Category Archives: Business

Gov’t is broke; borrowed to pay September salaries – MP claims

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Ken Ofori-Atta is the Finance Minister of Ghana

Member of Parliament for Bolga Central, Isaac Adongo, has alleged Ghana is currently broke, claiming government had to borrow money before it was able to pay salaries of public service workers in September 2017.

He claimed on Onua FM Tuesday that the government is struggling with its finances, stating “They don’t have the money and they won’t tell us the real state of affairs”.

Dr. Adongo questioned the competence of the Akufo-Addo-led government, claiming it is sleeping on the job.

He said it is apparent that the government is struggling to get its economic priorities right, a situation he observed, is making it difficult for the government to spend this year, because “they don’t have the money”.

Speaking on Onua FM’s morning show hosted by Bright Kwesi Asempa Tuesday, he explained the actions of the Akufo-Addo administration, especially with regards to parliamentary business, is a clear sign that government is not serious in taking the best decisions for the citizenry

“How can they say they are serious when bills are being withdrawn left right and center. This is the third time this Zongo Development Fund Bill 2017 is being withdrawn, why? Tell them they are sleeping on the job, they should not be taking us for granted” he said.

The MP claimed government is deliberately delaying the passage of the Zongo Development Fund Bill so that it can “conveniently” give excuses for not spending the GHC1.38 billion earmarked for the project.

“We are almost at the end of the year and the vehicle for spending that money is in a limbo and from now to December, it will be difficult for people to set up an SME business,” he noted

Mr Adongo who is also a member of the Finance Committee of Parliament, again painted a gloomy picture of the country’s survival, claiming the government is not being truthful to its citizens by keeping the true state of the economy to itself.

“Let me ask you this, government is now saying they need 50,000 acres of land in each district to implement their flagship ‘One District, One Factory policy’, which is equivalent to 200,000 houses. I live in Adenta and even if they demolish all the buildings there, there is no way they will get that size of land, so is this not another excuse. Government just set out to fail” he averred

By Bright Dzakah/Onua 95.1fm/

Graphic design council proposed to regulate industry

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Graphic designers in Ghana have proposed the establishment of a regulatory council to among others, ensure professionalism in the industry.

The regulatory body, to be called the Ghana Design Council, will also help promote the activities of graphic designers in the country.

Speaking at the third Graphic Designers’ Awards held in Accra, seasoned graphic designer, Felix Dartey, said the establishment of the council will help the operations of graphic designers.“We are a looking at working with government to establish the Ghana Design Council. It will be a body that will bring all of us together for a common good,” Mr. Dartey said.

He encouraged young designers to inculcate Ghanaian and African designs into their work in order to project the Ghanaian identity

“We are Ghanaians with identities and symbols which can be inculcated into our work. A lot of the young designers’ have been influenced by modernity and European traits, but I believe there is a lot we can do with our Adinkra symbols which will make us standout,” he said.

The Graphic Design Award is an awards scheme developed to recognize and celebrate talented graphic designers and to also inspire motivation in the industry.

Some award recipients said the Award scheme would challenge them to do more in their work.

Contestants were drawn from the Radford University, Kwame Nkrumah University of Science and Technology, Takoradi Technical University and the University of Education Winneba.

Seven awards were given with Radford University, winning four. Moses Jackson Bourne of Radford University was adjudged the overall best graphic design student.

By Grace Asare|3FM||Ghana

Entrance Pharmaceuticals receives ISO 9000:2015 certification

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A leading Ghanaian pharmaceutical company, Entrance Pharmaceuticals and Research Center, has received international certification, ISO 9000:2015, having successfully passed rigorous assessment.

The pharmaceutical manufacturing company was given the certification after it passed all service testing quality and inspection portfolio tests conducted by the TUV Nord group, a technical service provider headquartered in Hanover, Germany.

Entrance Pharmaceuticals & Research Centre is committed to achieving product quality in compliance to EU GMP, US FDA, TGA standards for  quality, safety, efficacy and affordable healthcare.

A subsidiary of Tobinco Group, Entrance Pharmaceuticals has since 2014 produced numerous pharmaceutical products onto both Ghana and other world markets.

A representative of the TUV Nord group, Dr. S. Renade who presented the certificate in Accra congratulated the management of the company on the successful completion of the test and tasked it to work towards the maintenance of the certificate.Chief Executive Officer of Tobinco Group of Companies, Elder Samuel Amo Tobbin who received the certificate on behalf of Entrance Pharmaceuticals and Research Center, expressed gratitude to the TUV Nord group and assured them of the company’s resolve to maintain the standards.

He said they are aiming for the World Health Organization (WHO) precertification.

