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The Bank of Ghana has on several occasions cautioned the general public against the activities of companies which operate Ponzi schemes through virtual offices. According to the Central Bank, these companies have over 10,000 clients, and move from place to place to mobilise deposits from the general public. The Securities and Exchange
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Sinotruk International, China’s first heavy-duty truck manufacturer, has signed an agreement with the Government of Ghana to establish an assembly plant in Ghana, to serve both Ghanaian and West African markets. This was after the Ministry of Trade and Industry, on behalf of the Government of Ghana, signed a Memorandum of
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The Chief Executive Officer of Lushann International Energy limited has accused the founder of the defunct bank, UT, Prince Kofi Amoabeng of money laundering as he parries claims his firm contributed to the collapse of the indigenous bank. Lushann Energy, owners of saltpond offshore oil company, has been in the news
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The former CEO of defunct UT Bank Prince Kofi Amoabeng has denied taking $5 million loan without recourse to the bank’s board. According to him, the amount was raised from selling his personal property at Roman Ridge in Accra and does not belong to the defunct bank contrary to media reports. “It
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The Auditor General has charged the Economic and Organized Crime Office (EOCO) for breaching the constitution as well as the public financial management Act. According to the 2016 Auditor General’s report on Consolidated Funds, EOCO kept GH¢1,168,998.37 it recovered from individuals and organizations in 2015 in contravention of article 176 of
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ICGC founder and board chairman of the defunct Capital Bank Dr. Mensa Otabil has opened up on his duties at the bank explaining that he had a “non-executive role”. He however explained in a statement Tuesday that decisions were made at the bank with the best of intentions. “My position was a
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President Akufo-Addo says government is considering lending 5 million dollars to Vester Oil Mills Company at Deduako in the Ejisu Municipality for it to expand its operation and create more jobs. Speaking in an interaction with management during a visit to the factory as part of his tour of the
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Lawyers for gold trading company Menzgold have rejected claims by the Precious Minerals Marketing Company (PMMC) that the company’s licence has been revoked. It follows ongoing disagreements between Menzgold and the Bank of Ghana over its operations. Managing Director of PMMC Opare Hammond is claiming Menzgold is not licensed to buy and
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The Management of Menzgold Ghana Limited has described as unfortunate and disparaging cautions by the Bank of Ghana that the public should be wary of investing with the gold investment company. According to the Central Bank, Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions
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Despite assurances by the central bank that staff of the five banks that were merged to form the consolidated bank would not loose their jobs, most of them remain uncertain about their fate. The managing director of Royal Bank Osei Asafo-Adjei who interacted with GH One news said he was
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