GAPNEWS

GAPNEWS 14 answers on why BoG revoked licenses of 347 insolvent microfinance institutions 1. Why is the Bank of Ghana undertaking this particular action? Answer: Over the years, the Bank of Ghana notified these institutions of regulatory violations, deficiencies, and vulnerabilities which had been identified through off-site reviews and onsite examinations. Unfortunately, efforts by the Bank of Ghana to get the affected institutions and their shareholders and directors to rectify these deficiencies yielded no results. Consequently, the financial position of these institutions continued to deteriorate, leading to their insolvency with majority of them ceasing operations and closing their offices with depositors’ funds locked up. Even those that have not closed their offices are unable to pay their depositors. This has placed a substantial amount of depositors’ funds at risk. Given the risks that these institutions continue to pose to the entire financial system, and the...

GAPNEWS  UK set for new PM as Theresa May quits Theresa May has said she will quit as Conservative leader on 7 June, paving the way for a contest to decide a new prime minister. In an emotional statement, she said she had done her best to deliver Brexit and it was a matter of "deep regret" that she had been unable to do so. Being prime minister had been the "honour of my life", she said. Mrs May said she would continue to serve as PM while a Conservative leadership contest takes It means she will still be prime minister when US President Donald Trump makes his state visit to the UK at the start of June Mrs May announced she would step down as Tory leader on 7 June and had agreed with the chairman of Tory backbenchers that a leadership contest should begin the following week. Boris Johnson, Esther McVey and Rory Stewart have said they intend to run for the party leadership, while more than a dozen others are believed to be seriously considering entering the ...

GAPNEWS Here are 5 reasons why Akufo-Addo is likely to win in 2020 Though the 2020 general election is well over a year to go, the two main political parties, the National Democratic Congress (NDC) and the New Patriotic Party (NPP), have started drawing strategies for the poll. The NDC started by re-electing former President John Dramani Mahama as their flagbearer for 2020. Despite it being unofficial, it is expected that President Nana Addo Dankwa Akufo-Addo will go unopposed as the leader of the NPP in 2020. And many pundits believe he is likely to be retained for a second term by Ghanaians in December 2020 due to some policies he has initiated in his first term. This assertion was, yesterday, affirmed by the Economic Intelligence Unit (EIU) when they predicted an outright victory for the president in 2020. And if this prediction of the EIU and that of the political pundits is to materialize, below are 5 reasons that are likely to make it accurate. Free SHS: Maligned...

GAPNEWS The US just raised tariffs on Chinese goods. China says it will hit back The United States has escalated its trade war with China, hiking tariffs on $200 billion worth of Chinese exports hours after trade talks held in Washington failed to produce a breakthrough Tariffs on the targeted exports increased from 10% to 25% at 12:01 a.m. ET on Friday, prompting a swift rebuke from Beijing. The Chinese government expressed "deep regret over the development" and pledged to take "necessary countermeasures." We hope the United States will meet us halfway, and work with us to resolve existing issues through cooperation and consultation," China's Ministry of Commerce said in a statement. The ministry did not give specifics on how it would respond. The Trump administration's decision to impose new taxes on Chinese exports comes after the United States accused China of backtracking on commitments made during recent negotiations on trade. Trump ha...

GAPNEWS South Africa's ANC party set to win national vote, results show. South Africa's ruling African National Congress (ANC) party is on course to win parliamentary elections with almost all votes counted, despite losing support amid widespread anger over corruption and high unemployment. Results announced by South Africa's electoral commission on Friday said the ANC, headed by President Cyril Ramaphosa, had won 57.7 percent of the vote during Wednesday's poll with more than 96 percent of votes counted. The party, which has been in power since 1994, won 62 percent support at the last general election in 2014. Wednesday's performance put the ANC well ahead of its nearest rivals the main opposition Democratic Alliance party, who won 20 percent of the vote, according to the electoral commission's figures. The Economic Freedom Fighters, founded six years ago by former ANC youth leader Julius Malema, was in third place with 10.51 percent. In South Afric...

GAPNEWS   The Three Principles Of Success The definition of success varies with every individual, but there is one constant across all interpretations of success: Everyone wants to succeed. Everyone has goals and a vision of their lives that they want to actualize. However, many people spend their whole lives waiting around for a future that never comes. So, why do so few people realize their objectives? Do only a select few have the inherent talents to obtain everything they want in life? The answer is a resounding no. Anyone can succeed. I believe that the path to success isn’t a matter of talent; it’s a matter of having the proper principles. In my experience, there are three criteria that separate those who are successful from those who spend their lives wishing they were. Best of all, these three criteria are easy to adopt and can change not only your outlook but also your entire life. It’s true that there are no easy shortcuts to success — however, by approac...

GAPNEWS AEA Paper Bags Hit The Market; CEO Calls For Partnerships. An Entrepreneur and the Chief Executive Officer (CEO) of AEA Packaging, Eric Kwame Adu who has earnestly launched a campaign dubbed “flush out plastic bags,” has begun the production of paper bags into the system in bid to make his vision a reality. The AEA Packaging paper bags which are already in the system are coming as a better option to plastic bags which seem not only harmful to health but cause serious and irreparable damage to the environment. The young entrepreneur, Eric Kwame Adu, in an interview explained that during his time at the University, he was nurturing the desire to create jobs for the youth in his community. According to him, the unemployment rate among youth in his community and the menace of plastic bags taking over the country was worrying hence, he ventured into the production of paper bags as a sure solution to the plastic bag menace. He said establishing a paper-bag manufacturing c...

GAPNEWS WHAT IS WRONG WITH GHANA l am not too old neither am I too young and certainly I can’t admit to knowing all the problems confronting our dear Nation Ghana, but suffice as it will I have had the speck removed from my eyes and have seen the trajectory of our Governance process as a Nation with my eyes and have come to the conclusion of the very facts I dare state beneath. The trouble in Ghana is simply and squarely a leadership crisis finding its expression in the “volcanic” way of our practice of politics in Ghana. Let me hasten to indicate that there is nothing wrong with the Ghanaian, our land, our climate, our water, and our ability to think and do things for ourselves. The Ghanaian crisis stems from the roots of the unwillingness and the wanton disrespect for patriotism on the part of its leaders to rise to the responsibility of performance beneficial to the good people of Ghana. We have seen quite fairly or if you will strongly in the epoch of our political li...