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Author Archives: Pius Amihere Blay

Political interference threatens future of Ghana’s cocoa

Ghana’s cocoa sector risks a dip if the country fails to address the politicization of the sector. According to the International Food Policy Research Institute (IFPRI), the issue has affected the growth of the cocoa sector as politicians have over the years, used cocoa’s prospects to their gain. The warning also comes at a time where government and the industry ...

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First Atlantic Bank secures investment to increase capital

First Atlantic Bank is set to meet the new minimum capital requirement of 400 million cedis for banks by the second quarter of this year, 2018. This comes after the bank secured various investments, with the most recent being an investment with Advanced Finance and Investment Group (AFIG). The Governor of the Bank of Ghana, Dr Ernest Addison in November ...

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Low funding keeps sulphur in diesel products from TOR high

It is emerging that the Tema Oil Refinery (TOR) will need some 300 million dollars before it could refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail outlets. The revelation comes seven ...

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New law to track VAT electronically in the offing

Parliament will soon pass a law that will track all VAT issued at various retail centers across the country. The Fiscal Electronic Device Bill is expected to connect all Point of Sale (PoS) devices with the Ghana Revenue Authority (GRA)’s systems. The move is to ensure that VAT issuing companies do not under declare their values and also punish tax ...

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Gov’t fails to yield to pressure over tax stamp

Businesses who fail to comply with the implementation of the Excise Tax Stamp by 1st March, 2017, will have their goods seized and subsequently dealt with by the law. This is the indication from a Deputy Finance Minister, Kweku Kwarteng. He argues that government can no longer hold back the implementation of the Excise Tax Stamp Policy due to setbacks from ...

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Ivory Finance pursues cash from SIC Insurance

Ivory Finance has told Citi Business News it still stands by its case of being owed by SIC Insurance in a breach of contract in a credit guarantee case currently before the court. The Supreme Court, on Wednesday February 21, 2018, ordered that all parties return to the High Court for the court to sit over the merits of an allegation of fraud leveled ...

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Banks to lose hold on interest rates

The Bank of Ghana is hoping that banks will soon reduce their interest rates on loans to reflect the continuous drop in the policy rate. The central bank believes that the development should also help correct the balance sheets of banks by reducing the Non-Performing Loans. This was among the key issues raised at a public lecture on the effectiveness ...

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PEF seeks revision of upfront tax payments

The Private Enterprise Federation (PEF) has made a strong case for the GRA to review the current time frame for businesses to remit their taxes on the sale of products. The CEO of PEF, Nana Osei Bonsu explains that the current regime has impacted adversely on businesses due to delayed payments for the provision of services or sale of products ...

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Beverage manufacturers want tax stamp suspended

Businesses in the Food and Beverage industry, have renewed appeals for government to suspend the implementation of the excise tax stamp policy. According to them, they have not been properly integrated into the implementation processes hence the need to address their concerns before the implementation of the policy. “Our engagements with government to reconsider its position if it comes to ...

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Businesses divided over success of Tax Amnesty law

Businesses have expressed mixed reactions to the new Tax Amnesty policy being implemented by the Ghana Revenue Authority (GRA). Some have cast doubt over the policy’s ability to reduce tax evasion while others believe the policy could increase tax compliance. The concerns were raised at a session on the relevance of the Tax Amnesty Law on businesses by the UK ...

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