Tag: Ghana Business News
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Ghana to lose GH¢7 million over sale of contaminated fuel
Ghana is likely to lose about 7 million cedis in revenue following attempts by the Bulk Oil Storage and Transportation Company Limited (BOST) to sell contaminated fuel to some oil marketing companies. Documents sighted by Citi Business News indicate that BOST has agreed to sell about 5 million litres of contaminated fuel to Movenpinna Energy.…
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Ghana to tap into Mexican export market
Some Ghanaian exporters have indicated of plans to explore new markets outside Europe to export their agricultural produce. Per this development, the Ghana Export Promotion Authority (GEPA) has outlined plans to trade with Mexico to improve Ghana’s export earnings and boost the agricultural industry. Export earnings from the agricultural sub-sector in 2016 amounted to about…
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GRA to sell off Vodafone assets within 14 days over tax default
The Ghana Revenue Authority (GRA) has served notice that it will be compelled to sell off the assets of National Communications Backbone Company (NCBC) within the next fourteen days should the company fail to provide proof to benefit from capital gains tax reliefs. The NCBC, which is a subsidiary of Vodafone Ghana is reported to…
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New management commissions audit of SSNIT’s operations
The Social Security and National Insurance Trust (SSNIT) has begun processes to audit the Trust to improve its operations. The exercise is among others expected to inform the managers of SSNIT on the current position of the pensions’ regulator. It is also expected to give an understanding of what new measures ought to be implemented…
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Ghana is operating a double window, not single window – GPHA
The Director General of the Ghana Ports and Harbours Authority (GPHA), Paul Ansah has made a startling revelation that the country is operating a double window at the country’s ports contrary to the planned single window platform. According to him, the dual mandate being carried out by the Ghana Community Network Services Limited (GCNet) and…
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Government suspends towing levy
The Transport Ministry has announced the suspension of the mandatory towing levy yet to be introduced by the National Road Safety Commission (NRSC). This was disclosed by the Deputy Transport Minister, Titus Glover. According to him, the decision to halt the levy is to educate the public on how the new towing levy will work…
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Banks’ loans to private sector increase by 45% in April – BoG report
Banks have begun easing out their stance on credit to the private sector following declining interest rates. The Bank of Ghana’s latest Banking sector report reveals that the credit allocation by banks increased from April 2016 to April 2017. Net loans and advances to the private sector by the commercial banks (which is total loans to customers,…
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We are not increasing fares over towing fees – GPRTU
The Ghana Private Road Transport Union (GPRTU) has debunked reports that it will immediately increase transportation fare if the mandatory towing levy is implemented by the National Road Safety Commission (NRSC). Even though the transport operators admit that the implementation of the policy will increase their operational costs, they do not anticipate a rise in…
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ACEP opposes hedging, wants stabilization fund fortified
The African Center for Energy Policy (ACEP) has opposed calls for Ghana to hedge its oil against global price fluctuations. According to the Executive Director of ACEP, Benjamin Boakye, the move will rather be injurious to the country’s economy in the long run. He rather advocated that the Bank of Ghana and Ministry of Finance…
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Hedge Ghana’s oil to protect economy from shocks – PIAC
The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices. In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over…