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Tag Archives: Ghana Business News

LeapFrog acquires minority stake in Enterprise Group

kelly gadzekpo

Black Star Holding Limited (BSHL), a wholly owned subsidiary of LeapFrog Strategic African Investment (LSAI), has acquired the minority shareholder in three subsidiaries of Enterprise Group. The three subsidiaries are Enterprise Life, Enterprise Insurance and Enterprise Trustees. BSHL takes over the ownership which hitherto belonged to Sanlam Emerging Market Proprietary Limited of South Africa (Sanlam). Per the new arrangement, LeapFrog Investments ...

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Mergers & Acquisitions: potential haven for tax evasion – Analyst

mergers

The Ghana Revenue Authority (GRA) has been impressed upon to re-examine the various mergers and acquisitions that have been completed in the country to reconcile potential revenue losses due to tax evasion. This is the suggestion from Tax Analyst, Mr. Abdallah Ali Nakyea. According to him, such commercial activities have been cited as a major contributor to huge illegal financial ...

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Strict tax laws to avert revenue loss over illicit financial flow

Abdallah Ali Nakyea - Managing Partner, Ali Nakyea & Associates

Tax Analyst, Abdallah Ali Nakyea is pushing for a critical review of Ghana’s tax regime to reduce the massive economic losses due to illicit financial flows. He argues that though the canker is depriving the country of huge revenue, a stricter implementation of the existing laws should prevent any further losses. The Global Financial Integrity (GFI) report on impact of ...

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Port Infrastructure Dev’t Fund Committee inaugurated

The Nine Member committee

The Acting Director General of the Ghana Ports and Harbours Authority (GPHA), Paul Asare Ansah has inaugurated a nine member committee to develop modalities for the Port Infrastructure Development Fund in Tema. Inaugurating the committee which has a six month period to finish its work, Mr. Ansah charged the committee to give off its best and conduct wide range consultations ...

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BOST defends sale of ‘contaminated’ fuel to oil company

BOST-new

The Bulk Oil Storage and Transportation Company (BOST) has defended its decision to sell off contaminated or off-spec product to oil company, Movenpiina. Documents sighted by Citi Business News indicate that BOST has agreed to sell 5 million litres of the product to the company at a cost of 1 cedi per litre. This is viewed by some industry watchers ...

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Ghana to lose GH¢7 million over sale of contaminated fuel

Fuel-Tankers

Ghana is likely to lose about 7 million cedis in revenue following attempts by the Bulk Oil Storage and Transportation Company Limited (BOST) to sell contaminated fuel to some oil marketing companies. Documents sighted by Citi Business News indicate that BOST has agreed to sell about 5 million litres of contaminated fuel to Movenpinna Energy. The documents indicated that as ...

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Ghana to tap into Mexican export market  

exports

Some Ghanaian exporters have indicated of plans to explore new markets outside Europe to export their agricultural produce. Per this development, the Ghana Export Promotion Authority (GEPA) has outlined plans to trade with Mexico to improve Ghana’s export earnings and boost the agricultural industry. Export earnings from the agricultural sub-sector in 2016 amounted to about 370 million dollars. In an ...

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GRA to sell off Vodafone assets within 14 days over tax default

vodafone

The Ghana Revenue Authority (GRA) has served notice that it will be compelled to sell off the assets of National Communications Backbone Company (NCBC) within the next fourteen days should the company fail to provide proof to benefit from capital gains tax reliefs. The NCBC, which is a subsidiary of Vodafone Ghana is reported to have defaulted in capital gains ...

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New management commissions audit of SSNIT’s operations

ssnit

The Social Security and National Insurance Trust (SSNIT) has begun processes to audit the Trust to improve its operations. The exercise is among others expected to inform the managers of SSNIT on the current position of the pensions’ regulator. It is also expected to give an understanding of what new measures ought to be implemented to make the pension Trust ...

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Ghana is operating a double window, not single window – GPHA

exporters in ghana

The Director General of the Ghana Ports and Harbours Authority (GPHA), Paul Ansah has made a startling revelation that the country is operating a double window at the country’s ports contrary to the planned single window platform. According to him, the dual mandate being carried out by the Ghana Community Network Services Limited (GCNet) and the West Blue Consulting, has ...

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Ghana Business News