Business News Summaries for April 17, 2021
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Backing galamsey allegations with evidence impossible
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Backing galamsey allegations with evidence impossible


Summary short_text

He said, nobody will have the courage to mention names of top government officials who are engaged in the illicit mining trade for fear of being victimized.

Dr Aubynn explained in an interview with Alfred Ocansey on the Sunrise show on 3FM Thursday April 15 that it is up to the President to select people to investigate claims that have been made against his appointees suspected to be neck-deep in galamsey.


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Mechanical Lloyd delists from stock market on April 16
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Mechanical Lloyd delists from stock market on April 16


Summary short_text

The Company in a release said it will delist from stock market after trading on Friday, 16 April 2021.

Some market analysts have point out that continuous de-listing of companies affects the sentiments of investor, giving that there are expectations for more companies to de-list on the market.


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IoD-Gh, MYO partner to drive corporate governance awareness campaign
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IoD-Gh, MYO partner to drive corporate governance awareness campaign


Summary short_text

Mr. Aryeetey added that a firm's Corporate Governance practices affect their economic performance, corporate social responsibility, expansion of market reach, ability to access low-cost investment capital and attraction of value-adding partners.

On his part, Prof Douglas Boateng, Founding Chairperson of MYO Global Foundation, indicated the importance of good corporate governance as a tool for agenda-setting for value-driven reforms towards national development.


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Government signs agreement with AirtelTigo for transfer of ownership
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Government signs agreement with AirtelTigo for transfer of ownership


Summary short_text

This agreement transfers all customers, assets and agreed liabilities of AirtelTigo to the Government of Ghana.

The Government of Ghana remained a shareholder in Westel with a 25% holding through the Ghana National Petroleum Corporation, until the above merger.


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KGL contract will give us financial boost
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KGL contract will give us financial boost


Summary short_text

It said although such publications were done consistently by some section of the media, the NLA management at this point was declining to believe that they were nurturing a mischievous agenda against NLA and KGL. The statement said the NLA was also aware of talks between KGL and the Minister of Sports for the sponsorship of Black Stars Afcon 2022 and also other sporting events and said setting the records straight, the strategic partnership between KGL Technology Limited and NLA was a game-changer to the revenue mobilization efforts of NLA, adding that, the contract of KGL could never and would never cripple the NLA financially as was reported.

The statement said the financial challenges that were encountered by NLA were largely due to the illegal live lotto draws of Alpha Lotto Limited on GTV, illegal operations of 5/90 Short Code by Alpha Lotto Limited, illegal high commission of 30-40 per cent paid by Private Lotto Operators as against the 20 per cent standard commission for the lottery industry and Shortage of Thermal Paper Rolls for the accredited Lotto Marketing Companies of NLA. It said for the purpose of clarity, KGL Technology and all other companies licensed by the NLA do not conduct their own independent parallel Lotto Draws, especially on television except Alpha Lotto Limited which was conducting illegal live Lotto Draws on GTV, and NLA was taking measures to deal with such illegal Lotto Draws.


Source: GhanaWeb |
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Condition of workers key after government signs agreement with AirtelTigo
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Condition of workers key after government signs agreement with AirtelTigo


Summary short_text

He said the government must provide details about the standings of the workers, whether or not there is going to be retrenchment, under the new agreement.

The Minister of Communications and Digitalisation, Mrs Ursula Owusu-Ekuful has assured that the interest of workers, customers, contractors, suppliers, stakeholders will be protected after the Government of Ghana and mother companies of AirtelTigo, Bharti Airtel Ghana Holdings B.V. and MIC Africa B.V signed an agreement to transfer the shares to the Ghana Government.


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Account for taxes, review exemptions, digitise payments
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Account for taxes, review exemptions, digitise payments


Summary short_text

The panelists identified lack of accountability, embezzlement of public funds, and abuse of tax exemptions as some of the key causes influencing tax evasion and lack of tax compliance.

For his part, Prof. William Baah-Boateng, Head of Economics Department at the University of Ghana, advocated for the digitisation of the payment of direct taxes and review of the existing tax exemption laws to block loopholes which cause the state to lose revenue meant for national development.


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Twitter Africa HQ in Ghana not solution to unemployment
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Twitter Africa HQ in Ghana not solution to unemployment


Summary short_text

He shared that the Twitter Africa Headquarters in Ghana simply gives Ghana the gravity of name and advised Ghanaians not to believe any politician who claims the company has employed thousands of Ghanaians.

Jack Dorsey, Twitter CEO and co-founder, announced that the social networking service will be basing its new Africa headquarters in Ghana.


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New board takes office to steer affairs of Ghana Chamber of Bulk Oil Distributors
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New board takes office to steer affairs of Ghana Chamber of Bulk Oil Distributors


Summary short_text

A new 11-member board has been sworn into office to steer the affairs of the Ghana Chamber of Bulk Oil Distributors for the next three years.

He is the CEO of SA Energy Ltd and a founding director of the Ghana Chamber of Bulk Oil Distributors and Legacy Bonds Limited.


