Category: Business
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NPA launches fuel monitoring system to seal revenue leakages
As part of efforts aimed at eliminating illicit activities associated with the transportation and effective distribution of petroleum products across the country, government has introduced the National Retail Outlet Fuel Monitoring System. The system will also help reduce revenue losses within the petroleum downstream sector. Already, data from the National Petroleum Authority, NPA, show that…
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Don’t allow OMCs who evade tax to distribute petroleum products – Bawumia to NPA
Vice President, Dr. Mahamudu Bawumia has charged the National Petroleum Authority, NPA, to halt third party distribution of petroleum products to Oil Marketing Companies (OMCs) who evade taxes. The instruction comes on the back of data from the National Petroleum Authority (NPA), which indicates that between 2015 and 2019, government lost over four billion Ghana…
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UBA is well-positioned to benefit from recovery trends in 2021 – Group Chair
Pan African financial institution, United Bank for Africa (UBA) Plc, has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network. UBA Group Chairman, Tony O. Elumelu, who gave…
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Profits of leading banks increased in 2020 despite COVID-19 outbreak
Data from the financial statements of some leading banks in the country for the year ended 2020, shows increases in profits for some and some declines for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 10 of Ghana’s top banks during a year in which COVID-19 ravaged all aspects of…
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Replacing TIN with Ghana card won’t automatically increase revenue – Tax Analyst
A tax analyst, Francis Timore Boi says the replacement of the TIN with the Ghana Card for tax identification purposes by the Ghana Revenue Authority, will not immediately or necessarily result in the exponential growth in the country’s internally generated revenue. According to him, the growth will depend on how the Ghana Revenue Authority fully…
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BoG releases list of approved e-money issuers, payment service providers
The Bank of Ghana (BoG) has released the list of regulated companies approved to operate as electronic money issuers and payment service providers for business transactions in the country. They include five dedicated electronic money issuers and 21 payment service providers. This follows the passage of the Payment Systems and Services Act, 2019 (Act 987)…
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TOR replies Woodfields Energy over $5.7m product shortfall allegation
The Tema Oil Refinery Ltd (TOR) has debunked claims by Woodfields Energy Resources Ltd that there are shortfalls in the product volumes held in tanks at the refinery. According to TOR, the claim that there was a shortfall of Woodfields’ products, equivalent to $5.7 million, was unfounded, as it is not established by any ongoing…
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Domino’s Pizza to open first restaurant in Osu
World’s largest pizza company, Domino’s Pizza will be opening its first restaurant on the Oxford Street in Osu on 5 April 2021. This will be the first-ever Domino’s Pizza restaurant in Ghana. It is expected to be followed by a restaurant in East Legon, scheduled to open later this month. The new Osu Store, located…
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Ghana Card to replace TIN from today
Effective April 1, 2021, the Ghana Revenue Authority (GRA) will convert all National Identification numbers into Tax Identification Numbers (TIN). This forms part of efforts to identify and rope in more eligible taxpayers, especially those in the informal sector and enable organizations to easily share important data with the Authority. President Nana Addo Dankwa Akufo-Addo…
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Woodfields Energy denies withholding payments to TOR
Woodfields Energy Resources Limited, an indigenous Ghanaian petroleum company, has refuted claims of its indebtedness to the Tema Oil Refinery (TOR) to the tune of five million dollars. According to the company, they have honoured all their payment obligations for processing fees to TOR and is not indebted to the refinery for any processing fee…