World Bank urged Africans to embrace digital transformation
World Bank Chief Economist for Africa, Albert Zeufack has indicated that African countries must embrace digital transformation to reduce poverty and enhance growth in the continent. Speaking at the World Bank media Briefing on Africa Economy update in Accra, Mr Zeufack reiterated that digital transformation can increase growth by nearly two percent per year and […]
Reduce examination of containers to 10% – VEEP Bawumia charges Customs Division
Vice President Dr Mahamudu Bawumia has tasked the Customs Division of the Ghana Revenue Authority (GRA) to reduce physical examination of containers at the ports from the current 90% to 10% to make Ghana’s business environment competitive. He said this could be achieved through the use of scanners and risk engines to reduce the cost […]
EU clears Ghana from 'dirty money' blacklist
European Union member states have unanimously rejected a proposal by the EU executive Commission to blacklist Ghana and 22 countries and territories it believes pose a high risk of money laundering or terrorist financing. In a rebuke for the EU Commission, the member States said in a statement Thursday that the proposal is not established […]
Coalition of Aggrieved Customers of Menzgold appeals to Government
The Coalition of Aggrieved Customers of MENZGOLD is demanding transparency from government in the ongoing investigation into the activities of the embattled gold firm. At a news conference in Accra, the Secretary of Coalition, Samuel Odartey also asked all those who have directly or indirectly benefited from the company, including celebrities, and acquaintances to refund […]
GCB finance over 30 duty vehicles for transportation of cocoa
GCB has financed the purchase of over 30 duty vehicles for the carting of cocoa from the hinterlands to the ports. The vehicles include 30 Howo light duty and 10 heavy duty trucks as well as tractors with trailers for unmotorable roads. At a short ceremony to hand over the trucks to Royal Commodities Limited, […]
Power Distribution Company takes over ECG Feb 1
All is set for Power Distribution Company (PDC) to take over the Electricity Company of Ghana(ECG) Friday. The new entity is set to assume the assets and management of the ECG after it was selected by the Millennium Development Authority (MiDA) through a bidding process. PDC is expected to inject about six hundred million dollars […]
First-Port-of-call rule to be operational 1st March
The Ministry of Finance has indicated that, the First-Port-of-Call Rule, an arrangement that allows customs officials from neighbouring landlocked countries to set up desks at Ghana’s Ports to collect taxes on transit goods, will become operational on 1st March . Deputy Finance Minister, Kwaku Kwarteng, who announced this at this year’s World Customs Day, in […]
Ghana to receive EU VPA licence soon
Ghana will soon be the first country in Africa and the second in the world to receive a licence and certification from the European Union (EU) to export timber products to its member countries, under the Ghana-EU Voluntary Partnership Agreement (VPA). EU Ambassador to Ghana, Diana Acconcia, who made this known, said the partnership agreement […]
Ghana, Canada to boost aviation cooperation
Government is to explore areas where it can collaborate effectively with Canada to improve its operations in the aviation sector. The Minister of Aviation, Joseph Kofi Addah who made this known when the Canadian ambassador called on him in Accra said Ghana’s quest of becoming an aviation hub in the sub region, requires close partnerships […]
GRA records 16% revenue growth in 2018
The Ghana Revenue Authority, GRA, says although it encountered numerous challenges in 2018, it was able to improve its growth by 16 percent. Speaking at the 2018 send-off ceremony for retired staff of the GRA in Accra, the Commissioner General, Emmanuel Kofi Nti said the year began on a good note, but operations in relation […]
Ghana Port and Harbour Authority Not To be Blamed for Revenue Shortfall
The Acting Director General of the Ghana Ports and Harbours Authority (GPHA) Michael Luguje says his outfit cannot be blamed for the shortfall in revenue for the Ghana Revenue Authority (GRA) for last year. The comment comes after the GRA stated that some activities at the country’s ports contributed to the revenue shortfall for 2018. […]
US, China to hold trade talks in Beijing next week
