Category: Business
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No procurement law breached in $250m new HQ project – BOG insists
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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Future of Ghana’s private sector promising – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo is optimistic about the potential of Ghana’s private sector, saying the future looks promising. The sheer energy and can-do spirit demonstrated by the private sector, culminating in job and wealth creation, had contributed significantly to economic growth and development, he noted. “The Akufo-Addo Administration is indeed building an entrepreneurial nation…
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GRA closes four shops, urges customers to be voluntary tax compliers
The Ghana Revenue Authority (GRA) compliance and enforcement unit has closed down four businesses for failure to issue Value Added Tax (VAT) invoices of the Authority. The GRA expects that all suppliers of taxable items, goods or services to issue VAT invoice as required by law while the customer is required by law to obtain…
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BOST net profit increases by 112% in 2022, currently at GH₵342m
The net profit margin of the Bulk Oil Storage and Transportation Limited Company (BOST) has increased from GH₵161 million in 2021 to GH₵342 million in 2022. This was disclosed by the board chairman of BOST, Mr Ekow Hackman, during the institution’s 2nd annual general meeting held at their office in Accra on Thursday, August 17,…
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Govt supporting efforts to make TOR best refiner in Africa – NAPO
The Minister of Energy, Dr. Matthew Opoku Prempeh, has assured of the government’s support in reviving the Tema Oil Refinery (TOR) to boost downstream petroleum production. According to the sector minister, any positive gains recorded by the state-owned refinery would help cushion the government in its operations. Speaking at the 2nd Annual General Meeting of…
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GSS to conduct census of formal and informal businesses
To enhance decision-making for businesses to thrive, the Ghana Statistical Service (GSS) has announced that it will conduct a comprehensive census of informal and formal businesses across the country. The exercise according to the Service will be conducted in two phases with the initial one to be held in mid-October 2023 and the second phase…
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Ministry of Energy staff arrested for stealing GHC 287,775 from ADB
The Accra Circuit Court will on September 5 this year resume hearing a stealing case involving a secretary of the Ministry of Energy and the Agricultural Development Bank. Regina Abanga, a secretary at the Ministry of Energy is accused of manipulating ATM machines belonging to ADB and withdrawing sums to the tune of GHC 287,775.…
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Restore GN Savings and Loans license – Former staff urges govt
A group calling itself concerned former employees of defunct GN Savings and Loans Limited is appealing to the Akufo-Addo government to restore the bank’s license to complement efforts in creating sustainable jobs. GN Bank which was under the Groupe Nduom brand lost its operational license after it was reclassified as a Savings and Loans firm…
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Ghanaians to pay more for rice as imports face 40% reduction
Consumers of rice may in the coming days pay more for the grains as importers of rice are projected to face about 40 percent reduction in imports. This is according to the Competitive Africa Rice Platform. It comes on the back of India’s decision that it would restrict exports of non-basmati rice to calm domestic…
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Managers of Regal, Kegali Hotels arrested over Tax non-compliance
The domestic tax revenue unit of the Ghana Revenue Authority (GRA) has apprehended the managers of Regal Hotel in North Kaneshie and Kegali Hotel in Dansoman, Accra. The charges against them stem from their failure to issue Value-Added Tax (VAT) invoices to their customers, a critical requirement under tax regulations. The enforcement effort is a…