Category: Business
-
VAT on mobile phones to distort mobile money if … – Economist
Economist, Dr. Ebo Turkson has impressed on government to be cautious with its new taxes on mobile phones as it could distort efforts at driving a cashless economy. He argues that the move could restrict access to mobile money use which dwells largely on mobile phone ownership. The Mobile Phone Dealers Association is protesting the…
-
Aker Energy quickens process to start oil drilling in 2021
Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021. The company explains that it is working to complete the necessary processes to get clearance from the government to start operations. The CEO of Aker, Jan Arve Haugan…
-
Govt reschedules mobile money interoperability to May
Government has disclosed that it will roll out the mobile money interoperability system in May this year – 2018. This latest date comes after missing about three initial timelines for the implementation of the policy. The mobile money interoperability is to allow consumers transfer money across all mobile networks without any restrictions. This is also…
-
Increase in taxes at ports counterproductive—Economist
Economist, and CEO at the Institute of Certified Economists Ghana, Gideon Amissah has charged government to consider new ways of generating revenue at the ports since the imposition of high taxes will be counterproductive. He warned that imposing taxes at the ports without engaging the main stakeholders could rather cause government to lose a lot…
-
Increasing risk cause of high interest rates–IFC
The International Finance Corporation (IFC) has told Citi Business News it is committed to assisting banks in Ghana to reduce their risk of lending to customers. The IFC, believes this can be done through the strengthening of the country’s collateral registry and credit bureau. As at February 2018, the average interest rate at which commercial…
-
Three banks to begin their own version of mobile money
At least three banks are set to commence the issuing of electronic money which will allow customers transfer money on a virtual platform. According to the Bank of Ghana, the development forms part of efforts to reduce the use of cash and switch to a more cashlite economy. Citi Business News understands that this development…
-
Cashless economy: New Payment Bill before cabinet
Cabinet is currently considering the new Payment Systems and Services Bill for onward submission to Parliament for passage soon. The eventual passage of the law should address all outstanding concerns that have emerged following the rise in the use of digital technology. The Head of the Payment Systems Department of the Bank of Ghana, Dr.…
-
Average Interest on savings drops marginally
The average interest that consumers earn on monies they deposit with commercial banks in Ghana should average 10.1 percent. This represents a 0.3 percent reduction compared to the 10.4 percent recorded in January this year. This is contained in the latest Annual Percentage Rates and Average Interest report published by the Bank of Ghana(BoG) for…
-
IMF endorses collapsed UT, Capital banks bond
The International Monetary Fund(IMF) said it supports Ghana’s plans to sell 1.6 billion cedis ($362 million) of bonds to settle the liabilities of collapsed UT and Capital Banks, a Bloomberg report has said. The IMF country representative, Natalia Koliadina, disclosed that the proposal to sell the debt of the two collapsed banks was made by…
-
Bawumia to Deliver Keynote Address at 6th Edition of EOBS
Vice President, Dr Mahamudu Bawumia is expected to deliver the keynote address at the sixth edition of Ghana Economic Outlook and Business Strategy Conference (EOBS) on Wednesday 21 March, 2018 at Labadi Beach Hotel, in Accra. He will lead business executives, policy makers, among others to discuss issues on the oil and gas industry in…