Category: Business
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COVID -19 levy must be abolished – Importers & Exporters insist
Despite the government’s insistence of maintaining the COVID-19 Health Recovery Levy, the Importers and Exporters Association of Ghana, is calling for the immediate abolishment of the levy. The importers and exporters argue that government must completely do away with the Covid -19 levy as well as the Special import levy and the financial recovery levy…
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Halt implementation of utility tariffs increment- FABAG tells govt
The Food and Beverages Association of Ghana (FABAG) is impressing on government to direct the Public Utilities and Regulatory Commission (PURC) not to roll out its recent announcement of increment in tariffs. Effective June 1, 2023, the cost of water services will see an upward adjustment for all consumer groups whiles electricity and natural gas…
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Govt maintains COVID-19 levy despite calls for removal
The government still wants to raise more revenue through the COVID-19 Health Recovery Levy, despite the end of the pandemic in the country. This may come as a disappointment to both consumers and the business community who have been pushing for the removal of the tax, which they say is contributing to the rising cost…
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Strengthen Financial Stability Fund to support struggling banks – Dr. Atuahene
Banking and finance consultant, Dr. Richard Atuahene, has urged the Bank of Ghana and the government to strengthen the Ghana Financial Stability Fund to ensure the survival of struggling indigenous banks. During an appearance on The Big Issue on Citi TV and Citi FM, Dr. Atuahene emphasized that, in the wake of the domestic debt…
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PURC justifies 18.36% increase in electricity tariff
The Public Utility Regulatory Commission (PURC) has given insights into factors that it considered in the approval of the recent 18.3 percent electricity tariff increase. According to the commission, the tariff was supposed to be increased by 27.5% to cover some GH¢1.3 billion that the Electricity Company of Ghana (ECG) ought to have recovered. The…
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BoG Act needs clarity, improvement for easy implementation – Governor
Dr Ernest Addison, the Governor of the Bank of Ghana, says there is a need to improve the Bank’s (Amendment) Act, 2016 (Act 918) to make it clearer for implementation. He said looking at the current Act, there were still inconsistencies and difficulties with implementation albeit efforts to improve it in 2016. The Governor was…
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Utility tariff increase will cripple businesses – AGI
The Association of Ghana Industries (AGI) has expressed disappointment at the Public Utilities Regulatory Commission (PURC) for announcing an upward adjustment in utility tariffs. Effective June 1, 2023, the cost of water services will see an upward adjustment for all consumer groups whiles electricity and natural gas is also expected to go up by 18.36%.…
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GRA arrests 3 shop owners for not issuing VAT invoices
The Domestic Tax Revenue Compliance Taskforce of the Ghana Revenue Authority (GRA) has apprehended three wholesale shop managers operating in the North Industrial Area for deliberately failing to issue VAT invoices to customers. According to the GRA, these managers, who primarily import food products, have caused significant financial losses to the state by neglecting their…
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GNPC-PetroSA deal: Freddie Blay threatens to sue CSOs
The Board Chairman of the Ghana National Petroleum Corporation (GNPC) Freddie Blay has threatened to take legal action against some 29 CSOs calling for his resignation over a decision to sell a 50% stake in Jubilee Holdings Limited (JOHL) to PetroSA. In a statement, Mr. Blay also described the call for his resignation, as well…
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Chinese involvement in Ghana’s economy not problematic – Nana Addo
President Nana Addo Dankwa Akufo-Addo says he finds no problem with the Chinese involvement in the Ghanaian economy. President Akufo-Addo remarked that China has proven to be a reliable partner in times of difficulty. His comment comes after an IMF report on Ghana for the year 2023 says China may take control of the country’s…