Transaction advisors in a concession agreement with the energy company, Power Distribution Services (PDS) have been accused of shifting blame after controversy gutted the agreement. In the controversy, Power Distribution Services (PDS) have been found to lack the financial capacity to provide $12.5m in guarantees when they took over ECG management in March 2019. PDS […]
THE Herald has intercepted incontrovertible evidence that indicate that the Bank of Ghana (BoG) received a cash transfer totalling GHS90 million from the now collapsed Heritage Bank Ghana Limited as minimum capital to help meet the requirements of the licence granted its shareholders. The documents indicated that the money was transferred by Stanbic Bank Ghana […]
Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has fingered some officials of regulatory agencies and business competitors of plotting the downfall of himself and his companies. ‘’Interestingly enough, some competitors and officials who regulate our activities are sharing this. They know who they are. We have been in business long enough to know that […]
The group is calling on the government to revise upward the rate of increment in transport fares by 30% instead of the announced 10% hike. A statement issued by the group on Wednesday, September 11, 2019, said the latest hike in fuel prices is having a toll on their businesses hence the need for government […]
Nduom Patrick Kobina Anumel resign as directors of Gold Coast Brokerage Gold Coast Brokerage has announced the resignation of Dr. Papa Kwesi Nduom and Patrick Kobina Anumel from the board of the company. The company has also changed its name to Teak Tree Brokerage Limited. In a circular to investors on Monday, the following individuals […]
The Ghana Private Road Transport Union (GPRTU) has announced an increment in transport fares by 10%. The increment takes effect next Monday, September 16, 2019, a statement from the Union said. The new fares cover intra-city transportation popularly known as Trotro, intercity or long-distance trips and shared taxis. Explaining the basis for the increment, the […]
President Nana Addo Dankwa Akufo-Addo has challenged winners of the second edition of the Presidential Pitch to be instruments of job creation in their entrepreneurial endeavours. He emphasised that at the heart of government’s agenda to groom young entrepreneurs through such awards is to create avenues for people to grow businesses that would not only […]
Alibaba CEO Daniel Zhang is poised to succeed Jack Ma as executive chairman of e-commerce giant Alibaba after China’s richest man fulfilled his pledge to step down on his 55th birthday. Ma’s resignation is unlikely to see him retreat into the shadows, but Alibaba will embark on a new era without its public face. Ma will […]
CHANGE OF FINANCIAL GUARANTEE TO INSURANCE GUARANTEE. The condition precedent for financial guarantee by the Banks was PURC tariffs and the list of Power Purchase Agreements (PPA). However, PURC refused to increase the tariffs as agreed. ECG owns more than GHC4 Billion of debt from Power Producers. So in the absence of any proper tariff, […]
The best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets. A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State in central Nigeria, dusty fields and clusters of trees stretching to […]
An investment firm, Gold Coast Fund Management has said it has started paying customers of the company who want to redeem their investments. The firm had in the past struggle to pay clients due to what they said was the government’s inability to pay debts owed contractors for work executed. General Manager in charge of […]
The majority shareholder of the now-defunct Heritage Bank Ghana Limited, Mr Seidu Agongo, has bemoaned what he describes as the “sad end” to the indigenous financial institution following news of the scheduled auctioning of the collapsed bank’s assets. Narrating the dream behind setting up HBL, Mr Agongo, in a short write-up, said: “In July 2014, […]
