EOCO, SEC caution public against doing business with these 17 unlicensed entities
The Securities and Exchange Commission (SEC) is cautioning the public against doing business with some 17 entities providing investment products without a license. In a joint statement issued by SEC and the Economic and Organized Crime Office (EOCO), it was revealed that these entities were found to be operating through online portals. This was a […]
Report companies that price in dollars – BoG
The Head of Financial Stability at the Bank of Ghana (BoG), Dr. Joseph France, has called on Ghanaians to report individuals and companies that price their products and services in dollars. According to him, whereas some companies are permitted to directly deal with foreign exchange due to they being net earners of foreign exchange like […]
Inflation shoots up to 33.9% in August 2022; highest in 21 years
Inflation shot up to 33.9% in August 2022, the highest in 21 years, data from the Ghana Statistical Service (GSS) has revealed. This is expected to increase the cost of borrowing by raising interest rates further. Relative to July 2022, year-on-year inflation increased by 2.2 percentage points in August 2022 and month-on-month inflation reduced by […]
GRA allays fears over revenue loss due to AfCFTA
The Ghana Revenue Authority is allaying fears over the projected loss of revenue from tax collection due to the implementation of the African Continental Free Trade Agreement (AfCFTA) in the short term. According to the World Bank, there will be a decline in port tariffs for member countries, as a result of the trade agreement. […]
BoG dollar auction: Demand falls marginally but exceeds supply by $82.7m
Demand for US dollars dipped marginally, according to the latest auction of the American ‘greenback’ by the Bank of Ghana. The data from the Central Bank indicates that demand outstripped supply by $82.75 million. This is compared with $84.5 million recorded two weeks ago and $105.25 million a month past. According to the result of […]
6,856 companies, individuals owe ¢111.6m in corporate and income taxes – Auditor General’s Report
The 2021 Auditor General’s Report has identified 6,856 companies, business entities and individuals owing an amount of ¢111.652 million in corporate and individual income taxes for 2019, 2020 and 2021 years of assessment. The Auditor General therefore urged management of the Ghana Revenue Authority to increase its enforcement role to collect all the outstanding tax […]
We will prosecute businesses failing to issue VAT invoices – GRA
The Ghana Revenue Authority (GRA) is warning businesses that do not issue Value Added Tax (VAT) invoices from September 1st, 2022 that they will face prosecution when caught. Similarly, customers who do not demand and take the invoices will face similar treatment. The move is to ensure that businesses and customers comply fully with the […]
Office of the Registrar of Companies to delist 2,584 dormant companies from Companies Register
The Office of the Registrar of Companies (ORC) has begun processes to continue striking off 2,584 dormant and defaulting Companies from its Companies’ Register. This exercise is being carried out in accordance with Section 289 of the Companies Act, 2019 (Act 992) which connotes that a Company can be stricken off the Companies Register for […]
Investor interest in T-bills soars; government secures ¢1.83bn
Investor interest in Treasury bills continue to soar, as they take advantage of rising interest rates in the Treasury market. Latest auctioning by the Bank of Ghana indicates that T-bills auction was oversubscribed for the 11th consecutive week by 56%, largely due to the high yields. Indeed, interest rates on the yield curve continued to […]
GRA to roll-out automated tax clearance system from October – Veep
Government has revealed that it will begin rolling out the automation of all tax clearing certificates, TCCs, from October this year. This is part of efforts to promote tax compliance. This latest move is aimed at reducing the voluntary use of powers and its attendant alleged corruption by public officials in the country. Prior to […]