Wednesday, May 23Reliable Sources of Information

Business

UT, Capital banks collapse: GCB shuts down 31 branches

UT, Capital banks collapse: GCB shuts down 31 branches

Business, News
GCB Bank has shut down 31 branches of the defunct UT and Capital Banks after it successfully completed the full integration of the systems of the two collapsed banks to offer customers a wide network of some 183 branches across the country. The integration, according to the management of the GCB in a statement, included the consolidation of core banking applications, procedures and processes, the training of staff and the streamlining of the branch network. Thus “GCB has retained 22 out of the 53 branches of the defunct institutions based on their location and accessibility to customers,” said the statement. As a result of the integration, continued the statement “staff numbers have been rationalized and GCB has absorbed almost 70 percent of the permanent staff of those banks.
Unilever Ghana picks double at maiden Ghana Expatriate Business Awards

Unilever Ghana picks double at maiden Ghana Expatriate Business Awards

Business, News
Unilever Ghana was adjudged the Top Expatriate Business and the best in Personal Care and Cosmetics. Unilever Ghana has been adjudged the Top Expatriate Business in Ghana at the maiden edition of the Ghana Expatriate Business Awards. The company was also awarded the best in the Personal Care and Cosmetics business in Ghana at the same event. The Ghana Expatriate Business Awards was organized by the Ministry of Trade and Industry with the aim of recognizing the immense contributions expatriate businesses have made to the growth and development of the Ghanaian economy. According to the Trade Ministry, progress made in business in the country, over the years, has largely been supported by the inflow of foreign investment, generating much needed jobs and improving the livelihoo...
Second Deputy BoG Governor resigns

Second Deputy BoG Governor resigns

Business, News
Dr Johnson Asiama. The Second Deputy Governor of the Bank of Ghana, Dr Johnson Asiama has resigned. Sources say he has taken his accumulated leave leading to his exit from the bank by the close of this month. Dr Asiama's decision to move on was communicated in the first week of December to some senior persons at BoG. It is not clear for now what might have influenced Dr Asima’s decision to move on or step down from that position, but sources say challenges in working with the new government and some key senior persons at the BoG because he is perceived as an “outsider.” According to sources, Dr Asiama was pushed out, even though he was personally willing to work with the current administration in his professional capacity, until his term expires in April 2020. Some of
HFC Bank awaits more competition in mortgage offers

HFC Bank awaits more competition in mortgage offers

Business, News
Managing Director of HFC Bank, Anthony Jordan HFC Bank has ruled out any fears of losing to competition in the mortgage industry with the coming on board of GHL Bank. Managing Director of HFC Bank, Anthony Jordan, explains that the vast housing needs of customers make it necessary for more players to come on board to address the issue. Considered as one of the leading mortgage-centered banks, HFC bank is among the eight banks that offer mortgages in Ghana. GHL Bank, formerly Ghana Home Loans, is also targeting competitive mortgage offers even with its universal banking license. But Mr. Jordan has told ActivitiesGH.com that his company will least be affected by the move. “…The market for mortgages is very large and there a few banks that are doing mortgages seriously i
GRA chases construction firm over GH₵5m tax

GRA chases construction firm over GH₵5m tax

Business, News
The Ghana Revenue Authority (GRA) has issued a garnishee order to Allied Oil Limited, seeking to collect all outstanding monies that the company has to pay a construction firm by name Ace Façade. This follows the failure of the construction firm to pay tax of over GH₵5million, part of which is in respect of aluminium panels it imported to install on an ultramodern office complex belonging to Allied Oil. Ace Façade, upon a visit by the GRA’s Special Taskforce to the building site at Dzorwulu, had abandoned the project without paying the applicable tax. According to the GRA, the unpaid taxes span a period of two years, comprising income tax, workers’ Pay As You Earn, withholding tax for services rendered and penalties on late payment. Briefing journalists at the project site,