Category: Economy
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We’ll review all existing tax systems in 2020 — Ofori-Atta
Finance Minister Ken Ofori-Atta has revealed government’s intentions of reviewing the country’s existing tax systems to introduce more private sector-led solutions in the revenue mobilisation efforts ahead of the 2020 budget presentation next week. Mr. Ofori-Atta’s comment follows the inability of the Ghana Revenue Authority (GRA) to meets its domestic revenue mobilisation targets in the…
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The four drivers of Singapore’s development Ghana can learn from
Singapore’s economic success and recognition as one of the world’s impressive developments has been as a result of deliberate investments in its social foundations. These key investments may hold useful lessons for Ghana which is oftentimes compared to the Asia giant in terms of development. According to the Senior Minister for Singapore, Tharman Shanmugaratnam, the…
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Frequent changes to tax laws worrying – Economist
Ahead of the 2020 budget presentation next week, Economist Dr. Lord Mensah has expressed concern about the frequent changes made to the country’s tax laws. According to him, such changes could ward off investors who might find them bad for long-term business planning. The current Finance Minister in an attempt to create a conducive environment…
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GH¢4.6 billion tax exemptions unsustainable — IFS
The Institute for Fiscal Studies (IFS) has described the country’s tax exemptions regime which grants waivers to the tune of GH¢4.6 billion as unsustainable; calling on Parliament to pass the Tax Exemptions Bill. The Finance Ministry has since March 2019 submitted to the legislature a Tax Exemptions Bill for consideration and passage into law to regulate…
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Allow Ghanaian traders stuck in Nigeria to move out — GUTA
In relation to the recent extension of the border closure by Nigeria to the end of January 2020, The President of Ghana Union of Traders Association (GUTA) Dr. Joseph Obeng is calling on Nigerian authorities to allow Ghanaian traders stuck inside Nigeria to leave with their products back to Ghana. The extension which was approved…
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Guinness Ghana increases local raw material sourcing to 55 percent
Beverage producer Guinness Ghana Limited says it is on track to reach 70 percent local raw material sourcing from Ghanaian farmers. This follows a research by the Kwame Nkrumah University of Science and Technology which showed that the company has increased its local raw material sourcing from 12 percent to 55 percent. Speaking to Citi…
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Ghana Gas owes GNPC US$260 million for gas supplied – PIAC report
The first half year report on petroleum revenue management by the Public Interest and Accountability Committee, PIAC, has shown that Ghana Gas Company owes GNPC in excess of 260 million dollars for gas supplied. The issue, PIAC says continues to impact GNPC’s operations as well as other allocations that are to be made per law.…
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BoG will not hesitate to raise policy rate to deal with inflation
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said the central bank will not hesitate to increase its monetary policy rate to deal with any surge in inflation. The central bank’s policy rate which signals the rate at which it lends to commercial banks is currently pegged at 16 percent while inflation…
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Article: Botched PDS deal: MiDA on the radar
In March this year, the Power Distribution Services (PDS) assumed the responsibility of managing the retail, and distribution business of the Electricity Company of Ghana (ECG), following government’s decision to execute the second Millennium Challenge Compact with the U.S. government with the objective of, inter alia, increasing private sector investment and the productivity and profitability…
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Ofori-Atta unveils Committee to review take or pay agreements et al
The Minister for Finance has unveiled a committee to take over the consultation process with the independent power producers and gas suppliers as part of efforts to reduce the burden placed on government by several ‘take or pay’ power purchase agreements among other issues in the energy sector. Ken Ofori-Atta inaugurating the government-led Energy…