Category: Business
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Inflation for August drops to 40.1% from 43.1%
Inflation has dropped to 40.1% in August 2023, from 43.1% recorded in July 2023. This means that in the month of August 2023, the general price level was 40.1 percent higher than in August 2022 Food inflation also decreased to 51.9% in August, from 55.0% in July. Inflation for imported products registered a rate lower…
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BOG moves to tackle climate risk financing
The Bank of Ghana (BOG) in its quest to strengthen the financial sector has taken steps aimed at mitigating the impact of climate risk in the books of financial institutions. “The issue of climate risk is increasingly becoming a material risk, especially for institutions exposed to vulnerable sectors of the economy” says Governor. Dr. Ernest…
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Businesses cited for non-compliance with VAT regulations
The AH Hotel in East Legon has been found to be in violation of the country’s Value Added Tax (VAT) regulations. An inspection by the domestic tax compliance taskforce of the Ghana Revenue Authority (GRA) on Tuesday revealed that the hotel does not issue VAT receipts to its customers. The meeting with the hotel’s management…
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Kumasi: GUTA threatens mass protest over alleged GRA extortion
Members of the Ghana Union of Traders (GUTA) in the Ashanti region have reiterated their decision to stage a massive demonstration if the government and all relevant stakeholders do not take immediate and decisive measures to address what they describe as ongoing discrimination and intimidation by officials of the Customs Division of the Ghana Revenue…
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Republic Bank slashes interest rates on all cedi mortgages
Republic Bank (Ghana) PLC has slashed its interest rates on all Cedi mortgages. Customers and prospects are being offered the lowest interest rate on all cedi mortgages from September 2023 until the end of February 2024. The Bank has been at the forefront of the mortgage business from its inception in 1990 as a Home…
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Guinness Ghana delivers best year performance despite economic challenges
Leading beverage company, Guinness Ghana, has posted its strongest performance in a financial year since it was set up, 63 years ago. Speaking to investors during the Facts Behind the Figures event organised in conjunction with the Ghana Stock Exchange, Managing Director, Helene Weesie stressed that factors such as inflation, consistent input costs increase, and…
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Menzgold customers appeal to Akufo-Addo for financial bailout
The Coalition of Aggrieved Customers of Menzgold (CACM) has appealed to President Nana Akufo-Addo to provide them with a financial bailout as they await the court hearing of the chief executive officer of the defunct gold trading company, Nana Appiah Mensah, on September 19, 2023. The group has already revealed its intention to hold a…
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GRA worried over use of false documents in evading customs duties
The Ghana Revenue Authority (GRA) has deplored the increasing use of fake trade documents by some importers for declaring goods at the ports. The Authority explains that trend by these importers is part of efforts to evade customs duties and taxes. This follows an intelligence in February 2023 on some two companies and importers that…
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Dannex Ayrton Starwin Plc records over GHS 95 million revenue in 2022
Pharmaceutical company, Dannex Ayrton Starwin PLC remains resolute in restoring profitability after it achieved a revenue of a little over GHS 95 million in 2022 surpassing the over GHS 74 million recorded in 2021. The company however recorded exchange losses of about GHS 9.1 million under the year of review. Delivering his address at the…
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Secured loans in Q2 2023 surge to ¢5.9 billion, a 15.5% year-on-year increase
In the second quarter of 2023, the total value of secured loans granted and registered by banks and Specialized Deposit-Taking Institutions in Ghana reached an estimated ¢5.9 billion. This marked a substantial growth of 15.5% compared to the previous year. Meanwhile, Specialized Deposit-Taking Institutions reported a total of ¢971.1 million in secured loans, representing a…