Asanko Gold Inc. has announced that the Board of Directors has made a positive financial investment decision to proceed with the construction of Phase 1 of its Asanko Gold Mine in Ghana. Phase 1 is based on the construction of the Obotan Gold Project which was acquired during the takeover of PMI Gold Corporation ("PMI Gold") in February 2014. Phase 2 anticipates the inclusion of the adjacent Esaase deposit. Early works at the project site has been underway since April in preparation for

Bamson Company Limited, local representatives of Crown Paints, United Kingdom (UK), has cut the price of its newly-introduced Crown Pure Brilliant White Matt Emulsion Paint. Under the ‘Crown Special Promotion’, home-owners, housing companies, painters and all customers, who purchase the company’s new 10-litre Crown Pure Brilliant White Matt Emulsion Paint will get GH₵40 instant cash-back. “This means that buyers will enjoy about 30 percent discount on the product, which will bring the price

The Chairman of the Council of the Ghana Stock Exchange (GSE), Dr. Sam Mensah, is pushing for the trading of new capital market instruments that will help safeguard and protect the investing public and consumers against volatility in the economy. According to Dr. Sam Mensah -- who has been with the GSE for the past 20 years -- globalisation and openness of the capital market has made the economy vulnerable to external shocks, requiring new instruments such as derivatives to manage the associated

Organised Labour has fixed next week Thursday to embark on a nationwide strike in what could be the biggest demonstration by Ghanaians against government’s economic mismanagement, poor fiscal policies and growing hardship in the country in the last 15 years. Organised Labour, made up of the 18 affiliates of the Trade Union Congress (TUC) and professional bodies and associations in the country, explained that the nationwide strike- which could bring economic activities and government business to

Minister of Finance Seth Terkper attempted on Wednesday to comfort Ghanaians worried by rising cost of living with assurances that the medium-term outlook is positive despite the short-term harsh effects of fiscal consolidation. Presenting his mid-year fiscal review and supplementary estimates to MPs in Accra, he said despite setbacks, government is poised to make Ghana a fully-fledged middle-income country with opportunities for all. He added that “some of the measures [to achieve this goal] will

The National Democratic Congress (NDC) Member of Parliament for Nadowli Kaleo, Alban Bagbin has been confirmed Majority Leader. He takes over from Benjamin Kunbuor who has been reassigned as Minister of Defence. Deputy Majority Leader Alfred Agbesie confirmed the appointment to Accra-based Joy FM, Thursday. The former Works and Housing Minister is deemed to be the appropriate person having served in a similar capacity for several years. Mr. Bagbin, obviously one of the longest serving and most experienced

The Guaranty Trust Bank group has been adjudged the ‘Best Bank in Africa’ at the just-ended 2014 Euromoney Awards that took place at the Natural History Museum in London, UK, on Thursday, July 10, 2014. This recognition makes GTBank the first Nigerian bank group to win the award. Similarly, Guaranty Trust Bank Plc -- parent company of Guaranty Trust Bank (Ghana) Limited -- was awarded as ‘Best Bank in Nigeria’ during the same ceremony. The awards recognise institutions that have demonstrated

The West Africa Emerging Markets Growth Fund (WAEMGF) has announced a US$5million investment in Leasafric Ghana Limited (“Leasafric”), a specialist non-bank financial institution that primarily provides finance and operating lease solutions to SMEs and leading corporates in Ghana. Set up in 1994, the company has established itself as a solid financial services provider offering innovative asset financing solutions to Ghanaian businesses. This investment comes at a crucial time to shore-up the

The sliding cedi raises the risk of banks incurring higher non-performing loans due to the potential for default among borrowers exposed to exchange rate volatilities, says Simon Dornoo, Managing Director of GCB Bank and president of the Ghana Association of Bankers (GAB). The local currency is down 27 percent against the dollar this year, and its slide has largely defied the extraordinary efforts of the Bank of Ghana (BoG) to stem the decline. The cedi now trades at an official average rate of 3.03

The Ghana Shippers Authority together with the Borderless Alliance have held a one-day stakeholder engagement workshop, in Kumasi, with haulage transport operators and other stakeholders in transit trade operations to discuss challenges confronting the transit trade sector. Prominent among the issues discussed were the effects of implementing the new axle-load regime in Ghana, which became operational on January 1, 2014; and road governance information on checkpoints, illegal payment and delays on

As much as GH¢414 million could be saved by government through the deployment of the Electronic Salary Payment Vouchers (ESPV) to rid the public sector payroll of illusory workers, otherwise known as ‘ghost names’. Seth Terkper, the Finance Minister, during a mid-year budget review submitted to Parliament said success in the pilot phase of the ESPV in the Greater Accra Region portends that GH¢414million could be saved per annum. The ESPV system provides online access to heads of management

Businesses in the country are facing tough conditions which are threatening to erode margins gained in previous years. From costly utilities, rising fuel prices, a stubborn running inflation, an unbearable tax burden, and a fast depreciating currency, many companies are facing shutdowns -- but the Ghana Chamber of Commerce and Industry (GCCI) is asking them to hold on a little longer. “We are aware about the challenges, and that’s where businesses must ensure they position themselves and keep