Author: Benjamin Aklama
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ECG takes on two companies for engaging in power theft
Two companies, Samnort Company Limited and Concrete Jungle Coffee Club and Wellness, have been caught in ECG’s web for illegal meter bypass (illegal connection) and have since been disconnected and will be handed over to the police in the coming days. Samnort, a sachet water producing company, owes about GH¢62,000, while Concrete Jungle had no…
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Indigenous banks urged to leverage technology to reduce unbanked population – UMB CEO
Indigenous banks are being urged to leverage technology to reduce the number of unbanked Ghanaians in the system. According to the CEO of the Universal Merchant Bank Nana Dwemoh Benneh the time is right to tackle this long-standing issue within the financial sector. According to the World Bank’s Consultative Group to Assist the Poor (CGAP),…
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Diesel prices may soon cross GH¢10 per liter, petrol GH¢9 – COPEC predicts
The Chamber of Petroleum Consumers Ghana (COPEC) has predicted that diesel may sell at over GH¢10 per litre while petrol will cross GH¢9 from March 16, 2022. COPEC attributed its prediction on the rising cost of crude on the international market and the cedi which is currently depreciating among major trading currencies. In a statement,…
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LPG prices increase by 6%, LPG Marketers want taxes on product scrapped
The LPG Marketers Association of Ghana is calling on the government to scrap taxes imposed on the product in order to ease the pressure on consumers. According to the Vice-Chairman of the association, Gabriel Kumi, they will have no option but to pass on the extra cost to consumers anytime there is an increase. Prices…
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GTP workers suspend strike against MD
Workers of Textile Ghana Limited, producers of GTP in Tema, have temporarily suspended their strike which began last Thursday, February 24, 2022. The workers laid down their tools over alleged unfair treatment by their Managing Director, Fatoumata Doro. The workers, who are calling for the dismissal of their MD, claimed that she has disregarded their…
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‘Downward review of benchmark discount value doesn’t address our concerns’ – AGI
The Association of Ghana Industries (AGI), says it is dissatisfied with the government’s decision to review the benchmark discount value while consultations are still ongoing. After months of agitation and weeks of consultations with stakeholders in the trading community on the benchmark values reduction policy, the government has finally concluded on a 30 percent discount…
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‘E-levy is wicked but necessary to prevent economy from collapsing – Prof. Atuguba
The Dean of the University of Ghana School of Law, Prof. Raymond Atuguba, has urged Members of Parliament to pass the controversial e-levy. According to him, the e-levy is one of the short-term measures the government must undertake to prevent the country from plunging into an economic crisis. Speaking at a forum organized by Solidare…
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Government set to announce a gradual reversal of Benchmark Value Reduction Policy
A deputy minister for Finance, Mrs Abena Osei-Asare has hinted at a pending announcement of a roadmap for a gradual reversal of the Benchmark Value Reduction Policy. The reversal of the Benchmark value reduction policy was met with stiff resistance from the trading community who threatened an astronomical hike in the price of imported goods…
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Government to begin taxing online businesses by April 2022
In a frantic effort to achieve an ambitious 80.3 billion Ghana cedis tax revenue target for the year 2022 and also attain a tax to GDP ratio of up to 16.5%, the government has initiated moves to widen the tax net and broaden the tax scope. Aside from the introduction of an electronic transfers levy…
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‘We are not going to the IMF’ – Ofori-Atta insists amid push for E-levy
Finance Minister, Ken Ofori-Atta, says Ghana will not seek a bailout from the International Monetary Fund, IMF, despite the current economic challenges. Mr. Ofori-Atta says government will consider home-grown solutions to deal with the difficulties because the country has what it takes to turn its ailing economy around. Speaking at the third in a series of town…