Appearing on TV3 New Day on Monday, Managing Director of Entrance Pharmaceuticals and Research Centre, Kwadwo Asare-Twerefour, advised against drug abuse which he observed is harmful to human beings

He assured that Entrance will continue to service the people of Ghana and the world at large with quality, safety, efficacy and affordable healthcare products.

The Quality Assurance Manager for Entrance Pharmaceutical and Research Centre, Amos Adiekor, assured the public of quality products.

He said Entrance will not compromise on quality since that is what has brought the company this far.

By Kweku Antwi-Otoo||Ghana

Marwako gas leakage fixed; restaurant cleared to resume operations Tuesday

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The Marwako Restaurant at La in Accra

Management of Marwako Fast Food has commended its workers for their strict adherence to the company’s safety mechanisms, which prevented an escalation of a gas leakage at its La branch in Accra Monday.

It has meanwhile, apologized to customers for the inconveniences caused them by the Monday morning incident which led to the suspension of operations for Monday.

A worker of the Fast Food Company on Monday detected the gas leakage during a daily routine check and immediately alerted supervisors who called in the Ghana National Fire Service to empty the gas from the cylinder.

The metal stand holding one of three cylinders at the facility was said to have perforated the cylinder resulting in the leakage.

Mohammed Amin Lamptey

Marketing and Public Relations Manager of Marwako, Mohammed Amin Lamptey, told 3News Monday that immediately the leakage was detected and reported to authorities and the Ghana National Fire Service, the workers followed the laid down safety rules and converged at the assembly point.

Situation fixed

He said within about 10 minutes personnel from the Ghana National Fire Service arrived at the location to cool the cylinder before discharging the gas from the leaking cylinder.

As at 4:00pm Monday, the situation had been brought under control and cleared by the Fire Service for business to resume on Tuesday, Mr Lamptey confirmed to 3News.

He assured the public and customers of the popular food joint that Marwako is very much concerned about the safety of its workers and customers as well as the environment they operate in, hence the regular risk management and security trainings they give their workers.

“Everyday workers go through the normal routine in checking our facilities before operation. This morning one of the workers detected a gas leakage. The young man saw the leakage and based on the training he has been given, he called the manager who called the fire service and within 10 minutes they came in,” Mr Lamptey narrated.

“We are happy that our workers have gone through these trainings which has led to saving the situation,” he added.

The Manager dispelled rumours that there was an explosion, stating “There was no panic; workers were called to the assembly point. There was no fire there was no explosion. When it happened we shut down the company”.

He said workers were as at Monday evening cleaning the facility for business to resume Tuesday morning, saying “Workers are working to clean the facility, operations resume tomorrow”

By Stephen Kwabena Effah||Ghana

$9.2m theft case: Dubai-based gold dealer cleared by court

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Alistair Jude Mathias

Alistair Mathias, a Canadian businessman who was accused of stealing from his Ghanaian partner has been acquitted.

Mathias, who is based in Dubai with a company incorporated in Ghana, was reported by his Ghanaian partner Henry Osei, owner of Gulrest Resources Company Limited (Ghana) to authorities in Dubai and Ghana alleging that the former owes him $9.2 million in a gold business.

However, Mathias who is the director of M.A Resources Limited, a company incorporated in Ghana, which he runs along with another trading and investment company which deals in gold, with Dubai as principal market in a global catchment, contended he borrowed the said amount to his Ghanaian counterpart to set up his business.

He told the court Mr. Osei staged the theft allegation against him.

The Dubai court in its judgment, after the long legal battle, moved for “the acquittal of the appellant Alistair Jude Mathias, from the charge levelled against him.”

The court therefore dismissed the case brought before it by Osei. Meanwhile, the same case is being heard in Ghana, but the Ghana Police has been served with the Dubai judgment to take a decision on it.

According to Mathias, through his gold dealing, he came into contact with Osei and one Eric Azu, directors of Guldrest Resources Company Limited, another gold dealing company based in Ghana in 2013.

As directors of Guldrest, Henry and Eric had proposed to Alistair Mathias to finance the purchase and export of gold through their Guldrest Resources, promising a better deal than the Ghana gold market in general can give.

He said in March 2013, Henry Osei had claimed that he was cash-strapped and therefore asked Mathias to fund a subsidiary of Guldrest in the United Arab Emirates so that they could use it together to deal in the Dubai market.

Mr. Mathias had turned down the idea, saying he already had a presence in the UAE through his company, but Osei pressed further until he had reluctantly agreed to set up the company for both of them.

