Tag: Ghana Business News
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Parliament approves tax cut on imported medicines
Parliament has passed the motion for the removal of the VAT on some selected imported pharmaceutical products. The decision was taken on Friday, November 3, 2017. The move is also expected to affect all imported medicines not produced in Ghana. The removal of the 17.5% VAT on such category of medicines completes a promise by…
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Housing deficit rises as money launderers quit purchases
Ghana’s strict adherence to anti-money laundering laws has partly contributed to the rise in the country’s housing deficit. This is the indication from the Ghana Real Estate Developers’ Association (GREDA). The Association has therefore advocated pragmatic mechanisms to allow prospective home owners do so. A Council Member of GREDA, Samuel Tenkorang who made the revelation…
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Energy bond auction ends today
Government is expected to conclude the auctioning of the energy bond Friday, November 3, 2017; barring any last minute changes. Managers of the bond had to extend the auction for the bond after they failed to raise the 6 billion cedis expected. The 7 year bond made the 2.4 billion cedi mark after auctioning closed…
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Ghana drops to 120th position in ease of doing business
Ghana has dropped twelve points in the World Bank’s latest ease of doing business rankings. According to the latest report, Ghana ranked 120th, down from the 108th position last year. Accordingly, the country placed 12th in sub Saharan Africa. The ease of doing business report surveyed 190 economies across the globe. The countries were ranked…
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Appeal court dismisses IFC’s case against Quantum
The court of appeal has dismissed a stay of proceedings application by International Finance Corporation (IFC) which sought to put on hold an ongoing case with Quantum Oil Terminals Limited at the High Court over a breach of a contract. According to the ruling of the court, it found no reason to stay proceedings at…
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Accent financial services customers livid over locked up cash
Customers of Accent Financial Services have threatened to use all means possible to get back their locked up cash. The customers who staged a protest last week over the matter said all efforts to get their cash have been unsuccessful. The agitated customers of the company besieged the premises of the alleged owner of the…
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OMCs want tax payment date extended
Oil Marketing Companies (OMCs) are appealing for an extension of the payment date of some taxes. The OMCs contend that the current twenty-one day period for payment of taxes such as the Special Petroleum Tax, is adversely impacting their operations. According to the CEO of the Association of Oil Marketing Companies (AOMCs), Mr. Kwaku Agyeman…
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Standards Authority to clamp down on fake cement
The Ghana Standards Authority (GSA) has disclosed to Citi Business News it will this week embark on a massive market inspection on the sale of cement. It follows efforts by the Authority to rid the markets of all substandard goods. According to the Director General of the GSA, Professor Alex Dodoo the exercise is also…
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Govt fails to raise 6 billion cedis for energy bond
Government failed to raise the 6 billion cedis for the energy bond it issued last week. Government was able to raise 3.4 billion cedis as at Friday, October 27, 2017. As a result, the managers of the bond have announced an extension of the auction for the 10 year bond by one more week. The…
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Advertising law to take effect in 2018
Ghana’s advertising industry will beginning next year, be sanitized of all institutions that breach the industry’s regulations. This is the indication from Information Minister, Mustapha Hameed. His assertion follows efforts to get the Advertisers’ Bill passed into law by next year. Mr. Hameed made the remarks at this year’s Advertising Association awards held over the…