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March salaries to delay; we can’t keep borrowing to pay staff – UG

The University of Ghana, Legon will be unable to pay its workers their March 2018 salaries on time due to the government’s failure to release subventions.

No timeline has been given for when payment will eventually be made.

A memo, sighted by Citi News, from the University Registry also revealed that the University has been borrowing money for the past two months to pay salaries.

The memo, which was signed by the Registrar of the University of Ghana, Legon, Mercy Haizel-Ashia said the “processing and release of the compensation subvention for January and February has been delayed.”

“Therefore, payment for March 2018 salaries cannot be made as scheduled. It is not possible to borrow for a third month to pay salaries,” the memo added.

Assurances have been given that “efforts are being made by management to ensure that the delay does not prolong.”

Payment of salaries at the university is normally effected by the 25th day of the month.

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Opuni, Seidu Agongo trial begins today

Former COCOBOD boss, Dr. Stephen Opuni, will make his first appearance in court today [Monday], for among others allegedly causing financial loss to the state in a fertilizer supply deal.

Dr. Opuni and Siedu Agongo, the CEO of Zeera Group of Companies and Agricult Ghana, which also belongs to Seidu Agongo, are cumulatively facing some 27 charges, including abetment of crime and conspiracy to commit crime.

Some key National Democratic Congress executives and the family of Dr. Opuni have described his prosecution as witch hunting, indicating their preparedness to stand by him.
The Attorney General about two weeks filed the 27 counts including a charge of causing financial loss to the state.

Seidu Agongo, CEO of Zeera Group of Companies and Agricult Ghana Limited, is said to have been a beneficiary of a supposed fraudulent fertilizer contract worth over GH¢43 million.


Four new members join Board of GCB bank

Four additional members have been sworn onto the Board of GCB Bank Limited as directors.

They are Mr Samuel Amankwah, Chief Operating Officer (COO), Mr. Francis Arthur-Collins, Mr Ray Ankrah and Mr Osman Ayuba.

This brings to ten the number of directors appointed to the Board of the Bank.

In June this year, Mr. Nik Amarteifio, Mr. Richard Oppong and Nana Saara III, Queen-Mother of Denkyira became Board Members.

It will be recalled that Mr. Jude Arthur, an accomplished banker was recently appointed Board Chairman of the Bank together with Mrs. Lydia Essah and Mr. Anselm Ray Sowah, the Managing Director.

Mr Amankwah replaces Mr Samuel Sarpong, who retired from the service of the Bank in May this year as COO and Executive member of the Board of the Bank.

GCB takes over UT, Capital Banks

GCB bank recently took over Capital Bank and UT Bank after the Bank of Ghana revoked the licenses of the two banks.


DVLA goes digital

Persons who apply for a drivers’ license will now be able to obtain it within a period of two to four weeks.

This follows the introduction of the New Smart Drivers’ License which will be launched on the 7th of November 2017.

Speaking to Citi Business News at the sidelines of a media engagement with the Driver and Vehicle Licensing Authority( DVLA), Deputy CEO of the Authority, Kwame Appiah Kubi was optimistic that the introduction of the new system will among other things reduce revenue leakages normally associated with the application of driver’s licenses.

“We have to digitize, which is also part of government’s target that we remove the human interface from the system. It’s there that this issue of “gorro” boys” will be removed, he said.

“Dwindling revenue is also going to be improved, that is why management came out with this policy of digitizing almost all our services so that it will be easier for people to access our services,” he added.


Banks to cut back lending to energy sector

Banks are expected to tighten their lending to the energy sector soon. It will follow the repayment of the accumulated energy debt to the affected banks.

Currently, bids are being accepted for the first tranche of the bond to raise 6 billion cedis.

This is expected to close by Friday, October 27, 2017.

But Economist at the University of Ghana Business School, Dr. Lord Mensah tells Citi Business News the reduction in loans to the energy sector is inevitable as the development has adversely affected the financial position of most banks.

Dr. Mensah says the decision would also be influenced by the available options in lending with relatively lower defaulting rates.


Involve military in dealing with vigilante groups – Kwesi Anning

It is about time government involved the military in dealing with acts of lawlessness by political vigilante groups, Security Analyst, Kwesi Anning has suggested.

Mr. Anning believes the Military’s involvement will bring an end to the incessant attacks being staged by these groups often in the name of politics.

Making his case on Eyewitness News, Dr. Anning said: “The President of the Republic of this country does not represent anymore parochial; party interest.

He has a broader interest of Ghana at stake, and it is only a matter of time before he will ask the Military to intervene because if the authority of the President is flouted consistently overtime, this begins to have implications for the stability of the country.”


Bukom Banku suffers humiliating defeat in cruiserweight bout

Former WBO Africa Cruiserweight champion, Brimah Kamoko, known commonly as Bukom Banku suffered a humiliating defeat to former Ghana Amateur boxing team captain, Bastie Samir in the cruiserweight non-title bout held at the Bukom Boxing Arena in Accra on Saturday night.
Bukom Banku, who promised to knock out the Bastie in the 6th Round ahead of the bout struggled to find his feet after from the 3rd Round after enduring tough punches his opponent.
In what turned out to be the first loss in his professional career, Bukom Banku was forced by Bastie to taste the floor first in the 3rd Round after a heavy blow served to his [Bukom Banku] face.
A visibly fatigued Bukom Banku struggled to complete the subsequent rounds as Bastie’s jabs proved to have what it takes to draw the remaining energy out of him.


NCA shows mercy; slashes FM stations’ fines by 50%

In an act of leniency, the Ministry of Communications and the National Communications Authority (NCA), have slashed the fines for the sanctioned commercial FM Broadcasting stations by 50 percent.

The stations have thus been given additional 30 days to pay the slashed fines.

“Defaulting Commercial FM Broadcasting Stations that were fined by the NCA have also had their fines reduced by 50%. They have 30 days from 20th October, 2017, to pay the 50% reduced penalties or have their authorizations revoked,” a statement from the NCA said.

“It is the expectation of the Ministry and the Authority that all defaulting FM stations will take advantage of this opportunity and ensure compliance within the shortest possible time,” the NCA added.

For the 34 sanctioned stations that had their licenses revoked because their authorizations had expired, they have been given 10 days to petition the Minister of Communications, Ursula Owusu-Ekuful.


Otumfuo receives hero’s welcome after money laundering allegations

Business activities came to a halt as scores of residents in the Kumasi Metropolis lined up on the streets to wave at the Asantehene Otumfuo Osei Tutu II, when he touched down at the Kumasi Airport on Thursday.

The Asantehene was taken through some principal streets of the metropolis before finally taken to the Manhyia Palace.

Otumfuo’s Mawerehene, Baffour Osei Brentuo Hyiaman V, has said the Asantehene and the Manhyia Palace are not ready to respond to stories that emerged while he was away.

According to him, the Asantehene Otumfuo Osei Tutu II has never responded to such issues and was not ready to respond to the recent one.

The Asantehene received a rousing welcome when he touched down at the Kumasi Airport amidst singing and drumming.

He was taken through the principal streets of the metropolis and was finally taken to the Manhyia Palace.


Our suspension of operation indefinite – LPG Marketers

The LPG Marketing Companies Association of Ghana, has said that their decision to suspend the sale of LPG product to consumers is indefinite.

The Association said it cannot provide information on when its members are to resume work due to the technical nature of their planned installation assessment.

LPG distributors threaten strike over cylinder re-circulation policy Members of the Association have suspended work supposedly for major maintenance works on their stations nationwide.

The Association’s members, some of who shutdown from Wednesday, October 19, has not indicated when it will allow members resume regular operations.


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