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Author Archives: Pius Amihere Blay

Banking Consultant rejects money laundering claims against Otumfuo

Banking consultant and Head of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong

Banking Consultant, Nana Otuo Acheampong has clarified that the Asantehene Otumfuo Osei Tutu II could not have been engaged in any act of money laundering considering the failure of any swift action over the allegation leveled against him. He explains that even though the deposits ordered by the traditional leader triggered a suspicion of money laundering, the inability of a ...

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Importers up in arms over unequal tax system

frozen food

The Frozen Food Importers Association of Ghana wants government to grant its members preferential values for duty or taxes charged on imported products at the ports. According to them, government has subsidized taxes on imported products for one company thereby creating unfair competition in the frozen foods industry. The association believes if this is not checked, the industry will be ...

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BoG warns of doing business with ‘Oboanipa’

bank-of-ghana pic

The Bank of Ghana is cautioning the general public to refrain from making deposits with Oboanipa Ventures Limited. According to the BoG, it has not granted the company any licence to operate in deposit taking thus anyone who does so does it at his or her own peril. The warning was contained in a statement from the central bank and ...

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Fuel prices to drop again in October

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Consumers are expected to pay less at the pumps in the second pricing window of October. This is according to the Institute of Energy Security (IES) who have predicted a reduction in fuel prices of up to three percent. Fuel prices since the beginning of this year (2017), have seen marginal increase due to the constant depreciation of the cedi ...

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Declining cocoa prices cost Ghana $ 1bn annually

Dr. Owusu Afriye Akoto -  Minister of Agriculture

Ghana is losing at least 1 billion dollars every year from the declining prices of cocoa on the international market. The development is also said to be impacting on projected revenue from the cash crop to improve operations in the subsector. The development notwithstanding, the government has maintained the producer price of cocoa for farmers. Checks by Citi Business News ...

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Fuel stations to undergo electrical wiring audit

FUEL-STATION

The Energy Commission is set to launch an audit of all electrical wiring at the various fuel stations by the end of this month [October]. The move is among others to ensure compliance by the various fuel stations with the mandatory ten year audit of all electrical wiring systems. Citi Business News understands that the exercise also comes on the ...

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Local contractors lament over delay in payment

File photo

The Ghana Real Estate Developers Association (GREDA) wants government to pay local contractors on time. This, they say will enable government successfully implement its policy of ceding 70 percent work to local contractors. The Minister for Procurement Sarah Adwoa Sarfo has announced that government is working on a policy document that will see 70 percent of government contracts going to ...

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Low training of Ghanaians in oil industry worrying

oil  and gas

Stakeholders in Ghana’s Oil and Gas industry have bemoaned what they say is the low level of investment in the training of personnel in the sector. According to them, government has done little to increase local  participation in the sector despite the implementation of the Local Content Law which seeks to promote the maximization of value addition and job creation through ...

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Trade Ministry to help SMEs meet standards

Alan Kyerematen - Trade and Industry Minister

The Minister for Trade and Industry Alan Kyerematen has assured that his ministry will work to develop Small and Medium Enterprises (SMEs) to meet international standard. According to him, government aims at reducing the import dependencies of the country, by equipping SMEs to meet international standard to export their produce. Addressing an audience as part of this year’s celebrations for ...

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Stable cedi, others to reduce cost of spare parts after tax cuts

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It appears that spare parts traders may require more than tax cuts on imports if they are to reduce the prices of their wares for consumers. According to a tax analyst, William Owusu Demetia, the decision to reduce prices will also be influenced by a combination of factors including the cedi depreciation and a general improvement in the economic condition. ...

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Ghana Business News