Business Archives - Page 61 of 392

30 Jul

Electric Vehicles: Stakeholders Urge Govt To Invest In Skilled Labour Training

wontumionlineBusinesselectric vehicles

Stakeholders in the transport and energy sectors are urging the government to prioritise training skilled labour to manage electric vehicles (EVs) in the country. They believe that this will facilitate a successful transition from fossil fuel vehicles to EVs. The transition to electric vehicles is gradually gaining momentum, with several charging stations established in various locations, including the Total Filling Station off Liberation Road in Accra, the Kempinski Hotel Gold Coast City, and another near SSNIT Hospital in Osu, among others. Despite this gradual transition, Philip Fleisher, an auto mechanical engineer specialising in electric vehicle repairs, explains to CNR Business…

30 Jul

Govt Assures Investors Of Stable Tax Environment To Boost Growth

wontumionlineBusinessInvestors, Stable Tax

The government has affirmed its commitment to ensuring that tax policies do not impede the investment environment. Deputy Finance Minister in charge of Revenue, Dr. Alex Ampaabeng, emphasised that this effort is in line with the government’s growth agenda. Dr. Ampaabeng added that Ghana continues to be the premier investment destination in the sub-region for offshore investors. Speaking at the Ghana Investment GC100 CEO’s Breakfast Meeting and Launch of the 21st Ghana Club 100 Awards, which was on the theme: “Partnering for Prosperity, Building a Thriving Ghanaian Economy,” Dr Ampaabeng called for strategic collaborations among sector players to maintain and…

30 Jul

Ghana Is The Second Most Appealing Destination For Investment In Africa – Report

wontumionlineBusinessInvestment

Ghana, according to the Deloitte 2022 Africa Investment Attractiveness Index, has been described as the second most appealing destination for investment on the continent. This was after the country's tax environment was improved, making it more attractive for businesses and investors. Making this known at the Ghana Club 100 CEO's Breakfast Meeting in Accra on Tuesday, July 30, 2024, the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, said his outfit was committed to ensuring that Ghana remains an attractive destination for foreign direct investments. He stated that simplifying the business registration process, enhancing transparency, and…

30 Jul

Ghana To Pay GH¢95 Million To West Blue Consulting For Wrongful Termination Of Contract

wontumionlineBusinessWest Blue Consulting, Wrongful Termination Of Contract

The Ghanaian government is preparing to settle a judgment debt of GH¢95 million with IT consultancy firm West Blue Consulting, according to a citinewsrrom.com report. This settlement follows the termination of a contract under which West Blue Consulting provided technical and support services to the Ghana Revenue Authority (GRA) from 2015 to 2020, a project facilitated by the Ministry of Finance. According to the report, the termination of this contract led West Blue Consulting to seek legal redress, claiming an outstanding debt of GH¢289 million from the government. The resolution of this dispute resulted in the awarded amount, as confirmed by the…

30 Jul

Morocco Overtakes South Africa As Africa’s Top Car Producer

wontumionlineBusinessaviation, Morocco

Morocco has emerged as a dominant force in Africa’s automotive industry, surpassing South Africa to claim the title of the continent’s largest car producer, as reported by L’Économiste yesterday. The North African nation’s automotive industry has surged in recent years, fueled by significant investments and strategic partnerships with global automakers. With factories operated by Renault-Dacia and Stellantis, Morocco has solidified its position as a major player in the global automotive industry. “Pretoria (South Africa) has been the undisputed number one in vehicle manufacturing on the continent for several decades,” and this is now a thing of the past, writes the…

29 Jul

ECG, Nine Others Owe GRA Over GH¢1 Billion In Unpaid Taxes

wontumionlineBusinessECG, GRA

Some ten state institutions, including the Electricity Company of Ghana (ECG) and the Ghana Airports Company Limited (GACL), are reported to owe the Ghana Revenue Authority (GRA) over GH¢1 billion in unpaid taxes. According to officials from the revenue arm of the government, some of the mentioned institutions that remain viable have expressed their commitment to paying the taxes. This information was revealed when officials from the GRA appeared before the Public Accounts Committee on Monday, July 29, 2024. “GACL and Graphic Corporation currently have cash flow challenges. They have informed us that we need to grant them a moratorium to allow…

29 Jul

Leverage Russia-Ukraine War To Expand Gas Distribution To Europe – Ghana Gas Boss

wontumionlineBusinessEurope, Ghana Gas boss, Russia/Ukraine war

Dr. Benjamin K.D. Asante, the Chief Executive Officer of Ghana Gas Company Limited, has urged African leaders to seize the opportunity presented by the Russia-Ukraine conflict to expand gas distribution to Europe. Speaking at a public lecture at the Kwame Nkrumah University of Science and Technology’s College of Engineering, themed “Gas Commercialization: Fostering a Sustainable Petroleum Economy, Opportunities and Setbacks,” in the Ashanti Region Dr. Asante emphasised the need for investment in strategic proposals to achieve this goal. “Africa contributes about 10-15% of the total world gas production but uses only 5-6% throughout the continent,” Dr. Asante noted. “West Africa…

29 Jul

MoMo Transactions Drop In June Despite Increase In Account Registrations

wontumionlineBusinessMOMO transaction

The Bank of Ghana (BoG) has reported a notable decline in mobile money (MoMo) indicators for June 2024. According to data from the central bank, the total number of MoMo transactions decreased to 644 million, down from 668 million in May 2024. This drop resulted in a reduction in the total value of MoMo transactions, which fell from GH¢234.3 billion to GH¢224 billion. Despite the overall decline, the balance of float which represnets the amount of money held in mobile money accounts, experienced a slight increase, rising from GH¢21.1 billion to GH¢22.2 billion during the same period. This contraction in…

29 Jul

Banking Industry’s NPLs Surged To 24.1% In June 2024

wontumionlineBusinessNPL

The banking industry’s Non-Performing Loans (NPLs) ratio surged to 24.1% in June 2024, up from 18.7 percent in June 2023. According to the Bank of Ghana, despite improvements in the banking sector’s performance, elevated credit risk poses a threat to the sector’s recovery process. However, it believes, the consistent rebound in profits, adherence to recapitalisation plans, and enforcement of strict credit underwriting standards will however help ensure that banks remain on the path to full recovery and resilience. It stated in its Monetary Policy release that the banking sector performance in the first half of the year points to continued…

26 Jul

Government Receives GH¢56 Billion Through GIFMIS Platform

wontumionlineBusinessGIFMIS

As of June 2024, the Ghana Revenue Authority had collected GH¢56.4billion through the Ghana Integrated Financial Management Information System (GIFMIS) platform. This represents a 34.6 percent increment compared to payments received through the platform the same period last year. The Finance Minister, Dr. Mohammed Amin Adam, disclosed this in his presentation of the Mid-Year Budget Review 2024 on the floor of Parliament in Accra. “In line with commitment to ensuring full disclosure of retained internal generated funds by public institutions, government has deployed theGhana.Gov platform to over 1,500 public institutions and also rolled out the Ghana Integrated Financial Management Information System (GIFMIS)…