As a founding director, Alistair Mathias had footed all the bills for setting up the company. The UAE-based Guldrest Resources FZC, consequently got its business license on 24th March, 2013.

However, even before the formation of the company, Osei had been accumulating debt through borrowings from Matthias, since November 2012.

In a grand scheme to avoid paying the debt, Mathias said on the 4th of June, his Ghanaian business partner went to the police with a claim that his benefactor Mathias, had stolen $4 million from him.

The same complaint against Alistair was filed in Dubai.

Eventually, the court, in the UAE, acquitted Alistair Mathias of all charges brought against him, agreeing with him that it is rather Osei and his company in Ghana, Guldrest Resources Limited (Ghana), who owe him more than $9.2 million.

Mathias is currently in Ghana to get the police drop the case since “further prosecution will amount to double jeopardy”.

 Source: | Ghana

Star Times marks anniversary with a promo

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Star Times Ghana has launched a promo campaign as part of its one year anniversary.

Dubbed “Ey3 FREE Decoder Promo Part 2”, the campaign seeks to reward Ghanaians with free decoders.

In the previous campaign, customers were required to pre-pay two months super bouquet subscription, of GHC 120 and then receive a free decoder.

However, with this new campaign, Star Times in line with its one year anniversary, is asking customers to pre-pay one month subscription for their super bouquet.

The subscription of GHC60 comes with a free decoder. Loyal customers will also be rewarded for sticking with Star Times for the past year till date.

Star Times is a leading digital-TV operator, serving nearly 10 million subscribers and covering 90% of the continent with a massive distribution network.

By Natalie Fort |TV3|

SUNDA, TWYFORD support Legon students affected by Atomic gas explosion

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Sunda International Ghana Ltd. and Twyford Ceramics,  two Chinese companies have extended their donation of relief items after the Atomic Junction gas explosion to affected students of the University of Ghana.

The affected students, through appeals from the MP for Ayawaso West Wagon constituency, Emmanuel Agyarko, received assorted products including Kleesoft Dish washing soap and washing powder, Kleesoft toilet rolls, FasKit insecticide killers and many more. The two Chinese companies also added an unspecified amount of cash to the affected students through the MP to ease their burden.

The donation to the University of Ghana students is the second donation from Sunda international and Twyford since the gas explosion claimed seven(7) lives and injured over 130 others a week ago.

The two Chinese companies previously donated similar products and cash worth Gh40,000 to victims of the gas explosion last week at the 37 military hospital in response to appeals made to corporate Ghana by vice president Mahamudu Bawumia  to assist surviving victims, most of whom have been on admission at the 37 Military Hospital and Greater Accra Regional Hospital.

Presenting the items to the students through the MP,  Mr. Lorry Li, Managing Director for Sunda Real Estates Company Limited, explained that SUNDA’s gesture which is in partnership with its sister company TWYFORD, who have invested tens of millions in a ceramic factory at Aboadze, Shama district, Western region, is a direct response to an appeal from the MP for the area, Emmanuel Agyarko, to assist the affected students. He also added that, the gesture forms part of the company’s corporate social responsibility policy which is integral in the operations of their companies.

“We are deeply sorry for the gas explosion and the victims. Social responsibility is a very important part of our company’s operations since we came to Ghana fourteen(14) years ago and we are always happy to help the society’’, he remarked  briefly before the presentation.

Mr. Emmanuel Agyarko expressed extreme gratitude to SUNDA and Twyford Ceramics for their kind donation.

“On my own behalf and on behalf of the affected students, I wish to express our extreme gratitude to SUNDA and TWYFORD for this generous donation. Companies are encouraged to engage in corporate social responsibility but if they can bring it this low, then these companies are truly responsible corporate citizens. What they have done goes beyond what i thought they would do but most importantly, we’re grateful to Mr. Herbert Mensah for arranging everything’’. Hon. Emmanuel Agyarko also called on other companies and individuals to emulate their good example.”

The Member of Parliament urged student leaders to ensure a fair and equitable distribution of the relief items to all affected students without bias.

University of Ghana SRC President, Daniel  Otting Awuah, also showed appreciation to the two Chinese companies and promised a fair distribution of the donated items to the affected students.

SUNDA International employs over one thousand people on their business operations in Ghana and one of the largest re-exporters of products from Ghana to several West African countries. Twyford is also a Chinese company producing ceramic tiles and currently employ more than one thousand Ghanaians.

SUNDA International has previously donated fourteen tones of iron rods in the circle gas explosion as well as many other donations in the past including the Odorkor fire disaster.