A US delegation will visit China next week for talks aimed at defusing the trade war between the world’s two largest economies. The meeting follows a dismal week for US markets, with losses fuelled partly by trade fears. Last year, China and the US imposed tariffs on more than 300 billion dollars worth of each […]
UN adopts first ever resolution to tackle rural poverty
The United Nations General Assembly has adopted its first ever resolution to tackle poverty eradication in rural areas of developing countries. The resolution underlined the importance of promoting socioeconomic development in rural areas as an effective strategy for the eradication of poverty, including measures to improve infrastructure, financial facilities, employment, education, social welfare system and […]
IMF Boss donates 15 thousand dollars to Kayayei
The Managing Director of the IMF, Christine Largarde has donated 15 thousand dollars to support the welfare of head potters popularly known as Kayayei. Madam Largarde who made the presentation before departure on her two day visit to Ghana at the Agbogbloshie market , encouraged the girls to strive for higher academic laurels. She noted […]
President Akufo Addo Projected Increase in Crude Production
President Nana Akufo Addo has projected an increase in Ghana’s crude oil production from two hundred thousand barrels per day to about five hundred thousand barrels in the medium term with the potential of producing up to one hundred million barrels in the long term. He noted that this will become possible as some international […]
Increase District Common Fund Allocation for PWDs- Expert
Chief Executive of Ghana Union Assurance, who is an advocate of the welfare of persons with disability, Aretha Duku has lauded government for the increase in the District allocation of the common fund for PWD’s from two percent to three percent. She said the fund if use, will induce business interest in PWD’s which will […]
World Bank Calls on Government Officials to Improve on Transparency in the Extractive Sector
The World Bank’s Senior Financial Sector Specialist, Cari Votava has urged government officials and industry professionals to improve transparency in the country’s extractive and natural resource sectors to identify and document the beneficial ownership of those operating in the sector. This, she said, will contribute immensely to the economy of the country. Speaking at her […]
Ghana's Gold becomes highest export earner, followed by Oil
Ghana’s total exports reached 12.54 billion dollars as at October this year. Gold generated the highest revenue of 4.7 billion dollars, followed by oil which ranked 3.83 billion dollars in revenue with cocoa placing third with its export revenue reaching 1.67 billion dollars. Meanwhile, total debt stock has reached 170.8 billion cedis as at September 2018. A […]
GRA Bans Storage of Selected Imports in Warehouses
The Ghana Revenue Authority (GRA) has banned the storage of selected imports in Warehouses as it begins the implementation of a new warehousing regime. The items include canned tomatoes, alcohol, lead acid batteries, cooking oil, canned drinks, canned fish, cement, Lime, paints and chalk. This means importers of the banned products can no longer keep […]
Nigeria aims to sell ten state-owned companies for 2019 budget
Nigeria’s Privatization Agency has indicated, that the country will offer ten state-owned companies for sale to selected investors and the public in the fourth quarter of this year to raise two hundred and eighty-nine billion naira ($797m) toward funding the 2019 budget. Preparations are in the final stages to begin the sale of the companies […]
Tullow Ghana Lays off 10% of its Workforce
Tullow Ghana has laid off ten percent of its workforce this year due to restructuring. Speaking to GBC24 Business News when the company took its turn at the Facts Behind the Figures Forum in Accra, the Managing Director of Tullow Ghana, Kweku Awotwi said the downsizing focused largely on the cost factor. He explained that […]
Trump sharpens attack on Federal Reserve
US President Donald Trump has sharpened his attacks on the Federal Reserve, saying it posed the biggest risk to the US economy. He also targeted Fed chairman Jerome Powell, telling the Wall Street Journal he seemed “happy” to be raising interest rates. Mr. Trump has repeatedly criticized the US central bank for raising interest rates. […]
Japanese Nano Technology Company to establish plant in Ghana
