Category: Top Stories
-
Digital analyst reiterates calls for banks to safeguard data of customers
Maximus Ametorgoh, a Digital Marketing Strategist, has emphasized the importance of banks giving priority to the data security of their online banking customers. This, he believes, will help to reduce the number of cyber-attacks that occur. He points out that a weak online banking platform has the potential to disrupt the economic growth of individual…
-
COPEC worried over fuel shortage at GOIL filling stations
The Chamber of Petroleum Consumers (COPEC) is urging GOIL, a prominent oil marketing company, to resolve its supply issues as some customers have been left stranded at their outlets across the country. Citi Business News has confirmed that this situation has persisted for several days with some stations in the Northern part of the country…
-
NCA to introduce shortcode for verifying phone numbers linked to Ghana Cards
The National Communications Authority (NCA) has disclosed plans to create a system that will enable the public to verify the number of SIM cards linked to their Ghana Cards. Reports of numbers linked to peoples’ Ghana Cards have been on the increase recently with many calling for a common and simple system that will allow…
-
Bettors oppose 10% tax on bet wins
Bettors are expressing displeasure at the government’s plan to levy taxes on lottery and sports betting. As part of efforts to raise additional revenue for the country, government slapped taxes on income from lottery, betting and gambling. According to several local bettors, the government’s move is an attempt to prevent them from enjoying their winnings…
-
Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it
A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the US currency to pay for foreign debts, essential goods and industrial inputs. Development economist Christopher Adam explains to The Conversation Africa’s…
-
Ghana’s bilateral creditors set to clear way for $3bn IMF bailout
Ghana hopes to take a big step towards restructuring its $58bn-worth of debt this week, with its bilateral creditors meeting on Tuesday to discuss whether to provide enough relief to unlock a $3bn IMF bailout. Ghana owes $5.5bn to foreign governments and their state banks. Ken Ofori-Atta, finance minister, said he had “hope” those bilateral…
-
Francis Timore Boi writes: All you need to know about tax on lottery and gambling
The inclusion of lottery or gambling income as taxable income is strongly influenced by a country’s choice of tax system. For those countries with worldwide tax system, gambling winnings are in principle, subject to tax whether they arise from windfall (occasional transactions) or from a professional gambler. When tax is imposed on gambling and lottery,…
-
Influx of second-hand furniture pushing local artisans out of business
The influx of imported furniture appears to be pushing local manufacturers out of business as some consumers have expressed their preference for second-hand furniture. According to 2019 figures from the Ghana Revenue Authority, the average annual furniture import is pegged at GHS 180.3 million. Local artisans are therefore calling for more investment in the local…
-
Govt assures of making Financial Stability Fund more efficient
The government has indicated that it is working to make the Financial Stability Fund more efficient to support banks which have been impacted by the Domestic Debt Exchange Programme. According to the government, this is crucial as the fund will provide temporary liquidity and solvency to licensed financial companies. Speaking at the launch of the…
-
Financial information penetration in Ghana now at 95% – Finance Ministry
The Deputy Minister of Finance, Abena Osei Asare has disclosed that financial information penetration in the country has shot up to about 95 percent. This according to her is a little over the 85 percent projections made by government for the year 2023. The Deputy Minister maintains that although the figures have gone up, many…