Author: citibusinessnews
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NPA revokes licenses of 30 OMCs
The National Petroleum Authority (NPA) has revoked the licenses of 30 oil marketing companies. This was announced in a statement issued by the NPA. “The National Petroleum Authority wishes to bring to the attention of the general public that the licenses of the underlisted Oil Marketing Companies have been revoked for non-compliance with the rules…
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Sharp, long-lasting slowdown to hit developing countries hard – World Bank
Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report. Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence…
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UBA Ghana Ranks No. 1 in Customer Experience by KPMG
United Bank for Africa (UBA) Ghana has been ranked number 1 in Customer Experience in the third edition of the KPMG Ghana Banking Industry Customer Experience (BICX) Survey. The survey which aims to understand customers’ banking experiences and their expectations from banks was conducted in 2022 surveying all 23 Banks in the Country. It covered…
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Ghana Gas granted Genser discounted gas price in 2019 – Energy Ministry clarifies
The Ministry of Energy says record available shows that the Ghana National Gas Company (GNGC) granted Genser a discounted gas price of $6.50MMBtu as far back as 2019. According to the Ministry, there is enough documentary evidence to also support the fact that in April 2018, Ghana Gas entered into a Gas Sales Agreement with…
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Govt can’t be trusted to tame inflation – Bokpin
Economist, Prof. Godfred Bokpin has faulted government for its lack of credibility in controlling the country’s persistent increase in the rate of inflation. He makes the point that despite several policy directives, managers of the economy have failed to significantly improve general price levels over the years. “It’s very difficult to trust government’s policy prescription…
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Benchmark discount reversal: Govt can rake in GH¢9bn at ports – Tax analyst
Tax analyst, Geoffrey Ocansey is projecting that government could generate about GH¢9 billion with the implementation of the withdrawal of the discount values at the ports. He explains that the amount was lost at the ports annually due to the application for a markdown of benchmark value and other customs rulings. The Ghana Revenue Authority…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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![Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]](https://citibusinessnews.com/wp-content/uploads/2023/01/ACCR-Mashud.jpg)
Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]
January is the most important time of the year for pensioners and their dependents, primarily because it is when the Social Security Administration announces the new rates by which monthly pensions of existing retirees will be increased. The import of indexation is to restore the purchasing power lost by pensioners in the previous year. Pensions…
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BCM announces the commencement of operations at one of Africa’s biggest iron sites
The BCM Group has announced that plans are far advanced to resume mining operations in Tonkolili in Sierra Leone under a new and expanded partnership with Leone Rock Metal Group, previously known as Kingho Investment Company Limited. This comes after it signed a new agreement with the company. The Leone Rock Metal Group is one…
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Telcos to implement 1% E-Levy charge from today
The Ghana Chamber of Telecommunications says it will commence the implementation of the revised Electronic Transfer levy (E-Levy) rate of 1% from today, Wednesday, January 11, 2023. The government presenting the 2023 Budget and Economic Policy Statement, reviewed the 1.5 percent electronic transaction levy downwards to 1 percent effective January 2023. The reduction has also…