Category: Business
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Drop in benchmark values : Smugglers to face prosecution – GRA
The Ghana Revenue Authority (GRA) has stressed that it will not spare any importer who smuggles goods into the country in a bid to avoid paying the required taxes on their products. The caution follows the implementation of revised benchmark values on imports. The government believes the move should help reduce smuggling of goods into…
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Ghana Is the Star in IMF’s 2019 Economic Growth Forecast
Ghana will be the fastest-growing economy in the world this year, according to the International Monetary Fund. The lender’s growth forecast of 8.8 percent for the producer of cocoa, gold and oil dwarfs the 6.6 percent median in a Bloomberg survey. The IMF’s projection in its latest World Economic Outlook published Tuesday is “way too…
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Intermittent power outages caused by financial challenges–IES
The Institute of Energy Security has said government is facing severe liquidity challenges hence the struggle to fuel plants to power electricity. The institute claims there is insufficient funds to buy crude oil, resulting in frequent power outages in the country. Already, a former Deputy Power Minister, John Jinapor, has said that the Ghana National…
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Prof. Samuel Kobina Annim named new gov’t statistician
An Associate Professor of Economics, Professor Samuel Kobina Annim has been appointed as the new Government Statistician. He assumed duty on March 1, 2019. The appointment of Prof. Annim by President Akufo-Addo was recommended by the Public Services Commission. Prior to his coming into office, David Kombat was acting as the government’s statistician following the…
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Ghana risks losing top cocoa producer slot – Lecturer warns
The Dean of Students at the Bunso University College of Agriculture and Environmental Studies, Dr. Francis Awotwe says Ghana is likely to lose its slot as the top cocoa producer in Africa if government does not show more commitment to improving the sector. He said the continued use of mercury soaked lands for cocoa cultivation may…
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SMEs urged to adopt sustainable methods to access European market
Small and Medium Size Enterprises in Ghana have been urged to adopt sustainable practices in order to access profitable markets in Europe and the North America. The comments were made at the launch of the first Trade for Sustainable Development Hub in West Africa here in Ghana. The Trade for Sustainable Development Hub in Accra is…
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BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. The upgraded banknotes are scheduled to be in circulation from May 6, 2019. According to the central bank, both the old and the new notes will be used concurrently until…
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Revised benchmark values : Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana’s ports. The Vice President, Dr. Mahamudu Bawumia on April 3, 2019 announced cabinet’s decision to slash the benchmark values by fifty percent (50%) for all imports and thirty percent (30%)…
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Power will be supplied by close of day to affected areas – PDS
The Power Distribution Services (PDS) is hoping to restore power to all areas which experienced cuts in supply on Sunday [April 7, 2019]. The company tells Citi Business News engineers are on site working to reconnect all such areas. Parts of Accra had their power cut due to storms that associated the rains on Sunday…
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Tier 1 & 2 pension funds safe – Securities industry association assures contributors
The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. According to the association, the regulatory framework around the management of pension funds was stringent and backed by more prescriptive guidelines that made it difficult for any of its members to divert funds…