Category: Government
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We’ll reduce import values by 50% by Thursday – Bawumia
The government will reduce benchmark import values at Ghana’s ports by 50% effective Thursday, 4th April 2019. The Vice President, Mahamudu Bawumia who made this known at a town hall Meeting on Wednesday said the import value for cars will also be reduced by 30%. “To reduce the incidence of smuggling and enhance revenue, the…
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Ghana exits IMF programme – Bawumia
Ghana has officially exited the International Monetary Fund (IMF) programme. The Vice President, Mohamadu Bawumia said Ghana officially exited the IMF’s extended credit facility arrangement on Tuesday, April 2, 2019. “…It was only yesterday [Tuesday] that Ghana formally and successfully completed the IMF programme that we inherited in 2017,” he said at a townhall meeting…
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SEC increases capital requirement for capital market operators
The Securities and Exchange Commission (SEC) has indicated that it will increase the minimum capital requirement for companies operating within the Capital Market by end of year. The companies include Fund managers, mutual funds, unit trusts, broker dealers and custodians. Fund Managers for instance will have their present minimum capital of Ghc100,000 increased to Ghc2…
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COCOBOD denies using vegetable oil to control pests
The Quality Control Company Limited (QCC) of COCOBOD has dismissed claims that it used vegetable oil for pest control on some cocoa farms. There were media reports suggesting that the company has bought off-the-shelf vegetable oil at an overpriced cost compared to what is commonly found in local shops. But a statement issued by the…
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adb gets 146.6 million cedis from shareholders
Adb bank has raised an additional 146.6 million cedis from shareholders to shore up the bank’s capital level. The move also follows the bank’s renounceable rights issue that it embarked on in March. Information available to Citi Business News also indicates that the shares will be available for trading on the local bourse from Friday,…
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GIPC leads business delegation to AIM 2019 in Dubai
The Ghana Investment Promotion Centre (GIPC) in collaboration with the Dubai Chamber of Commerce is organizing an investment promotion mission to the United Arab Emirates (UAE) from the 6th to 13th April 2019. Partnered by the Ghana Free Zones Authority (GFZA) and the Ghana Export Promotion Authority (GEPA) the mission is being held on the…
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Ghana must pass a law to compel multinational companies to list—analyst
Some Stock Analysts have called for a policy that will compel multinational institutions to list on the stock market. They believe their listing, coupled with the stability of the cedi and other sound economic policies will help retain a percentage of their profits in the country The suggestion comes at a time that Ghana’s stock…
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Switch to gas to reduce cost of power in Ghana again – Ministry
The Ministry of Energy is anticipating a further drop in electricity tariffs as the country works to increase the use of gas by power generation plants. This it believes should bring respite to consumers. Following promises of relieving the burden on consumers of electricity, the government announced major tariff reduction for electricity in 2018. Domestic…
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BoG maintains policy rate at 16 percent
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 16 percent. This is the first time the central bank has maintained the rate this year after it was reduced in January by 100 basis point to 16 percent. The policy rate is the rate at which the Bank of…
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Fight against money laundering must focus on mobile money–GIABA
GIABA, an Intergovernmental Action Group Against Money Laundering is urging Ghana to adopt new and modern ways of fighting illicit money transfer to control crimes related to it. The group is calling for a relook of new methods of money transfers including mobile money across countries in the West African sub-region to detect money laundering…