BUSINESS NEWS

The Concern Drivers Association of Ghana has described as fraudulent the government’s ‘oil for gold’ policy and is threatening to adjust upwards transportation fares. In a release issued on February 1, available to MyGhanaMedia.com, it cautioned the government to refrain from deceiving Ghanaians with its “so-called” plan to buy cheap …

Ghanaians will from tomorrow, Wednesday, February 1, 2023, pay more for utility tariffs as the increment announced by the Public Utilities Regulatory Authority (PURC) kicks in. PURC on January 16 increased electricity prices by about 30% and 8.3% for water effective February 1, 2023.   The PURC cited the cedi …

Managers of some notable shopping centres in the Greater Accra region have been grabbed by officers of the Ghana Revenue Authority (GRA) for issuing fake Value Added Tax (VAT) invoices. The shops include China Mall, Sneda Shopping Centre, Palace Mall and Second Cup Coffee all on the Spintex Road, as …

The Monetary Policy Rate of the Bank of Ghana has increased its policy rate – the rate at which it lends to commercial banks – by 100 basis points to 28%. Within a year, the rate has gone up by a staggering 13.5% The Central Bank cited downside risks to …

Over 14 taxes imposed on the importation of raw materials are crippling the manufacturing sector, Mr. Abraham Koomson, General Secretary of the Ghana Federation of Labour (GFL) has revealed. He has, therefore, called on the Government and the Ghana Revenue Authority (GRA) to consider reviewing the tax regime and removing …

The International Monetary Fund is pushing Ghana’s cash-strapped government to stop borrowing from its central bank, according to people familiar with the matter. The IMF wants the two entities to sign a commitment to zero financing, said the people who asked not to be identified because they’re not authorized to …

The Government of Ghana and the Ghana Insurers Association (GIA) have reached an agreement on the participation of insurance companies in the Domestic Debt Exchange Programme (DDEP). Under the agreement, insurance companies will participate in the programme on similar terms as the Banks. This was contained in a joint statement …

The Institute for Energy Security (IES) has questioned the assumption used in establishing the new electricity tariffs by the Public Utility and Regulatory Commission beginning February 1, 2023. The IES in a statement described the announcement as baseless. PURC early this week announced an increment in electricity prices by about …

The National Communications Authority (NCA) has granted approval for the transfer of the 70% majority shares of Vodafone to Telecel Group, an official statement has said. NCA in January last year received an application from Vodafone Ghana for the transfer of the majority shares held by the seller to the …

Barring any government intervention, fuel prices will go up between 5% and 9% per litre from January 16, 2023 at the pumps. This will be the first time in a month that prices of petroleum products will increase. According to the Institute for Energy Security (IES), the expected surge in …