr Speaker, the government has taken no loan to specifically finance the free SHS policy which has since its…

Groupe Nduom wins GHC174m judgment debt against Health Network

Groupe Nduom wins GHC174m judgment debt against Health Network

One of the Groupe Nduom companies, Gold Securities Company Ltd now BlackShield and Ghana Growth Fund Company Limited, members of Groupe Nduom, an indigenous Ghanaian business conglomerate, have won a massive GHS174 million judgment against Health Network Company Limited. The ruling was given by the Commercial Division of an Accra High Court on Thursday, July 15th, 2021. The ruling, according to Groupe Nduom owners and other stakeholders, “proves regulators acted hastily in revoking licenses of the Groupe’s banking and investment companies”. The Groupe Nduom companies that have suffered regulator closure…

Fuel prices may remain stable in the second pricing window of July – IES

Fuel prices may remain stable in the second pricing window of July – IES

The Price of fuel on the local market will remain stable in the second pricing window of July the Institute of Energy Security (IES) is projecting. The IES noted that within the first pricing-window of July 2021, the majority of the Oil Marketing Companies (OMCs) maintained their prices of petroleum products at the pump and the national average price of fuel per litre at the pump is still pegged at GHS5.97 for both Gasoline and Gasoil.    “For this pricing-window, Zen Petroleum, Benab Oil, Cash Oil, Goodness Oil, Top Oil…

KNUST responds to students’ march against high hostel fees

KNUST responds to students’ march against high hostel fees

Management of the Kwame Nkrumah University of Science and Technology (KNUST) has assured students that the hostels whose owners recently hiked rental fees have been identified and are being talked to for a possible reduction. Students on Friday, July 16 staged a peaceful protest to press home demands for the hostels to reduce their rents. According to the students, some of the hostel owners have increased their fees by as high as 90 percent. But a statement issued by management of the Kumasi-based university on Friday said those hostels are not part…

‘It is simply not right’ – TUC on salaries for presidential spouses

‘It is simply not right’ – TUC on salaries for presidential spouses

The Ghana Trades Union Congress (TUC) has weighed into the conversation of the recommendation by the Professor Yaa Ntiamoa-Baidu committee for spouses of presidents and vice presidents to be given monthly salaries. The recommendation came after the committee was tasked in 2019 by President Nana Addo Dankwa Akufo-Addo to review emoluments of Article 71 office holders. It has since submitted its report, which has been consequently approved fro implementation by Parliament. But since the disclosure of this was made by Information Minister Kojo Oppong Nkrumah in an interview, many, particularly the opposition National…