Category: Economy
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Ghanaian businesses to receive compensation after xenophobic attacks
Ghanaians businesses in South Africa that were affected in the recent Xenophobic attacks are to be compensated, according to a South African government’s special envoy to Ghana. The South African government’s special envoy, however, insists only properly registered and insured tax-paying Ghanaians businesses will benefit from the compensation. Jeffrey Radebe, who led the envoy to Ghana…
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Gov’t ‘radical’ take or pay renegotiation will scare away investors — EIU report
The Economist Intelligence Unit (EIU) has described the government’s attempts of renegotiating power purchasing agreements signed under the previous administration as ‘radical’, arguing that the approach could scare aware potential investors. The business advisory firm in its latest country report said a radical revision of power contracts ie take or pay agreements, may not happen…
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Tullow builds new office complex at Takoradi Airforce; refurbishes Airport Apron
Tullow Ghana Limited has handed over the refurbished Takoradi Airport Apron to the Ghana Air force and commissioned a new office complex to enhance their operations. The Takoradi Airport Tarmac required the reconstruction of an area of 22,692 square metres, excavation works and the rehabilitation of five thousand-metre square of roads at the cost of…
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We are not increasing prices over rise in transport fares – GUTA
The increase in transport fares may not necessarily increase the prices of some goods in the short to medium term. That is according to the Ghana Union of Traders Association, GUTA. The Ghana Private Road Transport Union [GPRTU] has announced a ten percent increase in transport fares to make up for increase in fuel prices.…
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Banking sector gets GH¢1.5 billion fresh capital injection– PwC survey
The banking sector received about GH¢1.5 billion in fresh capital last year as banks moved to meet the Bank of Ghana’s December 31, 2018 deadline to meet the minimum capital requirement, a PwC survey has shown. The BoG’s directive to the banks provided three sources of meeting the GH¢400 million minimum capital requirement. The banks…
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Bank of Ghana unveils redesigned website tomorrow
The Bank of Ghana has announced that it is replacing its current website with a redesigned one effective tomorrow, 10th September 2019. According to the central bank, the new website will improve the user experience by being more consumer-focused and also features a sleek new design, improved functionality and enhanced banking content. In a press…
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ICAG to use GH¢2.2 million fine for capacity building
The Institute of Chartered Accountants Ghana has told Citi Business News that it will use the GH¢2.2 million fine to build capacity for the four sanctioned auditing firms and the industry as a whole. The ICAG fined Deloitte & Touche, PKF Chartered Accountants, J. Mills Lamptey & Co., Morrison & Associate up to the tune…
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Karpowership resumes operations after relocation to Western region
Karpowership Ghana Company Limited has announced that its 470MW Karadeniz Powership Osman Khan has resumed Power Production after successful commissioning works in Sekondi-Takoradi following relocation from Tema. According to a release issued by the company, the 470MW Powership would continue to operate on Heavy Fuel Oil to supply reliable and sustainable electricity to the national…
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PwC backs BoG’s call for specialised courts to deal with banks’ resolution matters
PricewaterhouseCoopers has backed the calls by the Bank of Ghana boss Dr. Ernest Addison for the Chief Justice to establish special courts to deal with issues arising from the central bank’s resolution of some failed banks. The central bank governor has lamented that some directors among others of some of the erstwhile banks have resorted…
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GRA staff adopts ‘name & shame’ strategy to bridge revenue gap
The continuous drop in revenue collection by the Ghana Revenue Authority is to be tackled through a new program being spearheaded by the Authority, known as “operation collect, name and shame”. The exercise will involve the publication of the names of individuals and organisations that have and continue to default in their tax obligations to…