Category: Government
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Informal sector to pay taxes through Mobile Money—Dr. Bawumia
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal…
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Ghana finalizes agreement with GERC for $2.2b Eastern railway project
The Ministry of Railways Development has reached a Concession Agreement with the Ghana European Railway Consortium (GERC) for the construction of the Eastern Railway line project at the cost of $2.2 billion dollars. The 340 kilometre- Project, which would run from the Tema Port through Accra, Koforidua and end in Kumasi; is a Built, Operate…
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GCB records GH¢323 million profit
GCB Bank Limited posted a significantly improved bottom line with net profit of GH¢323.13 million for the year ended 2018. This translates into growth of GH¢ 110.42 million over the GH¢212.72 million recorded in the 2017 financial year. Top line growth was appreciable despite instability in the banking industry with 2018 recording GH¢1,260 million as…
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Over 1,000 tech startups benefit from digital enterprise programme
Over a thousand technology startups are set to benefit from a digital enterprise programme this year. The Ghana- Oracle Digital Enterprise program is a partnership between government and US tech company, Oracle, which will help the startups develop and sustain their digital skills. The partnership between government and Oracle will provide mentorship to the selected…
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Ghana is far from debt distress level – Ken Ofori Atta
The Finance Minister Ken Ofori Atta has refuted claims that Ghana stands a high risk of debt distress. The Economic Commission for Africa has listed Ghana as part of countries whose debt levels raise concern about ability to withstand the impact of the move on their economies. Ghana’s debt is stood at 173.2 billion cedis as…
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GRA starts implementation of 50% slash on import values
The Ghana Revenue Authority (GRA) has directed valuating agencies at the ports to effect changes in their valuation for imports effective Thursday [April 4, 2019]. A memo signed by Commissioner General of Customs, Isaac Crentsil to the agencies asked them to adjust the mechanism in accordance with the new directives from the government. Portions of…
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Reduction in import value will yield results – Gideon Boako
Dr. Gideon Boako, the spokesperson for Vice President, Dr. Mahamudu Bawumia, has explained that the reduction in the benchmark import values at Ghana’s ports by 50%, is significant, and will yield long term returns. He indicated that the move will not make Ghana a dumping ground for goods but rather boost local trade. The Vice…
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Ghana needs a world class packaging industry—Stakeholders
Stakeholders in the packaging industry have called on government to facilitate the creation of a world class packaging industry in Ghana. According to them, packaging can help Ghanaian exports compete with other products from across the world. Speaking to Citi Business News on the sidelines of the workshop, Frederic Couty, Senior Advisor on Packaging at…
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IMF exit conditions caused exchange rate spikes in March – Bawumia
Vice President, Dr. Mahammadu Bawumia has blamed the depreciation of the cedi the country experienced in March 2019 on some of the exit conditions by the International Monetary Fund (IMF) programme. According to him, the Bank of Ghana had to implement reforms to ensure an increase in the country’s international reserves in a bid to end…
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BoG didn’t pump money into economy to stabilize cedi – Bawumia
The Bank of Ghana did not inject $800m into the country’s international reserves in order to stabilize the cedi when it sharply depreciated against its major trading currencies in March 2019. This is according to the Vice President, Dr. Mahamudu Bawumia. Dr. Bawumia, who is also the chairman of the government’s Economic Management Team while…