Category: Business
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Prices of petrol, LPG to fall by 4% in first pricing window of July – IES
Consumers of petroleum products, can heave a sigh of relief as the price of petrol is expected to go down by about 4 percent per litre at the various pumps in the country in the 1st pricing window of July. This is according to a recent analysis by the Institute for Energy Security (IES). This…
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Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report
The value of losses recorded as a result of fraud in Banks and Specialized Deposit-Taking Institutions in Ghana in 2021, witnessed a significant jump, rising to GH¢61 million as compared to a loss of GH¢25 million in 2020, representing a 144 % increase in year-on-year terms. This was captured in the 2021 Banking, Specialised Deposit-Taking…
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ASTM International pledges support for Ghana’s petroleum industry
The Director of External Relations of ASTM International, a global standards organisation, James P. Olshefskyan has pledged his outfit’s support to Ghana’s efforts at creating a world class petroleum industry. He said the American-based private standards-setting body, will provide technical assistance to build the capacity of local experts to enhance the reliability and profitability of…
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NIB MD laments cost of borrowing for private sector
The issue of private-sector lending continues to remain a problem as stakeholders in the banking sector have expressed worry about the high cost of borrowing for the actors in the private sector. Managing Director of the National Investment Bank, Samuel Sarpong, in interaction with Citi Business News, attributed the crowding out of private-sector lending to…
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Finance professionals urged to develop strategies to boost ESG-driven business environment
President and Chair of the Association of International Certified Professional Accountants, FCMA, CGMA, CIMA, Paul Ash, is urging finance professionals to support their organisations through the transition to sustainable business According to him, Africa stands a great chance to grow tremendously if it unlocks its sustainable opportunities. A recent report by McKinsey & Company notes…
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Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst
As stakeholders express concern about the low level of revenue being generated from the Electronic Transfer Levy (E-Levy), a tax analyst is warning that government is likely to withdraw the tax measure if the revenue yields remain low. The implementation of the E-levy, which commenced in May, was originally expected to help bring in about…
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E-Levy is an overhyped revenue generation measure – Seth Terkper
Former Finance Minister, Seth Terkper has described the Electronic Transfer Levy (E-levy), as an overhyped revenue generation policy. According to him, many Ghanaians are now trying to find ways to avoid paying the levy. The E-levy, which was amended from 1.75 % to 1.5 % on Tuesday, March 29, 2022, is a tax that applies…
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Leverage crises to improve fortunes of continent – Ofosu-Dorte
Senior partner at AB and David law firm, David Ofosu-Dorte is admonishing African governments and businesses to leverage crises to improve the fortunes of the continent. According to him, this will make the continent more resilient and self-sufficient. Speaking at the Citi TV and ISSER’s Cedi Summit in Accra, David Ofosu-Dorte, noted that every crisis…
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Unilever Ghana PLC remains upbeat about future growth prospects
Managing Director of Unilever Ghana PLC, George Owusu-Ansah, has stated that it is optimistic about his outfit’s growth prospects. This comes as the company recorded an increase in revenue of about 23% for the year 2021 despite the impact of the lingering COVID-19 on businesses. Taking its turn at the ‘Facts Behind The Figures’ forum,…
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Citi Business Festival enters final week; forum on agribusiness comes off today
The fifth and final edition of the 2022 Citi Business Festival forum comes off today, Tuesday, June 28, 2022. The discussion will be on the theme, ‘Rediscovering the agribusiness goldmine’, and will be live on Citi TV and on the station’s social media platforms. The forum, scheduled to start from 11:00 am to 1:00 pm, will…