Saturday , October 31 2020

Business

Licences of 386 financial institutions revoked

Licences of 386 financial institutions revoked

The Bank of Ghana has revoked the licences of 386 insolvent microfinance and microcredit companies. This includes 192 microfinance companies having their licenses revoked with another 155 insolvent companies that have ceased operations also suffering the same fate. The Central Bank in a press release Friday also revoked the licences of 29 insolvent …

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Debt stock goes up ¢22bn in 4 months

Debt stock goes up ¢22bn in 4 months

The country ended March 2019 with total debt stock hitting ¢198 billion, the Bank of Ghana’s summary of financial and Economic Data has revealed. This was revealed after the Monetary Policy Committee of the Central Bank met to review the health of the economy as at May 2019. Since November 2018 …

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BoG bans pricing in foreign currencies

The financial sector regulator, Bank of Ghana (BoG), has prohibited the pricing, advertising and receipt or payment for goods and services that are contracted locally in any foreign currency. In a release issued and signed by Alethea Godson-Amamoo on behalf of the Secretary to the BoG, the central bank cautioned …

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BoG to get tough on currency import, export violators

Ernest-Addison

The Bank of Ghana (BoG) has warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies. In an announcement to the public, the central bank stated that it has powers under the Foreign Exchange Act, 2006 (ACT 723) to make rules governing …

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1D1F: 45 factories currently operational – Ahomka-Lindsay

Ahomka-Lindsay-Deputy-Trade-Minister-2

There are currently 45 of the One District One Factory projects operational out of 181 projects already on the drawing board, according to Deputy Minister of Trade and Industry, Robert Ahomka-Lindsay. Aside from 22 of the 181 projects, which are under construction, the remaining projects are set to commence implementation before …

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Gaming Commission suspends SAFARIBET, warns public against LOLLIBET

The Gaming Commission has suspended indefinitely, sports betting Company, Safaribet Sports Betting. A statement from the Gaming Commission urged the public not to conduct any business with the betting company “until further notice.” “Gaming Commission of Ghana wishes to bring to the notice and attention of the general public that …

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Power: Ghana paying ‘almost $500m annually for excess capacity’ – Former GNPC CEO

Former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould, has revealed the country’s power generation capacity is in so much excess it has become a liability. Commenting on the recent power cuts in parts of the country on the business edition of current affairs programme, PM Express, …

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MTN to acquire two remaining 4G spectrum lots

MTN Ghana is gearing up to acquire the two remaining 2x5MHz spectrum lots in the 800MHz band. The spectrums were left after Vodafone Ghana bought one for $30 million December last year. “MTN intends to acquire this remaining spectrum to enable it to continue to give its customers an increasingly …

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Import duties slashed by 50%, cars 30% effective April 4

Government says effective Thursday, April 4, there will be a reduction in import duties at all of the country’s ports. Vice President Dr. Mahamudu Bawumia, who disclosed this at the Economic Management Team (EMT) town hall meeting Wednesday, said, import duties will be reduced by 50 per cent while importers of …

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Accra Brewery responds to reports of wrongful application of tax stamps

ABL

Accra Brewery Limited’s ABL attention has been drawn to media reports regarding the Ghana Revenue Authority’s (GRA) enforcement action on some of its Key Distributors  in relation to the tax stamp policy. ABL wishes to state that its decision to provide tax stamps to the company’s key distributors were borne …

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