Category: Top Stories
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Banking sector stakeholders laud directive on use of Ghana card for transactions
Stakeholders in Ghana’s banking industry are elated about the Bank of Ghana’s directive to have the Ghana card as the sole ID card to be used for financial transactions. This is because they believe this will check fraud and sanitise the country’s financial system in its entirety. The Bank of Ghana, on Wednesday, served notice…
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Aggrieved First Fund customers demand release of locked-up cash
Members of the Coalition of Aggrieved Customers of First Fund have reiterated their call for the Securities and Exchange Commission (SEC) to ensure they are paid their locked-up cash. According to the Coalition, the customers number about 24,000 people and the monies owed them amounts to over GH¢117 million. It will be recalled that the…
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Extensive consultations held; e-levy to be re-laid in Parliament – Ofori-Atta
The Minister of Finance, Ken Ofori-Atta says following the conclusion of extensive consultations on the controversial Electronic Transaction Levy, the government is set to resubmit the Bill before Parliament. Mr. Ofori-Atta said the government expects legislators to approve the document when it is put before Parliament later this month. Voting on the levy led to…
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Benchmark value discounts: Importers & exporters unhappy with delayed consultations
The Importers and Exporters Association of Ghana has expressed its disappointment over what it described as government’s lack of engagement with stakeholders following the suspension of the 50% benchmark value reduction policy. The government on the 13th of January directed the Ghana Revenue Authority to suspend the implementation of the reversal of the benchmark value…
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Ghana Card to be the only ID for all financial transactions from July 1 – BoG
The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by…
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Kofi Yamoah appointed as new Board Chair of Venture Capital Trust Fund
The President, Nana Addo Dankwa Akufo-Addo, has appointed former Managing Director of the Ghana Stock Exchange, Kofi Yamoah as the Board Chair of the Venture Capital Trust Fund (VCTF) board. Kofi Yamoah has worked at the Ghana Stock Exchange for about 29 years. He was appointed Managing Director of the bourse in 2003. He is…
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We’ve not dismissed 90% of recently recruited staff – BoG
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not…
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Gov’t has no choice than to implement e-levy to salvage debt situation – Joe Jackson
Economic analysts have opined that Ghana needs to implement the electronic transaction levy, popularly known as the e-levy, in order to rake in revenue to manage the country’s debt situation. According to them, the levy is the only hope for salvaging the debt situation. The 1.75% e-Levy which has become a subject of debate among…
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National Pensioners’ Association commends SSNIT for increasing pensions
The National Pensioners Association says the Social security and National Insurance trust’s (SSNIT) increment of pensions in the country despite the economic impact of the Covid-19 pandemic is commendable. SSNIT last week announced that pensioners in Ghana should expect about a 10 percent increase in their pensions for 2022. Speaking to Citi Business News on…
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SSNIT saves GH¢235M by withholding payments to ‘ghost names’
The Social Security and National Insurance Trust (SSNIT) says following a decision in 2018 to withhold the pensions of persons who failed to renew their certificates, the institution has saved about GH¢235 million. The Director-General of SSNIT, Dr Ofori Tenkorang, made the disclosure at the 5th quadrennial Delegates Conference of the National Pensions Association. “…We…