Odi News Network

Dr Ernest Addison, BoG Governor The Bank of Ghana (BoG) has received GH¢900 million to undertake a clean-up of the troubled microfinance sub-sector of the financial services industry. The move is part of cleaning up the GH¢7 billion debt crisis that has hit a large sector of the deposit-taking, non-bank institutions, including savings and loans companies, in the country. The Governor of the BoG, Dr Ernest Addison, said at a Monetary Policy Committee (MPC) news conference in Accra on Monday that the magnitude of the resources needed to embark on the entire reforms of the deposit-taking, non-bank sector was so large that it had to be approached in phases. A similar exercise with the universal banks, which ended in December last year, cost the country almost GH¢11 billion, and it is feared that plans to replicate it for non-bank financial institutions (NBFIs) will prove costly for the country. “I am not sure we have the budgetary resources to undertake a clean-up of this magnitude,” D...

Kennedy Kankam, Nhyiaeso MP It appears the New Patriotic Party (NPP) Member of Parliament (MP) for Nhyiaeso constituency in the Ashanti region Kennedy Kankam has certified his exit warrant as a legislator if what the livid residents of the area are saying is anything to go by. They are already warning the NPP to consider replacing another candidate for the 2020 polls threatening to uproot him like cassava if he is retained because in their view he is very disrespectful and arrogant. Expressing their dissatisfaction over his handling of issues at constituency, they have reiterated a call on him to pave way for a new candidate, who has vision and fresh ideas, to contest on the ticket of the party in the 2020 parliamentary elections. Some residents at Nhyiaeso Constituency especially residents of Patasi have complained bitterly about Kennedy Kankam’s bad attitude towards them in the constituency describing him as very disrespectful. Residents of Patasi in an interview with Pure Fm’s O...

Gregory Afoko, suspect for the murder of Adams Mahama Amnesty International has started looking into the concerns of abuse by family of the prime suspect in the murder of the former Upper East Regional New Patriotic Party (NPP) Chairman. This follows a petition by relatives of Gregory Afoko over the abuse of his rights. They say his continues incarceration despite having been granted bail by the court is a clear violation of his rights. The family is alleging among other things that the Bureau of National Investigations(BNI) in whose custody Gregory is, intends to kill him. The Country Director of Amnesty International, Robert Akoto Amoafo tells Starr News that his group has started its probe to ascertain the authenticity of the claims made by the family of the murder suspect. “Before we can mention whether it has merit or not as a human rights institution we would have to check the facts. We are currently arranging to do some fact checks to go to the field and check that all the c...

TTA The work of the National Teaching council still came to light amidst the fracas and the stiff resistance it faced from some Newly Trained Teachers from Colleges of Education. Regardless of all these hiccups, the Executive Secretary Mrs Evelyn Oduro and her team did their best to reinforce the policy of licensing all Newly Trained Teachers from the 46 colleges of education and all Institutions offering the BEd programme as the Constitution of Ghana demands. TTA commends the leadership of the National Teaching Council for all the efforts put together to make the modern teacher stand tall among all other professionals.We have a strong conviction that, the implementation of the licensing policy will well enhance the 21st century Ghanaian teacher trainee in the various educational institutions. As part of the preparations towards the ongoing Teacher Licensing and registration,TTA appreciates the efforts of NTC for arranging a meeting with all staff and students including those on th...

BoG  The latest assessment of the banking sector shows that it has become more resilient and is well-capitalized, solvent and liquid. There is also evidence of strong deposit growth in the industry pointing to a return of confidence in the banking sector. This was contained in the Bank of Ghana’s Monetary Policy Committee statement released on Monday, 27 May 2019. At the end of December 2018, the BoG successfully completed its recapitalization exercise. Twenty-three banks ? which met the new minimum paid-up capital of GHC400 million ? are now operating as universal banks in Ghana. “Over the first four months of 2019, banks’ total assets amounted to GHS109.9 billion, representing an annual growth of 12.4 percent. The growth in total assets was funded mainly from deposits which grew by 19.6 percent year-on-year to GHS73.1 billion. The industry’s financial soundness indicators have improved, with the Capital Adequacy Ratio (CAR) at 21.4 percent in April 2019, significantly higher ...

CEO of COCOBOD, Jospeh Boahen Aidoo The Ghana Cocoa Board will on Thursday [May 30, 2019] cease its purchases of cocoa beans for the 2018/19 main crop season. The decision was contained in a statement by the sector regulator to Citi Business News. COCOBOD said that it will however allow Licensed Buying Companies (LBCs) to obtain returns from up country centres by extending the date by one more week to Thursday [June 6, 2019]. For this crop season, COCOBOD intends to purchase nine hundred thousand metric tonnes of cocoa beans. This has been backed by the Board’s annual syndicated loan of 1.3 billion dollars secured from twenty-one banks at an interest rate of 2.5 percent. This is the second consecutive time that the Ghana COCOBOD has secured 1.3 billion dollars for its purchases since the 1.8 billion dollars secured in the 2016/2017 crop year. The fluctuating world market prices of cocoa impacted the drop in amount secured for the just ended cocoa season. But Mr. Aidoo in an earlier...

EC Chairperson, Jean Mensa The Electoral Commission (EC) has announced the temporal suspension of the replacement of lost voters’ Identification cards at its District Offices nationwide. The suspension takes effect from Friday, June 7, 2019 to Thursday, June 27, 2019. In a statement signed by its Chairperson, Jean Mensa, the EC indicated that the suspension was to allow it “focus on the impending Limited Voters’ Registration Exercise.” It announced that the replacement of lost ID cards will continue after the 27th of June, 2019. Source:  dailyguidenetwork.com