Author: citibusinessnews
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Construction of $250m new Headquarters justified – BoG
The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a new head office at an…
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PURC reiterates need for electricity consumers to pay for power used
The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr. Ishmael Ackah, has reiterated the need for electricity consumers to pay for power consumed without relying on the government. Speaking at a PURC-organized tariff education event for students of Takoradi Technical University, Dr. Ackah said that the introduction of new sources of power generation…
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Cylinder Re-circulation: COPEC warns of chaos if NPA rushes implementation
The Chamber of Petroleum Consumers (COPEC) has advised the National Petroleum Authority (NPA) to enhance public education on the implementation of the Cylinder Re-circulation Model before its complete rollout in September 2023. Perry Okudzeto, Deputy Director of the NPA, explained during a press briefing on Thursday [August 3, 2023] that the model had undergone successful…
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LPG Marketers kick against ‘early’ implementation of Cylinder Re-circulation Model
The Liquefied Petroleum Gas (LPG) Marketers Association has kicked against plans by the National Petroleum Authority (NPA) to implement the Cylinder Re-circulation Model in September. The Association argues that the September date is too early for the policy’s implementation and could lead to misunderstandings. The association thus emphasized the need for intensified public education before…
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NDC demands resignation of BOG Governor, deputies within 21 days
The opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies. The party has threatened to march to the premises of BoG to drag Dr Addison and his deputies from office if they fail to resign within 21 days. The Bank…
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ECG introduces instant billing, reducing cycle from 30 days to 3 minutes
The Electricity Company of Ghana (ECG) has recently unveiled its innovative Spot Utility Billing System (SUBS), which marks a significant transformation in the billing process. Initially tested in the Dome enclave of Accra, the SUBS technology has been rapidly implemented nationwide. This cutting-edge device, developed by the wholly Ghanaian-owned business Polymorph Labs Ghana Limited, aims…
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GRA to implement 10% withholding tax on betting, lottery winnings from August 15
The Ghana Revenue Authority (GRA) has announced that it will begin implementing a 10% withholding tax on all gross gaming winnings from August 15, 2023. The GRA explained that the withholding tax will be charged on profits accrued after each win and that the existing 15% Value Added Tax (VAT) rate on each stake will…
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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Ghana loses $8.3m for failing to charge penalties on surface rentals
The Auditor General has disclosed that the failure to impose penalties on oil companies for delayed payment of surface rental has resulted in a loss of more than $8.3 million in revenue. The Auditor General’s report highlighted that companies defaulting on their payments were not being penalized as required by the Petroleum Revenue Management Act,…
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Tamale Airport likely to be opened in August
The Tamale International Airport may be inaugurated in August this year. The 70-million-dollar Phase 2 project was anticipated to be completed in August 2022. A year on, test runs are underway ahead of expected commissioning. Meanwhile, passengers who travelled to Tamale through the airport were pleasantly surprised to use the all-new 70-million-dollar Phase 2 terminal…