Source: | Ghana

We’ve no evidence Otumfuo was involved in money laundering – Gh Int. Bank

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Asantehene, Otumfuo Osei Tutu II

The Ghana International Bank Public Liability Company has denied linking the Asantehene, Otumfuo Osei Tutu II to any act of money laundering.

The bank in a statement said it is only in court with a former employee Mark Arthur who was dismissed for breaching its internal policies “and not about the King, Otumfuo Nana Osei Tutu II”.

The denial follows a widely publicised report on the website of London-based The Telegraph newspaper pointing to money laundering in the Otumfuo’s recent dealing with the bank.

But the bank has said, “There has never been any suggestion by the Bank that the King was or is involved in money laundering. In fact, we have no evidence to that effect. The bank has also not in any of its submissions questioned the integrity of the King.”

It added, “With a focus on the substance of the matter and for customer confidentiality purposes, the bank had applied for an anonymity order in September of this year ahead of the Tribunal Proceedings in October. This would have eliminated the mention of name of the king in the proceedings of the tribunal.  Additionally, the Bank never mentioned the King nor identified him in any of the documents submitted to the Tribunal in its defence.”

According to the statement,  Mark Arthur contested the bank’s position not to mention the Asantehene in the case, which he won “thus exposing the identity of the king and his name in the proceedings”.

By Isaac Essel | | Ghana

UMB opens Tamale branch, reiterates commitment to become tier 1 bank in 2020

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As part of UMB Bank’s promise to provide high quality banking products and services to its customers nationwide, the bank has opened a new ultra-modern branch in Tamale

The bank has over 34 branches nationwide, three business centres and one public private partnership incubator.

The new branch will cater for the needs of individuals and corporate organizations located in and around the Tamale Municipality.

Services and products offered will include current and savings accounts, instant debit cards, personal loans, dedicated remittance centre, electronic banking, mobile money services, amongst many others.

Chief Executive Officer of UMB John Awuah mentioned that the Bank remains focused on serving its customers better.

“It gives me great pleasure to open this ultra-modern branch in Tamale because we believe Tamale is pivotal to the growth and development of UMB Bank’s franchise in the Northern regions. The resilience of the Tamale market in these difficult times has been reflected in our bank’s decision to set up and do business here”.

Director of Consumer and Business Banking, Kevin Cain, commented that, “UMB’s vision of becoming a tier 1 bank by 2020 is supported with a clear strategy and an unwavering promise to deliver outstanding service to our diverse customer base.”

Grace Asare/3FM/

Growing lotto business, prudent management of resources is our goal – NLA Board tells staff

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The Board Chairman of the National Lottery Authority, Torgbui Nyonyo has reiterated the commitment of his 7-member Board to ensure sustainable growth in the lotto business through the practice of good corporate governance.

He emphasized that attaining departmental and individual set targets, prudent management of resources and, most importantly, staff motivation are contributory factors to achieving these.

The Chairman, who is also a member of the Council of State, was addressing a staff durbar on October 12, 2017,  where members of the board were introduced to the staff by the Director-General of NLA, Kofi Osei-Ameyaw.

Other members of the Board are  Mr. Philip Aning, Mrs. Adelaide Anno-Kumi, Mr. Henry Yentumi, Mrs. Helen Awo Ziwu, MrKofi Osei-Ameyaw and Ms. Joana Frances Adda.

The Chairman announced that the Director-General has forwarded to the Board, outstanding operational, administrative and welfare-related issues that needed urgent attention.

However, to enable the board take the appropriate decisions, there was the need for the 3-month old Board to have some orientation on the institutional background.  Hence, it has been going through files to be abreast with issues.

Torgbui Nyonyo pointed out that from the records, staff did not meet their 2016 set targets, a critical determinant for the payment of bonus.

“Administratively, staff do not qualify to earn bonus, however, considering the fact that there was a success in operational excellence notably, an increase in revenue despite the challenging economic environment and unstable electricity supplies amongst others that affected businesses, the Board will approve and payment of 2016 bonus to staff will be done by end of October.”

He was, however, quick to caution the staff that the 2017 bonus will be paid only upon achievement of set targets.

A good working relationship and commitment to work is a powerful ingredient to corporate successes. The Chairman, therefore encouraged management to get closer to staff through informal social activities.  He assured staff that the Board will interact with their counterparts in the other regions.


The Chairman hinted that the Board will introduce reforms in the operations of the lotto business with a view to protecting the public purse, expanding the markets and also pursue the President’s vision of creating employment and mobilization of lottery funds for national development. He therefore appealed that all hands must be on deck.

According to some elated staff, this is the second time a Board has been introduced to staff.  The first was in 2006 during the Kufuor-led government and they see this act as a sign of respect to staff.

Source: | Ghana