Business

Thu
21
Jun
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British Airways cancels cheap plane tickets after discovering pricing 'error'

British Airways has cancelled the tickets of passengers who managed to buy cheap flights after a glitch on the airline's booking system.

A number of customers bought heavily reduced fares, many to Tel Aviv, including a £167 ($A298) return ticket, from third-party agents, but BA voided the tickets when it discovered the wrong fares had been published.

Ash Dubbay, from London, paid £195 through agent Travel Up for return flights to the Israeli city, but now has to pay as much as £1,000. A spot-check on flight comparison website Skyscanner for travel next month shows return flights to Tel Aviv costing from £307 with Easyjet, £567 with Turkish Airlines and £1,144 with British Airways. On the BA website, flights start from £351 return in the summer and £291 later in the year.

BA has apologised for cancelling the tickets and offered full refunds and a £100 voucher, but Mr Dubbay said it was "no help" because of how expensive the new flights were.

Tue
19
Jun
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GNPC commits $1m to University of Ghana to boost oil & gas industry

The Ghana National Petroleum Corporation has committed $1 million to the University of Ghana as part of a Memorandum of Understanding (MoU) between the school and the corporation to boost research in the oil & gas industry.

Speaking at the signing, the Chief Executive of GNPC, Dr K. K Sarpong stated that they were committed to growing the capacity of individuals in the disciplines related to oil and gas by the establishment of the research chair in petroleum at the University of Ghana.

“We are feeding it $250,000 a year for the initial four years. Meaning committing $1 million to this university over four years for this chair.”

Dr Sarpong believes education and training is key to growing the capacity of individuals in the oil and gas industry so the country can leverage on this to grow the industry.

Mon
18
Jun
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Sale of multiple lands deter investors - Minister

Accra, June 16, GNA - Mr Ismael Ashitey, the Greater Accra Regional Minister has called on the Chiefs and Family Heads to avoid multiple sale of lands, since that tendency deter businesses from investing in the Region.

He urged the Chiefs to assist and cooperate with all potential investors willing to invest in the Region to create job opportunities for the teeming youth.

The Regional Minister made the call on Saturday at the commissioning of the Villa Angelia Hotel, a 21-bedroom facility with the state-of-the art amenities located in Osu, Accra.

He commended Dr Chidi Anyaegbu, the Founder of the Hotel for putting up the facility to complement government’s efforts at creating avenues for job creation.

He said the facility would create employment and income opportunities in the area, adding that government would continue to create the enabling environment for the private sector to strive.

Fri
20
Apr
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ECG begins paying GHC1.9m to customers as compensation for system failure

The Electricity Company of Ghana (ECG) has begun compensating over 41,000 customers in parts of Accra affected by a December 2017 system failure that made it difficult for them to purchase electricity credit.

ECG is expected to spend a total of GHC1.9 million in compensations to both residential and non-residential customers affected by the December 3-12, 2017 system failure.

Residential customers in the 0-50 class would be credited with GHC1.74 while those in the 51-300 are expected to get GHC26.97. Those consuming between 301-600 would get GH¢98.30 credit each while those in the 600+ bracket would receive GHC76.64.

Non-residential customers in the 0-300-consumption class are to get GHC20.80 and those in the 301 to 600 brackets GHC108.47 while the rest in the 601+ bracket will receive GHC 1,109.33.

Thu
12
Apr
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MTN subscribers to pay taxes thru Mobile Money

The company’s innovative services which are aimed at making daily financial transactions of subscribers easy like using a debit or credit cards are Mobile Bank Push and Pull, Government Tax Payment and MoMo Pay services.

The new innovative Government Tax Payment service is also being introduced at the Liberia Revenue Authority (LRA) has introduced an automated tax paying system that allows tax payers to pay their taxes directly from their accounts.

The other product which makes shopping easy for subscribers is the Momo Pay service launched last Friday, 6 April. Lonestar MTN subscribers using Mobile Money will no longer have to worry about having cash in their pockets before going out to shop, especially with the ability to withdraw from their Bank accounts through the Bank Pull and Push service.

