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Business associations to meet over tax stamp on Friday

Asaki 1

Business associations will tomorrow [2, 23,2018] meet to finalise talks on whether or not to implement the tax stamp scheduled for March  1st. The businesses, earlier this week called on government to suspend the tax stamp implementation, complaining that they were not properly integrated into the implementation processes. They have also threatened to withdraw their services and close down their ...

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Banks to lose hold on interest rates

Dr. Ernest Addison - BoG Governor

The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a public lecture on the effectiveness ...

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Expresso, Glo to lose licenses due to poor services

Ursula Owusu Ekuful - Communications Minister

Minister for Communications, Mrs. Ursula Owusu-Ekuful has disclosed that telecom companies— Expresso and Glo, may lose their licenses if they fail to meet a 30 day ultimatum given by the ministry to answer questions on their poor operations. According to her, the telcos have consistently operated below standards sets by the National Communications Authority (NCA). Speaking to Umaru Sanda Amadu ...

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NIC to address undercutting of insurance premiums                                             

WhatsApp Image 2018-02-21 at 11.12.43 AM

The Commissioner of National Insurance Commission(NIC), Justice Ofori has told Citi Business News the commission is working to produce the right mechanisms to aid in addressing issues of undercutting insurance premiums by the end of March. The Commissioner says the constant undercutting is a major setback to the insurance industry. The development follows the undercharging of premium by some Brokers, ...

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Ayrton Drug Ltd to increase market penetration in West Africa

Ayrton proper

The Chief Executive Officer of Ayrton Drug Manufacturing Limited, Yaw Opare-Asamoah has stated that the company is working to be among the top five pharmaceutical companies in the West African sub-region by 2023. Speaking to Citi Business News after organizing its Annual General Meeting(AGM) in Accra, Mr. Opare-Asamoah observed that the company will use effective management and operational strategies to ...

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We must implement ECOWAS single currency by 2020–Nana Addo

ECOWAS-AKUFO

President Akufo-Addo has reaffirmed that the implementation of common currency for ECOWAS member states cannot be rescheduled beyond the 2020 deadline date. According to him, it is imperative for countries in the West African Sub-region to work at achieving the convergence criteria required for the implementation of the ECO single currency in two years. Speaking at the Fifth Meeting of ...

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AngloGold Ashanti to redevelop Obuasi Mine

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AngloGold Ashanti has signed an agreement with government to re-develop its Obuasi goldmine. Under the agreement, the government of Ghana is expected to provide a tax concession arrangement, security, and a reclamation plan. In 2016, AngloGold Ashanti shut down the Obuasi Mine, following an impasse with illegal miners that resulted in the tragic death of the Communication’s Manager, John Owusu. ...

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MiDA resolute with local ownership in ECG

Martin Esson Benjamin - CEO, MiDA

The Millennium Development Authority (MiDA) has stressed that it will protect the interest of the government of Ghana in selecting a private manager for the ECG. It follows concerns raised by one of the concessionaires, a French electricity conglomerate, EDF which together with its local partner, CH Group is protesting the 51% mandatory Ghanaian ownership in the new entity. But ...

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PEF seeks revision of upfront tax payments

Nana Osei Bonsu - CEO, PEF

The Private Enterprise Federation (PEF) has made a strong case for the GRA to review the current time frame for businesses to remit their taxes on the sale of products. The CEO of PEF, Nana Osei Bonsu explains that the current regime has impacted adversely on businesses due to delayed payments for the provision of services or sale of products ...

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Beverage manufacturers want tax stamp suspended

tax stamp 3

Businesses in the Food and Beverage industry, have renewed appeals for government to suspend the implementation of the excise tax stamp policy. According to them, they have not been properly integrated into the implementation processes hence the need to address their concerns before the implementation of the policy. “Our engagements with government to reconsider its position if it comes to ...

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Citi Business News