GIPC CEO defends removal of capital requirement for foreign businesses
The Chief Executive of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has strongly defended the Centre’s recent decision to eliminate the capital requirement for foreign businesses. Under Section 28 of the GIPC Act, foreigners aiming for joint ventures are mandated to present a capital investment of $200,000. Individual foreigners intending to engage in retail […]
Bill to regulate cement prices will be laid, passed before Parliament adjourns – Trade Minister
Trades and Industry Minister, KT Hammond, says he will disregard the petition from the Chamber of Cement Manufacturers to delay the implementation of a legislative instrument aimed at regulating cement prices. KT Hammond insists that the law is essential to prevent a cartel of manufacturers from exploiting the public. Under the proposed LI, cement manufacturers […]
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 […]
Spanish Embassy launches book on Ghana’s Cultural Heritage
The Spanish Embassy in Ghana has launched a book on Ghana’s cultural heritage, with a call for collaboration and innovation to preserve and promote the country’s heritage. Titled “A Panorama of Ghana’s Heritage,” the two-part 110-page book which is the second edition, is published in English and Spanish. The first part features images of Ghana’s […]
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 […]