Author: citibusinessnews
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Govt to issues first bond for 2016 tomorrow
Government will tomorrow, Thursday 7th January, 2016 issue a 500 million cedi 3 year fixed rate bond. [contextly_sidebar id=”w7vFn0sqwNECC4nUcSICpSrplPB14Cxk”]The bond which is cedi denominated will be the first bond issued by the bank of Ghana on behalf of government for 2016. Proceeds from the bond is to be used to restructure government debt and also…
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Ghanaian companies highest contributors to banks NPLs -BoG report
Latest figures from the Bank of Ghana’s financial stability report reveals indigenous companies contributed more than 70 percent to the non–performing loans (NPLs) of the banking industry in 2015. [contextly_sidebar id=”HGBdhiYkvWbAgDOSAEv14D3V6pp1RxoF”]According to the report credit to the private sector contributed 97.4 percent of the total banking sector’s non-performing loans as at September 2015 compared with…
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MP denies parliament has received proposal to reverse interest tax
A Member of the Parliamentary Committee on Finance, Dr. Mark Assibey Yeboah has described as untrue, claims by the Finance Ministry on a proposal for a reversal of the tax on interest earnings. The Minister of Finance, Seth Tekper in a statement issued yesterday indicated a proposal has been sent to Parliament seeking that the…
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BoG revokes license of 70 microfinance companies
The Bank of Ghana (BoG) has revoked the temporary license of 70 microfinance companies and a money lending company for failing to meet conditions precedent to the issuance of a final license. [contextly_sidebar id=”NwVoUV6xlygvDNPkhQ9JTTQza8sR930K”]According to the BoG ‘in the exercise of its powers it grants licenses to persons desiring to conduct the business of banking…
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Govt threatens to withdraw cash to subvented agencies
Government has threatened to withdraw subventions to Subvented Agencies by March 2016 if they fail to submit details of payroll information for migration onto the payroll. According to Controller and Accountant General’s Department (CAGD) ‘the Department wishes to inform these remaining Agencies whose salaries are paid outside the Government of Ghana mechanized payroll system at…
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(Audio) Top business stories of 2015
The year 2015 was a difficult year for most business operating in Ghana due to the numerous economic challenges that have engulfed the country. With rising inflation and interest rates as well as an unstable currency coupled with a power crisis that saw the cost of operations of many businesses running significantly high as compared…
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GCAA to strengthen stance on over-aged aircrafts in 2016
The Ghana Civil Aviation Authority (GCAA) has told Citi Business News it will intensify its oversight on the use of ageing aircraft by airline operators this year. [contextly_sidebar id=”kCfSXNfj86tAPIPzCIZZeKl5oFwEbXeu”]It follows the ratification of the Cape Town Convention by Parliament. The Convention, among others is to promote the use of newer aircrafts due to the increased…
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Parliament to reverse new tax on interest earned by individuals
Citi Business News has gathered Parliament is likely to reverse the imposition of the 1% tax on interest earned by individuals. [contextly_sidebar id=”NMyV0a1Iis1fOFnvmHA3SPNidHG5hzq5″]Following the implementation of the new income tax law by the Ghana Revenue Authority (GRA) to replace the repealed Internal Revenue Act, (Act 592) which took effect on 1st January, 2016, all interest…
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Atuabo Gas to shutdown again for maintenance works
Ghana National Gas Company (Ghana Gas), operators of the Atuabo Gas Processing Plant in the Ellembele District of the Western Region, say they will shut down the facility for routine maintenance works on Friday January 15, 2016. [contextly_sidebar id=”TuZk1HukMW0QTwb4e9mYBcwPFak1PLHx”]A statement signed by the Corporate Communications Manager of Ghana Gas, Alfred Ogbamey, said “the planned maintenance,…
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Fuel prices up by 27% from today
The latest increase of between 18 to 27 percent in the prices of petroleum products occasioned by the passage of the Energy Sector Levy (ESL) by Parliament last month, is expected to take effect from today [Monday] January 4. Although a good number of fuel stations say they will be effecting the changes today, Citi…