Category: Government
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SEC stops guaranteed returns in capital market
The Securities and Exchange Commission (SEC) has asked all Fund Managers to stop offering guaranteed returns on investment to their clients. The directive which has been in effect since July, is among the numerous interventions to sanitise the industry and protect the integrity of the capital market. The Director General of the SEC, Daniel Ogbarmey…
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GRA must enhance tax collection system—IFS
The Executive Director of the Institute of Fiscal Studies (IFS), Professor Newman Kwadwo Kusi has called on the Ghana Revenue Authority (GRA) to form a stronger association with banks and other institutions in the country to enhance tax collection. According to him, the current tax collection system used by the GRA officials to manually collect…
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China ‘creates two billionaires a week’
China produced billionaires at the rate of two a week in 2017, says a report by Swiss bank UBS and auditors PwC. The number of billionaires in the country saw a net increase from 318 to 373, with a joint wealth of $1.12 trillion (£874bn), said the survey. The report said China was currently the…
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GCB expands international operations
GCB Bank Limited has stated that it is expanding its operations to other countries. The Deputy Managing Director of the Bank in charge of Operations, Mr Samuel Amankwah who disclosed this said: “As a forerunner, GCB is establishing and deepening correspondent banking relationship with Sierra Leone and Liberia in West Africa.” In 2017, GCB Bank…
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Prices of foodstuff to go up by 5%–Esoko
Commodity Analysts Esoko Ghana is predicting that prices of foodstuff may go up by between 5 and 10 percent in the last quarter of this year. The price increase, according to Esoko could be attributed to the rising cost of fuel as well as the Bugre Dam spillage in Burkina Faso, causing floods that destroyed…
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No significant drop in petroleum prices next month—IES predicts
The Institute of Energy Security(IES) is ruling out any significant drop in petroleum prices in the next pricing window. The assertion follows some statements made by the Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli that Ghanaians will soon experience a reduction in fuel prices at the pumps. Mr. Tampuli premised his assertion…
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Electricity consumers to choose their own suppliers by 2023—Energy Commission
Energy consumers should by 2023 choose their own power suppliers. This is according to the Energy Commission. The move is part of reforms being undertaken to make the power supply subsector more competitive. Per the new arrangement, smaller private entities will be given the license to distribute power regardless of the meter they use. The…
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Investment market to get new cyber security laws
The Securities and Exchange Commission (SEC) has told Citi Business News it will within the coming months, issue new directives that will deal with cyber fraud cases within the investment market. The Director General of the SEC, Daniel Ogbarmey Tetteh explains that the exercise is to reduce the amount of money lost to the crime…
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Use 2019 budget to boost tax revenue – IFS to gov’t
Executive Director of the Institute for Fiscal Studies, Professor Newman Kwadwo Kusi has advised government to review the tax systems in the upcoming budget in order for government to realize more revenue for the country. The budget has been scheduled to be read on the 15th of November, 2018. Professor Kusi argues that the move…
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Dr. Amin Adam leads Ghana’s transparency drive in extractive sector
The Minister of Finance, Ken Ofori Atta, has appointed Deputy Minister of Energy, Dr. Mohammed Amin Adam has been appointed as Ghana’s Champion for Extractive Industries Transparency Initiative (GHEITI). He is to lead the implementation of the EITI in Ghana. The appointment of Dr. Mohammed Amin Adam is in fulfillment of requirements of the Extractive…