Tag: Ghana Business News
-
Impact of new minimum capital requirement on banks (Article)
Capital requirement is the minimum amount of capital a bank or other financial institution has to hold as required by its financial regulator. A bank’s capital adequacy ratio on the other hand is expressed as a ratio of equity as a percentage of risk-weighted assets. These requirements are put into place to ensure that these…
-
Finance Directors to face prosecution for overspending
The Ministry of Finance has cautioned that it will prosecute Chief Directors and Heads of Ministries, Departments and Agencies (MDAs) as well as Metropolitan, Municipal and District Assemblies (MMDAs) who award contracts not budgeted for in a given year. The caution is to check the over-expenditure that has been perpetuated by the various heads of…
-
US storms to trigger petroleum price hikes
Current developments in the U.S including Tropical Storm Harvey are likely to push the prices of fuel up in Ghana in the second pricing window. The Institute of Energy Security (IES), has predicted of stable prices in the first pricing window in September. The Institute attributes this to the relative stable prices for finished products on…
-
Human error impedes paperless port systems
Officials working on the paperless system at the ports have attributed the numerous challenges surrounding the system to human error. According to them, the lack of due diligence on the part of some officers caused the challenges that was witnessed on Thursday (7th September, 2017) at the Long Room of the Tema Port. Freight forwarders,…
-
‘Vigilant’ fuel purchases to halt cheating
The Consumer Protection Agency (CPA) has advised the general public to insist on making fuel purchases in litres when buying from fuel stations. The CPA says the current practice where consumers just concentrate on the monetary value of their fuel purchases has partly contributed to the rise in cheating by the Oil Marketing Companies (OMCs).…
-
NCA not likely to reduce cost of 4G license
The National Communications Authority (NCA) has told Citi Business News it is open for negotiations with prospective buyers of the second 4G spectrum license. The CEO of the NCA, Joe Anokye explains that the outfit will abide by best practices in the sale of the license. Telecommunication companies have complained about the high cost of…
-
COCOBOD cautioned against untargeted fertilizer subsidy
The World Bank wants the Ghana COCOBOD to massively restructure its operations if it is to restore growth in Ghana’s cocoa industry. The Bank has among others impressed on the cocoa industry regulator to target its fertilizer subsidy program at needed communities. The World Bank has also suggested the need to diversify the marketing strategy…
-
Corporate tax to be slashed from next year
Businesses that pay 25% of their profits in corporate taxes should expect to pay less from next year (2018). The corporate tax is expected to be reduced to twenty percent eventually. It follows what the Finance Minister, Ken Ofori Atta says is the consideration of reducing the tax in the 2018 budget. This is also…
-
Appointment of board & DG of SEC questioned
Concerns are being raised in the financial sector over the recent appointment of a new Director General and board for the Securities and Exchange Commission (SEC). The commission has been without a board and substantive Director General since last year. It follows the retirement of the former Director General Dr A A Antwi and the…
-
ITLOS to settle maritime border dispute on September 23
The International Tribunal for the Law of the Sea (ITLOS) is to deliver its ruling on the Ghana Ivory Coast border dispute on the 23rd of September 2017. The two countries are seeking a resolution over the dispute at the International Tribunal after Ivory Coast accused Ghana of using the development of its oil industry…