GUTA orders closure of foreign shops, Ecobank denies report of GHc4m debt and more

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Close your shops now! GUTA orders illegal foreign traders in Accra

The Ghana Union of Traders Association (GUTA) has called for the immediate closure of all retail shops owned by foreigners at Kwame Nkrumah Circle, in Accra.

GUTA argued that the foreign traders are illegally operating there and need to cease operations as soon as possible.

Dr. Joseph Oteng, the Association’s president, revealed that the Committee on Foreign Retail Trade has inspected working documents of such traders and concluded that about 90% of them are breaking the law.

READ ALSO: Over 2 million Ghanaians have been employed in the last 3 years

We had nothing to do with the collapse of the banks - Danquah Institute

Danquah Institute, a policy think-tank, has responded to claims of playing roles in the collapse of banks in Ghana.

According to the Institute, it had no hand in the collapse of banks owned by Dr. Kwabena Duffuor or Dr. Paa Kwesi Nduom.

Until the collapse of their banks, the two men owned uniBank Ghana Limited and GN Bank.

Per a report by Starrfm.com.gh, the statement from the Institute is in reaction to a video that has gone viral on social media.

Ecobank Ghana denies report of GHc4m judgement debt; still in business

YEN.com.gh understands police officials stormed the bank’s head office to assist bailiffs to execute a writ.

The bailiffs have been identified as Mike Agbemashior, George Tykhonov and Yury Shelkov.

Information available shows that the bank has been ordered to pay GHc4 million with an accrued interest of GHc10 million, dating back to the year 2015, to Yuri M Plastics, the fourth defendant in the case.

It has been gathered that the Ecobank claims no such levies have been issued against it.

It, therefore, denied the story, indicated that it is open for business.

Ghana’s public debt stock is now GHc255bn - Finance Minister

The Minister of Finance, Ken Ofori-Atta, has disclosed that Ghana’s public debt stock currently stands at GHc255,727.1 million.

Presenting the 2020 mid-year budget review in Parliament, he indicated that the outbreak of the coronavirus has led to the tightening of global financial conditions.

That notwithstanding, he went on, Ghana’s $3 billion International Capital Market financing was conducted in the first two months of the year 2020.

Ofori-Atta went on to say that a $1 billion rapid credit facility was also executed in April 2020.

OVER THE WEEKEND:

Insurance companies must diversify business operations – GLICO Group CEO

Insurance companies must diversify their businesses to still remain in business despite the bite of COVID-19 on the Ghanaian and global economy, the Chief Executive Officer (CEO) of GLICO Group, Edward Forkuo Kyei, has said.

Speaking at the fourth Webinar series on the effect of COVID-19 on Corporate Ghana and the Insurance Industry, Kyei said though the Coronavirus pandemic had hit hard on the Ghanaian insurance industry, it has also spawned businesses which insurance companies could tap to remain in business and boost their revenues.

READ ALSO: MTN Ghana shares details of virtual AGM to be held on August 13

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Source: YEN.com.gh