Month: November 2018

GHC2 Billion Released To Settle Debt Owed Contractors

The government is to release about GH¢2 billion between this year and early 2019 to settle outstanding arrears owed contractors, mostly in the road sector, Minister of Finance, Ken Ofori-Atta, has said. In an interview with the Daily Graphic in Accra, Mr Ofori-Atta said out of the amount, GH¢1 billion had already been earmarked for disbursement by the end of the year, while an additional GH¢900 million would be paid to contractors in the course of next year. Giving details about the payment soon after a 2019 post-budget session under the auspices of PricewaterhouseCoopers (PwC), an international accounting and auditing firm, the Minister of Finance explained: “The decision to release […]

IGP To Be Jailed For Disobliging Court?

IGP David Asante Appeatu

An Accra High Court has set November 19, 2018, to decide the fate of the Inspector-General of Police (IGP) David Asante Appeatu for disobeying the court’s order. It will also rule on an application by the government’s lawyer seeking to overturn the conviction of the number one police officer for criminal contempt. The Deputy Attorney-General, Godfred Dame, believes the trial judge committed a serious error of law because some mandatory procedures were not followed in executing the judge’s order. That order was to provide security for the execution of a court order for the eviction of police officers residing in a 12-block flat at Madina in Accra. The property belongs […]

Ibrahim Mahama Dragged To Court Over GH¢358 Million UT Bank Debt

The receivers of the collapsed UT Bank have dragged a businessman, Mr Ibrahim Mahama, and four of his companies to court for owing the bank GH¢358.8 million. According to court documents, Mr Mahama’s companies owed the bank outstanding loan repayment balance of $35.7 million and GH¢189.1 million as of the time the bank’s licence was revoked in 2017. The licence of the UT Bank was revoked on August 1, 2017. The companies are Dzata Cement Limited, $35.7 million; MBG Limited, GH¢83.1 million; Holman Brothers Limited, GH¢86.4 million, and Engineers and Planners, GH¢19.6 million. The receivers, Mr Vish Ashiagbor and Mr Eric Nipah, who sued in their capacity as joint receivers, […]

Bank Of Ghana Has So Far Saved About GH₵11 Billion Deposits

Bank of Ghana (BoG) and the Ministry of Finance have through their interventions in the financial sector, protected about GH₵11 billion in customer deposits, including deposits and placements of other financial institutions, Second Deputy Governor of BoG Elsie Awadzi has said. Speaking at the JoyBusiness Financial Services Forum in Accra, Elsie Awadzi said, “After saving deposits of about GH₵11 billion in the banking sector, you still see some deposits in the savings and loans wondering, well, are we going to be ok? What would have happened if we hadn’t saved those?” According to her, “BoG’s actions against the failed banks and government’s decision to guarantee the deposits of the seven […]

Akufo-Addo Given Ultimatum To Provide Invisible Forces With Job

The New Patriotic Party affiliated vigilante group, the Invisible Forces, in the Ashanti region are threatening to embark on a demonstration if their demand for jobs is not met by 20th of this month.   The Over 2,000 members believed they have been deceived by party bigwigs and are now calling on the President Nana Akufo-Addo to provide them with job within 15 days.   Abdul Karim Mohammed, Ashanti regional Chairman of the Invisible Forces, speaking to Starr fm today said, it is only the president that can intervene to stop the impending demonstration.   “In Ashanti region alone Invisible have 2785 men…at least we should know what to tell […]