Category: Local Economy
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TOR-Torentco deal: Some staff raise fresh alarm over formation of subsidiary companies
Some workers of the Tema Oil Refinery (TOR) have raised fresh alarm over government’s plans to revamp the operations of the refinery through Torentco Asset Management. The concerned staff are alleging the formation of two separate companies that still have Torentco as part of its shareholders. On Tuesday, October 3, 2023, the workers who are…
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Ghana loses GHS 49.5 million to cyber fraud in nine months
Ghana has reported a loss of GHS 49.5 million in the first nine months of the year due to cyber fraud activities, according to the Cyber Security Authority. The revelation establishes the pressing need to intensify efforts to combat cybercrime and safeguard the digital landscape. The Cyber Security Authority is actively working on implementing a…
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2023 customer service week kicks off at Kotoka International Airport
The Managing Director of Ghana Airports Company Limited (GACL), Mrs. Pamela Djamson-Tettey, has officially launched the 2023 Customer Service Week at Kotoka International Airport (KIA). The global celebration, taking place from October 2 to October 6, 2023, carries the theme “Team Service.” In her opening address, Mrs. Djamson-Tettey called upon all staff and stakeholders to…
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Punitive domestic tariffs threaten African trade
Tariff and non-tariff barriers in the country remain a real threat to the vision of a liberalised African trade market under the African Continental Free Trade Area (AfCFTA). This is despite the fact that Ghana’s legal framework supports free trade, says a study that revealed tariff barriers are imposed as taxes and duties on imports…
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Traders bare teeth at GRA; issue ultimatum to govt over tax compliance exercise
Two trading associations in Ghana, the Traders Advocacy Group and the Abossey Okai Spare Parts Dealers Association, are urgently calling on the government to halt the Ghana Revenue Authority’s (GRA) initiative to deploy monitoring task forces for revenue collection. At separate press conferences on Monday, these traders raised concerns about what they describe as constant…
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IMF hopeful Ghana will soon reach agreement with Official Credit Committee
The International Monetary Fund (IMF) expects Ghana to quickly reach an agreement with the Official Credit Committee over its external debt restructuring. Julie Kozack, IMF’s Director of Communications at a press conference in Washington DC said once Ghana has finalised the debt exchange on the local front, it is important for the country to conclude…
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Fuel prices to remain fairly stable at the pumps – COPEC
Prices of Petrol and Diesel are likely to remain unchanged in the first pricing window of October. Per projections from the Chamber of Petroleum Consumers (COPEC), there could be a one percent increase at the pumps, but Oil Marketing Companies (OMCs) have agreed not to pass on the cost to consumers due to competition. “There…
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MIIF to invest an initial $32.9 million into Ghana’s first lithium mine
The Minerals Income Investment Fund (MIIF) has agreed a two-part capital investment totaling $32.9 million in the first ever lithium mine to be developed in Ghana. MIIF announced its intention of investing in Atlantic Lithium, which trades on the alternative market on the London Stock Exchange (LSE) and the Australian Stock Exchange (ASX) at the…
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Fitch Solutions predicts Ghana’s medical devices market to post double-digit growth
Fitch Solutions anticipates a notable increase in Ghana’s healthcare budget, with projections indicating a rise to $16.5 billion in 2024, up from the recorded figure of $15.2 billion in 2023. This anticipated expansion in funding underscores Ghana’s commitment to strengthening its healthcare infrastructure there’s more in the following. According to a recent report from Fitch…
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Decentralizing your operations will boost revenue mobilization – GRA told
The Ghana Revenue Authority (GRA) has been urged to intensify its decentralization efforts to enhance domestic resource mobilization and boost tax compliance in the country. This call comes from the Retired Customs Officers Association. Addressing attendees at the 4th Annual General Meeting of the Retired Customs Officers Association in Accra, Major General Carl Modey Rtd.,…