Author: Bobbie Osei
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BoG given ultimatum to reinstate license of First Ghana Savings & Loans
Staff of defunct First Ghana Savings and Loans Limited have given the Bank of Ghana up to September 11, 2019, to rescind its decision to revoke their license. First Ghana Savings and Loans Limited which started as First Ghana Building Society (FGBS) in 1956 was originally licensed to operate as a mortgage financing institution. From…
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Informal food and beverage vendors urged to improve standards — Stakeholders
Stakeholders in the tourism sector say an improvement in the standards of service from Informal Food and Beverage vendors could boost earnings for the tourism sector. According to them such vendors make up about 80 percent of food and beverage vendors in the country. In an attempt to enhance standards in the informal food and…
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Stock analyst hopeful GSE will bounce back after woeful performance
The General Manager of UMB Stockbrokers Ben Ackah says he is cautiously optimistic about the fate of the Ghana Stock Market for the rest of the year. He made his position known after the market hit its lowest level in about 2 years, mainly due to the happenings in the financial sector. The GSE Composite…
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Protection of local players in automotive industry needed – vehicle dealers
The Vehicle and Asset Dealers Association of Ghana (VADAG) says a comprehensive support system is needed to ensure that local players in the automobile value chain do not lose out from the implementation of the recently launched Ghana Automotive Development Policy. The policy which seeks to help with the establishment of a competitive automotive industry…
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Ban on import of vehicles over 10 years old to be implemented- Kyerematen
Trade and Industry Minister Alan Kyerematen says government is ready to implement a ban on the importation of vehicles older than 10 years among other measures as part of efforts to create a competitive automotive industry while protecting Ghanaians from the dangers of old vehicles. He made the comments at the launch of the new…
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Close to GHS100 million spent on capacity building – Business Development Minister
The Minister for Business Development, Mohammed Ibrahim Awal has revealed that his ministry has so far spent about GHC 100 Million as part of its many initiatives to build capacity of entrepreneurs across the country. The Ministry has for the past two years implemented a number of initiatives including the Presidential Business Support, Green Business…
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PAC won’t hesitate to recommend prosecution of guilty persons — Avedzi
Chairman of the Public Accounts Committee in Parliament James Klutse Avedzi says they won’t hesitate to recommend prosecution of all persons involved with the about 2000 auctioned cars that are currently unaccounted for, according to the 2018 Auditor General’s report. According to the report, a total of 1,719 vehicles that were auctioned by the Customs Division of the Ghana Revenue…
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Telecoms Chamber to oppose any exorbitant license fee increase
The Ghana Chamber of Telecommunications is cautioning the government against any move to increase the cost of license renewal ambitiously in its quest to meet the shortfall in revenue. The Finance Minister, Ken Ofori-Atta in the mid-year budget review indicated plans to rake in more revenue from the telecom sector with the cost of renewal…
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Control expenditure to achieve budget deficit target – Databank CEO tells gov’t
Group Chief Executive Officer at Databank Kojo Addae-Mensah says government’s ability to hold its overall budget deficit to a maximum of 4.5 percent, will depend on a number of factors especially on how the government is able to control its expenditure levels. The Institute for Fiscal Studies (IFS) has already warned that government may record…
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Too many taxes can drive away investors – Telcos’ Chamber warns
The Ghana Chamber of Telecommunications is warning that the high level of taxation in the telecommunication sector could repel investors from bringing their funds to Ghana. Parliament recently approved an increase in the communication service tax announced by the government in the midyear budget review. During the presentation of the mid-year budget, the Finance Minister…