Category: Top Stories
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56% of fraud cases in Banks and SDIs involved staff members – BoG Report
The significant increase in the reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020, which stands at GHS1 billion, was a result of a number of factors, including the involvement of staff of these financial institutions. According to the Bank of Ghana’s new fraud report for the year 2020,…
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Government confirms receipt of IMF’s $1 billion SDR cash to boost COVID-19 recovery
Ghana has received the equivalent of US$1 billion from the International Monetary Fund (IMF), being its share of the new Special Drawing Rights (SDRs) allocation to boost the post-COVID economic recovery of member countries. On 2nd August 2021, the IMF Board of Governors approved a general allocation of SDR456.5 billion, equivalent to US$650 billion out…
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GRA to clamp down on tax defaulters after September 2021
The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah says the authority will descend heavily on taxpayers who continue to default after the recent amnesty period elapses by the end of September 2021. Tax defaulters who have failed to pay taxes due the state for the past years or failed to file their…
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Reported value of fraud against Banks & SDIs hits GH¢1 billion
The reported value of fraud recorded by Banks and Specialized Deposit-Taking Institutions in Ghana in 2020 was about GH¢1 billion. This represents an increase of over 750 percent when compared to the reported value of fraud recorded in 2019, which stood at about GH¢115 million. That’s according to the Bank of Ghana’s Banks & SDI…
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South African Airways to resume scheduled flights in September
South African Airways has announced that it will from 23 September resume scheduled flights to Accra and some parts of Africa. This comes after the national carrier was forced to stop flying commercial in 2020 due to its worsening financial situations amid heightened travel restrictions in the country due to the COVID-19 pandemic. Earlier in…
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Capacity, quality concerns in fashion industry must be addressed – International fashion designer
Ghanaian International fashion designer, Sally Torpey, says attention must be given to production capacity while addressing quality concerns in the country to court international attention. She argues that the African Continental Free Trade Area also presents opportunities for local brands to expand if these issues are addressed. The African Continental Free Trade Area (AFCFTA) agreement…
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Government launches Revenue Assurance and Compliance Enforcement to eliminate revenue leakages
As part of efforts to facilitate effective and efficient mobilisation of taxes in the country, the Vice President, Dr. Mahamudu Bawumia, has launched the Revenue Assurance and Compliance Enforcement (RACE) initiative as promised in the 2021 mid-year budget review. The remit of RACE is to identify and eliminate revenue leakages in the various sectors of…
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BoG wins $478M arbitration against Sibton Switch
The Bank of Ghana has won an international arbitration of $478million against Sibton Switch Limited. The case at the London International Court of Arbitration (LCIA) also saw Sibton Switch being ordered to make a substantial payment to the Bank in respect of its legal fees and costs of the arbitration. According to a Bank of…
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Stakeholders charged to embrace digitization to stay relevant within AfCFTA
In a world where technology seems to be pervading every facet of life, businesses that refuse to incorporate digitalization in their business models will create a gap with dire consequences for their survivability with the AFCFTA. This is according to the Minister for Communications and Digitalization, Ursula Owusu-Ekuful. In a speech read on her behalf…
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Increase Ghana’s oil storage capacity as global prices fall – Dr Sulemana to government
As oil prices on the global markets continue to fall, Energy Consultant, Dr Yussif Sulemana says the government must strive to increase its storage capacity. He argues that this will help cushion the country when prices begin to rise. According to him, “Ghana must have massive storage ability and the reason is that, when these…