Category: News
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BoG justifies introduction of upgraded cedi notes
The Bank of Ghana (BoG) says the introduction of the upgraded cedi note is a normal exercise it undertakes to fight counterfeiting of the currency. The upgraded banknotes are scheduled to be in circulation from May 6, 2019. According to the central bank, both the old and the new notes will be used concurrently until…
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Revised benchmark values : Importers access actual figures on goods
Calculation and payment of new benchmark values on imports have been made easier following the publication of detailed documents by the valuation agencies at Ghana’s ports. The Vice President, Dr. Mahamudu Bawumia on April 3, 2019 announced cabinet’s decision to slash the benchmark values by fifty percent (50%) for all imports and thirty percent (30%)…
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Power will be supplied by close of day to affected areas – PDS
The Power Distribution Services (PDS) is hoping to restore power to all areas which experienced cuts in supply on Sunday [April 7, 2019]. The company tells Citi Business News engineers are on site working to reconnect all such areas. Parts of Accra had their power cut due to storms that associated the rains on Sunday…
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Tier 1 & 2 pension funds safe – Securities industry association assures contributors
The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. According to the association, the regulatory framework around the management of pension funds was stringent and backed by more prescriptive guidelines that made it difficult for any of its members to divert funds…
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BoG to issue upgraded cedi notes on May 6
The Bank of Ghana (BoG) is expected to issue upgraded banknotes into circulation on May 6, 2019. The upgraded banknotes will have enhanced security features in line with evolving changes in technological landscape, according to the BoG. The bank additionally said in a statement that the upgraded banknotes also come with improved durability and machine…
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Banks must prioritize fight against cyber fraud—Zenith Bank CEO
The Managing Director and CEO of Zenith Bank Henry Oroh has called on stakeholders in the banking sector to prioritize investment into systems and structures that will give them utmost protection from the rising incidence of cyber fraud in the country. Ghana lost over $220 million dollars to recorded cybercrime cases between 2016 and 2018,…
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Informal sector to pay taxes through Mobile Money—Dr. Bawumia
The Ghana Revenue Authority (GRA) has announced that small scale self employed tax payers including commercial transport operators will soon pay taxes through mobile money. The authority says it is ready to launch an electronic payment platform for operators in the informal sector to improve tax collection. Currently only 200,000 taxable people in the informal…
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Int’l Civil Aviation Organization ranks Ghana high in aviation safety
Ghana obtained a provisional Effective Implementation (EI) rate of 89.89 per cent, the highest by an African country, after the International Civil Aviation Organization (ICAO) concluded its Coordinated Validation Mission (ICVM) this year. The validation is in line with the United Nations Aviation Agency’s Universal Safety Oversight Audit Programme (USOAP). The ICVM assessed Ghana’s safety…
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Asantehene commends MTN for consistency in Telecom sector
Asantehene, Otumfuo Osei Tutu II has admonished telecommunication giant, MTN Ghana to work hard to maintain the successes it has chalked as a company. While commending the company for its consistency in delivering services to the Ghanaian populace, the Asante monarch urged management to continue assisting socio-economic development in the country. The Asantehene made the…
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Ghana signs double taxation agreements with 10 countries
The Government has signed double taxation agreements with 10 countries towards giving investors a stable and conducive tax scheme. The Government hopes that the signing of such agreements will encourage investments and in turn, facilitate the transfer of skills and technology. The countries are Belgium, Denmark, France, the United Kingdom, Switzerland, Mauritius, South Africa, Italy, Netherlands…