Featured Articles

BUSINESS NEWS | GHANA AND BEYOND

The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that all customers of the nine failed banks, and over 95 percent of customers of Specialised Deposit-taking Institutions (SDIs), which were affected by the banking sector clean-up have received their deposits. According to Dr. Ernest Addison, the first phase of the banking sector clean-up involved the revocation of licenses of nine banks, for which all depositors were paid in full. “The second phase has to do with the SDIs – these are the savings and loans, microfinance institutions and finance houses. In their case, for individual depositors who have been fully paid, the data that we have suggests that more than 95% of depositors have been fully paid,” he said.

Ghana’s downstream petroleum player, GOIL, is awaiting results of data collected by its partner ExxonMobil for the exploration of crude oil in the Deepwater Offshore Cape Three Points. To this end, the company has also invested in the recruitment of local engineers and geologists to help in the production process. Managing Director, Kwame Osei Prempeh, disclosing this to Joy Business after the virtual annual general meeting of Goil in Accra said, “Even though it is too early to predict, Exxon is very experienced in the field and like I said, they have collected the seismic data to study it in their America office and so far the information they are giving to us is good”.

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr. Yofi Grant has told Ghanaians in the diaspora that the centre is ready to assist them to have access to investment opportunities in Ghana. He explained that the GIPC serves as the intermediary between the private sector and the government, hence, their doors are always opened to them. He said this while speaking at a webinar organized for over 100 Ghanaians in the diaspora via Zoom on the topic “Ghana, An Ideal Destination for the Diaspora Investment” and organized by Bank of Africa Ghana (BOA) in collaboration with the Ghana Diaspora Monetary Fund on Friday, August 21, 2020.

Co-Chairman of the Abossey Okai Spare Parts Dealers Association, Clement Boateng, has kicked against claims that the implementation of the Customs (Amendment) Act, 2020, Act 1014 will affect the business operations of spare parts dealers in the country. His remark follows claims from various stakeholders within the industry that certain aspects of the Customs (Amendment) Act, 2020 that bans the importation of used cars older than 10 years, and salvaged vehicles also known as accident cars may result in loss of jobs. Speaking to Citi Business News , he appealed to government to conduct more education and sensitization programs on the law as it will be a job-creating avenue for many people.

The outbreak of COVID-19 in Ghana has affected the local cashew Industry in the Jaman North Municipality of the Bono Region forcing some out of production. According to cashew farmers, their customers who are mostly outside the region have ceased buying their produce because of the outbreak of the pandemic. One of such is the Kabile Cashew Cooperative located at Kabile which processes cashew and sells to clients in Accra, Kumasi and Takoradi.
Joseph Saa Mensah, owner of Kabile Cashew Cooperative tells Citi Business News , the impact of COVID-19 on the business has decreased production. Clement Anane, the Secretary of the National Cashew Farmers Association of Ghana also states that apart from low sales, the price of cashew has also fallen at an all-time low.

➖➖➖➖➖➖➖➖➖

Save the date 29th August, 2020 because InvestinGh brings you it’s 3rd webinar @ 17:00GMT with Mr. Nana Sarfo (CE0, Bora Capital Advisors) and Mr. William Mensah (Principal Consultant, Lifespring Consult Ltd) to teach you *“How to Achieve Financial Independence”*. Don’t miss this extensive and educative discussion. Visit *www.investingh.info* to register for free.

➖➖➖➖➖➖➖➖➖

Secure your Tomorrow with *MY OWN PENSION* on your MTN Mobile Money and make contributions that you can rely upon tomorrow. To Register, Simply dial **170#*, select *Option 5* (Financial Services) and select *Option 4* (Pensions and Investments) to Begin

➖➖➖➖➖➖➖➖➖

The Investingh team put together a Financial Planning Template to help you plan your budget, retirement, child’s fees, weddings, buying a car, land acquisition etc. Follow this link to download: http://eepurl.com/gb8arv

➖➖➖➖➖➖➖➖➖

INTERBANK FOREX RATES
US$GH¢ Buy 5.6806 Sell 5.6862
GB£GH¢ Buy 7.4614 Sell 7.4700
AUD$GH¢ Buy 4.0762 Sell 4.0816
CAD$GH¢ Buy 4.3052 Sell 4.3095
JP¥GH¢ Buy 0.0534 Sell 3.7076
ZARGH¢ Buy 0.3373 Sell 0.3375
EU€GH¢ Buy 6.7165 Sell 6.7231
CHN¥GH¢ Buy 0.8218 Sell 0.8223
GH¢CFA Buy 97.5676 Sell 97.6635
GH¢NG₦ Buy 68.0684 Sell 68.0930

CRYPTOCURRENCY MARKET
Bitcoin $11,370.29