Business

04 Aug

Government Eyeing GH¢750m With New E-VAT Policy

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The government is seeking to raise GH¢750 million in Ghana following the passage of the Value Added Tax Amendment bill, which introduces the E-Vat policy. The tax measure broadens the scope of the existing laws to cover electronic commerce, provides for the electronic issuance of a tax invoice, upfront payment of Value Added Tax by an unregistered importer and the zero-rating of the supply of locally assembled vehicles. A report of the Finance Committee of Parliament indicates that the e-vat policy addresses issues of inequalities and compliance in the payment of tax. During the mid-year budget review, the GRA said…
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04 Aug

Africa At Risk Of Following EU’s Dangerous Fossil Gas Push

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Campaigners have warned that Africa is in danger of locking the continent into fossil fuels for decades to come with leaders considering a new position that would prioritize fossil gas and nuclear over cleaner, cheaper, renewables. A technical committee of the African Union – made up of energy ministers – has recently proposed an “African Common Position on Energy Access and Transition”. This position centers on fossil gas and nuclear energy, at the expense of renewables, and is proposed for adoption by African Heads of State and launched at COP27. This comes on the back of the European Union’s recent…
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04 Aug

Utility Tariffs To Go Up Next Week; New Rates To Take Effect September 1

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Utility tariffs are expected to go up next week, the first since 2017. Once announced, the tariffs are expected to come into effect on September 1, this year. This comes after the Public Utilities Regulatory Commission (PURC) had carried out nationwide consultations on proposals it received from the utility companies. A source familiar with the stakeholder consultations said aside from the public fora across the 16 regions, the PURC also engaged identifiable groups and relevant sections of the public and had considered all sides of the arguments in arriving at appropriate tariffs. The Daily Graphic has gathered that the new tariffs…
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03 Aug

We Remain Committed To Getting LPG Retailers To Resume Operations – NPA

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 The National Petroleum Authority (NPA) has assured consumers of its commitment to getting LPG Retailers to resume operations soon. Speaking to Citi Business News, the Communications Manager at NPA, Mohammed Abdul-Kudu, stated that his outfit is working hard to have the issues resolved. He stated that the assurance he could give to the consuming public is that “we’re working around the clock to get the parties involved to the table so we can amicably resolve the issue.”   This follows a nationwide industrial action by the LGP marketers Association of Ghana which left many consumers stranded. The association argues that…
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03 Aug

Finance Ministry Recovers ¢24.2m Tax Liabilities From Some OMCs, A Commercial Bank

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The Revenue Assurance, Compliance and Enforcement (RACE) of the Ministry of Finance has retrieved ¢24.2 million as tax under recovery from some Oil Marketing Companies and a commercial bank. This follows validation of tax payments for the lifting of refined petroleum products. According to the Ministry, the Revenue Assurance, Compliance and Enforcement (RACE) team of the Ministry of Finance concluded the first phase of engagements with 99 out of 117 OMCs to validate tax payments for the lifting of refined petroleum products. The engagements involved GRA, the National Petroleum Authority (NPA), the Association of Oil Marketing Companies (AOMCs), and some…
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03 Aug

Cedi Troubles Yet To Be Over; Loses About 7% Value To U.S Dollar In July

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The cedi lost a little over 7% in value to the US dollar in the first month of the third quarter of 2022, taking the year-to-date depreciation to 20.5% on the interbank market. This is due to the high demand for the American currency, coupled with other factors such as weak balance of payment position of the country and liquidating of investments in government bonds by some foreign investors. The rising demand for the dollar which is about four-times that of supply is expected to push some prices of goods and services on the market up, due to imported inflation.…
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02 Aug

GH¢5 Charge On SIM Card Self-Registration Will Go To The App Developers – NCA

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The National Communications Authority (NCA) has disclosed that the GH¢5 charge on the self-service SIM registration application will go to the app developer. Speaking on Citi News, the Deputy Corporate Affairs Director at the NCA, Kwame Gyan, while failing to give specifics, said “the money goes to the app developers; those who built and are maintaining the app.” “It doesn’t go to the NCA,” Mr. Gyan added. The government announced that the self-service registration application, which will be made available on both Android and IOS platforms, will be rolled out from today. This was in addition to an extension of the…
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02 Aug

MTN Paid ¢1.2bn Taxes To Government In Half-Year 2022

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Leading mobile service provider, MTN Ghana paid ¢1.2 billion in direct and indirect taxes during the first-half of 2022. According to its 2022 half-year Financial Statement, it registered a ¢1.33 billion profit in June 2022, a 54% growth over the same period in 2021. However, earnings before interest, tax, depreciation and amortization (EBITDA) increased by 36.0% to ¢2.7 .billion. Service revenue also increased by 28.9% year-on-year driven by growth in voice, data and Mobile Money (MoMo). This was supported by capital investments of ¢1.1 billion to boost service quality and expand capacity and coverage on our network as well as…
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02 Aug

3 Vehicle Assembly Plants In Offing To Produce 6 Global Brands – Finance Minister

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Three additional vehicle assembly plants will be established this year to produce a total of six global brands namely, Hyundai, Isuzu, Honda, KIA, Changan, and ZX Auto. The Toyota assembly plant which commenced commercial production in 2021, will also start assembling Suzuki vehicles this year. This significant increase in assemblers will broaden the choice of made-in-Ghana vehicles to 13 brands of automobiles. According to Finance Minister, Ken Ofori-Atta, the Ghana Automotive Development Programme under the Strategic Anchor Industries Initiative, continues to attract investment from global vehicle brands. In April 2022, Nissan commissioned an assembly plant in Tema in the Greater…
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02 Aug

Ghana, Chad, And Sierra Leone To Receive Support From World Bank

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The World Bank has scaled up its financing for Food Security with an additional $315 Million to Strengthen the Resilience of Food Systems across West Africa. Ousmane Diagana, World Bank’s Vice-President for Western and Central Africa explained that the new financing will help to increase the effectiveness of agriculture and food crisis prevention and management and strengthen the capacities to adapt to climate variability and change. It will also strengthen the adaptive capacity of the food system’s productive base and make it sustainable, and support the regional food market’s integration by linking the beneficiary countries, consolidating their food reserve systems,…
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