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New BoG export receipts repatriation rule takes off today

Bank of Ghana

The Bank of Ghana will from today July 1, commence the implementation of a new directive which is to compel all exporters, except those with Retention Agreements, to repatriate in full all their export receipts to their foreign exchange accounts (FEA) with local banks in Ghana to be converted into cedis on need basis. The measure, Citi Business News understands ...

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GRA to refund duty drawback to exporters on July 5


The Ghana Revenue Authority(GRA) has confirmed to  Citi Business News that it will commence the payment of all outstanding duty drawbacks due exporters and manufactures next week. According to the GRA, the government through the Ministry of Finance has released funds to be paid to all eligible exporters under the duty drawback scheme. Speaking at a stakeholder’s consultation workshop on ...

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Govt urged to renegotiate zero budget financing in IMF programme


Economist, Dr. Eric Osei-Assibey has urged government to renegotiate with the International Monetary Fund(IMF) to relax the provision that requires the Bank of Ghana(BoG) to reduce its budget financing from 10 percent to zero. This follows an earlier assertion by the Institute for Fiscal Studies (IFS), criticizing government for accepting the provision under a $918 million Extended Credit Facility. Speaking ...

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IFS slams BoG’s approach of taming inflation

Prof Newman

The Institute for Fiscal Studies (IFS), has described the approach used by the Bank of Ghana(BoG) in taming inflation in the country as ineffective. According to the IFS, there are shortcomings in the country’s inflation management where the BoG seems to over-rely on demand management tools to tackle a problem that is essentially supply or structurally driven. Speaking to Citi ...

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Exporters threaten to drag GRA & Finance Ministry to court


Some local manufacturers and exporters have threatened to hurl the Ghana Revenue Authority (GRA) and the Finance Ministry to court over what they claim are deliberate delays in the payment of their tax refunds under the duty drawback scheme. Some of them who have been speaking to Citi Business News say the process which should normally last six months extends ...

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Protests against takeover of ECG misplaced – US Ambassador


The US Ambassador to Ghana, Robert Jackson has described as misplaced, attempts by workers of the Electricity Company of Ghana to frustrate the ceding of part of the management of the institution, to a private entity. He insists the ECG is saddled with a persistent challenge of not being able to meet demand which makes a pragmatic intervention, undisputed. “I ...

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BOG’s zero financing of govt budget deficit unacceptable – IFS

Bank of Ghana

The Institute for Fiscal Studies (IFS) has taken a swipe at the Bank of Ghana (BoG) and government for yielding to pressure from the International Monetary Fund (IMF) to roll out zero financing for government’s budget deficit. According to the IFS it is totally unacceptable to scrap the 10% lending to government from 2016 except in emergency cases. Speaking to ...

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Exporters kick against weighing of containers by GSA


The Importers and Exporters Association of Ghana has appealed to government to entrust the implementation of weighing containers at the ports to the Ghana Maritime Authority (GMA) and not the Ghana Standards Authority (GSA). The exporters argued that the GMA is the sole authority responsible for the safety of goods and life at sea, hence it will be prudent to ...

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MTN Heroes of change 2015 winners are living the dreams


Months after receiving the prestigious MTN Heroes of Change 2015 awards, the recipients have been keeping the telecom giant’s dreams alive through economic empowerment, health, and education in their communities. The MTN Heroes of Change which is MTN Ghana Foundation flagship project was initiated in July 2013 to recognise and reward persons who have provided significant humanitarian services to their ...

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Inefficient tax waiver system stalls affordable housing policy – Planners

affordable house

Ghana’s inability to effectively implement tax waiver policies in the real estate industry has contributed to the challenge of bridging the widening housing gap by providing affordable housing units. As a result, efforts should be geared towards providing tax incentives if that target is to be achieved. That is the position of an Urban Developer, Dr. Kwadwo Ohene Sarfo. “In ...

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