Category: Banking And Finance
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Pastor Otabil, 14 others sued for the collapse of Capital Bank
The receivers of the defunct Capital Bank, Vish Ahsiagbor and Eric Nana Nipah, working with PricewaterhouseCoopers (PwC) have sued sixteen former directors of the bank. The fifteen persons include former board chair, Pastor Mensah Otabil, founder William Ato Essien and the Chief Executive Rev. FitzGerald Odonkor. In the suit, the receivers stated that the collapse…
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![Forex Bureau directives must be properly implemented [Audio report]](https://citibusinessnews.com/wp-content/uploads/2018/11/20812699-1.jpg)
Forex Bureau directives must be properly implemented [Audio report]
Some financial observers are warning that many Ghanaians will be pushed to trade with black market operators if the Bank of Ghana’s directives on foreign exchange trading are not properly implemented. According to them, in as much as the directive seeks to further formalize the financial space, a proper monitoring and enforcement system needs to…
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Telcos increase cost of voice calls
Some telcos have started announcing new rates following the decision to adjust tariffs due to the VAT recalibration. The telcos through the Telecoms Chamber announced that the decoupling of the 2.5 percent NHIL and 2.5 percent GETFund have affected their operations. The chamber last month announced that Airtel Tigo, MTN and Vodafone will adjust their…
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![Ghana Commodities Exchange to boost Agric sector [Audio Report]](https://citibusinessnews.com/wp-content/uploads/2018/11/kadri-1.jpg)
Ghana Commodities Exchange to boost Agric sector [Audio Report]
Government has disclosed plans to use the Ghana Commodities Exchange to solve some challenges in the agriculture sector to help improve the welfare of farmers. The Ghana Commodities Exchange is aimed at creating a platform that will enable farmers have direct link to buyers and sellers of farm produce in order to help them maximize…
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PEF calls for review of Corporate Tax Policy
The Private Enterprise Federation (PEF) has entreated government to take a second look at the Corporate Tax System in the country. PEF argues that the corporate tax system is grossly unfair especially to Small and Medium Scale Enterprises (SME’s) as they are forced to pay the same 25 percent flat rate paid by large and…
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Ghana improves in World Bank Ease of Doing Business Report
Ghana has made progress to improve the ease of doing business, according to the World Bank Group 2019 Doing Business Report. Doing Business 2019 is the 16th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulation and the…
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Gold Coast Holdings discontinues sale of SF products
Gold Coast Holdings is discontinuing the sale of its structured Finance (SF) products effective 22nd October 2018. This follows a directive by the industry regulator, the Securities and Exchange Commission (SEC) directing all SF related products which guaranteed return on investments to no longer be offered by Fund Managers across the country and such positions…
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Energy Commercial Bank extends IPO
Energy Commercial Bank Limited has extended its Initial Public Offer (IPO) that was expected to end on Friday 2nd November, 2018 to 16th November, 2018. This follows approval for extention by the Securities and Exchange Commission. Anita Arthur looks at the implication of the extension on the banks move to raise money from the bourse.…
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GRA revokes licenses of some freight forwarders for under declaration
The Ghana Revenue Authority (GRA) has revoked the licenses of some freight forwarders for falsifying the port of loading from India to other countries. According to the Customs Division of the GRA, the companies under declared the values presented to Customs for duty and tax purposes. The actions of the companies are said to have…
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Monitor tax incentives for foreign companies–IFS to gov’t
Government will continue to fall short of its revenue from tax collection, if waivers and tax incentives to foreign companies are not strictly monitored. This is according to the Institute of Fiscal Studies (IFS). According to the institute such, incentives and waivers are often abused by foreign companies if not properly monitored. The Ghana Revenue…