Category: News
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GRA to implement 10% withholding tax on betting, lottery winnings from August 15
The Ghana Revenue Authority (GRA) has announced that it will begin implementing a 10% withholding tax on all gross gaming winnings from August 15, 2023. The GRA explained that the withholding tax will be charged on profits accrued after each win and that the existing 15% Value Added Tax (VAT) rate on each stake will…
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COCOBOD extends deadline for debt exchange to August 18
The Ghana Cocoa Board (COCOBOD) has once again revised the deadline for its debt exchange programme to Friday August 18 from the initial announcement of August 3, 2023. The new announcement date has also been revised to Monday, August 21, 2023 while the settlement date now shifted to August 25. On July 14, the Ghana…
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Govt misses T-bills target marginally by 3.6%
The government’s treasury bills target of GHS 2.262 billion fell short of about 3.6 percent. The Bank of Ghana results show that the government secured GHS 2.179 billion as against a target of GHS 2.261 billion. This 3.6 percent decrease in target does not directly impact strong investor demand as interest rates continued to surge…
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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Ghana loses $8.3m for failing to charge penalties on surface rentals
The Auditor General has disclosed that the failure to impose penalties on oil companies for delayed payment of surface rental has resulted in a loss of more than $8.3 million in revenue. The Auditor General’s report highlighted that companies defaulting on their payments were not being penalized as required by the Petroleum Revenue Management Act,…
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Finance Ministry launches Emergency Expenditure Guidelines, Audit recommendations instructions
In a bid to enhance Ghana’s financial resilience and accountability, the Finance Ministry has launched the Emergency Expenditure Management Guidelines (EEMG) in conjunction with the Audit Recommendations Implementation and Follow-up Instructions (ARI&FIP), focusing keenly on bolstering Public Institutions. The EEMG, introduced as a solution to the nation’s often inflexible Public Financial Management (PFM) system, is…
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Tamale Airport likely to be opened in August
The Tamale International Airport may be inaugurated in August this year. The 70-million-dollar Phase 2 project was anticipated to be completed in August 2022. A year on, test runs are underway ahead of expected commissioning. Meanwhile, passengers who travelled to Tamale through the airport were pleasantly surprised to use the all-new 70-million-dollar Phase 2 terminal…
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Chamber of Corporate Trustees signals readiness to participate in new DDEP
The Chamber of Corporate Trustees has indicated its preparedness to participate in the alternative Domestic Debt Exchange Programme (DDEP) being offered by the Government of Ghana (GOG). This comes on the back of an earlier announcement by the Ministry of Finance for the restructuring of ¢31 billion pension funds in the second phase of its…
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Gold Fields Ghana to increase gold production capacity with €450,000 hi-tech rig
Gold Fields Ghana has announced its plans to enhance efficiency and capacity in gold processing with the acquisition of a state-of-the-art comprehensive instrumentation rig, said to be the first of its kind in Ghana’s mining sector and Africa. Speaking at the commissioning of the instrumentation processing rig in Tarkwa, Joshua Mortoti, Head of Gold Fields…
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NPA to commence Cylinder Recirculation Model in September
The National Petroleum Authority (NPA) will, from September, begin the implementation of the revised cylinder re-circulation policy. This first phase is being rolled out six years after the approval of the model. According to the NPA, four bottling plants are ready for takeoff hoping to increase capacity by 50 percent by 2030. The NPA adds…