Tag: Ghana Business News
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Aviation Ministry woos more local airlines
The Ministry of Aviation has told Citi Business News it is seeking to give opportunities to more airlines to operate in Ghana’s domestic aviation industry. The move according to the Ministry, is to deepen competition and grow Ghana’s transport sector. The Minister of Aviation, Cecilia Dapaah who mentioned the plan to Citi Business News explained…
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BoG sanitizes microfinance sector by ‘naming & shaming’
The Bank of Ghana’s decision to name and caution the public from doing business with all institutions operating illegally as microfinance companies should culminate in sanitizing the sector. At least this is the optimism by the Ghana Association of Microfinance Companies (GAMC). The Association is also confident the move will restore confidence in the industry. Reports…
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Banking Consultant rejects money laundering claims against Otumfuo
Banking Consultant, Nana Otuo Acheampong has clarified that the Asantehene Otumfuo Osei Tutu II could not have been engaged in any act of money laundering considering the failure of any swift action over the allegation leveled against him. He explains that even though the deposits ordered by the traditional leader triggered a suspicion of money…
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Importers up in arms over unequal tax system
The Frozen Food Importers Association of Ghana wants government to grant its members preferential values for duty or taxes charged on imported products at the ports. According to them, government has subsidized taxes on imported products for one company thereby creating unfair competition in the frozen foods industry. The association believes if this is not…
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Declining cocoa prices cost Ghana $ 1bn annually
Ghana is losing at least 1 billion dollars every year from the declining prices of cocoa on the international market. The development is also said to be impacting on projected revenue from the cash crop to improve operations in the subsector. The development notwithstanding, the government has maintained the producer price of cocoa for farmers.…
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Fuel stations to undergo electrical wiring audit
The Energy Commission is set to launch an audit of all electrical wiring at the various fuel stations by the end of this month [October]. The move is among others to ensure compliance by the various fuel stations with the mandatory ten year audit of all electrical wiring systems. Citi Business News understands that the…
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Stable cedi, others to reduce cost of spare parts after tax cuts
It appears that spare parts traders may require more than tax cuts on imports if they are to reduce the prices of their wares for consumers. According to a tax analyst, William Owusu Demetia, the decision to reduce prices will also be influenced by a combination of factors including the cedi depreciation and a general…
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Govt revenue to drop over corporate tax slash
Tax Analyst, Abdallah Ali Nakyea has cautioned that government risks missing its revenue targets for 2018 if it goes ahead with the slashing of corporate taxes without working to increase compliance among businesses. He explains that the development if not properly looked at, will also increasing the burden of bridging the revenue deficit gap that…
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Ghana clears 2007 Eurobond
Ghana has cleared her first Eurobond issued in 2007. A former Finance Minister, Seth Terkper who confirmed this to Citi Business News said the government cleared the final installment of the bond on October 4, 2017. According to him, the government resorted to about 200 million dollars from proceeds from oil and previous bonds issued…
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Banks demand expedited issuance of energy bond
Commercial banks are pleading with government to speed up processes to settle the energy sector debt. The banks had earlier bewailed that the debt is affecting their base rates. Government’s economic team is currently in a discussion with the International Monetary Fund (IMF) to come out with an appropriate mode to issue the 2.5 billion…