The Ghana Standard Authority (GSA), is collaborating with Japanese Company, M-TechX International to initiate standardisation and commercialisation of Nano Technology across all industries in Ghana and Africa. The Technology involves the use of fibre for oil and gas and medical cleaning. Speaking to Business News at the launch of its warehouse in Accra, the Business […]
Court strikes out name of one defendant in defunct uniBank case
An Accra High Court hearing the case between the receiver of defunct UniBank, Nii Amanor Dodoo and shareholders of the bank has struck out the name of one of the defendant, Clifford Duke Mettle. Mr. Mettle was an executive director of uniBank until the Bank of Ghana revoked its license this year. The action, according […]
'Controversial' Cargo Tracking Note Policy takes off
The Controversial Cargo Tracking Note, CTN, takes effect from Monday, October 15, 2018, despite a law suit by Freight forwarders. All shipments to Ghana, including Transit Cargo, Shippers, Exporters and Freight Forwarders at Ports of Loading around the world are required to obtain a validated CTN number. The Ghana Revenue Authority is however unwavering in […]
Ghana Standard Authority set to carry out on building use by Public
The Ghana Standards Authority (GSA) has called for a stress test to be carried out on all buildings and properties used by the public within the next twelve months to ensure safety which include all government offices, banks, private businesses, malls, markets, churches and mosques. The Director-General of the GSA, Professor Alex Dodoo, who made […]
Ghana Airports Company seeks approval to prepare account in dollars
The Ghana Airports Company Limited (GACL) says it is seeking approval from the Ghana Revenue Authority to allow it to prepare its accounts in dollars. Speaking to GBC Business news Wednesday in Accra, the Managing Director, John Attafuah said this will enhance the company’s operations following fluctuation of the local currency. He noted that,’’when loans […]
Sub-sahara Africa score 2.7% in Growth though slower than expected
Growth in the Sub-Saharan Africa region, is picking up despite the estimated marginal increase of 2.7 % as compared to 2.3 % in 2017. According to the World Bank Africa Pulse report, the improved but slow growth is partially a reflections of a less favourable external environment for the region a financial market pressures intensify […]
GRA stations Tax Stamp Enforcement Team at Companies
The Ghana Revenue Authority, GRA, has stationed officers of its Enforcement team from the Excise Tax Stamp at various production houses of Bottled Water and Beverages in the capital. This is to ensure that products without the excise tax stamps affixed do not enter the market. The excise tax stamp Act 2013, Act 873 requires […]
Ghana Post tasked to integrate emergency number to digital system
Government has tasked operators of the Ghana Post Digital Addressing System to integrate the new Emergency Number 112 to digital system to ensure easy identification of locations in case of emergency. The move is to enable the police, fire and ambulance services to speedily locate persons and properties when the need arises. Vice President Mahamudu […]
Nestle and Ashoka Commence Social Investment program in Africa
Nestle and Ashoka have announced the commencement of social investments program and entrepreneurship to boost economic development in Africa. The initiative supports Nestlé’s global youth, seeking to enhance quality life and contribute to a healthier future as well as ambition to help 10 million young people around the world and access to economic opportunities by […]
"Withholding Value Added Tax" not a new tax Regime- CAGD Assures
The Controller and Accountant General, Mr. Eugene Asante Ofosuhene has called on treasury officers to help government in achieving its development agenda through adequate revenue mobilization. He said this In a meeting organized for State Treasury Officers by the Ghana Revenue Authority (GRA) in collaboration with the Controller and Accountant General Department, CAGD, as part […]
World Trade System need reforms – China
China says it supports reforms to World Trade System, including the World Trade Organization to make it fairer and more effective. Speaking late on Thursday to reporters after meeting French foreign minister Jeans-Yves Le Drian, Chinese State Councilor Wang Yi says “The aim of reform should be to allow countries enjoy the development fruits of […]
