Author: citibusinessnews
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Government to withdraw VAT on local airfares
The 17.5% Value Added Tax (VAT) being charged on domestic airline fares may be withdrawn in the next budget that is if cabinet yields to pressure from the transport and finance ministries to do so. [contextly_sidebar id=”o7dXLoPtmolPYR1EuciKbQRntj7gXWs0″]According to the transport ministry the domestic aviation sector is under a lot of pressure due to lack of…
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Power ministry backs utility price hikes
The Ministry of Power has hinted it might back utility companies on the planned major tariff increments. [contextly_sidebar id=”5VNlqlH2hEhNt30gmYAgy9WZ9nMXLONw”]This follows public uproar against proposed tariff increments tabled by the Electricity Company of Ghana (ECG) and the Volta River Authority (VRA. The two companies are proposing a more than 100 percent increment in tariffs for 2015.…
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Global economy worries prompt Fed to hold rates
The US Federal Reserve kept interest rates unchanged on Thursday in a bow to worries about the global economy, financial market volatility and sluggish inflation at home, but left open the possibility of a modest policy tightening later this year. In what amounted to a tactical retreat, Fed chair Janet Yellen said developments in a…
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Survival of business community at stake following policy rate hike-PEF
The business community’s ability to survive and compete will be eroded following the decision by the Monetary Policy Committee of the Bank of Ghana to peg the policy rate at 25 percent. [contextly_sidebar id=”G3tuqSIh4t8P9dDZgsE3ZiBA9uVSVbYv”]This is according to the Chief Executive Officer of the Private Enterprise Federation (PEF), Nana Osei Bonsu. According to him, the already…
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AGI lashes out at BOG for increasing policy rate
The Association of Ghana Industries (AGI) has lashed out at the Bank of Ghana (BoG) for the merger of the Monetary Policy Rate and the Reverse Repo Rate and the subsequent increase in the monetary policy rate from 24 to 25 percent. [contextly_sidebar id=”2tknWXYqI8XizKQwU8AIucdP1j5sxrds”]The AGI argues the cost of borrowing for the business community will…
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1.8 billion dollar cocoa money arrives in 3 weeks
Ghana’s 1.8 billion dollar cocoa syndicated loan is expected to hit the accounts of Ghana Cocoa Board in the first week of October,2015. [contextly_sidebar id=”29NVqMtSAULitMQMvk1Mh4Iutu2oumrG”]This comes after cocobod signed the loan agreement with some 22 international banks to finance purchases for the 2015/16 season on 17th September, 2015. This was confirmed to Citi Business News…
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‘Volatile’ oil price hard to predict- Shell boss
Royal Dutch Shell chief executive Ben van Beurden has told the BBC a recovery in the price of oil is hard to foresee. “It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand,” he told BBC Radio 4’s Today programme.…