Category: Government
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Ofori-Atta unveils Committee to review take or pay agreements et al
The Minister for Finance has unveiled a committee to take over the consultation process with the independent power producers and gas suppliers as part of efforts to reduce the burden placed on government by several ‘take or pay’ power purchase agreements among other issues in the energy sector. Ken Ofori-Atta inaugurating the government-led Energy…
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IPPs threaten dumsor over US$1.5bn debt owed by ECG/PDS
The Independent Power Producers (IPPs) have warned that the country could be plunged into dumsor if monies owed them by Electricity Company of Ghana or the erstwhile Power Distribution Services (PDS) are not paid on time. A statement issued by the Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB) revealed that they are…
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Cedi stability, cost of clearing top concerns for businesses ahead of 2020 budget – KPMG report
The stability of the cedi, cost of clearing at the ports as well as Ghana’s tax systems have emerged as key concerns for businesses ahead of the presentation of the 2020 budget and economic policy of the government. A survey by auditing firm, KPMG has shown that the ability of the government to address these…
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World Bank approves US$150 million loan to support 2.2 million pupils
The World Bank Board of Directors approved today US$150 million in financing to support the government to improve the quality of education for over two million children in low performing basic education schools, and to strengthen the country’s education system. “The project focuses on underserved areas and on improving the quality of education for increased…
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Ghana to export electricity to Mali and Niger — Dr. Bawumia
Vice President Dr. Mahamudu Bawumia says Ghana is on course to become a major exporter of power in the West Africa sub-region following the commencement of export of electricity to Burkina Faso. Burkina Faso joins Togo, Cote d’Ivoire and Benin as the West African countries that Ghana regularly exports electricity to. But speaking at the…
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Ghana loses US$190m as MCC truncates ECG concession agreement
The Millenium Challenge Corporation (MCC) of the United States of America has truncated Ghana’s Power Compact following the decison by the Ghanaian government to terminate the contract of the Power Distribution Services (PDS) over certain fundamental breaches. A statement issued by the US Embassy said the “United States of America notes this decision [termination of…
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Bui Power Authority completes first micro hydropower project in Volta region
Ghana is set to commission its first micro-hydropower plant to be known as the Tsatsadu Generating Station (TGS) under the Ministry of Energy’s renewable energy initiative. The Plant, situated on the Tsatsadu Waterfalls in the Hohoe District of the Volta Region, has a capacity of 45kW with the possibility of adding another 40-60kW capacity turbine…
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GRA risks missing 2019 revenue target as benchmark values reduction backfires
The Ghana Revenue Authority (GRA) is set to miss out on its revenue target for 2019 as the decision by government to slash the import benchmark values by about 50 percent takes a toll, Commissioner of Customs, Colonel Kwadwo Damoah has said. The customs division boss explained that the reduction in the benchmark values has…
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Ghana Standards Authority to enforce ban on ‘winter tyres’
The Ghana Standards Authority (GSA) has told Citi Business News the new Automotive Policy which will be passed soon will enforce the ban on Grade ‘C’ tyres meant for the winter weather but are imported into tropical countries such as Ghana. According to the authority, most of the used cars imported from Europe and the…
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Tax Justice Coalition wants CST increment reversed
The Tax Justice Coalition is calling on government to reverse the increment in the communication service tax announced in the 2019 mid-year budget review last July. The coalition in a statement issued on Monday October 21, 2019 urged the Ministry of Finance to reverse its decision which, it said, places additional financial burden on Ghanaians.…