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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Banks demand tax cuts to bridge housing gap

bycitibusinessnews
August 2, 2016
in Banking And Finance, Government, Top Stories
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Banks in the country want government to slash taxes slapped on them to be able to offer cheaper mortgage loans to their customers.

They argue that the continuous imposition of taxes on interests earned on mortgages, make it difficult for them to reduce interests for the average Ghanaian to access mortgage services.

“If institutions like HFC are able to get some type of tax credit for the interest income; for instance if the government would say interest income on mortgages under ¢250,000 is tax free, it will mean that for the interest that HFC earns on mortgages under ¢250, 000, it will not have to pay tax on that income. But that is not the case as such, the high interest is a way that the financial institutions could pass on that tax,” Managing Director of HFC Bank, Robert Le Hunte told Citi Business News.

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Currently, interest rates on mortgages hovers around 30 percent which serves as a disincentive for customers to access credit.

The situation is said to be impacting hugely on the country’s ability to solve its 1.7 million housing deficit gap which is also anticipated to increase to about 1.9 million by 2019.

However Robert Le Hunte explained to Citi Business News that slashing the taxes will help banks to also contribute better to the mortgage industry.

“If for example, the taxes are reduced, you can see the mortgage interest rate declining from about 50% to about 20 %,” he stated.

Meanwhile Robert Le Hunte has cited the uneasy accessibility to mortgages; short term nature of funds that banks receive to fund mortgages and the high interest rates as some critical challenges confronting Ghana’s ability to bridge the widening housing deficits.

Securities Industry Bill to facilitate mortgage in Ghana

As part of efforts to increase access to housing, the Securities and Exchange Commission (SEC) has intensified moves to get the Ghana Real Estates Developers Association (GREDA) to utilize the capital market to raise funds.

The move follows the approval of the Securities Industry Bill by parliament which allows the Securities and Exchange Commission to license Real Estate Investment Funds.

The Director-General of the Securities and Exchange Commission Dr. Adu Anane Antwi explained that GREDA can raise bonds on the capital market as an alternative measure to listing on the Ghana Stock Exchange (GSE) to help close the 1.7 million housing unit gap in the country.

“We have being engaging GREDA to ensure that they can utilize the capital market to raise funds to help in their operations and build more houses,” he said.

He reiterated that there is always an option for GREDA to raise bonds on the capital market to boost its operations.

Explaining the purpose of the Real Estate Investment Funds, Dr. Anane Antwi stated that the fund will serve as a mutual fund by mobilizing money to support stakeholders in the real estate industry.

–

By: Vivian Kai Lokko/citibusinessnews.com/Ghana

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Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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