Category: Government
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Over GH¢8 billion investors’ cash locked up with collapsed fund managers
The 53 fund management companies that had their licenses revoked by the Securities and Exchange Commission (SEC) were managing customers’ funds which run in excess of GH¢8 billion, Citi Business News’ sources say. The source close to the regulator said the affected companies were managing funds belonging to some 56,000 customers who had invested in…
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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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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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Ghana participates in 2019 Salon Du Chocolat in France
The 2019 edition of Salon Du Chocolat, the world’s largest chocolate event is on-going in Porte De Versailles-Paris, France. The 5-day chocolate event opened on the 30th October, 2019 with glitz and glamour. The 2019 edition which marks the 25th anniversary of the fair is dedicated to cocoa and chocolate makers across the world. A…
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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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Ghana to host maiden SDG Youth Summit
Reset Global in partnership with the United Nations Development Programme (UNDP), SDGs Advisory Unit Office of the President has launched the 2019 Global SDGs youth summit in Ghana. The three-day Summit which is scheduled to kick start on November 24 at Bank of Ghana Auditorium of the University of Ghana, is expected to draw more…
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PDS deal cancellation was to protect $3 billion ECG assets — Ofori-Atta
Finance Minister Ken Ofori-Atta has explained that government cancelled the power concession agreement with Power Distribution Services(PDS) to protect the 3 billion dollar assets of the Electricity Company of Ghana(ECG). Mr. Ofori-Atta maintained that there was no need pursuing the matter since some partners in the deal breached some agreements that were fundamental to the…
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Prioritize renegotiation of take or pay contracts– Energy Expert to new Committee
Energy sector analyst and Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE) Ishmael Edjekumhene says it is critical that the newly established Energy Sector Recovery Programme Steering Committee negotiates a change of the existing take or pay contracts in the energy sector. According to him, when this is done, it will…
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GRA closes down metering company over GHS6.8m tax default
The Ghana Revenue Authority (GRA) has closed down a metering company as part of its compliance and enforcement exercise in the Greater Accra region to compel businesses to pay their taxes. A special task force with the authority closed down the private metering company, Intelligent Metering and Solution Limited in East Legon. This exercise follows…