Category: Top Stories
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30% corporate income tax rebate a good step for the sector – Tourism Chamber
The Ghana Chamber of Tourism Industries has welcomed government’s announcement of a reduction in corporate income tax for players in the tourism sector. Speaking to Citi Business News, CEO of the chamber Prince Ntiamoah Boampong described the move as key to reviving the struggling sector. In the recent budget presentation, it was revealed that the…
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Ghana records $2.6 billion in FDI for 2020 despite impact of COVID-19
The value of Foreign Direct Investments (FDI) inflows into the country increased to 2.6 million dollars in 2020 from the 1.1 million dollars recorded in 2019. This represents an increase of 139.06 percent of the total US$1,108.93 million FDI the country recorded in 2019. This is according to the latest data from the Ghana Investment…
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Expect intermittent power outages as we fix power system – GRIDCo
The Ghana Grid Company Limited (GRIDCo) says consumers of power should expect some intermittent power outages in the coming months. This is due to ongoing projects on the Pokuase and Kasoa substations and other transmission line works across the country. These works are expected to ultimately fix certain incidental problems in the power system to…
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Only 26% of goods sold in top supermarkets are made in Ghana – Survey
Locally manufactured goods are struggling to make it to the shelves of leading supermarkets in Accra. This is according to research conducted by Konfidants, an international business advisory firm. The research, which surveyed nine of the leading supermarkets and two fuel stations in Accra on 19 product categories, showed that only 26 percent of all…
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Government seeks $5.5 billion to settle remaining clients of defunct FMCs
The government is seeking the approval of US$5.5 billion to complete payment of the bailout packages to the remaining customers of defunct fund management companies who are yet to be settled. “Mr. Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs [asset management companies], an amount of GH¢5.5…
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Government proposes new tax on fuel
The government is proposing a new tax on petroleum products following the 2021 budget. This new tax, the Sanitation and Pollution Levy, is to fund efforts to fund investment in the areas of sanitation and pollution. The levy is for 10 pesewas on the price per litre of petrol/diesel under the Energy Sector Levies Act…
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Cedi depreciation in 2020 lowest in fourth republic – Kyei-Mensah-Bonsu
The Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has touted last year’s performance of the cedi against the other currencies. According to him, the depreciation of the cedi against the dollar in 2020 is the lowest recorded so far in the fourth republic, in spite of the dire effects of the…
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Ghana’s debt stock rises to over GHS291 billion
Ghana’s debt stock has hit GHS291.6 billion as of December 2020. This was disclosed on Friday, March 12, 2021, by the Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu. “The total public debt has increased from GHS122 billion, which is 69% of GDP to GHS291.6 billion, which is 76.1% of GDP, as…
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‘Talk tax’ likely to be increased in 2021 budget – Tax analyst
Ahead of the 2021 budget presentation, Ghanaians should be open to the possibility of the introduction of new taxes or an increase in some existing taxes. That’s according to a tax analyst, Timore Francis Boi. Steps taken by government to deal with the impact of COVID-19 on businesses and individuals have seen government’s expenditure ballooning, pushing…
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#GhBudget: Business owners share their expectations
As the country prepares to listen to the first budget presentation of President Akufo-Addo’s second term in office, various players in the Service, Industry and Agriculture sectors, are looking forward to interventions and policies that will protect their interests. Eyetcha Ocloo is the founder of The Shop Accra, a company that grants over 300 local…