Category: Local Economy
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Honour your tax obligations – Nana Addo cautions lawyers and business professionals
President Nana Akufo-Addo has charged members of the legal fraternity to honour their tax obligations or face the rigours of the law. This comes barely a month after the Ghana Revenue Authority (GRA) disclosed that over 60,000 business professionals have been evading tax, per an exercise conducted. Speaking at the Ghana Bar Conference in the…
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Freight rates for cocoa shipment up by 5%
The Cocoa Marketing Company (CMC), Ghana Shippers Authority (GSA), and the shipping lines ferrying Ghana’s cocoa exports to the international market have agreed to increase their cocoa freight charges by five percent for the 2021/2022 cocoa season, which starts on October 1. This was after a lengthy negotiation with the 26 shipping lines ferrying the…
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Newly inaugurated GSA Board charged to develop new policies to deal with challenges within the sector
The Minister for Transport, Kwaku Ofori Asiamah, has tasked the newly inaugurated 14 member board of the Ghana Shippers Authority to streamline laws within the business community and deal with the high arbitrary charges within the shipping industry. According to him, this will help strategically position the Authority and contribute meaningfully to the country’s GDP…
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Registrar-General engages stakeholders on new Companies Act
The Registrar-General’s Department has engaged stakeholders in the business sector on the draft regulations of the new Companies Act 2019, (Act 992) to ensure smooth implementation. The engagement was to solicit valuable comments, suggestions, and contributions from stakeholders to improve the quality of the document to ensure it produced a practical and effective Regulations to…
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New GMA Board tasked to improve systems at ports to enhance business activities
The Minister for Transport, Kwaku Ofori Asiamah, has tasked the newly inaugurated board of the Ghana Maritime Authority,GMA, to drive improvements within the country’s ports to enable Ghana become the transportation hub for the West African sub region. The Maritime Sector and for that matter Ghana’s Port is the main gateway for international trade, with…
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Importers and Exporters Association debunks tax evasion, money laundering claims
The Importers and Exporters Association has debunked media reports which allegedly accuses some of its members of evading taxes at the country’s ports as well as engaging in money laundering through port transactions. This comes on the back of reports by pressure group, Movement for Truth and Accountability which alleged that some importing companies especially…
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Impose 5 percentage points ceiling on lending rates – IEA to BoG
The Institute of Economic Affairs (IEA) has called on the Monetary Policy Committee of the Bank of Ghana to impose a ceiling of 5 percentage points on the spread of lending rates on banks. This follows the recent call by President Nana Akufo-Addo on the Bank of Ghana to address the problem of high lending…
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Ghana’s local industry can’t progress without political will – Prof. Mensah
Financial Economist and Senior Lecturer at the University of Ghana Business School, Professor Lord Mensah says growing Ghana’s local industry will require strong political will and commitment. He argues that beyond putting in place policies in that direction, the political class must put their feet in the game. “You see, as a country, you should…
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Augment government’s efforts to sanitize small scale mining sector – Minister to new Minerals Commission Board
Lands and Natural Resources Minister, Samuel Abdulai Jinapor has charged the newly inaugurated board of the Mineral Commission to put in place policies that will augment government’s efforts to sanitize the small scale mining sector. Small-scale mining plays a vital role in Ghana’s extractive industry. The Minerals Commission, the country’s mining regulator’s report indicates that…
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Food prices push August inflation rate to 9.7%
The continuous rise in the prices of food items continues to dominate overall inflation in Ghana. Data from the Ghana Statistical Service indicates that the year-on-year inflation rate for August 2021 stood at 9.7. Food inflation in the month of August stood at 10. 9 relative to nonfood inflation of 8.7 which indicates a differential…