Saturday, September 21News That Matters

Business

NAM1 gives gov’t the go-ahead to supervise the sale of his assets to pay Menzgold customers

NAM1 gives gov’t the go-ahead to supervise the sale of his assets to pay Menzgold customers

Business, News
Details are emerging about a plea deal that the embattled CEO of gold collectibles firm, Menzgold, Nana Appiah Mensah, has put on the table for government’s consideration. The Daily Guide newspaper is reporting that its sources say NAM1, as he is popularly called, has told the government to sell his assets to pay some customers whose funds have been locked up with Menzgold. However, the government is adamant and wants NAM1 to put the request in writing before it acts. “Daily Guide gathered that the delegation that recently visited NAM1, who is under arrest in Dubai, the United Arab Emirates over an alleged scandalous gold deal, advised government not to directly intervene in the sale of his properties but rather that task should be carried out by his family,”
Gov’t handling of Menzgold saga ‘downright incompetent’

Gov’t handling of Menzgold saga ‘downright incompetent’

Business
Government has been slammed over its handling of an unregulated investment company that has left thousands desperate to retrieve locked up cash. Security analyst Dr. Kwesi Aning weighing in on the Menzgold saga said the handling was “downright incompetent” and “extremely ineffective.” The communication from government and state agencies he said was faulty. “The narrative around such people is that oh well, we don’t care. You people are very greedy,” Dr. Kwesi Aning called this wrong in an interview on Joy FM’s Super Morning Show Monday. He said the state should not have dismissed the frustrations of anxious clients even though it had. The security expert was referring to the Bank of Ghana which warned the public several times against transacting business with the company that promised
Menzgold List: I’ve no money to waste on questionable ventures – Rawlings

Menzgold List: I’ve no money to waste on questionable ventures – Rawlings

Business
Former President Jerry John Rawlings has dispelled reports that he has some money locked up with gold dealership firm, Menzgold. In a tweet Sunday afternoon, the former NDC leader said “…I do not have a stash anywhere to waste on questionable ventures…” He also called out the embattled company to react to the list being shared on social media purporting to be persons who invested with them. “Shouldn’t Menzgold be reacting to this silly list making the rounds on social media,” he quizzed. Per the list, Mr. Rawlings invested ¢400,000 in Menzgold. Rawlings also said he doubts the other personalities on the purported list are actually involved with the “mess”. Speaking to Joy FM, other personalities who were on the said list said they had nothing to do with the company. Tamale Central
Cost energy, port duties killing businesses – Industrialist

Cost energy, port duties killing businesses – Industrialist

Business
Industrialist, Professor Kofi Anokye, has said the cost of energy is killing businesses in Ghana. He said, the establishment of businesses is solely dependent on energy and the basic form of energy we depend on in the country is electricity and fuel. And when the prices of these commodities go up, it affects everything we do,’’ he lamented. The cost of energy in Ghana in his view is extremely expensive and has charged government to take a careful look at the sector. Local businesses he lamented are unable to compete with foreign companies because of the cost of energy in the country. He is also admonishing government to take a look at taxes because ‘’it is killing us’’. Professor Anokye speaking on Frontline on Rainbow Radio 87.5Fm said, not just energy but the general cost of doing b
Asempa budget was not good for business – Labour unions

Asempa budget was not good for business – Labour unions

Business
The Ghana Federation of Labour and other Labour unions have bemoaned living conditions in the country despite the excitement that heralded the 2018 budget nicknamed ‘Asempa budget’ by the government. “This year has not been too good despite the Asempa budget. This year Things are bad and we must say it as it is . The cost of doing business in this country is very high. Looking at what is happening in this country, if God does not descend, these politicians will kill us. “We have been promised 1D:1F among others. Where are the factories? I can’t see any factory anywhere,” general secretary of the Federation of Labour Abraham Koomson told Francis Abban on the Morning Starr ahead of Thursday’s budget presentation by the Finance minister. On their part, the Food and Beverages association sa
Bombardier cuts 5,000 jobs globally

Bombardier cuts 5,000 jobs globally

Business
Bombardier workers in Northern Ireland and the Midlands face uncertainty after the Canadian company announced 5,000 job cuts globally on Thursday. The struggling plane and train maker has not said where the cuts will be made over the next 12 to 18 months, but the bulk are expected to go in Canada. Bombardier employs 70,000 people, including 4,000 at four locations in Northern Ireland, mainly in Belfast. It also makes trains in Derby in the East Midlands, employing 1,600 there. Bombardier in Derby said there were no indications yet that the job cuts would have a significant impact in the city. A Bombardier UK spokesperson said: "We will take the necessary time to evaluate what this means for our Aerostructures and Engineering Services business. We will communicate with our employees in ...
Old factories can join 1D1F – Alan Kyerematen

Old factories can join 1D1F – Alan Kyerematen

Business
Already existing factories which are seeking to expand their operations to employ more Ghanaians can benefit from the government’s One District-One Factory (1D1F) programme, Minister of Trade and Industries, Alan Kyerematen, has said. The 1D1F project is an initiative by the Akufo-Addo-led government to create jobs for the teeming unemployed Ghanaian youth. Speaking on the floor of parliament on Wednesday, 7 November, Mr. Kyerematen said: “Both new and existing factories that seek to expand their operations qualify to be part of the 1D1F project, so, if there is an existing factory that qualifies to be on 1D1F project, then the situation is determined where they are already located.” “The government has also approved a package of incentives for the IDIF companies." "The enterprises be