Author: Pius Amihere Eduku
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FX forward sale: BoG accepts $40 million in bids for February auction
The Bank of Ghana accepted forty million dollars’ worth of bids in its latest auction of forex, which is the same as the amount it accepted two weeks ago, on January 28, 2020. The forward auction sales started in October 2019. Under the move, foreign exchange dealers are able to make advance purchases of foreign…
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Gov’t clears $1bn legacy debt owed Bulk Oil Distributors
Government has completed payments of all legacy debts due the Chamber of Bulk Oil Distributors, CBOD, according to the Chamber’s CEO, Senyo Hosi. A statement from the Chamber to Citi Business News said the government made payment to the tune of one billion dollars as at January 13, 2020. According to the bulk oil distributors,…
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Receiver accrues GHS2.6 million from 1st auction of seized cars
The Receiver for the collapsed microfinance and Savings Loans companies, has raked in about 2.6 million cedis from the auction sale of the first batch of confiscated vehicles owned by the defunct companies. The 5-day exercise is part of efforts to recoup monies to pay affected depositors. A variety of salon cars were put up…
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Implementing UNIPASS won’t result in judgement debt – Customs
The Ghana Revenue Authority, GRA, has dismissed suggestions that government may incur judgement debt over the decision to roll out a new customs management system at Ghana’s ports. The new system, which is widely known as UNIPASS, will replace the roles carried out by GCNet and West Blue whose contracts are yet to expire. But…
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Corporate taxes from oil producers slump in 2nd half of 2019
Corporate taxes due to the government from oil producing companies, dropped by 42 percent for the second half of 2019, compared to the first half of the same year. According to the Petroleum Funds report released by the Bank of Ghana, the state recorded 51 million dollars less in corporate taxes between July and December,…
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Receiver, auctioneers strictly enforce payment time for auctioned vehicles
Persons interested in bidding for the confiscated vehicles of the collapsed Microfinance and Savings and Loans companies, should be ready to comply with the two hour ultimatum to make payments should they win any bid. This is the indication from auctioneers and representatives of the Receiver, Eric Nana Nipah. The caution follows an experience where…
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Receiver auctions cars to pay off depositors of collapsed S&Ls, microfinance companies
Auction is underway for vehicles and motorbikes of collapsed microfinance and savings and loans companies. The exercise, which is being carried out at the college of physicians and surgeons, is part of measures to defray monies owed the affected customers of the collapsed financial institutions. The Bank of Ghana in May and August last year…
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UNIPASS kicks off in February despite freight forwarders’ resistance
Barring any last-minute change, the government will commence the implementation of a new platform for the recording of imports and exports at the country’s ports this month. Though widely known as the UNIPASS system, a Deputy Finance Minister, Kwaku Kwarteng explains that the eventual rollout will see to the outdooring of a new name for…
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GAT to own 13 percent stake in ADB after supporting with recapitalization
The Ghana Amalgamated Trust (GAT) is expected to hold at least a thirteen percent stake in the Agricultural Development Bank (ADB) following the injection of GH¢127 million into the operations of the bank. GAT, on January 21, 2020, completed the processes to support ADB to recapitalize to meet the minimum requirement set by the Bank…
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Gov’t targets a review of port charges to meet regional standards
The Ministry of Finance says it is working to ensure that levies and charges placed on imports into Ghana are at par with others within the West African sub-region. A Deputy Minister of Finance, Kwaku Kwarteng, explained in an in an interview with Citi Business News that though Ghana is a signatory to several trade…