Author: Emmanuel Oppong
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March inflation drops to 45.0%
Inflation has dropped significantly to 45.0 percent for the month of March 2023. This represents a 7.8 percentage point decrease over the 52.8 percent recorded in February 2023. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service (GSS) on Wednesday. Per the data, food inflation also stood at…
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Digital analyst reiterates calls for banks to safeguard data of customers
Maximus Ametorgoh, a Digital Marketing Strategist, has emphasized the importance of banks giving priority to the data security of their online banking customers. This, he believes, will help to reduce the number of cyber-attacks that occur. He points out that a weak online banking platform has the potential to disrupt the economic growth of individual…
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Bettors oppose 10% tax on bet wins
Bettors are expressing displeasure at the government’s plan to levy taxes on lottery and sports betting. As part of efforts to raise additional revenue for the country, government slapped taxes on income from lottery, betting and gambling. According to several local bettors, the government’s move is an attempt to prevent them from enjoying their winnings…
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Francis Timore Boi writes: All you need to know about tax on lottery and gambling
The inclusion of lottery or gambling income as taxable income is strongly influenced by a country’s choice of tax system. For those countries with worldwide tax system, gambling winnings are in principle, subject to tax whether they arise from windfall (occasional transactions) or from a professional gambler. When tax is imposed on gambling and lottery,…
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Influx of second-hand furniture pushing local artisans out of business
The influx of imported furniture appears to be pushing local manufacturers out of business as some consumers have expressed their preference for second-hand furniture. According to 2019 figures from the Ghana Revenue Authority, the average annual furniture import is pegged at GHS 180.3 million. Local artisans are therefore calling for more investment in the local…
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Govt assures of making Financial Stability Fund more efficient
The government has indicated that it is working to make the Financial Stability Fund more efficient to support banks which have been impacted by the Domestic Debt Exchange Programme. According to the government, this is crucial as the fund will provide temporary liquidity and solvency to licensed financial companies. Speaking at the launch of the…
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Financial information penetration in Ghana now at 95% – Finance Ministry
The Deputy Minister of Finance, Abena Osei Asare has disclosed that financial information penetration in the country has shot up to about 95 percent. This according to her is a little over the 85 percent projections made by government for the year 2023. The Deputy Minister maintains that although the figures have gone up, many…
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Ghana losing its agric credential – Prof Bokpin bemoans
A lecturer at the University of Ghana Business School, Professor Godfred Bokpin, has bemoaned the neglect of the agricultural sector which used to be the bedrock of the nation’s economy. He explains that the service sector is being given prominence over the agricultural sector. This he argues spells doom for the country as most of…
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$20 million Atlantic Shopping Mall opens in Accra
As a strategic move to bring new shopping experience to residents within the North Legon enclave and adjoining towns, Broll Ghana (Property Managers of Atlantic Mall) has officially opened Atlantic Mall worth $20 million. Located at the Atomic Junction Roundabout in the North Legon area near the University of Ghana, the Atlantic Shopping Mall is…
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BoG cuts dollar supply to BDCs for 2023 Q2
The Bank of Ghana has indicated that it has slashed its dollar supply to the Bulk Oil Distribution Companies due to the Gold for oil policy. This comes at the time when the president in delivering the State of the Nation Address in Parliament in March, said the policy, which is aimed at reviving the…