Category: Top Stories
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Bank profit growth slows to about 6% in January, February due to COVID-19 – BoG Report
A slowdown in the growth in gross loans and advances given out by banks in the first 2 months of 2021 due to pandemic-induced weaknesses, has negatively impacted the interest income of such financial institutions. This has thus contributed to an overall slowdown in the growth of profits of banks in January and February 2021.…
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Recruitment into security agencies not suspended – Finance Ministry
The Ministry of Finance has denied media publications that a moratorium has been placed on all recruitments into security agencies. It said the publications are false and should be disregarded. In a statement issued by the Finance Ministry on Tuesday, April 27, 2021, it said the reports, which were based on a supposed official statement…
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Government must balance energy sector taxes or risk collapsing economy – Energy Consultant
Energy Consultant Dr. Sulemana Yussif, has stated that the implementation of the new taxes on the energy sector risks stifling the growth of the economy. The taxes were introduced in the 2021 budget statement and will take effect on May 1, 2021. Dr Yussif argues that the new taxes have the tendency to reduce expenditure…
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Drivers association hints of fare increases as new energy levies take effect on May 1
With a few days to the implementation of the new taxes that were introduced by the government in the 2021 budget statement, some driver associations are already hinting at an increase in transport fares. According to the Chairman of the Committed Drivers Association, Charles Danso, the taxes will be passed on to passengers by increasing…
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Credit unions appeal for locked-up funds
The Ghana Credit Unions Association (CUA), has called on the government to expedite work on releasing funds belonging to its members that were locked up during the banking sector clean up. According to the association, the locked-up funds, totalling about GHS203 million belongs to regular Ghanaians who are currently going through difficult times out of…
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GUTA welcomes GRA’s digitalisation move but raises security concerns
The Ghana Union of Traders Association has welcomed the recent announcement by the Ghana Revenue Authority to digitize payments for its services. In an interview with Citi Business News, the President of GUTA, Dr Joseph Obeng commended GRA for the latest initiative. “That is the new norm. The world is changing towards digitization, and so…
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Be prudent in risk assessment – Economist to local banks
Banking consultant, Dr Richmond Atuahene, has urged local banks in the country to be prudent in their risk assessment to improve on their non-performing loans. His call follows the comparably better performance of foreign-owned banks to local banks between the years 2019 and 2020. Data from the financial statements of some leading banks in the…
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Doubling LPG consumption by 2030 can’t be achieved with new taxes – LPG Marketers
With just a few a days to the implementation of the new taxes announced in the 2021 budget, the LPG Marketing Companies Association of Ghana says the country’s goal of doubling consumption level of LPG by 2030, is now dead. According to the Ghana Revenue Authority (GRA), the new taxes which will take effect from…
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China exporting cocoa not a cause for alarm – Former Ghana Ambassador to China
Former Ambassador to China, Edward Boateng, has stated that he doubts China will pose a major threat to Ghana as it begins growing its own cocoa. The Asian country is reported to have exported to Belgium its first batch of cocoa beans weighing 500 kg worth about $3,600. He stated that “I think China has…
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ECG staff lay down tools in protest against Managing Director
The staff of the Electricity Company of Ghana’s Accra East Branch have laid down their tools in protest against the Managing Director of the company. The workers argue that the continuous stay of the Managing Director of ECG, Kwame Agyeman Budu will lead to the collapse of the company. Speaking to Citi News, an affected…