Category: Featured
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Seth Terkper warns govt against financing long-term development with T-Bills
Mr. Seth Terkper, a former Finance Minister, has cautioned the government against relying on Treasury Bills (T-bills) to finance the country’s long-term development. He explained that T-bills, which are short-term debt instruments with maturities ranging from 91 days to one year, are not sustainable options for financing Ghana’s economic and development needs, which are long-term…
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…
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Ghana’s public debt stock jumps to GHS 569.3bn; represents 71.1% of GDP
Ghana’s public debt has risen to GHS 569.3 billion as of April 2023. Per the Bank of Ghana’s figures, this represents a GHS 134.7 billion increase since January 2023. In dollar terms, the total debt stock stood at US$ 52 billion. The increase amounts to 71.1 percent of Gross Domestic Product (GDP). External debt for…
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Climate change could impact cash flows for businesses – ICAG
As part of moves to mitigate the impact of climate change on cash flows of businesses, accounting professionals have been encouraged to prioritize sustainability tools in ensuring a green economy This, the Association of Chattered Certified Accountants (ACCA) and its affiliate- Institute of Chartered Accountants Ghana (ICAG) believe will inspire investor confidence and bolster economic…
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SSNIT to stop investing in non-profit social ventures – Employment Minister
The Minister for Employment and Labour Relations, Ignatius Baffour-Awuah has given assurances that Social Security and National Insurance Trust (SSNIT) is set to shift policy away from investing in non-profit social ventures to safeguard contributors’ funds. The Minister was responding to concerns of the Public Accounts Committee (PAC) regarding an observation from the 2021 Auditor…
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Republic Bank Ghana Plc records GHS 108.86 million profits in 2022
Republic Bank Ghana Plc remains resolute to employ various strategies aimed at mitigating risks in its operations. It comes on the back of the bank recording a 20.05 percent year- on- year growth in assets from GHS 4.25 billion in 2021 to GHS 10 billion in 2022. However, the bank also recorded a total comprehensive…
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FWSC flouts Labour Commission’s order to restore GBC staff allowances
The Fair Wages and Salaries Commission (FWSC) has refused to restore allowances of Staff of Ghana Broadcasting Corporation after the National Labour Commission ordered Fair Wages to do so. This was revealed by the Director General of the Ghana Broadcasting Corporation at a Public Accounts Committee today when the state broadcaster was invited to explain…
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Presentation of mid-year budget review rescheduled to July 27
The presentation of the mid-year budget review by the Finance Minister, Ken Ofori-Atta has been rescheduled to Thursday, July 27, 2023. The Second Deputy Majority Whip, Habib Iddrisu said this when he presented the business statement for the ensuing week in Parliament in Accra on Friday, July 21, 2023. “The committee also took into account…
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Ashanti Region: GUTA bemoans exorbitant fees charged by GRA
Members of the Ashanti regional branch of the Ghana Union of Traders Association (GUTA) have accused the Ghana Revenue Authority (GRA) of subjecting them to rigorous checks and making them pay exorbitant duties on imported goods. They described such checks as deliberate targeting which they say is hampering their businesses. Speaking at an event organized…
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Government slaps 21% VAT on Facebook advertisement from August 1
Government has imposed a 21 percent VAT on advertisement on social media platform, Facebook. The newly introduced charge takes effect from August 1, 2023, and applies to both business and personal advertisements. This was announced today by Meta, the parent company of Facebook. By this, all advertisers with a business country of Ghana will be…