Category: Economy
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Former banks’ employees could face up to 10-year ban
The Bank of Ghana has announced that former employees or shareholders of commercial banks that are found to have flouted the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector. The central bank on Thursday, July 25, 2019, published its…
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Ghana’s debt levels worrying — World Bank Country Director
The World Bank Country Director Pierre Frank LaPorte has stated that Ghana’s rising debt levels places it at pre-HIPC levels and must be checked to prevent the figure from escalating further. According to him, the government’s increased borrowing to pay outstanding debts and not to be re-invested is risky for an emerging economy like Ghana…
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We’re not receivers for God is Love, Jasper Motors etc — Eric Nipah
The receiver for the 347 microfinance companies collapsed by the Bank of Ghana has advised the public to disregard a statement asking customers of some defunct deposit-taking institutions to submit documentation for their claims to be processed. A press release issued by PwC’s Eric Nana Nipah said the statement calls on customers of Jasper Motors,…
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Andersen Global expands into Ghana
Ghana law firm, Sam Okudzeto & Associates, signed a collaboration agreement with Andersen Global, marking Andersen Global’s presence in 13 African countries and over 51 countries worldwide. Located in the capital of Accra, Sam Okudzeto & Associates is one of the largest law firms in Ghana. For the past 48 years, the firm has provided…
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SEC commences forensic investigations into 21 investment firms
The Securities and Exchange Commission (SEC) has disclosed that it is currently conducting a forensic audit into the operations of about twenty companies within the securities market. Deputy Director-General of the SEC, Paul Ababio tells Citi Business News the exercise should inform the next line of action in eliminating non-compliant companies and protect investor funds.…
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Growing external debt component is cause for concern – Prof. Quartey
Director of Economics at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has cautioned that the cedi is at risk of depreciation due to the rising external component of Ghana’s public debt. Out of the total GHS200 million debt figure as at May this year, the external component reached GHS105.4 billion…
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Buyers boycott Ghana cocoa after new floor price — sources
The world’s second-largest cocoa producer offered to sell beans for the first time since introducing a surcharge, and found no buyers, according to people familiar with the matter. Ghana’s Cocoa Marketing Company, responsible for selling the nation’s cocoa, offered beans for 2020-21 to traders on Wednesday, said the people, who asked not to be identified…
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Ghana, Cote d’Ivoire lift ban on cocoa sales
Ghana and Cote D’Ivoire have lifted the suspension of cocoa sales for the 2020/2021 season, effective July 16. The decision was contained in a joint communiqué issued and signed by Mr. Joseph Boahen Aidoo, the Chief Executive of the Ghana Cocoa Board, and the Chief of Cote d’Ivoire’s Coffee and Cocoa Council, Yves Kone-Brahima. The…
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Simplify tax issues to boost public compliance – Oxfam charges Gov’t
Some tax analysts have charged the government to boldly implement the needed measures to strengthen the country’s tax regime into a highly progressive one where those earning more continue to pay more. The sentiments were shared at the 2nd Ghana Tax Dialogue Forum organized by Oxfam Ghana on the theme “How should a fair tax…
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Consider re-calibrating luxury vehicle tax policy — tax specialist
Ahead of his presentation of the 2019 mid-year budget review to parliament next week, the Finance Minister Ken Ofori-Atta, has been urged to consider bringing an end to the implementation of the luxury vehicle tax policy. The luxury vehicle tax which was introduced during the 2018 midyear budget review by the Finance Minister to help…