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Banking And Finance

Inflation hits 14.8%, highest since 2010

Inflation for the month of May hit 14.8 percent. This means the average prices of goods and services went up by 14.8 percent between the periods of May 2013 and May 2014. This still continues to be the highest since January 2010. May’s inflation rate was up from the rate of 14.7 percent recorded in April. The monthly inflation rate ...

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Amissah-Arthur rubbishes Fitch report

Vice President Kwesi Amissah-Arthur has rejected the recent assessment of Ghana’s economy by some top international rating agencies. According to the Vice President, ‘in this industry sometimes they have to hit hard for your message to go across so they are making very dramatic statements. The reality may not be as they put out.” He said of the rating agencies. The international rating agencies ...

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Fitch warns BoG against printing money to fix budget deficit

Rating agency Fitch Ratings has disclosed that the Bank of Ghana (BoG) is printing money to finance the country’s rising deficit. A statement released by Fitch on Monday indicated that printing money “will aggravate already high inflation (14.7% in April 2014) and contribute to further cedi weakness.” Ghana has been grappling with the continuous fall of the Cedi against major trading ...

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Massive backlash from business community over new VAT charges

The Importers and Exporters Association of Ghana is demanding a complete halt in the implementation of the 17.5 percent Value Added Tax (VAT) charge on financial services from next month. According to the association the extra tax will cripple businesses and lead to massive job cuts. Some of the 32 fee-based services to be affected include current accounts (foreign/local) for ...

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Bank customers angry over VAT charges in financial sector

Some bank customers have expressed disgust over the latest list of financial services that would attract the new 17.5% VAT charge. The list released by the Ghana Revenue Authority (GRA) last Friday affects nearly all bank charges. The financial services, which hitherto had been exempted from VAT, will now from the first of July this year start charging VAT. Thirty ...

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List of taxable financial services released by GRA

The Ghana Revenue Authority (GRA) has released the list of services that would attract the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL). The GRA in a letter to Bankers and Banks said the 32 fee-based services would attract the tax from July 1, 2014. The amendment of the VAT law last November expanded the scope ...

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Senchi consensus if implemented will save economy – Kwesi Botchwey

A former finance minister Prof Kwesi Botchwey is certain the implementation of the Senchi consensus will save the country from its current crisis. Ghana close to two years now has been facing some economic challenges including high inflation rate, rising budget deficit and increased cost of borrowing among others. Inflation currently stands at 14 .7 percent the highest rate since ...

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Companies advised to empower sales team

The Head of Enterprise Business for Airtel, Maxwell Dodd has challenged businesses to empower their sales teams to achieve higher targets. Speaking on the topic, “Reinvigorating your sales force” in day two of Citi FM’s annual Management Development Month series he called for sales teams to be enabled with modern day tools. According to Maxwell Dodd, critical information on clients ...

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‘Dalex Paddy’ offers free cash to workers

Dalex Finance and Leasing Co. Ltd. has announced the ‘Cash Dash’ promotion which gives free cash to government workers. The promo also celebrates the rebranding of the Dalex Salary Loan Agent as the ‘Dalex Paddy’. The ‘Dalex Paddy’ is the friendly and ethical service provided by the Dalex sales force of over 750 agents nationwide. Speaking at the launch of ...

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Chief Executive of Barclays Africa Kennedy Bungane resigns

Chief Executive of Barclays Africa Regional Management and Head of Strategy, Kennedy Bungane has resigned. His resignation takes effect from 18 June 2014. It’s unclear where he will be heading to but a statement from Barclays Africa Group Limited said Mr Bungane had resigned to pursue other business interests. In the interim, the Barclays Africa executive will assume accountability for ...

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Ghana Business News