BUSINESS NEWS

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 …

The Ghana cedi has lost about 5.01% value to the US dollar on the forex or retail market since January 1, 2023. The cedi registered significant gain of 27% in value to the American ‘greenback’ in December 2022 to reduce its year-to-date losses. This was largely due to Ghana’s Staff …

Ghana Airlines will start operations this year as the country’s national carrier after the government awarded Ashanti Airlines and its operational and financial partner Zotus Group a tender to commence business. “The time has come to return Ghana to the aviation map,” the Minister of Transport, Kwaku Ofori Asiamah said …