Category: Government
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Ghana will not be affected by China oil import cut—ACEP
The Africa Center for Energy Policy (ACEP) is confident Ghana will not be negatively affected by China’s recent decision to cut its imports of oil from West Africa. China recently took the decision to cut imports of West African oil to the lowest in seven months in November, due to an increase in the cost…
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Ghana’s tax laws unfavorable to local companies—Tax consultant
According to them, the country has not benefited much from such a regime as lot of companies who are given the incentives are multinationals who mostly repatriate their profits to their home countries. Free Zones companies for instance enjoy up to ten years tax holiday. Speaking to Citi Business News after a 2019 post budget…
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Delay in policy implementation causing revenue shortfall—Ofori-Atta
The Finance Minister, Ken Ofori Atta has attributed the shortfall in revenue despite new tax measures to the delay in enforcing the tax policies. He is however anticipating that the government should be able to improve its revenue collection going forward with the rolling out of some of the tax measures in the 2019 budget.…
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Forex Bureau operators defy BoG directives to check ID cards of customers
Forex Bureau operators are yet to comply with a directive by the Bank of Ghana asking them to check identity cards of customers before doing business with them and also issue receipts for every transaction. The BoG three weeks ago served notice to Forex Bureau operators that it was going to reinforce the directives as…
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Aviation Ministry reviews cost of aviation fuel
The Minister of Aviation, Joseph Kofi Adda has disclosed to Citi Business News his outfit is reviewing the cost of aviation fuel in Ghana as it works to ease the cost of doing business for airline operators. The outcome of the review is expected to be forwarded to the Finance Ministry for further action which…
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Chamber of Mines hopeful of gold price increase next year
The Ghana Chamber of Mines is expecting production to peak in the mining industry next year following plans by some major companies to commence massive productions. The chamber is expecting Newmont Gold Mine and Anglogold Ashanti to start different developments on their concessions. Speaking to Citi Business News on the issue, the Chief Executive Officer…
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We’ve resources to implement 2019 budget— Ofori-Atta
The Finance Minister, Ken Ofori-Atta has given a strong assurance that government is well prepared to pool together the needed resources to fund the projects outlined in the 2019 budget. The comment was in reaction to concerns raised by some stakeholders about how government was going to raise money to finance its budget deficit as…
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Gov’t to create conducive environment for private sector—Ahomka Lindsay
Government has reiterated its commitment towards providing the necessary environment for the private sector to thrive. The business community is yet to respond to the 2019 budget as a section including the Association of Ghana Industries and the Beverage Producers Association were pushing for a review of the new VAT regime. But speaking at the…
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BoG not taking over Ideal Finance, disregard false stories – Management
Ideal Finance has asked the public to disregard a publication online which indicated that the Bank of Ghana was about to take over the finance house due to liquidity challenges. The publication by www.mynewsgh.com, said the Finance Minister, Ken Ofori-Atta, in an interview on Accra-based Peace FM, had suggested that the Central Bank was set to…
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Gov’t commits GHS1bn to affordable housing projects
Government has committed one billion cedis to help provide mortgage houses for Ghanaians. This will be done by setting up a fund with 100 million cedis seed fund which will be increased every year. The move government says will also support the private sector in accessing affordable loans to provide houses for Ghanaians. “Government had…