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Showing posts from July, 2013

Chamber of Commerce establishes ADR Center

The Sekondi-Takoradi Chamber of Commerce and Industry (STCCI), has established an Alternative Dispute Resolution (ADR) Center to assist its members to amicably settle business disputes.

He said ADR provides a simple, fast, cost effective and flexible procedure for members of the chamber to negotiate a settlement of their commercial disputes.

Mr. Ato Van-Ess, Chairman of the STCCI, announced these at a breakfast meeting for members of the Chamber and stakeholders, including representatives of financial institution at Takoradi.

He said ADR mechanisms were completely voluntary and must be agreed to by both parties involved in a dispute, except in a few cases when it was ordered by a court or any other body.

Mr. Van-Ess said all over the world, settling business disputes through ADR had become one of the leading functions of Chambers of Commerce and Industry.

He said benefits of ADR to corporate businesses; include avoidance of loss of money due to judicial corruption and resolu…

Minimum Capital of RCBs to go up - BoG

The minimum capital of Rural and Community Banks (RCBs) is to go up from GH¢150,000 to GH¢300,000, the Bank of Ghana (BOG) has hinted.

According to Mr Franklin Belnye, Head of Banking Supervision Department of BOG, “Notification to that effect will soon be issued with a time frame for compliance”.

He gave the hint at the 12th National Conference of RCB Managers in Ho under the theme: “Making the Rural and Community Banks more efficient to improve customer satisfaction.”

In 2008 the minimum capital of the RCBs went up from GH¢50,000 to GH¢150,000 “with a flexible time frame for compliance,” as a condition for paying dividends and opening new branches.

Mr Belnye explained that the revision had become necessary because “capital is the lifeblood of any viable banking institution and the more the better.”

“It is unfortunate some RCBs have still not been able to meet the revised (2008) minimum capital requirement,” he said.

“In today’s computerized world, appropriate re-tooling to d…

Ghana sets pace in W/A with plans to list 750 million Eurobond on GSE

Ghana sets pace in the West African sub-region as it plans to list the country's second Eurobond on the Ghana Stock Exchange (GSE) next month.

The move is expected to give local investors an opportunity to actively trade in the Bond.

According to lead managers of Bond, this would also be the second time a sovereign is being traded on a local bourse in the whole Africa, after a similar move by South Africa.

Speaking to Joy News at a forum in New York, Chairman of the governing council of the Ghana Stock Exchange, Dr Sam Mensah, said the listing would boost the development of the GSE.

"The fact that it is listed on the Ghana Stock Exchange is symbolic...It is a vote of confidence in the Ghana Stock Exchange and reflects government's policy to create a dynamic bond market", said Dr Mensah.

He adds that Ghanaians who have bought into the Bond would be able to trade in it locally while making gains from a bond that is international and "very liquid".

Dr…

SSNIT, ADB and Ghana Statistical Service board reconstituted

State Pension Trust, SSNIT, Agricultural Development Bank and Ghana Statistical Service now have new board members.

The members for the respective institutions were inaugurated today by acting Minister of Finance Haruna Iddrissu.

Rector of the University of Professional Studies, Joshua Alabi Chairs the SSNIT board, Nana Soglo IV for ADB while, Dr Boah Ocansay former PEF boss is the chairman for Ghana Statistical Service.

Haruna Iddrisu told JOY BUSINESS, "The expectation of the president is for them to provide leadership with the management of the fund and to operate with high standard of care in guaranteeing the security of the fund and ensuring prudent management and investment of the fund.

"In respect of the ADB board, the president has tasked them to improve their capitalization and for the Bank of Ghana to review its ownership and interest in ADB to allow for a floatation of shares on the Ghana Stock Exchange market."


Chair of the SSNIT board, Professor Jos…

UBA officially launches REDSHOP in Ghana

Vodafone Ghana gets new CEO