Category: Business
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Bawumia, other officials file tax returns to encourage citizens
A number of government officials, including Vice President Dr. Mahamudu Bawumia, filed their tax returns at the head office of the Ghana Revenue Authority (GRA) in Accra today [Friday]. This public show formed part of efforts to increase awareness among the public on the importance of paying taxes. The event was also used to launch…
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Oil companies yet to meet local content requirement
It has emerged that no oil company has been able to satisfy the minimum local content levels in employing Ghanaians, 10 years after the discovery of oil in commercial quantities in the country. Stakeholders in Ghana’s Oil and Gas industry have consistently bemoaned what they say is the low level of employment, as well as…
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Fuel prices increase by 1.5 percent in April
The prices of petroleum products at the pumps have gone up by about 2 percent for the first pricing window this month (April). For the first two weeks of this month, consumers should be prepared to pay more for fuel they purchase at the various retail outlets for the Oil Marketing Companies (OMCs). The first…
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Ghana courts China’s support to grow aviation industry
The Minister of Aviation, Cecilia Dapaah has impressed on Chinese investors to support Ghana’s aviation industry through the manufacturing and assembling of aircrafts in the medium to long term. She admits to the existing benefits that some airline companies are enjoying from China’s market and its impact on the local airline industry. Madama Cecilia Dapaah…
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BoG cautions public against Wyselink Microfinance Limited
The Bank of Ghana (BoG) is cautioning the general public to desist from engaging in any financial transaction with Wyselink Microfinance Limited. According to the central bank, the company, which was engaged in deposit taking, is doing so without a licence from the Bank of Ghana. “Wyselink Microfinance Limited was operating with a forged Bank…
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Deposits still major source of funds for banks – BoG report
Customer deposits still remain a major source of funding for commercial banks. As a result, commercial banks also bear greater responsibility to their customers in earning interests on such deposits. The latest banking sector report by the Bank of Ghana shows that deposits accounted for 62.5 percent of the banking industry’s assets as at December 2017.…
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Ghana considering Sukuk, Panda bonds in China
Finance Minister, Ken Ofori-Atta has disclosed that government is considering the Sukuk and Panda bonds in China, in addition to the Samurai bond in Japan, to drive down the cost of the country’s next sovereign bond expected to be issued this month. According to him, the move is aimed at diversifying the source of funds…
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Energy Ministry to prosecute culprits of fronting
The Ministry of Energy has given the strongest indication that it is ready to prosecute Ghanaians who are helping foreign companies operate in parts of the petroleum sector, which are solely reserved for local companies. According to the Ministry, a comprehensive plan to deal with such individuals and companies will be announced before the end…
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Premium Motors outdoors Renault KWID in Ghana
Premium Motors Limited, official dealers in Renault cars in Ghana have introduced the Renault KWID to the Ghanaian automobile market. The car, which comes in different models has 1.0 Litre engine, 7 inches multimedia tablet with navigation system, as well as driver, passenger and side airbags. The rest of the features include anti-lock braking system,…
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BoG puts reference rate for April at 16.82%
The Bank of Ghana has pegged the Ghana Reference Rate for April 2018 at 16.82%. This means that all commercial banks will determine their interest rates on their loans with the figure as their reference. The new system also follows the central bank’s decision to review the previous Base Rate model which adopted a minimum…