Author: Lawrence Segbefia
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PDS deal cancellation was to protect $3 billion ECG assets — Ofori-Atta
Finance Minister Ken Ofori-Atta has explained that government cancelled the power concession agreement with Power Distribution Services(PDS) to protect the 3 billion dollar assets of the Electricity Company of Ghana(ECG). Mr. Ofori-Atta maintained that there was no need pursuing the matter since some partners in the deal breached some agreements that were fundamental to the…
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GRA closes down metering company over GHS6.8m tax default
The Ghana Revenue Authority (GRA) has closed down a metering company as part of its compliance and enforcement exercise in the Greater Accra region to compel businesses to pay their taxes. A special task force with the authority closed down the private metering company, Intelligent Metering and Solution Limited in East Legon. This exercise follows…
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First National Bank Ghana holds trade workshop for clients
First National Bank Ghana Ltd. has organized a day’s workshop for its business and corporate clients to educate and share with them best practices on trade and foreign exchange. The workshop held at the capital city’s Labadi Beach Hotel, brought together about 50 companies drawn from different sectors of the economy. With the help of…
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![[Video] Low patronage of newspapers slashes vendors’ income by 50 percent](https://citibusinessnews.com/wp-content/uploads/2019/10/small.png)
[Video] Low patronage of newspapers slashes vendors’ income by 50 percent
Before the boom in technology and expansion of internet service, the sale of the newspaper was a lucrative business for vendors. Vendors were even rewarded with trips outside Accra for selling the most newspapers. However, the trend has changed as the vendors’ income keeps dwindling, threatening their livelihood. So, how has the advent of technology…
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GRA risks missing 2019 revenue target as benchmark values reduction backfires
The Ghana Revenue Authority (GRA) is set to miss out on its revenue target for 2019 as the decision by government to slash the import benchmark values by about 50 percent takes a toll, Commissioner of Customs, Colonel Kwadwo Damoah has said. The customs division boss explained that the reduction in the benchmark values has…
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Ghana Standards Authority to enforce ban on ‘winter tyres’
The Ghana Standards Authority (GSA) has told Citi Business News the new Automotive Policy which will be passed soon will enforce the ban on Grade ‘C’ tyres meant for the winter weather but are imported into tropical countries such as Ghana. According to the authority, most of the used cars imported from Europe and the…
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BoG Governor Dr. Addison appointed IMF/World Bank Board Chair
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has been selected to represent Ghana to Chair the Board of Governors of the Bretton Woods Institutions in 2020. A statement from the central bank explained that the selection of Ghana was done in recognition of the country’s impressive strides in macroeconomic stability achieved…
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GRA issues new directives on auction of goods at the ports
The Ghana Revenue Authority(GRA) has issued new directives on auction of items. The new directives which were contained in circular outlines the processes through which goods in the custody of the GRA will be disposed of to the public. According to the statement, the ratio of distribution of goods by the GRA will now involve…
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Activities in manufacturing subsector increases September PPI to 9.7%
A slow increase in the average prices of goods produced in the manufacturing subsector of the economy has caused a marginal increase in the Producer Price Inflation(PPI) for the month of September this year. The Producer Price Inflation for September 2019 increased to 9.7 percent, showing how the figure increased between September 2018 and September…
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Ghana joins African Trade Insurance to improve credit ratings
Ghana has signed an agreement with the African Trade Insurance (ATI) Agency to be a member of the group. The ATI which is an insurance corporation has insured over 6 billion dollars’ worth of investment in Africa. The signing of the agreement between Ghana and the ATI will enabled Ghana to complete its shareholding and…