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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.

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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.

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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.

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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.

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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.

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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.


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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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Barclays Africa to be rebranded as Absa Group

Barclays Africa is to change its brand name to Absa Group subject to the necessary regulatory and shareholder approval.

Group Chief Executive Maria Ramos disclosed this to journalists on Thursday. The move confirms an earlier report by JoyBusiness that the Bank would be rebranded.

She told JoyBusiness' George Wiafe that the move would also affect the Ghana unit and result in a name change.

The change of name, she said, could take up to two years to be completed.

Financial result

Barclays Africa Group, has released its first annual financial results since the successful conclusion of the reduction by Barclays PLC of its majority shareholding in Barclays Africa Group last year.

The Group reported a 4% increase in headline earnings in 2017 as impairments declined substantially from a high base in 2016. Return on equity of 16.4% remains strong.

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Bottled Water Companies Threaten Shutdown Over Tax Stamp Frustration

Members of the National Association of Sachet and Packaged Water Producers have threatened to shut down their production should the enforcement of the Tax Stamp Law impact negatively on their operations.

They said the current frustration was due to the fact that members had not been able to acquire the tax affixing machines as of the eve of the enforcement of the Tax Stamp law.

A statement issued by the Association’s National Executive Committee in Accra, on Wednesday, said it had been confirmed that none of their member companies had been able to acquire the tax affixing machines at the moment.

It said members were also not in the position to acquire the machines, and, therefore, resolved at an earlier meeting in the day, that producers could access the government tax affixing machine at the Tema Port, in the interim.

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VRA to rely on Ivorian power to avert ‘dumsor’

The Volta River Authority (VRA) is to import about 200 megawatts of power from neighbouring Cote d’Ivoire to augment local production and avert power rationing, otherwise known as ‘dumsor’, following shutdown of the Jubilee FPSO on February 1, 2018 for planned maintenance.

The Jubilee Floating, Production, Storage, and Offloading (FPSO) produces oil and gas offshore Cape Three Points in the Western Region. The gas is then piped on-shore to the Ghana Gas Company’s gas processing plant at Atuabo.

The commodity is then processed and supplied to thermal plants sited at the Aboadze Power Enclave for thermal power production.

Shutdown of the FPSO is therefore expected to affect power supply from the Western Enclave, a situation the VRA believes will be averted with additional imports from La Cote d’Ivoire and running power turbines at Aboadze on Light Crude Oil (LCO).


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