Mon
09
Apr
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Newmont shuts down operations in Ghana after Ahafo tunnel collapse

Mining firm, Newmont Gold Ghana Limited, has shut down all its mining operations in Ghana temporarily, after tragedy hit its Ahafo mine over the weekend.

According to the mining firm, it would only resume operations after investigations are concluded.

“In terms of restart, we will not restart…until we ensure that all areas have been re-assessed,” Acting General Manager at the Ahafo Mines, Yaw Okyere Ntroso told Joy News.

“…our sister company in Akyem has also stopped operation…in solidarity with us, until we resume when the place is safe,” he added.

The development could have some serious implications on the company going forward in terms of impact on its revenue, looking at the volume of gold ounces produced in a day.

The Mining Inspectorate Division of the Minerals Commission, has begun investigations to establish the cause of the accident.

Mon
26
Mar
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Tema to get 60MW waste-to-energy power plant

Armech Africa Limited, a subsidiary of the Armech Group, is to construct a $300 million waste-to-energy (W2E) power plant in Tema to generate 60 megawatts of clean energy.

Armech Africa Limited, a designer and manufacturer of modern industrial processes, has therefore signed a Public Private Partnership Agreement with the Electricity Company of Ghana to that effect.

The project will be pre-financed by the Armech Group via Industrial and Commercial Bank of China, a Chinese Multinational Bank, without any Sovereign Guarantee from the Government of Ghana.

It will create over 1,500 direct and indirect jobs and will also increase access to green and renewable electricity and lower environmental hazards as well as exposure to harmful pollution.

The construction will be done by Energy China, one of the largest comprehensive solutions providers for the power sector and infrastructural project in China and the world.

Mon
19
Mar
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Yamoransa to get modern kenkey factory under 1D1F

Yamoransa, the hub of the kenkey making industry in Ghana would soon benefit from an ultra-modern kenkey processing factory under the government’s industrialisation strategy to expand local economies.

The facility would be fully furnished with state-of-the-art equipment and facilities including; washrooms, borehole and grinding machines to aid the processing of large quantities of hygienic kenkey for the local and international markets.

Mrs Comfort Garbrah, the Assembly Woman for Yamoransa Electoral Area who announced this at a durbar to mark the international Women’s Day said the construction of the factory would be facilitated by the Mfantsiman Municipal Assembly with support from the Chiefs of the area and the private sector.

The women would also be given periodic training programmes on healthy ways of preparing kenkey, branding, financial literacy, book keeping, customer service and other empowerment programmes to promote their businesses.

Wed
14
Mar
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New formula for interest rate calculation to be implemented in April

Commercial Banks in the country are expected to start using a new formula for interest rates calculation from April this year.

The Ghana Reference Rate as it is referred to is already being described by industry watchers as revolutionary because it could deal with this age-old problem of lack of transparency in determining interest rates.

This will help as industry players believe it contributes to some banks having an undue advantage in the banking sector.

Why Ghana Reference Rate?

Sources tell JoyBusiness the introduction has been influenced by challenges with the current module for interest rate calculations and attempts to move towards a more market-friendly and relevant structure.

The Bank of Ghana (BoG) is also looking at moving towards a system where there is a laid-down procedure of calculating interest rates among various commercial banks to ensure equity and high level of transparency.

History

Wed
07
Mar
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Unibank takes over ADB

In an unexpected move that could be the beginning of a restructuring of the local banking space, a consortium of financial institutions that control majority shares in agric-focused bank, Agricultural Development Bank (ADB), have pledged their shares, proceeds, entitlement and voting rights to uniBank, a leading local bank.

The consortium, led by Belstar Capital–a turnkey project finance and implementation institution–also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL.

These institutions took up a substantial stake in ADB’s Initial Public Offering (IPO) in 2016 that paved the way for the bank to go public.

A source close to the deal has confirmed to the B&FT that the shares pledged to uniBank, which totals 51 percent, means uniBank now holds a controlling stake in ADB and with the additional majority voting rights, can now determine the strategic direction of ADB.

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