Author: citibusinessnews
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6 ways to survive weak cedi in 2016
There have been many predictions around how the cedi will perform in 2016. Majority of them show the cedi will not perform so well. The cedi started 2016 at 3 cedis 80 pesewas on the interbank foreign exchange market and 3 cedis 83 pesewas at forex bureaus. [contextly_sidebar id=”GlmtZoun1TO6TiFYqmuotVERcaNdhq2c”]It is currently trading at 3 cedis…
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Repeal of 1 % tax on interests to delay as MPs boycott meeting
The repeal of the one percent withholding tax on interests is likely to delay as some members of the Finance Committee of Parliament, have hinted of plans to boycott the meeting to review the request by the Finance Ministry. Finance Minister, Seth Tekper, has laid an amended Income Tax before Parliament seeking a reversal of…
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Trade Ministry moves in to solve Diamond-Dangote Cement rift
The Ministry of Trade and Industry has told Citi Business News it is set to commence investigations into allegations of the inability of some Ghanaian manufacturing companies to export products to Nigeria. This comes months after several complaints by Diamond cement over what it describes as undue competition from Nigerian company, Dangote cement. Diamond cement…
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Nigeria seeks $3.5 billion loan from World Bank, AfDB
The Federal Government of Nigeria is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn) loan from the…
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Ghana Gas Company board dissolved
Board Chairman of the Ghana National Gas Company Dr Kwesi Botchwey has bid farewell to the company’s board. It follows the dissolution of the board. The move means all non executive board members of the Ghana National Gas Company will be bowing out. The members include Dr Valarie Sawyer, Mr Eric Nathaniel Yankah and William…
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Common External Tariff takes effect today
Importers clearing goods at Ghana’s ports will from today be expected to pay tariffs common to other Economic Community of West African States (ECOWAS) member states. It follows the implementation of the Common External Tariffs by the Ghana Revenue Authority (GRA) following the passage of the Customs Amendment Act, 2015 (Act 905). The Common External…
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Nigeria and Kenya considering duty-free trade
Delegates from Kenya and Nigeria discussed the possibility of a duty-free zone for the importing and exporting of goods between the regions in the hope of opening up trade in Africa. These discussions happened as Nigerian President Muhammadu Buhari’s three-day trip to the East African country drew to a close. “We have agreed that we will…
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‘Disorganized markets scare insurance companies’-Dep Commissioner
The Deputy Commissioner of the National Insurance Commission, Mr. Simon Davor has told citifmonline that insurance companies are reluctant to insure goods of traders in the informal sector due to the disorganized nature of Ghanaian markets. Between 2010 and 2014, fire outbreaks in markets across the country destroyed goods and properties worth over 19 million…
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TOR to begin operations by end of February
The Tema Oil Refinery (TOR) is set to resume operations this month. TOR which was scheduled to begin operations last week had to postpone it due to challenges with the Residual Fluid Catalytic Cracking (RFCC) Plant. But speaking to Citi Business News, the local Treasurer of the Professional Managerial Staff Union of TOR, Kofi Asante was…
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Importers fight CET implementation
The President of the Importers and Exporters Association of Ghana, Mr. Samson Awingobit has warned that the purpose of the Common External Tariff (CET) could be defeated due to the uneven tax regime across the sub-region. According to him, the development could led to smuggling of goods into the country from neighboring countries whose tax…