Business Archives - Page 389 of 393

20 Apr

Stakeholders Urged To Ramp Up Education On E-Levy Ahead Of 1st May Start Date

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With about 10 days to go, to the highly anticipated implementation of the Electronic transfer Levy (E-Levy) by the Ghana Revenue Authority, the Ghana Chamber of Telecommunications, is calling for a ramping up of education by the various stakeholders on the project to ensure the public is adequately informed. The levy of 1.5 % on selected electronic transfers, which for about 4 months faced stiff rejection from the minority in parliament along with other Civil Society Organization (CSO’s), was passed and assented to by the President late last month. Speaking to Citi Business News on preparation towards the levy’s implementation,…

19 Apr

PIAC Asks GNPC To Quit Giving Out Loans To Gov’t Until Significant Recoveries Are Made

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The Public Interest and Accountability Committee (PIAC) has advised the Ghana National Petroleum Corporation (GNPC) to desist from granting loans and guarantees until recoveries are made with reference to outstanding loans. This comes after reports that the Petroleum Corporation could not realize its budgeted revenue from loans and guarantees due to debts owed it by the government. According to the Public Interest and Accountability’s 2021 annual report, the Ghana National Petroleum Corporation (GNPC) in 2021, could not realize its budgeted revenue from loans and guarantees amounting to US$126.7 million out of an accumulated total of US$318 million owed it by…

19 Apr

Charging E-Levy On Salaries Sent Via MoMo Is Discriminatory – Telcos Chamber

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Ahead of the highly anticipated implementation of the Electronic transfer Levy (E-Levy) from May this year, the Ghana Chamber of Telecommunications, has called for a review of the application of the levy on salaries sent via mobile money as well as other discriminatory aspects of the levy. The levy is a 1.5 percent tax on electronic transfers that include but is not limited to, mobile money transfers done between accounts on the same network, mobile money transfers from an account on one network to a recipient on another network, transfers from bank accounts to mobile money accounts, and transfers from…

19 Apr

GAWU Laments Lack Of Gov’t Policy To Boost Food Production

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The General Agricultural Workers Union is lamenting the government’s failure to implement policies that will ensure a boost in production of food this year. According to the General Secretary of the Union, Edward Kareweh, the current situation being faced by farmers with fertilizer subsidy and high cost of production will lead to a low output this year and into the next year if the government does nothing about it. “We are yet to see government policies that are seeking to ensure that we increase agricultural production for 2022 to be able to avert a similar situation in 2023.” Despite the…

14 Apr

Ghana’s Oil Revenue Up 17.5% Despite Decrease In Production – PIAC

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Data from the Public Interest and Accountability Committee (PIAC) has disclosed that Ghana’s revenue from oil production saw an increase to a record US$783.33 million in the year ending 2021. This represents a 17.5 percent increase in revenue from the US$666.39 million recorded in 2020. According to PIAC, this increase is due to higher crude oil prices on the global market. Despite an increase in the turnover of oil production, the volume of barrels of crude oil reduced in the year ending 2021. Annual crude oil production declined by 17.7 percent from 66,926,806 bbls in 2020 to 55,050,391 bbls in…

14 Apr

We’re Working To Ensure Successful Implementation Of E-Levy – Telcos Chamber

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The Ghana Chamber of Telecommunications, says despite the tough demands that come with the reconfiguration of the systems of Electronic Money Issuers (EMI’s) in Ghana, for the implementation of the Electronic transfer Levy (E-Levy), its members are committed to making sure the implementation comes off successfully. The implementation of the E-levy, which is expected to commence in May 2022, was originally expected to help bring in about GH¢6.9 billion this year to shore up government’s revenue. The Finance Minister, Ken Ofori-Atta, in an interaction with the media, mentioned that government expects systems that will pave the way for the implementation…

14 Apr

More Oil Cash Could Help Gov’t Meet 2022 Revenue Target – Seth Terkper

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Former Finance Minister, Seth Terkper says a sustained high price of crude oil on the international market could help government in raking in much-needed revenue for this year. From a revenue target of GH¢72 billion in 2021, government has set for itself a new target of GH¢ 100 billion for 2022, and is hoping the coming implementation of the Electronic Transfer Levy, in addition to other measures, will help in achieving the high target. So far a barrel of Brent Crude oil has risen from about $76 at the start of this year to a high of about $140 in…

13 Apr

Cocobod Boss Clears Air On Fertilizer Shortage Warning

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Chief Executive Officer of Ghana Cocoa Board (COCOBOD) Joseph Boahen Aidoo has insisted that he was misconstrued to have ever suggested that government will not buy fertilizer for cocoa farmers in the coming years. Joseph Boahen Aidoo, during the inauguration of management committees for the Cocoa Research Institute of Ghana(CRIG), the Seed Production Division(SPD), and the Cocoa Health and Extension Division, spoke of events in Ukraine and the potential effect on fertilizer production and entreated farmers to brace themselves up for a trying moment. But speaking at a farmer’s engagement at Yaw Kariba New Pillar 34 in the Esaam District…

13 Apr

Sefwi: Cocoa Farmers Praise Akufo-Addo For Cocoa Rehabilitation Programme

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Scores of cocoa farmers in the Western North Region of Ghana have heaped praises on the Akufo-Addo-led government for the introduction and successful implementation of the National Cocoa Rehabilitation Programme. The cocoa farmers contend that but for the programme many of them would have lost their only known source of livelihood and that would have left them impoverished and pushed them into abjection. President Nana Addo Dankwa Akufo-Addo in September 2020 launched the National Cocoa Rehabilitation Programme. Under the Programme, the Ghana Cocoa Board (COCOBOD) bears the full cost of the a two-year rehabilitation process which involves the cutting of cocoa trees…

13 Apr

Our Investment In Security Systems Will Minimize Fraud Cases – BAG

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The Ghana Association of Banks says its members have invested heavily in infrastructure to help prevent and detect fraudulent activities in their systems. President of the Association, John Awuah stated that “The good thing is as a community of banks the level of investment that we have undertaken to be able to stop these fraudsters from becoming successful and where the transactions even go through our systems can help us trace and track these people.” This comes on the back of a recent collaboration between The Economic and Organized Crime Office (EOCO) and the Ghana Association of Banks which led…