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The Mobile Telecommunication Network (MTN) Group has won the annual inaugural African business of the year and brand of the year awards held in London by the Commonwealth Business Council (CBC).
Organised by IC Publications in association with the CBC, Business Action for Africa and the United Nations Office for Partnerships, the African business awards celebrate the rapidly transforming business landscape in Africa by promoting entrepreneurial excellence, world class best practices in business as well as greater visibility for African brands and companies.
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| The Monetary Policy Committee on Monday announced a one per cent increase in the prime rate, the reference interest rate used by banks, citing fears of high inflation expectations.
The rate has gone up to 17 per cent from 16 per cent.
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Zimbabwe's annual rate of inflation has surged to 2,200,000%, official figures have shown.
The figure is the first official assessment of prices in the troubled African nation since February, when the rate of inflation stood at 165,000%.
Zimbabwe, once one of the richest countries in Africa, has descended into economic chaos largely blamed on the policies of President Robert Mugabe.
Mr Mugabe was re-elected last month in a controversial one-man race.
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President John Agyekum Kufuor on Monday granted audience to Dr. Saad Al Barrak, Chief Executive Officer (CEO) of Zain Group, a global telecommunications giant that has taken over the now defunct Westel, at the Castle, Osu.
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The current inflationary trend, which has been a source of worry to economists globally, remains a threat to the Ghanaian economy, a research has indicated.
According to the new research carried out by Databank Financial Services Limited on the outlook and analysis on the economy, the sensitivity of the economy to global commodity price developments and fiscal concerns are likely to worsen inflation expectations in the coming months.
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Ghana Ports and Harbours Authority (GHAPOHA), is to lose US$11 million in credit facility lent to former Ghana Airways.
GHAPOHA is to lose the amount because of its inability to prove a charge over Ghana Airways' DC9 aircraft (9G ADU), consequently reclassifying its claim as unsecured from a secured claim.
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The Ghana Stock Exchange (GSE) last Friday upon the advice of the Bank of Ghana taken a decision to put on hold a transaction in CAL shares involving a total of 14,130,000 shares that saw the bank's share price jump by GH¢ 0.40 to GH¢1.05.
The price, accordingly has been adjusted in isolation of the trade to GH¢0.66
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Shareholders of Ecobank, the Pan African bank, on Friday approved a special resolution authorizing the Board to raise additional capital of three billion dollars for operations over the next three years.
The amount will be used to meet the minimum capital requirements of subsidiaries, fund specialized banking operations, expand its reach on the continent and beyond as well as invest in technology.
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Ghana Commercial Bank (GCB) Limited has opened two more branches in Abelenkpe in Accra and Dambai in the Volta Region. This brings the total number of branches to 139 and 10 agencies countrywide.
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Asuma Banda also steps down
Information available to CITI FM says two Directors of CAL bank-Board Chairman George Okoh and Alhaji Asuma Banda- have resigned from the Board of the bank.
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The Bank of Ghana will soon introduce Automated Clearing House for bulk debit and credit transfers as well as a Codeline Cheque Truncation systems to further improve on the country's payment system, Central Bank Governor, Dr Paul Acquah said on Monday.
Speaking at the launch of the e-zwich common electronic platform, Dr Acquah said these systems together with the Real Time Gross Settlement and the Central Securities Depository (CSD) system would modernize the payments landscape.
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Nana Appiah Kusi Obodum, Environment and Social Responsibility Co-ordinator of Newmont Akyem Project, last weekend said management would invest more than 700 million dollars in the project.
He said feasibility studies indicated that the project could generate seven million ounces of gold annually for the next 15 years. Nana Obodum was briefing Mr Kwadwo Afram-Asiedu, Eastern Regional Minister, on his maiden official visit to the project site.
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The Agricultural Development Bank (ADB), has outlined measures to increase and expand its microfinance credit facility to cocoa and other cash crop farmers to expand their farms to increase production.
The bank has also extended a similar facility to small and medium scale entrepreneurs in the Agona West and East, Awutu-Senya, Effutu and Gomoa West Districts to improve their businesses in line with the government's poverty reduction strategy.
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The Tema Oil Refinery (TOR) will undergo a 200 million-dollar expansion programme to increase its production from 45,000 barrels currently to 145,000 barrels a day. Speaking to newsmen in Tema on the sidelines of a lecture on Ghana's oil find, Dr Kofi Kodua Sarpong, Managing Director of TOR, said the project is expected to begin late this year and be completed in two years. The lecture was organised by the Tema Chapter of the Kwame Nkrumah University of Science and Technology for its alumni in Tema.
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The Ghana National Communications Authority (NCA) is reportedly set to issue a sixth mobile license. Eleven players - Afritel Communications, Awesomedia, BenchMac PR & Business Consult, Express Mobile Communications, Faith Telecom, Global Trade Imex, Glo Mobile Ghana, TechnoEdge Ghana, Teylium Telecom International, TransAtlantic Industries and Warid Telecom International – have been shortlisted to participate in the beauty contest, with the winner expected to be named by mid- June.
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