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Bank of Ghana issues GH₵100 & GH₵200 notes

The Bank of Ghana has added two new currencies to our current. In a short ceremony at the head office in Accra, the governor, Mr. Addison launched the new cedi notes.

He said that the new notes “will only restore partially the dollar value of the higher denomination GH¢200 to about US$40, not quite close to levels in 2007, but high enough to significantly reduce the deadweight burden and high transaction cost in making high-value purchases in a cash-based economy like Ghana”

GH¢ 100 note.

He added that there will also be the introduction of GH¢ 2 coin. The new coin is to facilitate business transactions and also ease pressure on the cedi notes. Mr. Addison the Bank of Ghana will be embarking on a nationwide campaign to educate people about the new notes and coins.

GH¢ 200 note

He ended by saying that Ghanaians should always try to keep our notes clean. “The need to properly handle our banknotes is still of significant importance and we must strive to keep them clean at all times in line with the Bank’s Clean Note Policy. In other words, ‘KNOW THE CEDI AND KEEP IT CLEAN (KCKC)”.

GH¢ 2 coin

Download the full launch document here.

What do you think about the introduction of these new notes and coin? Leave your comments below.

Full list of Fund Managers still in operation.

The Securities and Exchange Commission of Ghana on Friday, Nov 8, revoked the licences of 53 fund management institutions. Out of the 53 institutions, 8 of them were voluntary cessation.

However, the revocation of the licenses of these companies doesn’t mean all is lost as the commission has released a list of credible and fully operational companies to invest with. Below is a list of the institutions.

List of Fund Managers remaining after the license revocation exercise.

  • 10th Capital Investments Limited
  • Afina Asset Management
  • Africa Trust Capital Limited
  • Algebra Capital Management Limited
  • Avant Capital Limited
  • Black Star Advisors Limited
  • Bora Capital Advisors Ltd.
  • Boulders Advisors Limited
  • CAL Asset Management Limited
  • Capstone Capital Limited
  • CBL Investment Services Ltd.
  • Chapel Hill Denham Management Ltd.
  • Cidan Investments Limited
  • Continental Capital limited
  • Cornerstone Captial Advisors Limited
  • Crystal Capital & Investment Ltd.
  • Dalex Capital Ltd.
  • Databank Asset Management Services Limited
  • Delta Capital Limited
  • Dusk Capital Limited
  • E.D & Co Capital Partners Limited
  • Ecobank Capital Advisors Limited
  • EcoCapital Investment Management Limited
  • EDC Investments Limited
  • EGAS Capital Ltd
  • Everbond Financial Services Limited
  • Fairnet Capital Limited
  • Family Fountain Assets and Securities Limited
  • Fidelity Securities Limited
  • First Atlantic Asset Management Co. Limited
  • First Finance Company Ltd
  • Gateway Wealth Management Limited
  • GLICO Capital Limited
  • Glorygate Capital Ltd.
  • Halifax Asset Management
  • HMI Management Services Limited
  • IC Asset Managers (Ghana) Limited
  • IFS Capital Management Limited
  • IGS Financial Services Limited
  • Intrepid Investment Advisory and Asset Management Limited
  • Investa Capital Fund Management Ltd
  • Investcorp Asset Management Ltd
  • InvestEye Capital Partners Ltd
  • Investiture Fund Managers Ltd
  • Investrust Capital Ltd.
  • Linx Capital Limited
  • NA Jones Capital Limited
  • National Trust Holding Company Limited (NTHC)
  • NDK Capital Limited
  • New Generation Investment Services Limited
  • NewCase Capital Limited
  • Nimed Capital Limited
  • Octane Sd Limited
  • Orialles Capital Ltd
  • Oya Capital Ltd
  • Parkstone Capital Ltd
  • Pent Asset & Wealth Management Ltd.
  • PhoenixAfrica Securities Limited
  • Premium Place Investments Ltd.
  • Prestige Capital Limited
  • Prudential Securities Limited
  • RAD Business Advisory Network Centre Ltd
  • Regal Alliance Investment Ltd.
  • Reliance Capital & Asset Finance Limited
  • Renaissance Africa Group Limited
  • Republic Investments (Ghana) Limited
  • Salem Financial Services Limited
  • SAS Investment Management Limited
  • SDC Capital Limited
  • SEM Capital Advisors Limited
  • Serengeti Asset Management Limited
  • SIC Financial Services Limited
  • Solange Capital Partners Limited
  • Stanlib Ghana Limited
  • Star Asset Fund Management Ltd
  • Steward Capital Partners Limited
  • Temple Investments Ltd.
  • TTL Capital Limited
  • UMB Investment Holdings Limited
  • Union Capital Limited
  • WAICA RE Capital Limited
  • Wealth Management Limited
  • Worldwide Investments Co. Limited

What do you think about these remaining companies? Comment below.

Accra Mall shop operators threaten to close shops.

Shop operators at Accra Mall have threatened to close their shops on Thursday, October 24, 2019 due to poor management and high rent.

They said that the managers of the mall charge exobitant fees but fail to maintain the facility. The washrooms are not properly maintained and a year after the collapse of the cieling at a part of the mall, management is yet to complete its repair. They complained that the scaffolds which have been brought on site for the repair works are scaring people away. This has led to low patronage of their products and they now find it difficult to pay the exorbitant fees charged as rent. They pay between 430 and 450 cedis per square metre.

