Maximum advance payment for imports increased to $200K per importer
The Bank of Ghana has increased the maximum advance payment for the importation of goods and services to $200,000. This is part of the Central Bank’s amendment of the rules on advance payments for the imports of goods and services into the country. The adjustment is a 300% percent increase of the previous $50,000 needed […]
Plastic manufacturers threaten to shut down over 5% tax
Consumers across the country may soon face a reduction in the availability of essential commodities packaged in plastic, including bottled and sachet water. This comes as the Ghana Plastic Manufacturers Association, representing local industry players, has issued a week ultimatum to the government to demand the immediate suspension of a newly imposed 5% excise tax […]
GRA to crackdown on tax defaulters
The Ghana Revenue Authority (GRA) has announced its intention to begin a crackdown on tax defaulters after June 21, 2024, in accordance with Section 80 of the Revenue Administration Act, 2016 (Act 915), which considers non-compliance with tax obligations an offence. The GRA stated that it will, in relation to this, initiate a debt collection […]
GIPC confident of addressing barriers to foreign investment
The Ghana Investment Promotion Centre (GIPC) is confident that its ongoing legislative reforms will effectively address barriers that hinder foreign investor confidence. GIPC has identified challenges in obtaining necessary documentation from the Customs Division of the Ghana Revenue Authority (GRA) and highlighted inadequate collaboration among government and customs officials as concerns for foreign businesses, impacting […]
Legal Roundtable with Robert Smith Law Group
On 14th June 2024, The Chamber hosted a legal roundtable to educate members on the recent developments in Legal Regimes of Companies Operating in Ghana. The Robert Smith Team facilitated the event. Thanks to Bobby Banson Esq, Adwoa Painstil Esq, Emmanuel Tei Agbam Esq and Kwame Oduro Esq for their hard work in making the […]
SGCC & CCIFG On-Site Visit: Equatorial Coca-Cola Bottling Company
The Spain Ghana Chamber of Commerce and CCI France Ghana embarked on a factory tour of the Coca-Cola bottling company’s manufacturing plant on 13th June 2024. Located on the Spintex Road, ECCBC is one of Coca-Cola System’s leading bottling companies in Africa with a presence in 13 countries in the North & West of the […]
Cement prices surge to GH¢108, defying Trade Minister’s directive
Despite a ministerial directive to the Cement Manufacturing Development Committee in Ghana, cement prices continue to rise, wreaking havoc in the real estate industry and pushing rent prices in Accra to new heights. Prices checked show a significant jump from last week to this week, leaving many buyers bewildered. In May 2024, cement ranged from […]
Gov’t moves to restrict raw bauxite exports
Ghana is set to introduce a new legislative framework aimed at restricting the export of raw bauxite, according to Samuel Abu Jinapor, Minister of Lands and Natural Resources. Speaking at the 2024 West African Mining and Power Conference and Exhibition (WAMPOC/WAMPEX) opening ceremony in Accra, Mr. Jinapor outlined government’s strategy for harnessing the country’s vast […]
Registrar General urges companies to file annual returns to avoid removal from register
The Registrar General, Jemima Oware, has emphasized the urgent need for companies and businesses that have not yet filed their annual returns to do so or risk having their names struck from the register by the end of this month. This follows an ultimatum issued to over 500,000 firms, directing them to file their returns […]
Ghana achieves GH¢11.5bn trade surplus in Q1 2024
Ghana achieved a significant trade surplus of GH¢11.5 billion in the first quarter of 2024. This surplus comes amidst a notable 20.4% increase in the average prices of export commodities between Q1 2023 and Q1 2024. According to the latest quarterly report released by the Ghana Statistical Service (GSS), this increase signals a promising economic […]