Category: Business
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Producer Price Inflation for May increases to 7.1%
The Producer Price Inflation (PPI) for May 2018 has increased to 7.1 percent. This was up by 0.7 percent compared to the 6.4 percent recorded in April. The PPI measures the average change over time in the prices received by domestic producers for the production of their goods and services. Speaking to journalists, Government Statistician Mr.…
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Zenith Bank, Prudential Life launch innovative insurance solutions
Zenith Bank Ghana Limited, one of the most reputable and innovative banks in Ghana, and Prudential Life Insurance Ghana, one of the leading insurers in the country, have entered into a long-term partnership. They have subsequently launched four innovative bancassurance solutions to protect Ghanaians, namely the Zenith Life, Education, Farewell and Hospital Cash Plans. The…
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2018 first quarter GDP increases marginally to 6.8%
Provisional figures released by the Ghana Statistical Service (GSS) show that Ghana’s Gross Domestic Product (GDP) for the first quarter of 2018 grew by 6.8 percent. This compares with the 6.7 percent recorded in the same period last year. For the first quarter of this year (2018), the Oil GDP estimate at current prices for…
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Saltpond Oilfield ‘wasting’ petroleum revenue – PIAC
The Public Interest and Accountability Committee, PIAC, wants the Ghana National Petroleum Corporation (GNPC) to expedite processes to decommission the Saltpond Oil Production Company Limited. PIAC is alarmed at how the non functioning oilfield is still draining the nation’s meager oil resources and impeding other investments. The need to decommission the Saltpond oilfield forms part…
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#CitiBizFestival: ‘Economic Outlook’ comes off tomorrow at UG
The final outdoor event of the Citi Business Festival, the Economic Outlook, will come off tomorrow at Economics Department of the University of Ghana. The event, which will at 10am, will have a panel that will include Finance Minister, Ken Ofori-Atta, former Finance Minister, Seth Terkper, and the Secretary General of the Trades Union Congress…
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Ghana loses $6bn through gold export
A survey conducted by the Africa Center for Energy Policy (ACEP), has shown that 6 billion dollars worth of gold sold to Dubai, India and Switzerland between 2013 and 2016 was not recorded in the national data. The loses, according to ACEP was largely due to illegal trade in the small scale mining sector, and…
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17.5% tax cut increased domestic air travel – Aviation Minister
The Aviation Minister, Cecilia Dapaah, has told parliamentarians that the removal of 17.5 percent VAT on domestic airfares has increased the number of passengers who board domestic flights by 9.64 percent. According to her, the numbers moved up from some 290,000 to over 320,000 passengers. Government in its 2017 budget scrapped the VAT on domestic…
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Mid-year budget review to address leakages in tax system
The Chief Executive Officer of the Ghana Investment Promotion Centre, (GIPC) Yofi Grant has stated that government will use the mid-year budget presentation to block leakages in the tax system to help improve domestic revenue collection for the country. According to him, government is not interested in introducing new taxes to further burden the tax…
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PIAC accuses GNPC, GRA of ‘hijacking’ Ghana’s oil cash
The 2017 Annual Report published by the Public Interest and Accountability Committee (PIAC), has indicted two state institutions, the Ghana Revenue Authority (GRA), and the Ghana National Petroleum Corporation (GNPC) for hijacking monies realized from Ghana’s oil sector. According to PIAC, instead of releasing the monies to the Ghana Petroleum Holding Funds as stated by law,…
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Cut expenditure to tame cedi’s free fall – GN Research to govt
Some economists have impressed on the government to cut down on its expenditure for the remainder of the year if it is to sustain gains in stabilizing the cedi against the dollar. The comment comes as the Finance Minister, Ken Ofori Atta prepares to present the midyear budget review to Parliament next month. They explain…