Author: Edna Agnes Boakye
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Contaminated fuel saga: Provide details of retail outlet – NPA to Fameye
Music artiste Peter Bozah, better known by his stage name Fameye, has reportedly received a compensation amount of GH¢25,000 from an undisclosed Oil Marketing Company (OMC) over allegations of selling him fuel contaminated with water. This news has come as a surprise to the National Petroleum Authority (NPA), which stated that state institutions, such as…
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ECG to undertake planned maintenance works in Accra on April 21
The Electricity Company of Ghana (ECG) has served notice of planned maintenance works in the Greater Accra Region. The exercise is scheduled for Friday, April 21, 2023, from 9 am to 5 pm. A statement from the company said the repair works are aimed at improving service delivery Areas to be affected are Tesano, Abeka,…
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Ghana’s economic woes not solely due to Covid-19, Russian/Ukraine war – Fitch Solutions
The idea that Ghana’s economic troubles are primarily a result of the Covid-19 pandemic and the Russian/Ukraine conflict has been dismissed by Fitch Solutions. The research and market information company argues that Ghana’s debt had already reached concerning levels prior to these external shocks. During a recent Sub Saharan Africa Macroeconomic Update, Senior Country Risk…
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Mining propels Ghana to beat growth estimates in fourth quarter
Ghana’s economy grew more than forecast in the last quarter of 2022, even as the nation dealt with inflation well above 40%, a debt-payment moratorium and rising interest rates. Gross domestic product expanded 3.7% from a year earlier in the three months through December, compared with upwardly revised growth of 3.1% in the previous quarter,…
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ECG negotiates with GRA to offset ¢600m tax obligation
The Electricity Company of Ghana (ECG) is negotiating with the Ghana Revenue Authority (GRA) to offset about GH₵600 million of its tax obligations to the state. The company intends to write off the debt of some “sensitive” public sector institutions that have accumulated over the years Mr. Samuel Dubik Mahama, the Managing Director, ECG, who…
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Chamber of Commerce warns of collapse of businesses following new tax bills
The signing into law of three new tax bills by President Akufo-Addo has prompted the Ghana National Chamber of Commerce and Industry to issue a warning about the potential collapse of numerous businesses in Ghana. The Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, the Income Tax (Amendment) (No. 2) Bill, 2022, and the…
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GRA can’t generate needed revenue from the new taxes – Awingobit
The Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Asaki Awingobit has expressed doubt that the Ghana Revenue Authority (GRA) would be able to generate the anticipated revenue from the newly introduced taxes. The financial bills seek to raise about 4 billion Ghana Cedis annually as part of domestic revenue mobilisation. President…
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Producer Price Inflation drops to 43.7% in March 2023
The Ghana Statistical Service has reported a decrease in the year-on-year inflation at factory gate prices for all goods and services to 43.7% in March 2023, down from 50.8% in February 2023. This decline is consistent with the Consumer Price Inflation which also fell to 45.0% in March 2023. The data shows a monthly producer…
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This is not the right time to introduce new taxes – Awingobit
The Exporters and Importers Association has voiced its disappointment with President Nana Akufo-Addo for approving the three new taxes passed by Parliament in March 2023. The union claims that the government did not address their concerns regarding the taxes when they submitted a petition to the presidency and parliament. On Monday, Information Minister Kojo Oppong…
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Tourism sector can generate $1.5bn, numerous job opportunities – GSS
According to the Ghana Statistical Service, the government could generate approximately $1.5 billion by 2027 if it fully exploits the potential of the tourism industry. The Service further states that developing the sector could help address the issue of high youth unemployment by providing economic opportunities. At the launch of the 2023 Domestic and Outbound…