Category: Business
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Standards Authority clamps down on substandard electrical gadgets
The Ghana Standards Authority has served notice it will confiscate all substandard electrical gadgets and equipment. The authority has also warned it will pursue and sanction appropriately, persons who deliberately engage in the dumping of such products onto the Ghanaian market. The caution forms part of moves to develop and enforce standardization on the Ghanaian…
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Producer Price Inflation drops to 7.7%
The Producer Price Inflation (PPI) has dropped to 7.7 percent for January 2018. This represents a 1.2 percent reduction compared to the 8.9 percent recorded in December 2017. The Producer price inflation measures the average change over time in prices received by domestic producers for their goods and services. Speaking at a press conference in…
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PMMC must examine all gold before it leaves Ghana—Dr. Bawumia
Government has directed the Ghana Chamber of Mines to work with the Precious Minerals Marketing Company (PMMC) to check the real amount of gold exported out of the country. The directive follows a number of undervalued quantity of gold declared in Ghana against high values of the commodity recorded abroad. A recent case was revealed…
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No dollar shortage due to attacks – Forex Bureaus
The Ghana Association of Forex Bureaus has allayed fears of an imminent shortage of dollars following increased robbery attacks on its members. Though the association admits to the impact on some of its members, it believes the issue should be addressed soon to prevent loss of cash to the attackers. For the first two months…
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Mixed expectations meet new date for Eco (Audio)
There are mixed expectations over Ghana’s ability to meet the new implementation date for the West African common currency, the Eco. The country is racing against time to meet the 2020 timeline. The dream for a single currency has continuously failed to materialize as the deadline for implementation has been postponed several times to 2020.…
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Over 200 new products affected by CET
Photographers, non-alcoholic beer importers and as well as vehicle owners will from March 1, 2018 be affected by the ECOWAS Common External tariff (CET). This means importers of such goods will be made to pay approved tariffs at the ports before being allowed to clear their goods. The move follows a review of the Harmonisation…
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Tax stamp policy will stay—Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta has given the strongest indication that government will not review or withdrawal the excise tax stamp policy. The excise tax stamp law was passed by parliament in 2013 to halt tax evasion in the manufacturing sector. The policy will affect alcoholic, beverage and water bottle producers, among others. However, the policy,…
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GSE good performance a vote of confidence in private sector
Investors on the Ghana Stock Exchange (GSE) should expect good returns this year if the current financial performance of majority of the listed companies should continue. A report by Bloomberg sighted by Citi Business News has pegged the Ghana Stock Exchange as growing by 33 percent, making it the best world performing stock exchange so…
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Government hits businesses with new tax policies (Audio)
Businesses should be ready to comply with the Government with its new tax implementation initiatives for the rest of this year – 2018. This is because some new tax policies are set for implementation beginning next month; March. The two new tax policies to be rolled out are the excise tax stamp and the Harmonised ECOWAS…
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Bitcoins, Altcoins, Ponzi Schemes (Article)
Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not…