Category: Local Economy
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30% corporate income tax rebate a good step for the sector – Tourism Chamber
The Ghana Chamber of Tourism Industries has welcomed government’s announcement of a reduction in corporate income tax for players in the tourism sector. Speaking to Citi Business News, CEO of the chamber Prince Ntiamoah Boampong described the move as key to reviving the struggling sector. In the recent budget presentation, it was revealed that the…
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Ghana records $2.6 billion in FDI for 2020 despite impact of COVID-19
The value of Foreign Direct Investments (FDI) inflows into the country increased to 2.6 million dollars in 2020 from the 1.1 million dollars recorded in 2019. This represents an increase of 139.06 percent of the total US$1,108.93 million FDI the country recorded in 2019. This is according to the latest data from the Ghana Investment…
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Expect intermittent power outages as we fix power system – GRIDCo
The Ghana Grid Company Limited (GRIDCo) says consumers of power should expect some intermittent power outages in the coming months. This is due to ongoing projects on the Pokuase and Kasoa substations and other transmission line works across the country. These works are expected to ultimately fix certain incidental problems in the power system to…
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Only 26% of goods sold in top supermarkets are made in Ghana – Survey
Locally manufactured goods are struggling to make it to the shelves of leading supermarkets in Accra. This is according to research conducted by Konfidants, an international business advisory firm. The research, which surveyed nine of the leading supermarkets and two fuel stations in Accra on 19 product categories, showed that only 26 percent of all…
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Government proposes new tax on fuel
The government is proposing a new tax on petroleum products following the 2021 budget. This new tax, the Sanitation and Pollution Levy, is to fund efforts to fund investment in the areas of sanitation and pollution. The levy is for 10 pesewas on the price per litre of petrol/diesel under the Energy Sector Levies Act…
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Cedi depreciation in 2020 lowest in fourth republic – Kyei-Mensah-Bonsu
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies. According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the…
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Ghana’s debt stock rises to over GHS291 billion
Ghana’s debt stock has hit GHS291.6 billion as of December 2020. This was disclosed on Friday, March 12, 2021, by the Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu. “The total public debt has increased from GHS122 billion, which is 69% of GDP to GHS291.6 billion, which is 76.1% of GDP, as…
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Stakeholders at ports call for punitive regulatory regime to check unregulated charges
Stakeholders at the countries ports including importers and exporters along with freight forwarders, say the need for a clear regulation of activities at the ports, is an issue that needs to be addressed or touched on in the upcoming budget reading on Friday. For months now, these stakeholders have been agitating and using all channels…
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2021 budget: Provide alternative to botched PDS deal – ACEP to government
With the budget reading some hours away, the Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye says he is expecting to hear something on an alternative deal to the botched Power Distribution Services (PDS) deal and the threatening energy sector debt. The review of the PDS deal by the Akufo-Addo administration…
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BoG threatens 3-year ban for persons consistently issuing dud cheques
The Bank of Ghana says it will ban customers caught issuing dud cheques for three consecutive times, from accessing new credit facilities from the banking system for a period of up to three (3) years. This was contained in a notice from the Central Bank to Banks, Specialised Deposit-Taking Institutions (SDIs) and the Public, communicating…