Category: Local Economy
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IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t
Officials of the International Monetary Fund (IMF) will arrive in the country on Wednesday, July 6th to begin negotiations with the government on the bail-out the Akufo-Addo administration is seeking. The team is expected to meet officials of the Finance Ministry, the Economic Management Team and the Presidency during their one-week stay. Details of the…
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Fuel prices to go up as NPA announces restoration of UPPF margin
The National Petroleum Authority (NPA) has announced that it is restoring the full Unified Petroleum Price Fund (UPPF) margin on petroleum products. It made the announcement to players in the industry on Thursday June 30, 2022, indicating that the decision takes effect from Friday, July 1, 2022. “We hereby wish to inform you that, following…
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Prof. Alex Dodoo heads African Organisation for Standardisation
The Director General of the Ghana Standards Authority (GSA), Professor Alex Dodoo has been sworn-in as the President of the African Organization for Standardization (ARSO). This was revealed at the 28th General Assembly of the continental standards body in Yaounde, Cameroun, on 30th June, 2022. He will succeed Charles Booto à Ngon of Cameroon after…
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Financing agric sector alone not enough to grow it – GIRSAL CEO
The Chief Executive Officer of Ghana Incentive-Based Risk-Sharing System for Agriculture Lending (GIRSAL), Kwesi Korboe, has reiterated calls for the creation of a conducive environment for agribusinesses to grow in the country. According to him, financing the agricultural sector alone is not enough to grow the sector, though it is important. His call follows various…
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Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister
The Minister of Food and Agriculture Dr. Owusu Afriyie Akoto, has reiterated government’s plan to introduce legislation that will compel banks to lend more to the Agriculture sector. He made the remark at the launch of the Agriculture Stakeholder Convening and Advocacy Platform (ASCAP) by GIRSAL in Accra. The platform will seek to engage government…
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Financial transactions will be allowed even without Ghana card from 1st July – GAB assures
The Ghana Association of Banks has assured that despite the end of the period given for customers of financial institutions to update their data with the Ghana Card, they will be able to still carry out banking transactions even without the card. The directive regarding the update of the data of customers of financial institutions…
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Prices of petrol, LPG to fall by 4% in first pricing window of July – IES
Consumers of petroleum products, can heave a sigh of relief as the price of petrol is expected to go down by about 4 percent per litre at the various pumps in the country in the 1st pricing window of July. This is according to a recent analysis by the Institute for Energy Security (IES). This…
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Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report
The value of losses recorded as a result of fraud in Banks and Specialized Deposit-Taking Institutions in Ghana in 2021, witnessed a significant jump, rising to GH¢61 million as compared to a loss of GH¢25 million in 2020, representing a 144 % increase in year-on-year terms. This was captured in the 2021 Banking, Specialised Deposit-Taking…
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Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst
As stakeholders express concern about the low level of revenue being generated from the Electronic Transfer Levy (E-Levy), a tax analyst is warning that government is likely to withdraw the tax measure if the revenue yields remain low. The implementation of the E-levy, which commenced in May, was originally expected to help bring in about…
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E-Levy is an overhyped revenue generation measure – Seth Terkper
Former Finance Minister, Seth Terkper has described the Electronic Transfer Levy (E-levy), as an overhyped revenue generation policy. According to him, many Ghanaians are now trying to find ways to avoid paying the levy. The E-levy, which was amended from 1.75 % to 1.5 % on Tuesday, March 29, 2022, is a tax that applies…