Source: MyJoyOnline |
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Twitter Africa HQ in Ghana not solution to unemployment


Summary short_text

He shared that the Twitter Africa Headquarters in Ghana simply gives Ghana the gravity of name and advised Ghanaians not to believe any politician who claims the company has employed thousands of Ghanaians.

Jack Dorsey, Twitter CEO and co-founder, announced that the social networking service will be basing its new Africa headquarters in Ghana.


Source: GhanaWeb |
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'Illegal mining taking place in Ghana no longer small scale'
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'Illegal mining taking place in Ghana no longer small scale'


Summary short_text

Environmental Scientist at the Institute of Environment and Sanitation Studies at the University of Ghana, Professor Chris Gordon has revealed that illegal mining activities in the country have escalated to semi-industrial and industrial scale.

Professor Chris Gordon has named the lack of love for country and the presence of greed as some root causes of illegal mining.


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Cal Bank and Fan Milk extend stock market gains
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Cal Bank and Fan Milk extend stock market gains


Summary short_text

The benchmark index advanced by 3.11 points due to upward price movements in Cal Bank and Fan Milk to close at 2,305.10 with a year-to-date return of 18.72%. The market capitalization was up 0.06% to close at GH¢58.12 billion.

The GSE Financial Index moved up by 5.44 points, closing at 1,840.69 with a year-to-date return of 3.25% while Fan Milk pushed the SAS Manufacturing Index up by 1.78 points to close at 1,489.64 with a year-to-date return of -12.44%. A total of 6,977,783 shares valued at GH¢6,152,441 changed hands from 1,501,591 shares valued at GH¢1,401,201 in the previous session.


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Cocoa and chocolate companies forge partnership with Ghana to protect and restore forests


Summary short_text

With the agreement, the World Cocoa Foundation and the Forestry Commission of Ghana are building a partnership to further align the Ghana Cocoa Forest Redd+ Program and the Cocoa & Forests Initiative to achieve no-deforestation commitments.

In 2020, cocoa and chocolate companies announced major strides towards 2022 Cocoa & Forests Initiative targets with, for example, more than 4 million tree seedlings distributed to farmers to establish agroforestry systems and reforest degraded forests in Côte d'Ivoire and Ghana.


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Workers interest will be protected after govt, AirtelTigo transfer of ownership
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Workers interest will be protected after govt, AirtelTigo transfer of ownership


Summary short_text

Ursula Owusu-Ekuful signed on behalf of the Government of Ghana, while Jatina Catharina Uneken-van de Vreede, Martin P Frechette, Timothy Pennington, Eric Nana Nipah and Vish Ashiagbor signed on behalf of the seller entities.


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GCX trades raw cashew nuts for the first time
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GCX trades raw cashew nuts for the first time


Summary short_text

Thus, the introduction of Cashew unto the electronic trading platform of GCX will undeniably reap many benefits for Ghana's cashew value chain as well as market actors involved in the cashew sector in Ghana.

The seller of the 50,000kg raw cashew nut valued at GH¢280,000 sold at the auction is Kaksfour Commodities Ltd, a wholly Ghanaian private owned and licensed to undertake business in Cashew nuts trading and general Agri-business both in Ghana and internationally.


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Time to develop a national hydrogen policy and roadmap
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Time to develop a national hydrogen policy and roadmap


Summary short_text

The time is therefore ripe for Ghana to lay down a national strategy, aimed at accelerating the development of clean hydrogen.

Giving the right policies, strategies and roadmaps centred on hydrogen, the private sector would cause a hydrogen.


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AirtelTigo transfers ownership to Ghana
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AirtelTigo transfers ownership to Ghana


Summary short_text

A statement signed by Ursula Owusu-Ekuful, Minister for Communications and Digitalisation, said the agreement transferred all customers, assets, and agreed liabilities of AirtelTigo to the Government of Ghana.

It said the Government of Ghana remained a shareholder in Westel with a 25% holding through the Ghana National Petroleum Corporation, until the above merger.


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No Ghanaian company operates at Free Zones
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No Ghanaian company operates at Free Zones


Summary short_text

According to the MP, his recent visit to the Free Zones enclave revealed that not a single one out of the many companies operating in the area is Ghanaian owned.

Having lamented on several occasions how local business struggle to survive at the expense of thriving foreign business, Mr Kennedy Agyapong whiles speaking on the Attitude Show expressed worry over foreign business taking over the country.


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'SDG Investor Platform' for Ghana to unlock trillions
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'SDG Investor Platform' for Ghana to unlock trillions


Summary short_text

For the Ghana Investment Promotion Centre, the launch of the SDG Investment Platform aligns with the centre's goals to identify and promote investments opportunities in Ghana.

Sports, Creative arts and culture are investment opportunities the platform will shift its attention to.


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Two deputy ministers for Finance Ministry not enough
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Two deputy ministers for Finance Ministry not enough


Summary short_text

President Nana Addo Dankwa Akufo-Addo is reported to have named three persons for the position of deputy ministers of finance pending their vetting and approval by the Appointments Committee of Parliament.

This is down from the 120 ministers who served in his previous administration it said the President intends to appoint a Minister for Public Enterprises, who will be operating directly under the ambit of the Presidency, and not from a Ministry.


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