Tag: Ghana Business News
-
MTN absolves staff from mobile money fraud
MTN Ghana has refuted claims that its staff are involved in the recent rise in mobile money fraud cases that have hit the country. An internal inquiry by the Criminal Investigations Department of the Police Service (CID) has revealed that some staff of telecommunication companies are complicit in the rise of mobile money fraud. According…
-
Civil Aviation prepares to offload air navigation role
The policy statement on the decoupling of air navigation services from the Ghana Civil Aviation Authority (GCAA) is set to be made by the end of this month [October]. This should also deepen the regulatory function of the Authority. The Deputy Aviation Minister, Kwabena Okyere Darko disclosed this to Citi Business News at the sidelines…
-
SEC to raise minimum capital for operators
The Securities and Exchange Commission (SEC) has told Citi Business News it will by the end of 2017, announce a new minimum capital requirement for capital market operators. According to SEC, the decision is to consolidate operations in the investment market and protect the interest of investors. The move Citi Business News understands also follows…
-
Govt improves biz systems with new web portal
Government is working to develop a centralized consultation web portal to provide information for businesses in Ghana. This is also part of measures to improve Ghana’s business regulatory environment. Deputy Trade Minister, Carlos Ahenkorah disclosed this plan at a Ghana Morocco business forum. The World Bank’s ease of doing business report indicates that Ghana’s 108th…
-
Investor confidence for energy bond positive
Lead managers of the energy bond have described as positive, investor confidence expressed at the road shows conducted ahead of the bond issuance. Government on Monday, October 23, 2017 concluded the two road shows for the energy bond to clear the 2.5billion dollar energy sector debt. The representatives of Fidelity Bank and Standard Chartered Bank;…
-
Govt projects ‘higher’ interest rates for energy bond
Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that…
-
Banks base rates stay at 26.6% in September
The average base rate among commercial banks remained at 26.6 percent in September 2017 as recorded in August 2017. The base rate is the lowest rate at which a bank would lend to its customers. According to the Bank of Ghana’s Annual Percentage and Average Interest report, of the thirty-one banks that were surveyed, Unibank still…
-
Domestic air travel shoots up by 26%
Deputy Finance Minister, Kwaku Kwarteng has disclosed that there has been a 26 percent increase in patronage of domestic airlines since the abolition of the VAT on domestic air fares. The 2017 budget heralded the abolition and review of some 12 key taxes. They included the 17.5% VAT on domestic air fares, the 17.5% VAT…
-
Corruption threatens govt’s ‘Ghana Beyond Aid’ agenda
Economist, Dr. Ebo Turkson has underscored the need to exhaustively deal with corruption if government should be successful with its vision of creating a ‘Ghana Beyond Aid’. Dr. Turkson who largely agrees with the need to build a society which is less dependent on other foreign support however fears the objective may not be reached…
-
Pension for cocoa farmers kicks off in 2018
Cocoa farmers will from 2018 be signed onto a Cocoa Pension scheme. This is according to Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Atta Krufi. The scheme which was originally proposed in the COCOBOD Act of 1984 never took off due reasons including the lack of an accurate database on cocoa farmers.…