Author: citibusinessnews
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‘Fake’ palm oil traders to appear before court – FDA
The Police will this week put before court a number of traders who were recently arrested in connection with large quantities of adulterated palm oil confiscated by the Food and Drugs Authority (FDA). [contextly_sidebar id=”89vZEx19aRTlSaRZL0Rs5pVfRgK13rff”]22 traders were arrested two months ago for their involvement in the adulteration of palm oil in markets across Accra. Palm…
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Middle East chain bans Trump products
One of the Middle East’s largest retail chains has withdrawn Donald Trump products from its shelves after he called for a temporary ban on Muslims entering the US. Lifestyle said it had removed Trump Home products from its stores in the UAE, Kuwait, Saudi Arabia and Qatar. “Lifestyle values and respects the sentiments of all…
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New Income Tax Law to allow carry forward of losses – GRA
Businesses will now be allowed to carry forward their losses for purposes of taxation. This is according to the Ghana Revenue Authority (GRA). The new policy follows the passage of the new Income Tax Act 2015 (Act 896). [contextly_sidebar id=”gh61tAgCQLNbdUITivPUOG4WqjYxNVJ3″]Businesses were prior to the amendment not granted any form of tax relief over losses made.…
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GRA urges voluntary tax compliance in Ghana
The Commissioner General of the Ghana Revenue Authority (GRA), George Blankson, has reiterated calls for voluntary tax compliance in the country. [contextly_sidebar id=”4mhqmtqq6iq53eDN2pTxVEr64EVMW99w”]According to him, this will increase the amount of taxes collected by the authority as more resources will be directed at clamping down on defaulting tax payers. The GRA boss’s comments come on…
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Oil giants predict gloomy times ahead for the industry
Oil giant Tullow is predicting tough times ahead for the oil industry in the coming months as prices of the commodity on the world market continue to decline. The price of a barrel of the commodity over the weekend fell below 40 dollars, the lowest since 2009. The price of Brent Crude fell 5.3% to…
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Utility tariff hikes: Reduce and postpone to 2016 – TUC
The Trades Union Congress, (TUC) has asked the Public Utilities Regulatory Commission (PURC) to reduce and suspend the recently announced utility tariff increment until service providers achieve some stability particularly in power supply. The PURC announced an increase in electricity and water tariffs by 59.2% and 67.2% respectively ahead of the Christmas season, to take…
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Instrument Landing System at Kumasi Airport operational- GCAA
The Civil Aviation Authority (GCAA) has disputed claims that the Instrument Landing System (ILS) in Kumasi is not functional. [contextly_sidebar id=”H9Pm5uX5WHBuNcwLe9KDIauet4EO3y6P”]The ILS which cost the nation 800,000 euros, was acquired in 2014 to help reduce situations where aircrafts will be unable to land at the airport due to severe weather patterns including the harmattan. But…
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Tougher days ahead for Ghana as oil prices decline globally
Ghana may be forced to review its revenue target for oil next year if the prices of the commodity on the world market continue to plunge. [contextly_sidebar id=”ufHXOB4AEslmRfZUUeji6UpcpLvcRlxY”]The price of a barrel of oil yesterday December 7th, 2015, fell below 40 dollars, the lowest since 2009. The price of West Texas crude sank to $37.65…
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No compensation for local airlines for harmattan losses
The Ghana Civil Aviation Authority (GCAA) has ruled out any form of compensation for local airlines despite the huge losses being recorded by them due to the severe harmattan weather. [contextly_sidebar id=”5TM58622TdDvVQA7VhZ97VOcrMsPYWcO”]Domestic Airlines were directed to ground flights by the authority last week for about two more weeks as a result of bad weather caused…
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ADB to launch IPO before festive season
The Agricultural Development Bank (ADB) has told Citi Business News it will be launching its Initial Public Offer (IPO) before the Christmas holidays. According to the bank, all is set for the commencement of the IPO. [contextly_sidebar id=”NgoKNv1lowx5VnadPVf148vYKH9KZnJ3″]Several attempts to go ahead with this decision had been unsuccessful due to some constraints such as court…