Author: citibusinessnews
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5% VAT on houses fair-GREDA
The Ghana Real Estate Developers Association (GREDA) has described as a “negotiated deal”, the decision by government to reduce the Value Added Tax (VAT) to cover the sale of houses to 5%. Government revised in the 2015 budget statement, its decision to slap 17.5% VAT on the real estate sector after serious concerns were expressed…
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Mobile phone dealers welcome tax cut
Mobile Phone and Accessories Dealers Association (MPADA) has welcomed government’s move to remove import duties on smart phones. The dealers last October appealed to government through the Ministry of Finance to scrap the 20 per cent import tax on mobile handsets and accessories. Presenting the 2015 budget to parliament on Wednesday 19th November,2014, Finance Minister…
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Ecobank boss unfazed by war on high interest rates
Ecobank Transnational Incorporated (ETI) has questioned how realistic the fight against high interest rates in the country will be. According to the bank’s CEO Albert Essien “with all due respect to my honorable Spio Garbrah, if the reference rate at the central bank , is at 25% or there about , why will you lend…
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Atuabo Free Port Ghana Limited to list on Ghana Stock Exchange
Atuabo Free Port Ghana Limited, is expected to list on the Ghana Stock Exchange soon after it commences operations. The 600 million dollar joint project between Ghanaian institutions and a foreign investor is expected to commence in the second quarter of 2015. The project expected to be completed in 25 months would provide port facilities…
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Obuasi mine closure reports are false-Anglogold
Anglo Ashanti has denied reports that the Obuasi mines will be shut down for its restructuring. There have been reports that the mine will be shut down for 2 years to allow for restructuring that will see the mine bounce back at its optimum level. However, Executive Vice President of Sustainability at Anglogold, David Noko…
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High interest rates crippling manufacturing sector-Kasapreko
Indigenous liquor giant, Kasapreko Company Limited (KCL) has lamented the move by the central bank to increase its policy rate to 21%. The liquor giant fears the move will lead to a significant hike in the interest rates of banks. The Bank of Ghana increased the policy rate to 21 percent from 19 percent on…
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Sanitize microfinance industry -Ghana Catholic Bishops’ Conference
The Ghana Catholic Bishops’ Conference (GCBC) wants the Bank of Ghana (BOG) to put in place tight measures in the microfinance industry to prevent Ghanaians from losing their investments to microfinance companies. Dozens of micro finance companies have collapsed this year and previous ones over issues with poor management among others. According to the Ghana…
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Vodafone rules out cutting services to Expresso
Vodafone Ghana has told Citi Business News that it has no plans to cut services to Expresso. MTN and Airtel have all cut one way call services from Expresso over its failure to honor its financial obligations under the Interconnect Agreement. Expresso has declined to comment on the matter, despite a directive from the National…
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GAX begins trading
Trading has officially begun on the Ghana Alternative Market (GAX). This follows the first listing of bonds of financial institution, IZWE loans on Friday 14th November, 2014. IZWE loans listed 80million cedis in bonds on the market. GAX provides a listing avenue for small-and medium-scale enterprises and other companies that may not meet the requirements…
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Goldkey begs NCA for more time
The National Communications Authority (NCA) has confirmed to Citi Business News that it has received a formal request from Goldkey Telecoms to extend the deadline for it to begin operations. The NCA had earlier this year issued a directive that all companies issued with a 4G LTE network license are to commence operations by the…