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Business News Fri, 24 Jan 2020

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Business stories that made headlines this week

It’s been a momentous week for business news in Ghana, from corporate boardrooms to courtrooms and other interesting sectors.

Some of these high-profile stories filled the business pages for days. Others are likely to continue to dominate the news weeks after.

These are the top business headlines that continue to be read, shared and talked about from 20th – 24th January.

Below are trending business stories:

FX committee to investigate cedi depreciation

The Finance Ministry set up a committee help propose solutions to deal with the problem of cedi depreciation.

The body named FX Developments Committee, is in fulfilment of a promise made by the ministry last year to constitute a bi-partisan committee to look into the problem and help address it.

The finance ministry say, the committee will work to complement the efforts of the Bank of Ghana in curtailing the usual poor performance of the cedi against other major foreign currencies.

They will also review the current forex regime, identify the inherent constraints in the system and offer workable alternatives by way of policies and programmes which potentially would reduce FX risks in the economy.

Read the full story originally published by ghanaweb :

Petroleum retailers threaten to boycott fuel with temperature above 20 degrees

The Ghana Petroleum Retailers Association says the National Petroleum Authority (NPA) should heed to its directive requiring Bulk Oil Distributors and oil depots to keep the temperature of their petroleum products at 20 degrees Celsius before it is transported.

The national petroleum body’s directive is meant to reduce losses when transporting fuel and also to minimize the effect of temperature on the losses experienced in transit and at the customer end.

All loading depots are to comply with the compensation at 20 degrees Celsius for all products. Depots are therefore required to install temperature compensated meters to meet the 20 degree Celsius product compensation at the loading center even though the globally accepted temperature is 15 percent.

Read the full story originally published by Pulse Ghana:

ADB to name and shame loan defaulters

The Agricultural Development Bank (adb) says it will publish the names and pictures of loan defaulters if they do not pay up within 30 days.

For corporate bodies that are failing to payback their loans, the names of the companies and their directors as well as pictures will be published, 3news.com reports.

ADB said it will not hesitate to “use all lawful means necessary against defaulters” who fail to settle their indebtedness after the expiration of the 30-day grace period.

“This publication shall be the beginning of series of actions the bank intends to take to remind its debtors of their debts and the need to settle their obligations,” a notice issued Wednesday by the bank explained.

Loan defaulters have been asked to present a workable payment proposal for consideration, thus warning “failing which the bank shall be left with no option than to take drastic measures against any defaulters”.

Read the full story originally published by Ghanaweb:

Akufo-Addo opens trading at London Stock Exchange as market partnership is launched

President Akufo-Addo on Tuesday rang the bell to kick off the new partnership between the London Stock Exchange (LSE) and Ghana.

Akufo-Addo alongside UK MP for Africa Andrew Stephenson, Finance Minister Ken Ofori Atta and Foreign Affairs Minister Shirley Ayorkor Botchwey rang the bell at the UK-Africa Summit signalling trading at the London Stock Exchange.

London Stock Exchange (LSE) partnership with Ghana Stock Exchange (GSE) will help develop some of the capital market’s infrastructure that can sustain and deepen the financial market as well as move to emerging market status, the British High Commission in Accra said.

Speaking at the launch of the UK – Africa Summit 2020, President Nana Addo Dankwa Akufo-Addo said Ghana was prepared to partner the London Stock Exchange in revenue and resource mobilization for investments on the African continent.

According to him, the country’s endowed resources make it fully ready to partner the London Stock Exchange in investment on the continent.

Read the full story originally published by Ghanaweb:

Ghana’s Securities and Exchange Commission to punish 12 fund managers

The Securities and Exchange Commission has disclosed that it will engage the 12 respective Trustees and Directors who failed to appoint new fund managers for the management of the Collective Investment Schemes.

The commission said in accordance with Act 929 of the SEC Act, it will as well apply sanctions against these Trustees and Directors

SEC said in a statement it released following the revocation of the 12 fund managers in the country.

“In accordance with Act 929, SEC concluded that it shall engage the respective trustees and directors in the interest of the investors in order to determine other possible courses of action for unitholders/shareholders of the unit trusts/mutual funds that were unable to meet the requirements of the previous notice and same communicated in due course”, the statement said.

SEC, however, said that six mutual funds whose licenses were revoked and directed by SEC to appoint new fund managers for the management of the CIS by 10 January 2020 have done so.

Read the full story originally published by Classfmonline.com:

Source: www.ghanaweb.com

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