Category: Local Economy
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Pay our locked-up cash within one month – Customers of defunct GCFM
The Coalition of aggrieved customers of Gold Coast Fund Management has issued a one-month ultimatum to government to pay their locked-up funds or face their wrath. According to them, government has unjustifiably delayed their payment after their funds were locked up three years ago. Addressing the media in Accra, the spokesperson of the group, Charles…
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Interferences, fragmented front to blame for ineffectiveness of internal auditors – Dr. Oduro Osae
The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae, has blamed management interference in the work of internal auditors, hence their inability to prevent unchecked payments in public institutions. The 2020 report of the Auditor-General have amongst other things revealed numerous infractions and irregular payments on the part of various state institutions amounting…
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Buffer Stock fails to account for GHS480,000 spent on fuel, per diems, others
The National Food Buffer Stock Company has not been able to account for over GHS480,000 it spent on fuel, hiring of vehicles, per diem among others within five months in 2017. “We noted that a total amount of GH¢482,360.00 relating to hotel accommodation costs, per diem allowances, training costs, vehicle hiring & fuel costs for…
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Kwadwo Baoateng Genfi re-appointed as Board Chairman of EXIM Bank
The President, Nana Addo Dankwa Akufo-Addo, has re-appointed Kwadwo Boateng Genfi as the Board Chair of the Ghana Export-Import (EXIM) board. Kwadwo Boateng Genfi is an experienced Global Business Executive with comprehensive knowledge of leading-edge solutions and best practices in Financial Management, Trade, Asset Management and Working Capital Finance. He has an excellent understanding of…
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OMC’s likely to repeat infractions in audit report if GRA refuses to ‘bite’ – COPEC
The Chamber of Petroleum Consumers (COPEC), says some Oil Marketing Companies (OMC’s) in the country are likely to default on the payment of taxes on petroleum products lifted from the Tema Oil Refinery (TOR) next year if political interference in the affairs of the Ghana Revenue Authority (GRA) is not halted. The 2020 report of…
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Internal Audit boss wants auditors posted to Ghana’s foreign missions
The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae says the agency is engaging with the government to ensure that internal auditors are posted to Ghana’s missions abroad in a bid to ensure that Ghana does not lose money through her foreign missions. Section 40 of the Foreign Service Accounting Instructions, 2016, requires…
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GRA charged to retrieve GH¢226.9 million in unpaid taxes from 28 OMCs
A 2020 report of the Auditor-General has revealed that 28 Oil Marketing Companies in the country owe the Customs Division of the Ghana Revenue Authority an amount of GH¢ 226.9 million. According to the audit report, the 28 OMCs from July 2018 to December 2019, lifted various petroleum products without paying the required duties and…
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Ebenezer Essienyi replaces Jonathan Amoako-Baah as new GRIDCo boss
The Board of the Ghana Grid Company Limited (GRIDCo) has confirmed Ing. Ebenezer Essienyi, as the new Chief Executive of the company. This follows the nomination of Ing. Essienyi by the President, Nana Addo Dankwa Akufo-Addo. Ing. Essienyi, who is a member of the Senior Management team of GRIDCo, succeeds Ing. Jonathan Amoako-Baah, whose successful…
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Digital payments: Stakeholders call for collaboration among industry players
The Bank of Ghana has urged private players in the digital payments industry to collaborate with each other in order to further boost the penetration of electronic payments in the country. Despite mobile money service’s significant contributions to Ghana’s financial inclusion drive, cash transactions still remain a dominant base of the local economy. Speaking at…
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Surge in food prices pushes year-on-year inflation rate to 9% in July
Significant increases in food prices across the country have pushed year-on-year inflation for July 2021 to 9%. This is the highest rate of inflation recorded since March of this year when the inflation rate stood at 10.3 percent. This was captured in the Consumer Price Index (CPI) data released by the Ghana Statistical Service. The…