Proposed tax measures not new; will boost fiscal economy – Finance Ministry
The Ministry of Finance has justified its new proposed taxes, indicating, it will shore up revenue domestically and boost Ghana’s fiscal position following the shocks of Covid-19 and the Russian/Ukraine war. The Ministry has laid three revenue papers – the Income Tax Amendment Bill, Growth and Sustainable Bill and the Excise Amendment Bill to parliament […]
Get financing assurances from creditors, partners before Board approval – IMF to Ghana
The International Monetary Fund (IMF) has indicated that it is necessary for Ghana to secure financing assurances from its partners and creditors before the country can present its programme request to the Executive Board for approval. The Fund was responding to a question at a news conference in Washington DC, U.S.A on the status of […]
9 banks could be insolvent from impact of domestic debt exchange – Report
If the International Financial Reporting Standard (IFRS) nine is applied in a stricter sense, nine Ghanaian banks could be insolvent from the impact of the Domestic Debt Exchange Programme on their operations. However, six banks may not experience any capital losses, while eight banks may experience mild capital losses. According to a paper by banking […]
Volkswagen takes over the responsibility of vehicle assembly in Ghana
Volkswagen is reaffirming its commitment to the development of the automotive industry in Ghana with the opening of a new vehicle assembly facility in Accra. With this move, Volkswagen also takes over the new vehicle assembly responsibility from its licensed importer in Ghana, Universal Motors Limited (UML). UML was awarded the assembly contract when Volkswagen […]
GBFoods expands factory in Ghana, commits $5m in state-of-the-art tomato canning line
GBFoods, a leading food manufacturing company and producer of Ghana’s favourite Gino and Pomo range of products, has today expanded its production line by commissioning a state-of-the-art tomato canning line in Tema. Built at a total cost of $5 million, this state-of-the-art tomato canning is aimed at reducing the number of raw materials imported in […]
GCB completes first PAPSS client transaction
GCB Bank Plc has successfully completed the first Pan-African Payment and Settlement System (PAPSS) client transaction in Ghana. The transaction involved a Ghanaian incorporated entity initiating a supplier payment from GCB in Ghana cedis to a beneficiary in Nigeria – who received the payment in naira instantly. This innovation revolutionalises the way Ghanaian individuals and […]
Government saves ¢220m from significant fall in interest on T-bills
The Ghana Government saved ¢220 million from the significant fall in Treasury bills yields. According to the Executive Director of Dalex Finance, Joe Jackson, the interest rates on the Treasury bills will even drop further in the coming weeks. The government on Tuesday, March 7, 2023, beat the cost of its Treasury bills down significantly, […]
We’ll strike off over 500,000 businesses from register – Office of Registrar of Companies warns again
The Office of Registrar of Companies has reiterated its position to strike off businesses from the register that have not renewed their certificates or filed their annual returns since incorporation. More than 500,000 companies are expected to be affected by this directive. Speaking at a programme organised by the UK Ghana Chamber of Commerce, the […]
Labadi Beach Hotel presents ¢10m dividend to SSNIT
Ghana’s premier 5-Star Hotel, Labadi Beach Hotel has presented a dividend of ¢10 million for the year 2021 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT). This achievement is unprecedented in the history of the company. Since its inception in 1991, the hotel has led Ghana’s hospitality industry, providing exceptional services […]
EU partners government to launch Circular Economy Competition
The European Union (EU) in partnership with the Ministry of Finance and the Ministry of Environment, Science, Technology has launched the 2nd edition of the Circular Economy Competition to support Ghana’s gradual transition to a circular economy. The Circular economy competition is a contest that helps small businesses and start-ups in the circular economy in Ghana […]