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BOG’s surrender and repatriation of export receipts to stabilise Cedi

A woman holds 03 July 2007 in Accra a wa

The General Manager of NDK Capital Limited, Mr. Hammond Mensah is optimistic the cedi will experience  some level of stability in the short to medium term as the Bank of Ghana prepares to implement the amendments to the requirements for surrender and repatriation of export receipts by exporters. Speaking to Citi Business News on the impact of the new directive ...

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GRA chides exporters over improper documentation

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A Chief Revenue Officer in charge of drawback at Ghana Revenue Authority (GRA) Sheila Vigbedor has blamed the delays in the refund of duty drawback to exporters and manufacturers on improper documentation. According to her, the exporters and manufacturers are solely to blame. Citing the unwillingness to go through proper documentation and the use of unapproved routes as a major ...

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China to increase exports from Ghana

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China is seeking to increase its import of goods from Ghana to strengthen bilateral trade between the two nations. Already, trade volumes between Ghana and China hit 6.5 billion US dollars in 2015 as the figure is expected to grow this year. Speaking to Citi Business News, the Chinese Ambassador to Ghana, Madam Sun Boahong disclosed that China is collaborating ...

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Ghana rolls out visa-on-arrival program

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Ghana has commenced the rolling out of the visa-on-arrival policy effective Friday, July 1, 2016. It follows President’s Mahama’s announcement early this year of the country’s preparedness to implement the program to allow AU citizens visiting the country secure visas for up to about thirty days upon arriving in the country. This also falls in line with the resolution adopted ...

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Inefficient management threatens prospects of GAX

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Investment brokers have warned of an undesirable effect on the Ghana Alternative Market (GAX) if efficient management systems are not put in place to facilitate subscription unto the platform. According to them, the relative slow pace at which SMEs have responded to the GAX, could partially be blamed on the lack of proper management and leadership facing the country. Being ...

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New BoG export receipts repatriation rule takes off today

Bank of Ghana

The Bank of Ghana will from today July 1, commence the implementation of a new directive which is to compel all exporters, except those with Retention Agreements, to repatriate in full all their export receipts to their foreign exchange accounts (FEA) with local banks in Ghana to be converted into cedis on need basis. The measure, Citi Business News understands ...

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GRA to refund duty drawback to exporters on July 5

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The Ghana Revenue Authority(GRA) has confirmed to  Citi Business News that it will commence the payment of all outstanding duty drawbacks due exporters and manufactures next week. According to the GRA, the government through the Ministry of Finance has released funds to be paid to all eligible exporters under the duty drawback scheme. Speaking at a stakeholder’s consultation workshop on ...

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Govt urged to renegotiate zero budget financing in IMF programme

IMF

Economist, Dr. Eric Osei-Assibey has urged government to renegotiate with the International Monetary Fund(IMF) to relax the provision that requires the Bank of Ghana(BoG) to reduce its budget financing from 10 percent to zero. This follows an earlier assertion by the Institute for Fiscal Studies (IFS), criticizing government for accepting the provision under a $918 million Extended Credit Facility. Speaking ...

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IFS slams BoG’s approach of taming inflation

Prof Newman

The Institute for Fiscal Studies (IFS), has described the approach used by the Bank of Ghana(BoG) in taming inflation in the country as ineffective. According to the IFS, there are shortcomings in the country’s inflation management where the BoG seems to over-rely on demand management tools to tackle a problem that is essentially supply or structurally driven. Speaking to Citi ...

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Exporters threaten to drag GRA & Finance Ministry to court

importers

Some local manufacturers and exporters have threatened to hurl the Ghana Revenue Authority (GRA) and the Finance Ministry to court over what they claim are deliberate delays in the payment of their tax refunds under the duty drawback scheme. Some of them who have been speaking to Citi Business News say the process which should normally last six months extends ...

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Citi Business News