The Managing Director of HFC Bank, Asare Akuffo, has asked the Bank of Ghana (BoG) -- the sector regulator -- to refrain from any attempt to engineer mergers and acquisitions of banks in the country as concerns rage over the number and capacity of banks to finance big-ticket transactions. There are currently about 28 universal banks in the country, comprising 15 foreign-owned banks; 10 private domestic banks; and three government-controlled banks. There are also about 24 saving and loans companies,

With hitch-free development of more oil fields and the announcement of more discoveries, the future of oil in the country can only be good, the Energy and Petroleum Minister, Emmanuel Armah Kofi Buah has said, imploring Ghanaians to rally behind efforts at increased oil production. “Our key focus is to produce more oil and more gas for the country. And we know what that means. That would mean a lot of revenue for this country,” the minister said when he took his turn at the Meet the Press Series. Oil

The country’s growing financial services sector could be boosted by investments totalling up to GH¢375million (US$100m) from a new fund announced by LeapFrog Investments. The GH¢1.5billion (US$400m) fund will invest in high growth businesses in Africa and Asia. LeapFrog is the world’s largest dedicated equity investor in emerging markets’ financial services, with partner companies serving 22.7 million people across 16 countries. Ghana is a priority country for the firm. “With its liberal,

Consumers have to brace for another round of load shedding as the Electricity Company of Ghana (ECG) readies to announce a timetable for the recurrent ritual next week. CEO of the power distributor, Eng. William Hutton-Mensah said on Wednesday that several meetings among sector managers have taken place towards the release of a timetable. “We have had several meetings on the quantum of load we are being asked to shed. Just yesterday we had another meeting at the ministry,” he said in response

Ms Preba Greenstreet, Corporate Relations Director, Guinness Ghana Breweries Limited (GGBL), has said that Ghana’s agricultural sector can grow significantly if the manufacturing industry were to use more local raw materials for production. She said this when she paid a courtesy call on the Minister of Food and Agriculture, Fiifi Kwetey, in Accra. Ms. Greenstreet said GGBL for example started investing in local raw material sourcing (LRM) over ten years ago, but stepped up the level of investment

Bayer Crop Science Limited, an agro-chemicals production company, says some unscrupulous persons have flooded the market with imitation products of the company -- a situation it laments is adversely affecting sales as the “fake products” are relatively cheaper, thus wooing many ignorant customers. According to Bayer, the product with the most derivative samples on the market now is confidor. The illegal practice, the company noted, not only threatens business growth but also has the propensity

The innovations by United Bank for Africa (UBA) in providing convenient banking platforms for individuals and businesses have received global endorsement and recognition. The bank has been named the “Best Transaction Bank” from Africa in 2014 by UK-based magazine “The Banker”. This is hinged on the bank’s e-banking platforms which have positively changed the way businesses manage their cash flow, payments, collections, liquidity, trade, and value chain management across their business

PZ Cussons -- manufacturer of household products and cosmetics -- has held a grand event to unveil winners of its “Imperial Leather Treasure Hunt Luxury Promotion Reloaded” in Accra. The ultimate winners of the draw, Rita Owusu Brempong and Abigail Manu, received all-expenses paid trips for two to Dubai for recreational activities which include visits to the Dubai Museum, a desert safari, aquaventures and the Dubai Mall among others. The promo, launched earlier this year in March, saw other consumers

The Managing Director of HFC Bank, Asare Akuffo, has asked the Bank of Ghana (BOG)- the banking sector regulator- to refrain from any attempt to engineer mergers and acquisitions of banks in the country. "Leave the banking sector alone. It's doing quiet well in a difficult environment," Mr. Akuffo said. He was speaking at the 2014 PwC's Financial Services Executive Breakfast Meeting held on the theme: " the future of banking in Ghana...what's next?" To present

That Ghana has been undergoing power rationing in recent times is not for want of generation capacity; the lack of stable power supply in the country is, in the main, a fuel supply issue. And while President Mahama’s goal of achieving 5000megawatts of installed capacity by 2016 appears achievable, certainly not by the 2016 target though, the lack of adequate supply of fuel could render the many thermal power projects the nation is embarking on white elephants. If government does not pay equal