Category: Government
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GRA seizes bottled drinks with no tax stamps at Kempinski, Movenpick Hotels
The Excise Unit of the Ghana Revenue Authority (GRA) has seized cartons of bottled spirits and wines which had no tax stamps affixed on them at Kempinski Gold Coast and Movenpick Hotels in Accra. During an ongoing inspection exercise by the GRA, it emerged that majority of the products at the bar and storeroom of…
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ECOWAS bemoans low quality products exported to EU
The Economic Community of West African State, (ECOWAS) says confidence in products exported from the region to the European market is extremely low. A total of 24 notifications were issued on products exported from the ECOWAS region in two years, between June 2016 and October 2018. According to the organization, it received the notifications from…
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1.2 billion cedis NPLs write off to end in December
The Bank of Ghana has shifted its projection of a drop in the Non Performing Loans of banks, by two more months. Governor of the Bank of Ghana, Dr. Ernest Addison says he expects the reflection by the end of year. Some industry watchers are also confident the move should afford banks the ability to…
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IES blames power cuts on overdependence on gas
The Institute of Energy Security (IES) wants the government to find pragmatic ways to purchase and store adequate quantities of alternative fuel for the country’s power generation plants. The IES argues that may largely help in stabilizing power generation and supply. The suggestion comes on the back of the recent erratic power supply that has…
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Petroleum Commission prioritises technology use for upstream operators
Chief Executive Officer of the Petroleum Commission, Egbert Faibille has urged various companies operating within the petroleum sector to use technology in building the industry. This he believes will promote the upstream space and improve revenue for the sector and country as a whole. He made the remarks at an engagement with some investors in…
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Ghana losing out on export of services—GEPA
The Chief Executive Officer of the Ghana Export Promotion Authority (GEPA), Afua Asabea Asare, has stated that the country will continue to lose millions of dollars if the export of services like housekeeping, education and medical services are not formalized. According to the latest Bank of Ghana’s Summary of Macroeconomic and Financial Data, total exports…
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SSNIT stops biometric cards, connects to National ID system
The Social Security and National Insurance Trust (SSNIT) has disclosed that it should connect its systems to the National Identification Authority for a common card, by next year [2019]. As a result, the Trust is seizing the issuing of biometric cards to its contributors. The Director General of SSNIT, Dr. John Ofori Tenkorang explained that…
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Banks’ recapitalization impacts dividend payment to SSNIT
The Social Security and National Insurance Trust (SSNIT) has disclosed that most banks it is a shareholder in, have been unable to pay dividends for last year due to the increase in the minimum capital requirement. The Director General of SSNIT, Dr. John Ofori Tenkorang explains to Citi Business News this has also affected the…
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EximBank Board charged to boost SME growth
Finance Minister Hon. Ken Ofori Atta has sworn in three members of the Ghana Exim Bank Board with a call on the 9-member Board to prudently utilize the financial resources allocated to them. He believes this will enable the government achieve its target of implementing the IDIF Project. Mr. Ofori Atta said the Bank must…
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BoG keeps final 2018 policy rate at 17%
The Bank of Ghana has maintained the policy rate at 17 percent. This was after 85th regular meeting of the Monetary Policy Committee (MPC) of the central bank met for the final time for 2018. The policy rate is the rate at which the Bank of Ghana lends to commercial bank. The policy rate has…