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Business News of Friday, 21 February 2020


Business stories that made headlines in week 3 of Feb 2020

Daniel McKorley, CEO of the McDan Group of Companies Daniel McKorley, CEO of the McDan Group of Companies

It’s been a momentous week for business news in Ghana, from corporate boardrooms to courtrooms and other interesting sectors.

Some of these high-profile stories filled the business pages for days. Others are likely to continue to dominate the news weeks after.

These are the top business headlines that continue to be read, shared and talked about from 17th – 21st February.

Below are trending business stories:

Government rents out KIA terminal 1 to McDan Aviation for 15yrs

Government through the Ghana Airport Company Limited (GACL) has rented out the ground floor of Terminal 1 to a private company, McDan Aviation, for use as a Logistics Operations Centre for fifteen (15) years effective January 2019.

Under the Ghana Government Agreement with the United States, McDan has also signed a Management Agreement with the United States Military to provide logistics and handling services to the US Military through Terminal 1 (Fixed Based Operations).

This came to light, when the Aviation Minister, Kofi Adda appeared before Parliament on Wednesday, to answer questions by MP for Adaklu, Kwame Agbodza, on the current status of Kotoka International Airport Terminal 1 in terms of current and future operations.

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US$3 billion Eurobond hits Bank of Ghana’s accounts

The US$3 billion Eurobond issued by the government of Ghana is said to have hit the account of the Bank of Ghana, according to reports by Citi Business News.

The country’s historic bond issuance deal reached the Bank of Ghana last Tuesday.

Experts say, funds from the bond is a good cover for the country’s foreign reserves which was in excess of US$5 billion in November 2019.

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SOTN2020: We have fixed the broken economy – Akufo-Addo ‘brags’

President of the Republic, Nana Addo Dankwa Akufo-Addo has proclaimed that his government has been able to fix the fragile Ghanaian economy that was handed over to him by the Mahama led administration.

He emphasized that Ghana is changing for the good because the New Patriotic Party (NPP) government has been able to do much more than expected, adding that, the state of the nation is “in good health and in good competent hands”.

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Receivers of collapsed MFI, S&L to pay depositors from February 24 - Akufo-Addo

President Nana Addo Dankwa Akufo-Addo says that the Receivers of collapsed microfinance institutions, savings and loans companies will from Monday, February 24 start paying depositors who have had their monies locked up due to the financial sector clean-up.

According to him, GH¢5 billion will be released by the government to settle all depositors of the defunct microfinance and savings & loans companies. This is expected to increase the cost of servicing locked-up funds as a result of the financial services sector crisis, to GHS 18 billion.

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Over 21 firms demolished by Trade Fair Company

Over 21 companies were demolished by the Ghana Trade Fair Company on Monday, 17 February 2020.

According to the owner of a manufacturing firm located on the premises of the Trade Fair Company, Comfort Adjaho Gyeni, despite their pleas for the demolition exercise to cease, the Ghana Trade Fair Company still went ahead to demolish their properties, a situation, she says, gives room for people to read meanings into the action of the Trade Fair Company.

Mrs Adjaho Gyeni, whose company employs nine people, said on Tuesday, 18 February 2020 that the business owners have been meeting the authorities of the Ghana Trade Fair Company to consider the timelines with regard to the relocation and demolition since they were still in court.

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