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Local businesses worst loan defaulters in 2017 – BoG report

bank-of-ghana pic

Local private businesses were the worst culprits in repaying loans taken from commercial banks for 2017. According to the Bank of Ghana, the businesses constituted 80.6 percent of loan default attributable to the private sector for last year compared to the estimated 7.9 percent of loan default attributable to the private sector, recorded by foreign businesses. This is among the ...

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New electricity bills to start with second purchase in April – ECG

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It is emerging that the much anticipated reduction in electricity tariffs may take a bit longer than expected. This is because the Electricity Company of Ghana (ECG) has explained that the reduction will only reflect on the bills of consumers when they make their second purchase of credit for electricity for April. The latest also follows the shift of the ...

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Fuel crisis looms over cartel in petroleum industry – BOST workers

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The Senior Staff of the Bulk Oil Storage and Transportation Company (BOST) are predicting a shortage in fuel following what they say is the continuous interference by a cartel in the company’s activities. Secretary of the Senior Staff Association of BOST, Ekow Sey claims that some Bulk Oil Distribution Companies (BDCs) and highly placed individuals, who form the cartel, have ...

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You can’t do business with gov’t without TIN—GRA warns

Emmanuel Kofi Nti - Commissioner General, GRA

The Ghana Revenue Authority has announced that individuals without a Tax Identification Number (TIN), effective today [April 3,2018] will not be allowed to acquire a Drivers’ license, open a bank account, get a passport, transact business with government, or register a business. The TIN, according to the GRA, is aimed at uniquely identifying potential tax payers to broaden the tax ...

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‘Great cartel’ manipulating fuel prices – BOST staff warn gov’t

Abdul Jamil, Chairman of the BOST Senior Staff Union

The Junior and the Senior Staff unions of the Bulk Oil Storage and Transportation Company Limited (BOST), have called on the government to move against what they describe as a cartel within the company sabotaging fuel prices. In a statement, the executives of the two unions stated that BOST is the only institution with the adequate infrastructure and the human resource capacity ...

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Govt targets $1.5bn sovereign bond in April

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The Finance Minister, Ken Ofori-Atta has indicated that government may go to the international market to raise about 1.5 billion dollars by end of this month (April, 2018). This, is despite the International Monetary Fund (IMF) pressing on government to cut the target to 500 million dollars to control the country’s debt stock. Government had already stated in the budget ...

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ACEP demands clarity on basis for reducing electricity tariffs

Benjamin Boakye - Executive Director of ACEP

The African Center for Energy Policy (ACEP) is urging the Public Utilities Regulatory Commission (PURC) to provide details on factors that influenced the margin of reduction in electricity tariffs. ACEP argues its analysis proves that only the transmission service charge has been reduced while the bulk generation and distribution service charges have gone up for the period. According to the ...

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Ministry of Finance, IMF to hold conference in Accra

Ken Ofori Atta - Finance Minister

The Ministry of Finance (MoF), the African Center for Economic Transformation (ACET), and the International Monetary Fund (IMF) are jointly organising a conference on, “Moving Beyond Aid: Domestic Revenue Mobilization for G-20 Compact with Africa (CWA) countries”, from 4th to 5th April in Accra. A statement copied to Citi Business News said the two-day conference will bring together senior government ...

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ECG rolls out tariff reduction from today

Samuel Boakye-Appiah - MD,ECG

From today, April 1, 2018, consumers should be paying less for the electricity they consume as the ECG begins the implementation of the reduction in tariffs announced in March this year. The Public Utilities Regulatory Commission (PURC) on March 5, 2018, announced a reduction in electricity tariffs of between 17 and 30 percent for residential and commercial consumers. Though the ...

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African govts must encourage use of mobile phones—MD of HMD

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Manufacturers of Nokia Mobile Phones, HMD is urging government to create an environment that will open the economy up for the use of mobile phones to drive digital financial inclusion. According to the company, the telecommunication space has evolved such that mobile phones now serve as an opportunity for people to create mobile money account to drive the financial inclusion ...

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