Category: Top Stories
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Buffer Stock fails to account for GHS480,000 spent on fuel, per diems, others
The National Food Buffer Stock Company has not been able to account for over GHS480,000 it spent on fuel, hiring of vehicles, per diem among others within five months in 2017. “We noted that a total amount of GH¢482,360.00 relating to hotel accommodation costs, per diem allowances, training costs, vehicle hiring & fuel costs for…
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Let’s join hands to protect the maritime domain – Transport Minister
The Minister for Transport, Kwaku Ofori Asiamah, has called for a stronger collaboration to deal with the high emerging risk within the maritime domain as a result of the rising profitability in the seas of the Gulf of Guinea region. According to him, piracy, illegal bunkering, IUU fishing, and other illicit activities have been on…
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BoG intensifies preparations ahead of use of digital currency
The Bank of Ghana says it will by September 2021 begin the pilot phase for the first digital currency known as the ‘e-Cedi’ in the country. Also known as the Central Bank Digital Currency, it is expected to operate in a sandbox in the interim before its introduction to the general public as legal tender…
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Kwadwo Baoateng Genfi re-appointed as Board Chairman of EXIM Bank
The President, Nana Addo Dankwa Akufo-Addo, has re-appointed Kwadwo Boateng Genfi as the Board Chair of the Ghana Export-Import (EXIM) board. Kwadwo Boateng Genfi is an experienced Global Business Executive with comprehensive knowledge of leading-edge solutions and best practices in Financial Management, Trade, Asset Management and Working Capital Finance. He has an excellent understanding of…
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Prioritize government’s ‘Year of Roads’ agenda – Construction Chamber to Road Fund Board
The Ghana Chamber of Construction Industry says it expects the newly constituted Road Fund Board to work assiduously to achieve government’s year of roads agenda. Chief Executive Officer of the Chamber, Emmanuel Cherry, stated that “…the second year of roads is a mandate that the board must quickly prioritize to make sure that they realise…
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OMC’s likely to repeat infractions in audit report if GRA refuses to ‘bite’ – COPEC
The Chamber of Petroleum Consumers (COPEC), says some Oil Marketing Companies (OMC’s) in the country are likely to default on the payment of taxes on petroleum products lifted from the Tema Oil Refinery (TOR) next year if political interference in the affairs of the Ghana Revenue Authority (GRA) is not halted. The 2020 report of…
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Government engages Bank of America Securities for valuation of GNPC-Aker Energy oil deal
A Deputy Minister for Energy, Andrew Egyapa Mercer, says the government has begun engaging American multinational investment banking division – Bank of America (BofA) Securities Inc. to conduct a valuation of the fields involved in the planned Ghana National Petroleum Corporation (GNPC) and Aker Energy oil bloc acquisition for oil exploration in the country. Mr.…
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ADB’s profit after tax in 2020 up by 400% despite impact of COVID-19
Despite the ravaging impact of the COVID-19 pandemic on the financial sector, Ghana’s sole agriculture bank, the Agricultural Development Bank (ADB) has recorded a 400 percent increase in profit after tax for the year 2020. GHS65.5 million was declared for 2020 as against GHS14.9 million recorded in 2019. This was announced by the former Board…
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Internal Audit boss wants auditors posted to Ghana’s foreign missions
The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae says the agency is engaging with the government to ensure that internal auditors are posted to Ghana’s missions abroad in a bid to ensure that Ghana does not lose money through her foreign missions. Section 40 of the Foreign Service Accounting Instructions, 2016, requires…
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GRA charged to retrieve GH¢226.9 million in unpaid taxes from 28 OMCs
A 2020 report of the Auditor-General has revealed that 28 Oil Marketing Companies in the country owe the Customs Division of the Ghana Revenue Authority an amount of GH¢ 226.9 million. According to the audit report, the 28 OMCs from July 2018 to December 2019, lifted various petroleum products without paying the required duties and…