GCNet loses appeal on workers redundancy package
The Court in its ruling held that GCNET must pay the redundancy packages as contained in the Human Resource manual of the company because the redundancy package was already predetermined since it was stated in a Memorandum Of Understanding that the Staff Association and GCNET were for the implementation of the redundancy exercise and not for negotiation. Disagreement over arrangements for the payment of compensation, including the capacity of the Welfare Staff Association to negotiate on behalf of some 148 affected workers, led the management and the workers to the Labour Commission, following which the Commission's arbitration panel, in its September 14, 2020 award, ruled that the provisions in the company's Human Resource Policy Manual should be used in paying the compensation to the redundant workers.
Cocoa farmers threaten demo over government's indebtedness to them
In a statement issued by the coalition signed by its Chairman, Mr James Osei, the cocoa farmers said: "We, the Coalition of Cocoa farmers of Ghana, are very much concerned about how the government and COCOBOD are treating farmers in this country." They added: "However, we the farmers by this press statement, want to alert the COCOBOD and government that over thousands of Cocoa farmers across the country will be staging a massive demonstration at Bunso on 6 March 2021 if we do not receive payment by then."
CGIA Institute organizes training for Business and Financial Journalists in Accra
The selected Business & Financial journalists from across Ghana's media spectrum were taken through series of practical sessions on the broader theme 'Finance & Investment in a Digital Age; Journalists perspective'. According to Ebenezer Asumang, CGIA, Head of Advocacy & Communication of the CGIA Network in Ghana, it was prudent journalists in the business field go through training to be equipped with skills to aid their reporting on finance.
10 drivers with fake motor insurance arrested
The National Insurance Commission is the insurance regulator. "Others drive with fake motor insurance stickers. We cannot count the number of people who have suffered from being victims of a motor crash with fake motor insurance or uninsured vehicles," he pointed.
Only qualified persons should head fisheries ministry
The Ghana Tuna Association says considering the challenges that bedevil the fisheries industry, only qualified persons with ample knowledge in the space must be assigned to the sector ministry. The association had earlier petitioned the Speaker of Parliament over what it described as the poor performance of the nominee to head the Fisheries and Aquaculture Development Ministry, Mavis Hawa Koomson. The association believes the nominee is not capable of running the Fisheries and Aquaculture Development Ministry.
GhIPSS, partners intensify education on Ghana's QR Code for payment
The payment service enables customers to scan displayed QR codes with their smartphones and pay, or dial displayed USSD codes with their phones to make payment. Ghana's QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displaced.
Oterkporlu community to begin 'compulsory' levying of mining companies from March 1
Companies mining limestone from the Oterkporlu Quarries in the Yilo Krobo Municipality of the Eastern Region would have to brace themselves to cough up levies being demanded by residents of the Oterkporlu community. The Assemblymember for Oterkporlu, Ebenezer Teye Narteh says the community arrived at this decision following a long period of fruitless attempts to engage the companies to accord the community its share of the proceeds from the mining of the limestone.
West Africa gold production expected to increase by 2.7% in 2021- GlobalData
Despite the setback, the analysts say the future looks bright post coronavirus with West Africa's leading Gold producers on the sub-region market Ghana, Burkina Faso and Mali are expected to increase by 2.7 percent in 2021 to eight-million ounces and is expected to grow to 8.4 million ounces by 2024 which is a 1.6 percent compound annual growth rate. Gold production in Burkina Faso is expected to grow at a CAGR of 3.8 percent, supported by 460,000 new gold production capacity.
Mining communities urged to participate in EIA public hearings
Mr Akwasi Owusu-Bi, the Local Governance Specialist with the WUSC in Ghana, said the purpose of the workshop was to identify environmental concerns within the communities to prioritise them. Topics discussed include the host mining community as an environmental watchdog, environmental concerns, and areas to guard, various Acts that regulate the mining sector and environmental accountability system, and the role of the host mining communities.
India ready to share rural development strategy with Ghana
The High Commissioner said leaders of both nations were working to maintain the existing relationship and had identified the SME sector and the development of the rural economies as priority areas. The Commissioner added that India was pursuing economic integration with Ghana as part of its engagement in Africa, which is centred on finding ways of building the continent into the "Biggest economy" in the world.
