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Investigations into DKM bribery allegations to end next week

DKM-customers-600x330 (1)

Investigations into alleged reports of bribery against workers and security personnel of GCB bank by DKM customers are expected to be completed on Friday 27th January, 2017. The police, upon request from the Registrar General’s Department, who are official liquidators of DKM micro finance company, early this month begun investigations into the matter. “Some of the workers from the Registrar ...

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Expresso workers head to NCA over salary arrears

Expresso 11

Workers of Telecommunication Company, Expresso, have disclosed to Citi Business News they will file an official complaint with the National Communications Authority (NCA) over the failure of the telecom company to pay them salaries owned them. According to the workers, the non-payment of their salaries for over 2 years has compelled them to make the move to ensure their remuneration ...

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Govt to roll out fiscal stability Act by end of 2017  

President and Ken -600x330

Finance Minister Nominee, Ken Ofori Atta has disclosed to Citi Business News government should commence the implementation of the fiscal stability and fiscal responsibility act by the end of this year. The Act when completed should help the government reduce its borrowing and debt. He made the revelation in an interview with Citi Business News on the sidelines of an ...

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Economist predicts single digit inflation in the medium term

inflation

Economist Professor Godfred Bokpin has predicted of a drop in inflation to single digits in the short to medium term. It follows what he describes as weak volatilities with the main price drivers of inflation such as utility prices and transport fares. “As a result the major drivers do not exhibit higher volatility going forward and for which reason I ...

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Govt to issue 17.4 billion cedis in debt securities 

Ghana Cedi

Government will in the first quarter of 2017, borrow 17,400.00 million cedis through bonds and treasury bills and other government securities. The cash will be used rollover forecast maturities, meet Government’s financing requirements and build buffers for liability management. Of this 15,504.43 million cedis will be used to rollover forecast maturities and the remaining 1,895.57 million cedis will be used ...

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Reducing taxes will require more time – Ken Ofori Atta

Finance Minister Nominee, Ken Ofori Atta and Mrs Miriem Bensalah-Chaqroun of the General Confederation of Moroccan Enterprises

Finance Minister Nominee, Ken Ofori Atta has told Citi Business News government will have to undertake a careful analysis of its tax cuts promise before it implements it anytime soon. According to him, modalities for implementing the NPP’s promise to cut down taxes will largely be outlined in the 2017 budget. “The tax cuts will be signaled strongly in the ...

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Kumasi bound passengers stranded over Asantehemaa’s funeral

Some stranded passengers at the VVIP bus station at Kwame Nkrumah Circle

VVIP bus drivers who ply the Accra-Kumasi route have ditched their work following the low patronage of their service from Kumasi to Accra. The low patronage has been attributed to the ongoing funeral of the late Asantehemaa which commenced today. The development has left scores of passengers at the VVIP bus stations in Accra heading to Kumasi stranded. Long winding ...

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Tax cuts should be replaced with pragmatic revenue sources – Analyst

Tax

Government must find alternative means to impose new taxes or increase compliance rate if it is to achieve targets on tax cuts. This is the suggestion from tax consultant, William Owusu Demetia. “Government has two options; it has to either find another item that has not previously been taxed to impose the taxes on or pursue defaulting tax payers to ...

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New regions to cause budget distortions if … – Economist warns

Ghana Cedi

Economist Dr. Joe Amoako -Tuffour has cautioned Finance Minister Nominee, Ken Ofori Atta on the need to find sustainable funding for the proposed new regions to be created by the NPP government. He contends the country risks huge financial challenges should government fail to align its revenue with expenditure with the additional regions. “…The rising fixed cost of government is largely ...

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Ghana is safe from kerosene shortage – Energy Institute

kerosene

The Institute for Energy Security (IES) has downplayed fears of a likely shortage of Kerosene following scarcity of the product in Nigeria. According to the Institute, Ghana has about 20 million litres of domestic kerosene and seven thousand liters of aviation kerosene available and will not be experiencing a shortage any time soon. “Ghanaians need not to be alarmed about ...

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Ghana Business News