The Securities and Exchange Commission (SEC) has said it will be able to decide on the payment schedule for customers of defunct Fund management firms by the end of June 2020. According to the Commission, it is in the process of finalising the validation process of affected investors. This would influence how the payment would be carried out.  Director-General of SEC noted that "So what we have done, firstly, is to get the liquidation process to start and that means that the official liquidator that the Registrar General is in court. "We can't tell when that process will terminate because it's an issue of the court process so that is in the works," the Director-General explained to  JoyNews  June 9, 2020. He however expressed confidence that: "by the end of this month, the SEC will be in the position to make a definite announcement so by the end of this month, I believe that everybody should be clear as to what to expect and when to expect it."  The Sec...

The government on Saturday, started airlifting quantities of Personal Protective Equipment, alcohol-based hand sanitizers, Veronica Buckets, packets of soap, and tissue papers to 234 tertiary educational institutions in 16 regions ahead of re-opening on Monday, June 15. The items included 600,000 units of reusable face masks, 200,000 millilitres of hand sanitizers, 1,700 Veronica Buckets, 34,000 tissue papers, and 34,000 packets of soap, as well as 900 thermometer guns. An extra 10 percent of the logistics have been added to cater for contingency situations. About 200,000 staff and students are supposed to benefit from the logistics, comprising 44,000 teaching and non-teaching staff and 128,000 students. Each person is supposed to receive three re-useable face masks, alcohol-based hand sanitizers, and tissue papers to help prevent the spread of the COVID-19. Information Minister Kojo Oppong Nkrumah told the media at the Burma Camp in Accra on Saturday, when personnel from the Ghana Air...

The Minister for Health, Kwaku Agyeman Manu is recovering in hospital after testing positive for COVID-19. Information available to  Citi News  indicates that the Minister has been receiving treatment at the University of Ghana Medical Centre in Accra over the past week. Multiple sources in the medical team at the hospital who confirmed the information to  Citi News  say the Dormaa Central MP was admitted to the hospital on Tuesday and is "in a stable condition". Citi News  checks at the Health Ministry has corroborated the story as information there suggests Mr. Agyeman Manu has taken "a few days off from work" and has not reported to work all week. The UGMC currently has 4 patients on admission at the ICU with several others in the main wards of the hospital's COVID-19 wing. The Health Minister who announced Ghana's first COVID-19 case in a night broadcast in March this year would be the first high profile government official to have confirmed positive for...

Zylofon Music new artiste unveiling came off Friday, June 12, 2020. As expected, key personalities in the entertainment industry graced the occasion, however, the highlight of the night was the public appearance of the Chief Executive Officer of Zylofon Media, Nana Appiah Mensah (NAM1) who have gone missing in the public eye. NAM 1 as he is popularly known was in 2018 involved in one of the biggest business scandals in the country's history following the collapse of Menzgold Ghana, his gold dealership and investment firm. In January 2019, an Accra circuit court issued a warrant for the arrest of NAM1 for money laundering and fraud. He was charged with money laundering, unlicensed to take deposits and defrauding by false pretence. The security agencies also seized his properties including his mansions, luxury cars and also froze his bank accounts. Since his arrival in Ghana on July 11, 2019, tension has mounted on him with customers of Menzgold demanding their monies from him. In Ja...

Though Ghana's borders will be opened for final year foreign students to return to complete the semester, Vice-Chancellors Ghana says students who feel unsafe can still remain in their countries and complete academic work. Speaking to  Citi News , the Chairman of Vice-Chancellors Ghana, Professor Ebenezer Oduro Owusu said there will be special teaching and learning arrangements for persons who wish to remain outside Ghana. Some tertiary institutions have transitioned to online learning because of restrictions brought on by the novel coronavirus pandemic. "If for any reason, an international student just like any Ghanaian student feels he or she is safe wherever he or she is and has no problem with access, he or she is free to stay and go through the semester," Prof Owusu noted.

The Leader of the Economic Fighters' League, Ernesto Yeboah has been released from police custody, more than 30 hours after his bail was set by the court. According to his lawyer, Francis Xavier Sosu, Ernesto Yeboah has met the bail requirement which was set at GHS100,000. "He [Ernesto Yeboah] is doing well, but it is quite unfortunate this looks like an attempt to undermine his right to free speech and expression. It looks like a deliberate, calculated attempt to deliberately make it impossible for someone to freely express themselves and that is worrying." Ernesto Yeboah was arrested on June 6 at the Black Lives Matter vigil held in Accra. The police insisted that the Black Lives Matter vigil, which they described as a protest, was not authorised whilst organisers of the vigil produced evidence indicating they notified the police in line with the Public Order Act. He was subsequently granted a police enquiry bail. He appeared before court, yesterday, Thursday where he w...

The Securities and Exchange Commission, SEC, has sustained the revocation of the license of Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited following the completion of work by the Commission's Administrative Hearings Committee. A circular, published on the website of the SEC said four other companies have had their revocations sustained after they appeared before the Administrative Hearings Committee. The four are; Kron Capital Limited, Kripa Capital Limited, Frontline Capital Advisors and Intermarket Asset Management Limited (formerly CDH Asset Management). Meanwhile, the SEC has restored the license of Monarch Capital Ghana Limited. However, the licenses of two other companies, Integrity Fund Management and Legacy Fund Management have been commuted to suspension for six months. The SEC, in November 2019, revoked the licenses of 53 fund management companies for various infractions including their inability to pay clients their investments. Three...