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Mixed expectations meet new date for Eco (Audio)

eco currency

There are mixed expectations over Ghana’s ability to meet the new implementation date for the West African common currency, the Eco. The country is racing against time to meet the 2020 timeline. The dream for a single currency has continuously failed to materialize as the deadline for implementation has been postponed several times to 2020. President Akufo-Addo recently reaffirmed that ...

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Tax stamp policy will stay—Ken Ofori-Atta

Ken Ofori-Atta - Finance Minister

Finance Minister, Ken Ofori-Atta has given the strongest indication that government will not review or withdrawal the excise tax stamp policy. The excise tax stamp law was passed by parliament in 2013 to halt tax evasion in the manufacturing sector. The policy will affect alcoholic, beverage and water bottle producers, among others. However, the policy, which is scheduled to be ...

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GSE good performance a vote of confidence in private sector

Mahama Iddrisu - Investment Banker

Investors on the Ghana Stock Exchange (GSE) should expect good returns this year if the current financial performance of majority of the listed companies should continue. A report by Bloomberg sighted by Citi Business News has pegged the Ghana Stock Exchange as growing by 33 percent, making it the best world performing stock exchange so far in 2018. The performance ...

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Government hits businesses with new tax policies (Audio)


Businesses should be ready to comply with the Government with its new tax implementation initiatives for the rest of this year – 2018. This is because some new tax policies are set for implementation beginning next month; March. The two new tax policies to be rolled out are the excise tax stamp and the Harmonised ECOWAS Common External Tariff (CET). Tax ...

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Bitcoins, Altcoins, Ponzi Schemes (Article)


Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not all virtual currency is convertible. ...

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First Atlantic Bank secures new investment to increase capital

First Atlantic 1

First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana, Dr Ernest Addison in November ...

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New law to track VAT electronically in the offing

VAT on Fin Services

Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their values and also punish tax ...

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PFMA to tame excess borrowing – Economist


Some Economists have told Citi Business News they expect the Public Financial Management Act (PFMA) to restrict government’s future borrowing to specific needs. According to Lecturer at the University of Ghana Business School, Dr. Lord Mensah, this should regulate spending and avoid budget overruns. The comment follows the formulation of regulations to guide the implementation of the PFMA. This also ...

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GCB eyes leading bank with new strategy

GCB Bank 1

GCB Bank is optimistic it will increase its market share in the banking industry within the short to medium term. This comes as the bank has outdoored its ‘Golden Eagle Ambassador initiative’. Under the initiative, 200 staff have been selected from all nine zones in which the bank operates to market the bank. The move also comes at a time ...

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Ivory Finance pursues cash from SIC Insurance


Ivory Finance has told Citi Business News it still stands by its case of being owed by SIC Insurance in a breach of contract in a credit guarantee case currently before the court. The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit over the merits of an ...

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Ghana Business News