In retaliation to the behaviour of management, the shop operators have threatened to close down their shops on Thursday to show their displeasure towards management.

Do you agree with the decision of the shop operators to close down all shops at the mall? Leave your comments below.

Kejetia market is ready for use – Kumasi Mayor.

Mr. Osei Asibey, the mayor of Kumasi has stated in an interview with Ampretwum on Silva Fm that the new Kejetia market is ready for operations and that some of the stores have already been given out to the former occupants of the market.

This revelation came to light after the radio station called the Mayor to respond to some allegations which had been leveled against him and the Kumasi Metroplitan Assembly (K.M.A) by some members of the Central Market Traders Association. The Operations Director of the said group, popularly known as M.K, said, the Assembly was trying to move the opening of the Kejetia market to next year due to a so called “protocol list.

He added that some officials of the Assembly were trying to Push the reopening of the Kejetia Market toJanuary next year because some people “protocols” are yet to be served. He threatened that if the remaining keys of the original occupants are not issued by the end of the week, they will reveal the names of the officials who are behind this scheme.

The Mayor however, denied the allegations and asked the Operations Director to retract the false statement or provide proof to back his claims. He warned them (Association) to desist from activities that brought disrepute to the Assembly and rather channel their energies to getting their members to occupy the the stalls since nobody was preventing them from using the facilities.

Mr Osei stated that the new Kejetia is ready and have even employed the services of a Private Security, Cleaners, the Police and the Fire Service and are waiting for the members who have received their keys to start moving into theier stalls to commence business activities.

All mobile sim cards to be re-registered next year.

The Communication Minister, Ursula Owusu-Ekuful announced on Monday that starting from next year January, 2020, all mobile sim cards will have to be re-registered.

This is a new move by the government to ensure that the current system is cleaned up. She said ” It is quite clear that the current sim card registration regime is deficient and fraught with many challenges defeating the purpose of the sim registration,” whiles addressing the press in Accra.

All existing subcribers will have six months to re-register their sim card to prevent their sim cards from being deactivated. The exercise will begin in January, 2020 and end in June, 2020.

She further stated that her Mininstry (Ministry of Communication) has engaged all the stakeholders about the planned registeration and urged all citizens to take part when the process begins.

The National Communication Authority (NCA) in 2010 issued a directive to all the telecommuincation companies and subscribers to embark on a sim registeration exercise. The exercise was to check and expose people who hid behind mobile phones to pepertuate fraud and also to identify any sim card owner.

Almost Ten years down the line, there have been an increase in fraud due to the ineffectiveness of the first registeration and it is in light of this that the government needs all sim cards to be re-registered to clam p down on these negative activities which sometimes lead to loss of revenue to the state.

The Minister also said that the need for effective and accurate sim card registeration system will ensure our “collective security”.

We will pay all our customers within 3 years.

Mr. Benjamin Afreh, spokesperson of the the new management for Goldcoast securities has stated that the new management is working around the clock to ensure that all its customers will be paid within three years.

Speaking to Fremah of citinewroom, he reiterated management’s efforts to settle any amount owed to their customers. He said that they have been able to pay close to ten thousand (10,000) customers within a year.

He further stated that, due to the high volumes of money and customers involved it would be difficult to settle of them within a year but they working hard ensure they settle all their customers fully.

Asked on how they were going to get money to the money to pay its customers, he said that they have started receiving interest on some investments and are gradually using those monies to offset debts starting with customers whose monies are less than GH 2000 cedis.

Blackshield Fund Management has also given options to its clients who are interested in swapping part of the amount owed them for assets worth its value.

Unpaid customers of Gold Coast Securities have put alot of pressure on the management of the company through series of demonstrations across the country eversince the business came to an abrupt end.

Mr. Afreh admitted that it has been tough for the company since the Securities and Exchange Commission (SEC) directive last year that brought a halt to their activities.

He urged customers to be patient with them as they work tirelessly to pay all of them.

Source: citi tv (citinewsroom.com)

Essien’s interview with Paul was a disservice – Nana Aba Anamoah

The reason behind her tweet may be as a result of the recent charges filed by the Attorney General against Ato Essien and three former executives of the now defunct Capital Bank.

On August 14, 2018, the licences of the Capital and UT banks were revoked by the Bank of Ghana (BoG) after it had declared them insolvent. The BoG allowed the state-owned bank, GCB Bank, to acquire the two banks in order to protect depositors’ funds and also enable them to stay afloat.

Ato Essien for the first time, granted an with Ace broadcaster Paul Adom Otchere on Good Evening Ghana which airs on Metro Tv. In the interview Ato Essien made claims that signified that the collapse of his bank was a deliberate attempt by some polical powers. He claimed that the current Finance Minister had approached him back in 2016 to buy Capital Bank which he refused.

Barely a week after the interview was aired, the Attorney General has filed twenty-six (26) fresh charges against the Ato Essien and three other executives – Fitzgerald Odonkor, Kate Quartey-Papafio and Tetteh Nettey. The charges, as filed at the Accra High Court, include conspiracy to steal, stealing and money laundering.

Nana Aba Anamoah believes it was due to the issues he raised in the interview that has caused the recent charges.

See tweet below

Do you share the same thoughts as Nana Aba Anamoah? Comment below