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Business

Sanctions exist for understating taxes – GRA

gra

The Ghana Revenue Authority (GRA) has warned entrepreneurs that sanctions exist for understatement of tax obligations. Speaking at a media sensitisation workshop in Ho under the auspices of the Customs Division of the GRA, the Head of the Medium Tax Division of the GRA, Benedictus Danu said under the emerging tax regime in the country, the onus lies on some ...

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Youth urged to create their own businesses 

A seminar

Madam Edna Nyame, the vice President of the Federation of United Nations Associations, on Saturday called on the unemployed youth to take up the challenge of creating businesses on their own. She said people who are unemployed would continue to be in the situation they find themselves if they do not take the initiative and establish their own businesses. Madam Nyame ...

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2014 was a ‘difficult’ year – PEF

Nana Osei Bonsu -The Chief Executive Officer of the Private Enterprises Federation (PEF)

The Private Enterprise Federations (PEF) has described the year 2014 as the most difficult year for businesses across the country. This follows several economic challenges that rocked the country including the more than 30% depreciation of the cedi, high interest rates, erratic and high cost of utility tariffs, and introduction of new taxes among others. Government was compelled to turn ...

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Oil revenue not evenly distributed – PIAC

390250_Nigeria-oil

A study by the Public Interest and Accountability Committee (PIAC) has shown that revenue accrued from Ghana’s Jubilee fields was not evenly distributed among the regions in the country. This implies that the Petroleum Revenue Management Act, which mandates the equal distribution of the oil revenue has not been adhered to. This was revealed by Friends of the Nation, a ...

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Global Credit affirms Ecobank at AA-

Ecobank Logo Bgrd

Ecobank Ghana‘s credit rating has been affirmed at AA-(GH) and A1+(GH) in the long term and short term respectively; with a Stable Outlook. The current ratings are valid until December 2015 and reflect the bank’s established domestic franchise value, resilient financial performance, risk appropriate capitalization and adequate loan loss reserve, according to the Global Credit Rating Co. Ecobank Ghana is ...

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Consumer groups demand reduction in fuel prices

petrol GH

Some consumer groups have joined calls for the National Petroleum Authority (NPA) to immediately reduce prices of petroleum products. This comes a few days after the Trades Union Congress (TUC) made similar demands. The price of crude oil on the world market has hit a five-year low; currently selling at around 60 dollars per barrel. But importers of crude, Bulk ...

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SIC life dissociates itself from SIC fraud scandal

life sic

SIC Life Company Limited has assured its clients that the integrity of their policies and investments are intact. This follows panic withdrawals and termination of policies after reports that two directors of the State Insurance Company have stolen huge sums of money from the state insurer. The two the Deputy Managing Director in charge of Finance and Administration Musa Abdulai ...

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NPA’s refusal to reduce fuel prices justified – BDCs

The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi

The Chamber of the Bulk Oil Distribution Companies (BDCs) has defended the National Petroleum Authority’s (NPA) refusal to reduce fuel prices. According to Mr. Horsi, there is nothing illegal about the NPA’s decision not to reduce petroleum prices despite the fall in crude oil prices on the world market. Pressure has been mounting on the  NPA and government to reduce ...

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Opec won’t cut production – Saudi Arabia

crudeoil

Opec will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia has said.   “Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant,” the kingdom’s Oil Minister Ali al-Naimi said in an interview with ...

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America breaks silence on Ghana –IMF deal

US Ambassador to Ghana, Gene Cretz

The United States of America (USA) has projected that Ghana will be better positioned economically next year, especially when the International Monetary Fund (IMF) program takes off.   Ghana’s economic challenges have been enormous this year.   The cedi has depreciated by more than 30 percent this year alone against the dollar, coupled with a high budget deficit, leading to ...

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