Category: Featured
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Govt defaults on paying pension contributions for public sector workers
Government has defaulted in the payment of pension contributions for public sector workers. The period of default spans from October 2022 to May 2023. In the report, it emerged that, government has not only failed in its obligations to settle the 13 percent Tier 1 pension contributions of the public sector employees for the period.…
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Punitive domestic tariffs threaten African trade
Tariff and non-tariff barriers in the country remain a real threat to the vision of a liberalised African trade market under the African Continental Free Trade Area (AfCFTA). This is despite the fact that Ghana’s legal framework supports free trade, says a study that revealed tariff barriers are imposed as taxes and duties on imports…
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Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise
Two trading associations in Ghana, the Traders Advocacy Group and the Abossey Okai Spare Parts Dealers Association, are urgently calling on the government to halt the Ghana Revenue Authority’s (GRA) initiative to deploy monitoring task forces for revenue collection. At separate press conferences on Monday, these traders raised concerns about what they describe as constant…
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Prices of petroleum products to rise marginally in October – IES
In the face of a global surge in crude oil prices, resulting in increased costs for refined products in international fuel markets, domestic petroleum product prices in Ghana are set to continue rising according to the Institute of Economic Studies (IES). The IES said the Ghanaian market has seen relative stability in liquid fuel prices,…
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Gross insurance premiums decline in H1; but industry outlook remains positive
Gross premiums in the country’s insurance sector have declined in the first six months of 2023. As of the end of June 2023, the gross premiums have fallen to GHS 2.76 billion from the GHS 3.07 billion posted during the same period last year. However, recent developments in the insurance sector as captured in the…
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AGI advocates for innovative policies to support SMEs
Industry players are pushing for the adoption of innovative policies designed to provide Small and Medium Enterprises (SMEs) with dependable access to trade finance. They contend that these initiatives will not only boost SMEs’ production capacities but also assist in curbing the rising import costs burdening African economies. In an effort to foster economic growth…
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BOST clarifies amount paid for iPhones bought for company executives
The Bulk Oil Storage and Transportation Limited (BOST) has debunked earlier media reports which suggested that the company paid a little over GHS 28 million for the purchase of iPhones for its corporate executive members. In a statement issued on September 30, the Oil Company maintained, it has made some purchase of the said iPhones…
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IMF hopeful Ghana will soon reach agreement with Official Credit Committee
The International Monetary Fund (IMF) expects Ghana to quickly reach an agreement with the Official Credit Committee over its external debt restructuring. Julie Kozack, IMF’s Director of Communications at a press conference in Washington DC said once Ghana has finalised the debt exchange on the local front, it is important for the country to conclude…
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Fuel prices to remain fairly stable at the pumps – COPEC
Prices of Petrol and Diesel are likely to remain unchanged in the first pricing window of October. Per projections from the Chamber of Petroleum Consumers (COPEC), there could be a one percent increase at the pumps, but Oil Marketing Companies (OMCs) have agreed not to pass on the cost to consumers due to competition. “There…
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Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions
Banking consultant, Dr. Richmond Atuahene, has cautioned against proposals for a restructuring of the balance sheet of the National Investment Bank (NIB). NIB is facing significant financial challenges with liabilities exceeding GHS 2 billion. The Minority in Parliament has strongly urged the government to undertake a significant restructuring of the ailing NIB in order to…