Category: Business
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Ghana’s debt at GHS154.3bn— BoG
Data published by the Bank of Ghana after its Monetary Policy Committee Meeting has put Ghana’s total debt stock at 154.3 billion cedis as at May this year. The figure shows that the debt stock to GDP dropped on Year-on-Year basis from 67.3 percent in 2017 to 63.8 percent in the same period under review.…
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CTN still creating confusion—Freight Forwarders
President of the Ghana Institute of Freight Forwarders, Kwabena Ofosu Appiah has stated that the newly introduced government policy, Cargo Tracking Notes (CTN), is creating serious confusion at the ports. According to him, the CTN has reinforced the confusion at the Port as importers outside the country are uncertain what exactly the newly introduced policy…
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Kosmos Energy ruling won’t affect Ghana operations—Tullow Oil
Tullow Oil has told Citi Business News its performance this year will not be affected despite the outcome of the court case brought against it by Kosmos Energy. Tullow says although they find the ruling very disappointing, their expenditure share will not be affected by it. “It won’t have any effect on that part of…
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GIPC to hold 2nd Young Entrepreneurs Forum
The Ghana Investment Promotion Centre (GIPC) is organizing the second edition of the Young Entrepreneurs’ Forum which comes off at the Labadi Beach Hotel on 25th and 26th July, 2018. The two-day forum, expected to bring together over 300 participants, will be on the theme “Connect. Accelerate. Grow: Phase II” It is intended to provide…
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Energy Commercial Bank to float shares on Stock Exchange
One of Ghana’s most liquid banks, Energy Commercial Bank is on course to receive a final approval from the Securities and Exchange Commission to float shares to the Ghanaian investing public by next month. Presently, the listing prospectus is with the SEC for final scrutiny and approval. The process to allow Ghanaians to become part…
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23,000 workers in public sector earn over GHS10,000
A Deputy Minister of Finance Abena Osei Asare, has disclosed that 23,000 workers in the public sector earning over GHS10,000 will be affected by government’s introduction of the 35% income tax. As part of the Mid-Year Budget Review the Finance Minister, Ken Ofori Atta, said government’s decision to introduce new taxes to boost domestic revenue.…
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Tax analyst breaks down VAT recalibration
Tax Analyst with Ali Nakyea and Associates, William Demitia has attempted to break down the meaning of the VAT recalibration announced in the Mid-Year Budget Review and its implications on prices of goods and services. Also, Mr. Demitia has provided an analysis of how government intends to increase revenue through this policy. The Finance Minister,…
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Gov’t misses 2018 half year revenue target
Finance Minister, Ken Ofori-Atta has disclosed that government missed its revenue target by 1.4 billion cedis for the first five months of the year. According to Mr. Ofori-Atta, the development has called for a revision to the fiscal framework and outlook to achieve the government’s fiscal objectives and targets. According to the finance minister, government…
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VAT rate increased in disguise; don’t jubilate yet – Terkper
Former Finance Minister, Seth Tekper, has urged businesses in the country not to rejoice over the 2018 mid-year budget review which supposedly tried not to increase VAT across board. According to Terkper, the budget review with regards to separating NHIL and GETFund levies from the 17.5% flat VAT rate is actually a VAT increase in disguise.…
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We’ll prosecute tax evaders – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has reiterated the government’s resolve to improve the country’s tax-collection regime and thereby increase revenue by intensifying tax compliance and plugging current revenue leakages. The Finance Minister indicated that the government’s internal investigations revealed that there are “inbound leakages on goods arriving in the country” and this is affecting the…