Wednesday, January 16Reliable Sources of Information

Business

SSNIT increases pension by 11%

SSNIT increases pension by 11%

Business
Mr John Ofori-Tenkorang, (left) addressing the press conference The Social Security and National Insurance Trust (SSNIT) has announced an 11 per cent increase in monthly pension payments for this year. Effective this month, all pensioners on the Trust’s payroll would enjoy nine per cent increase in their benefits as fixed rate. The remaining two per cent would be redistributed as a flat amount of GH¢15.89 across board to benefit those earning lower pension benefits. The annual review, pegged at 10 per cent last year, was announced by the Chief Actuary of the Trust, Mr Stephen Yeboah at a press briefing in Accra yesterday. He said the new minimum monthly pension for the year was GH¢300, which is almost GH¢13 shy of the national daily minimum wage of GH¢287.55. He disc
US-China officials begin trade war talks in Beijing

US-China officials begin trade war talks in Beijing

Business
US and Chinese officials have been holding a first day of talks in Beijing aimed at resolving their damaging trade dispute. Last year, both countries imposed billions of dollars' worth of tariffs on each other's goods. The two-day talks mark the first formal meeting since they agreed to refrain from any further tariffs for 90 days. The meeting comes amid rising concern about the impact of trade tensions on the global economy. The US delegation is led by Deputy US Trade Representative Jeffrey Gerrish. So far, neither side has given any indication of how the talks are going. However, a Chinese foreign ministry spokesman told reporters that his country had "the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions". While t...
Bank of Ghana announces 23 banks have met GH¢400m recapitalization

Bank of Ghana announces 23 banks have met GH¢400m recapitalization

Business
There are now 23 universal banks operating in Ghana, following the recapitalisation exercise that ended at the close of business on December 31, 2018, the Bank of Ghana has announced. Speaking at a press conference, Dr Ernest Addison, the Governor of the Central Bank, said these banks had all met the new minimum paid-up capital of GH¢400 million. Sixteen out of them met the minimum paid-up capital requirement mainly through capitalisation of income surplus and a fresh capital injection. He said the Bank of Ghana approved three applications for mergers. Consequently, First Atlantic Merchant Bank Limited and Energy Commercial Bank had merged, so had Omni Bank and Bank Sahel Sahara, as well as First National Bank and GHL Bank. “The three resulting banks out of these mergers h
Tax Evasion – Three In Court

Tax Evasion – Three In Court

Business
Three persons were on Thursday put before an Accra Circuit Court on charges of conspiracy to commit crime and tax evasion at the Tema Port. The three are Doris Asamoah, an Importer, Stephen Nyarko, and Rita Asiama Numo both Clearing Agents. They three were alleged to have conspired to evade tax to the tune of GH¢84,939.35 due the state. They all pleaded not guilty to the charges in the court presided over by Mr Aboagye Tandoh and were granted bail. Doris was granted bail in the sum of GH¢170,000.00 with two sureties, while Stephen and Rita were granted bail in the sum of GH¢90,000.00 each with two sureties each. The court also ordered the prosecution to initiate the process to file witness statements and serve lawyers of the accused as well. The case has been adjourn
Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’

Ex-Credit Suisse bankers arrested over ‘$2bn fraud scheme’

Business
Three former Credit Suisse bankers have been arrested over their alleged role in a $2bn (£1.5bn) fraud scheme connected to firms in Mozambique, according to US authorities. The men have been released on bail in London while the US seeks their extradition. The scheme allegedly involved loans to state-owned companies in Mozambique. Two others, including the country's former finance minister, have also been arrested. The former employees of the Swiss investment bank were arrested in London on Thursday. The men - Andrew Pearse, Surjan Singh, and Detelina Subeva - were charged in an indictment issued by a US District Court in New York. The indictment says that through a series of financial transactions between approximately 2013 and 2016, more than $2bn was borrowed throu
NO ONE CAN OPERATE SUCCESSFULLY WITH UNEMPLOYED YOUTH AROUND – ELLEMBELE MP TO ENI-GHANA

NO ONE CAN OPERATE SUCCESSFULLY WITH UNEMPLOYED YOUTH AROUND – ELLEMBELE MP TO ENI-GHANA

Business
Emmanuel Armah Kofi Buah, who is the Member of Parliament for the Ellembele Constituency in the Western Region, has urged ENI-Ghana, an energy company in the Ellembele district to motivate the youth in their operational area to have a livelihood. He said this during the commissioning of a Water project at Sanzule in the Ellembele district further stated that, the laying off of workers by sub-contractors of ENI-Ghana is not the best. He said the company cannot work to be successful in the area with unemployed angry youth. However, the former Petroleum Minister urged ENI-Ghana to find a solution together with the traditional authorities by training and empowering the youth with sustainable skills that will make them productive to earn a living. Went ahead to commend ENI-Ghana for t...