The customers of MenzGold have for the past six months, been demanding the payment of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission to halt their gold trading operations with the public. The company was cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.” Menzgold was asked to suspend its gold trading operations with the public...
Ghana completed a cleanup of its banking industry in which lenders were required to raise their capital and improve governance, with two-thirds of them meeting the new requirements, Bank of Ghana Governor Ernest Addison said. The West African nation has “23 well-capitalized” banks, compared with 34 previously, which raised their holdings to at least 400 million cedis ($81.1 million), Addison told reporters Friday in the capital, Accra. Reforms announced in September 2017...
Fund manager of Gold Coast Securities, is expected to pay over GHc370,000 allegedly owed the customer, one Dr. Archibald Frederick McKenzie Badoe, who claimed the company has refused to give him back his investment. The woes of Group Nduom, chaired by Dr. Papa Kwesi Nduom, are far from over as the angry customer of one of their subsidiaries, Gold Coast Securities, won a lawsuit against the fund managers. The Economic and Organized...
The Bank of Ghana has downgraded GN Bank to a savings and loans company. This was after the central bank finished what it describes as the banking resolution requiring each commercial bank operating in the country to have a minimum capital of ¢400 million. At a news conference in Accra Friday, BoG Governor Dr Ernest Addison said Vish Ashiagbor of the international audit firm Pricewaterhouse Coopers has been appointed an advisor for...
In what could have easily passed for a tip-off from their Ghanaian counterparts, authorities at the JFK airport in the United States of America have detained for hours a former appointee of President John Mahama, Dr Samuel Sarpong on suspicion of drug possession and money laundering; MyNewsGh.com has confirmed. Dr Samuel Sarpong was former President John Mahama’s appointee at the State Housing Company where his tenure is already being probed by the...
Wu Henggang, vice-president of Oppo, said by leveraging its sound handset business, the company aims to offer smart services which will integrate content, technology, channels and other resources. To being among the first batch of players to unveil 5G smart phones, Oppo will step up the exploration of application scenarios of next-gen devices, which will ultimately play a role in deciding the true value of the superfast technology.” Oppo has unveiled a...
MTN has had persistent run-ins with authorities as it chases big sales growth opportunities in Nigeria. The company had seen more than $3 billion of its market value erased since the news of the fund-transfer allegations came to light in August, with the stock losing more than a third of its value. MTN also faces geopolitical risks tied to its businesses in Syria and Iran. There are still major hurdles for it...
Vodafone Ghana has won one lot out of three to begin 4G operations (2x5MHz frequency spectrum block in the 800 MHz Band) for mobile services. The sale of the Spectrum is in line with Section 58 of Electronic Communications Act 2008, Act 775 on Spectrum Management which highlights the NCA’s mandate and the options for Frequency Assignment. According to the Authority, two companies submitted applications, with Vodafone emerging as the only successful...
The police spokesman said that the owner of the truck petitioned the IGP following the attack on the driver and the diversion of the sugar worth over N10 million the driver was transporting to Benin City. According to Moshood, based on the petition, the IGP directed the Commander IRT, DCP Abba Kyari to investigate the matter, stressing that upon the directives, Kyari directed CSP Phillip Rieninwa, IRT commander in Lagos to go...
A mother of three is calling on President Nana Addo Dankwa Akufo-Addo to immediately intervene in the matter before victims of the company commit suicide indicating that Ghana will be too small to contain them if that happens. She took a jab at authorities insisting they should have known better and cautioned customers against depositing their life savings with a company that had turned out to be a scam. The president has...
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