Category: Government
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GNCCI warns gov’t over companies folding up
The Ghana National Chamber of Commerce and Industry (GNCCI) has reiterated calls for government to solve the numerous challenges facing business associations in the country. The GNCCI has described the current business environment as tough, expressing fears that companies may soon shut down if government fails to address issues such as high interest rates on…
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GRA’s insistence on CTN is bad faith – Freight forwarders
The Ghana Institute of Freight Forwarders (GIFF) has registered its displeasure again over GRA’s latest decision to go ahead with the implementation of the Cargo Tracking Notes (CTN) system despite their arguments against it. The President of the Association, Kwabena Ofosu Appiah in an interview on Eyewitness News described the development as a “monumental display…
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Panic withdrawals: Don’t be anxious of capital flight – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has downplayed effects of the ongoing panic withdrawals that have hit local banks. It follows fears that the situation could lead to capital flights which will distort economic growth considering the magnitude of withdrawals that may be involved. The uncontrolled withdrawals embarked on by customers of banks and specialized deposit…
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GRA’s ‘controversial’ CTN policy takes effect October 15
The Ghana Revenue Authority (GRA) has announced that it will fully implement the Cargo Tracking Note (CTN) system at Ghana’s ports from October 15, 2018. The system was meant to be implemented in August 2018 but was postponed after pressure from the Freight Forwarders Association. But a letter addressed to the Shipowners & Agents Association…
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IMF cuts global economic growth target to 3.7%
The International Monetary Fund (IMF) has cut global growth projection to 3.7 per cent for this year [2018] and 2019. The Fund says the global economy’s growth target has dropped by 2 percent from the initial 3.9 percent. The Economic Counsellor and Director of Research Department at the IMF, Maurice Obstfeld disclosed the Fund’s new…
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Mining companies refusing to pay dividend to gov’t–report
A report by the Ghana Extractive Industries Transparency Initiative, GHEITI on the mining sector shows that mining companies in the country refused to pay dividend to government in 2016. According to the Minerals and Mining Laws, every mining lease holder in the country is expected to pay 10 percent of its profit to government which…
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Industrializing Ghana: Nana Addo defends 1d,1f; bauxite deal
President Akufo Addo has mounted a strong defense of his government’s industrialization agenda in a bid to grow Ghana’s economy. The President says the flagship one district, one factory program should create employment and improve livelihoods. President Akufo Addo made the remarks at the Financial Times Africa Summit where he also justified the recent economic…
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GRA’s revenue faces massive dip over fake TIN – Analyst
A Tax analyst, William Demitia is predicting of a huge distortion to revenue for the rest of the year if the Ghana Revenue Authority fails to address allegations of fake issuance of Tax Identification Numbers (TIN). Reports suggest that some tax officials are complicit in the act and it is affecting taxpayers. Citi Business News…
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PMMC reserves 30% of refined gold to local jewelers
The Precious Minerals Marketing Company (PMMC) is reviewing its strategy to make available, gold and diamond needed by jewelers in the country. This also forms part of efforts to sustain the jewelry industry. The move follows complaints by players in the industry over their difficulty in accessing raw materials needed for their operations. In an…
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Savings & Loans companies back BoG’s reforms
The Association of Savings and Loans Companies has backed an intended action by the Bank of Ghana to reform the industry. The Association is confident the move will restore confidence and stabilize the financial sector. “Whatever happens, there are certain effects such that it is going to make sure that financial institutions are better positioned…