Finance Minister-designate to face Parliament's Appointments Committee on March 8
The Ministry of Finance last week announced, Mr Ofori-Atta was leaving the country to United States to seek medical care hence the need for a postponement of his initial scheduled date for vetting. The finance ministry in a press statement said "After recovering from COVID-19 last December, Mr Ofori-Atta has had medical complications which doctors advise, require further interventions not currently available in Ghana."
Meet the first African to head World Bank's International Finance Corporation
"Makhtar's skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery," Malpass said in a statement released by the IFC. "Makhtar's skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery." From 2009 to 2012, Diop held the position of World Bank Country Director for Brazil where the World Bank helped finance major infrastructure work and was the Bank's Country Director for Kenya, Eritrea, and Somalia.
We've suspended 10% increment of transport fares
The Association had planned to increase fares today, Monday, February 2021, due to the increment of some taxes at the DVLA and the ports. He said the suspension of the increment is only for three weeks, and if their concerns, were not addressed, they would increase fares by not 10% but 20%..
It's better to do T-Bills than to chase exorbitant interest rates
According to investment analyst, Ebenezer Asumang, it is better for Ghanaians to patronise Bank of Ghana's Treasury Bills and earn a meagre interest than to invest in a firm that gives higher interest rates. "Let's say if it is Government of Ghana's 91 days Treasury Bills and it's at 13 percent, put it there. The 13 percent may fetch you nothing but when you go back after 91 days, you can get your principal amount and that is better than none. But if you put it at a place that they are giving you 30 percent and the next time you go, the branch is missing, there is nobody working there and your money is gone, you are in trouble so please look out for security and don't look out for interest."
COCOBOD will receive US$190 million this week to settle farmers
Responding to questions asked by the MP for Buem, Kofi Adams stating that, in his constituency, cocoa farmers were owed over GH¢11 million and that has affected the livelihood of the farmers, the Minister-designate assured the Committee that "The money had been secured and would be received early this week which should lead to payments of affected farmers". The Public Affairs Manager of the Ghana Cocoa Board, Fiifi Boafo has confirmed that the board has for some weeks now been putting measures in place to secure some US$200 million to settle the arrears owed some License Buying Companies and farmers across the country.
Investment Analyst tells Ghanaians chasing higher interest rates
According to him, Ghanaians must do extensive research on an online investment firm to make sure they are legit before investing in it. He stressed that Ghanaians need to find out from the Security and Exchange Commission whether these online investment firms are credible before making any financial decision.
COCOBOD earmarks US$190 million to pay Licensed Buying Companies
Cocobod is targeting to raise Ghana's cocoa output from an average of 850,000 tonnes. Last year Cocobod and the African Development Bank signed a US$600 million facility to finance large-scale pollination of cocoa farms, expand tree pruning, construct warehouses, rehabilitate declining plantations and increase local processing.
Bitcoin slips sharply from record highs
Bitcoin fell sharply on Monday after surging to a record $58,354 a day earlier. Tesla boss Elon Musk, whose tweets on bitcoin have added fuel to the cryptocurrency's rally, said on Saturday the price of bitcoin and ethereum seemed high.
Government under pressure to get 2021 budget ready on schedule
Thus his vetting will take more time than usual, even as he faces intense time pressure to get the 2021 budget ready. The appropriation bill for the first quarter of 2021 gives government GH¢27.34 billion to spend over the period, with total revenues and grants expected at GH¢13.3 billion and total expenditure and arrears clearance at GH¢24.01 billion, thus leaving a fiscal deficit of GH¢10.7 billion.
Regulate cryptocurrencies now
Speaking in an interview with The Business and Financial Times monitored by GhanaWeb Prof. Gatsi said "Investors need to be educated to see that the burden, risk, bane and fallout from investing in a non-regulated asset is theirs alone. BoG and other regulatory bodies must provide definite frameworks to give the confidence of participation, as investors should not be participating in an unregulated asset,". Prof. Gatsi suggested that for a clear cryptocurrency regulatory regime for the alternative asset class, a two-form policy must be adopted, one that will protect potential investors from investing in assets that have no regulatory backing; and on the other, harness whatever potential benefits there are to gain from its regularization.