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Author Archives: Pius Amihere Blay

We need a module to determine allocation to GNPC—Boakye Agyarko


Ghana’s oil sector will suffer a major setback if industry players and the government do not decide on a single module to run the oil industry. This is the assertion of the Minister for Energy, Boakye Agyarko. According to him, the non-existence of a single module to define allocation of funds to the Ghana National Petroleum Corporation (GNPC) have ignited ...

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Ghana’s manufacturing sector must take advantage of AfCFTA

David Ofosu Dorte - ‎Executive Chairman - ‎AB & David Law

Lawyer and Senior Partner at AB & David Law affiliates, David Ofosu-Dorte has warned that Ghana will not benefit from the African Continental Free Trade Area (AfCFTA) if policies are not put in place to promote the manufacturing sector. The Free Trade Agreement, which has been signed by 40 countries of the African Union (AU) is expected to improve regional integration ...

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Proposed cargo fumigation levy suspended indefinitely


Government has ordered the indefinite suspension of the proposed fumigation levy for shippers. The policy, was aimed at fumigating all imported cargo upon arrival at the ports. However, a statement signed by the Information Minister, Mustapha Hameed and copied to Citi Business News said, “After extensive consultation between the government and various stakeholders, the Economic Management Team has instructed that the proposed ...

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Govt suspends import VAT on phones, day old chicks, others

VAT on Fin Services

Government has suspended the charging of import VAT on some 64 commodity groups effective Wednesday, March 21, 2018. The decision was arrived at after extensive consultation between the government and various stakeholders. Citi Business News understands that the charges have been implemented since the 1st of March this year. The traders of such commodities comprising, mobile phones, day old chicks, ...

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Panic withdrawals hit uniBank despite assurances               


Citi Business News‘ checks across Accra in the early hours of Wednesday, March 21, 2018 indicated that there is panic withdrawal among customers of Unibank following the takeover. Some of the customers who spoke to Citi Business News said they fear they may lose their investments should they not withdraw them now. “I am coming to withdraw all my money ...

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Unibank takeover: Analyst urges audit of banks’ risks to loan default  


Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions the central bank could apply if ...

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BoG takes over management of uniBank


The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank. This means that the central bank has taken over the assets and management of uniBank. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has ...

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Ship Owners demand explanation on fumigation exercise at ports

importers picture

Members of the Ship Owners and Agents Association of Ghana are calling on government to come clear on the modalities of the Cargo Fumigation Exercise. This comes after various associations including the Ghana Union of Traders Association (GUTA), and Ghana Institute of Freight Forwarders (GIFF) kicked against the exercise, stating that, it will add to their cost of operations. The ...

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VAT on mobile phones to distort mobile money if … – Economist


Economist, Dr. Ebo Turkson has impressed on government to be cautious with its new taxes on mobile phones as it could distort efforts at driving a cashless economy. He argues that the move could restrict access to mobile money use which dwells largely on mobile phone ownership. The Mobile Phone Dealers Association is protesting the imposition of 17.5% VAT on ...

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Aker Energy quickens process to start oil drilling in 2021

CEO of Aker Energy - Jan Arve Haugan

Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021. The company explains that it is working to complete the necessary processes to get clearance from the government to start operations. The CEO of Aker, Jan Arve Haugan outlined the company’s investment plans ...

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