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Business & Economy

Bolgatanga Tax Office exceeds revenue target

he Bolgatanga District branch of the Small Tax Office (STO) of the Ghana Revenue Authority (GRA) collected a total revenue of GH¢3, 298,880.36 as at the end of May this year as against its target of GH¢2,937,440.00. This exceeded its set target by 34.14 per cent as against a shortfall of 1.7 per cent during the same period in 2013. ...

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NGOs want Petroleum Revenue Management Law published

Civil Society Organizations (CSOs) in the Western Region have appealed to the government to publish the draft regulation on the Petroleum Revenue Management Act to ensure efficient and effective utilisation of the petroleum revenue. This followed operational and administrative difficulties in the implementation of the Petroleum Revenue Act. Act 815 passed in 2011. They said the regulation would spell out ...

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NIC directs insurers to pay claims in one week

The National Insurance Commission (NIC) has developed new guidelines to compel insurance companies to pay claims that have been established as genuine within seven days. The Commission believes the guidelines will help to boost confidence in an industry that has over the years been battered by claims redemption challenges which have left many people in pain, affecting confidence and trust ...

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Ghana Cedi at risk of sliding to 4 per Dollar, HFC says

Ghana’s cedi is at risk of weakening as much as another 19 percent this year as the world’s second-biggest cocoa producer struggles to rein in a budget deficit, according to HFC Bank Ghana Ltd. The cedi may fall to 3.50 and 4 per dollar, Benjamin Dzoboku, head of treasury at the Accra-based lender, said in an interview in the city ...

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Sachet water to sell at GHp20 from July 7

With effect from Monday, July 7, 2014, the price of iced sachet water will be GHp20. A release issued by the National Association of Sachet and Packaged Water Producers (NASPAWAP), said the increase in price was due to the high cost of inputs and other overheads. It said consumers should, therefore, “expect to buy a bag of 30 sachet at ...

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Implementation Of 17.5% VAT On Non-Core Banking Services Suspended

The Ghana Revenue Authority has put on hold plans to implement the 17.5 percent Value Added Tax (VAT) charges on non-core financial services.The new VAT charges would have become operational on Tuesday, July 1st, and would have seen banks and other financial institutions charge 17.5 percent tax on some services rendered to the public. The 32 fee-based services that is expected ...

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First National gets nod to operate as commercial bank

Savings and loans company , First National has joined  the league of commercial banks operating in the country. First National  on Monday secured Bank of Ghana’s approval to operate as a universal bank. Sources close to First National say the savings and loans company will soon  start operating as a commercial bank  because it already has structures and branches  across all the regional capitals of the ...

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We’re helpless on bank VAT – BOG

The Bank of Ghana (BoG) has admitted that levying a value added tax (VAT) on non-cash payment transactions is a setback for efforts to reduce the use of cash in the economy. The bank however added that it is, like everybody else, subject to the dictates of Parliament and the fiscal authorities — and it is thus unable to help ...

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Economic challenges not fatal – Kwesi Botchwey

A former Minister of Finance and Economic Planning, Dr Kwesi Botchwey, has stated that the challenges facing the economy today are not as fatal as they are perceived. His view of the economic situation in the country contradicts what other experts see as a worsening economic situation which require urgent and pragmatic steps to fix before the country goes bankrupt. ...

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