Category: News
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MTN finalizes modalities to pay victims of SBI ‘ponzi scheme’
MTN Ghana has announced that it has finalized modalities for the disbursement of funds to victims of Savannah Brokerage Investment(SBI) limited. This decision was taken after management of the mobile money met with the representatives of the victims of the “Ponzi scheme”, the Ghana Police and the Bank of Ghana. According to a release by…
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Levy on imports of second hand electronic gadgets starts October 1
Importers of second hand electronic gadgets will from 1st October pay levies on the products they import into the country. This follows the strict enforcement of the Advance Eco Levy factored in section 917 of the Hazardous and Electronic Waste Control and Management, Act 2016. Per the implementation, an External Service Provider, Société General Du…
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New factory to employ 500 people in Prampram—Deputy Trade Minister
About 500 people should secure employment by the end of the year with the completion of Leefound Food Stuff Company Limited. This announcement was made by a Deputy Minister for Trade and Industry, Robert Ahomka Lindsey at the ground breaking ceremony of the company in Ningo Prampram District of the Greater Accra Region. The Leefound…
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GRA to stop tax evasion with new exemptions law
The Ghana Revenue Authority is to review the country’s tax exemption laws to address revenue losses. The GRA is concerned that the wholesale exemptions have resulted in exploitation where some beneficiaries eventually evade taxes completely. The comments also come at a time where the government is enforcing its tax laws. The Commissioner in charge of…
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Ministerial reshuffle: Expectations of business related ministers
Expectations for ministers affected by President Akufo Addo’s reshuffling are high. The President, in his first reshuffle, moved fifteen ministers, three of whom are those whose portfolio affects the business related sectors of the economy. The first is the current Aviation Minister, Cecilia Dapaah who is heading to the Ministry of Sanitation and Water Resources.…
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Cedi depreciation; a major challenge for businesses—Report
The free fall of the Cedi against major foreign currencies remains the biggest challenge for businesses in the country. This was revealed in the Association of Ghana Industries (AGI) barometer for the second quarter of 2018. According to the report, 48 percent of people surveyed said the high dollar rate affect their businesses greatly. Other…
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External Auditors also responsible for collapse of banks
The Institute of Internal Auditors Ghana, is blaming board of directors for influencing and coercing external auditors to change financial statements of banks and companies in order to make them look good. According to the institute, most external auditors sideline internal auditors when auditing their financials. The assertion comes at the back of concerns raised…
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We’ve not violated any law–Menzgold to PMMC
The lawyer for Menzgold Ghana Limited Kwame Akuffo has strongly refuted claims by the Precious Minerals Marketing Company (PMMC) that the company is not licensed to buy and sell gold in Ghana. His comments follow recent media reports by the Managing Director of the PMMC, Kwadwo Opare Hammond, that Menzgold is not licensed to buy…
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Reports on my role in Capital Bank collapse ‘incorrect’ – Ato Essien
The Director of defunct Capital Bank, William Ato Essien as described as “factually incorrect” the Bank of Ghana’s report that implicates him in the collapse of the bank. In a statement issued on his behalf by his lawyers, Ato Essien, who was the majority shareholder in the bank revealed that he has been under investigation…
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GHS23.9m money from collapsed Capital Bank legal—IFS Capital
IFS Capital Management Limited has clarified that money paid to it by defunct Capital Bank was legitimate. According to IFS Capital, the 23.9 million cedis was paid in respect to accumulated debts owed to them by the defunct bank and as such not an illegitimate payment. In a release, IFS Capital also explained that the…