Business

Construction Of Jamestown Fishing Harbour Completed
23 Jul

Construction Of Jamestown Fishing Harbour Completed

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The construction of the Jamestown Fishing Harbour has been completed on schedule, with operationalization expected to begin before the end of this year. The new fishing harbour was constructed under a 50-million-dollar Chinese government aid over a period of four years. The fishing harbour sits on a 60,000 square-meter land and has been optimized with modern facilities such as an ice-making plant that can produce 60 tons per day on average, a cold store that can store 200 tons of fish, two workshops, a fish market that can accommodate 200 sellers per day, ancillary stalls, an administration block, and a…
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GRA Board Commends Management And Staff For Exceeding 2024 Mid-Year Target
23 Jul

GRA Board Commends Management And Staff For Exceeding 2024 Mid-Year Target

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The Board Chairman of the Ghana Revenue Authority, Joe Ghartey, has commended the Commissioner General of GRA, Julie Essiam and her able management team and competent staff for their outstanding performance in exceeding the 2024 mid-year target. In a statement signed by the GRA Board Chair, Joe Ghartey, he said this historic performance comes during a challenging year characterized by seasonal challenges including an elections year. The Board stated that this performance demonstrates the continued trust they have reposed in management and staff in working against all odds to deliver on their mandate. The Board of the Ghana Revenue Authority…
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Finance Minister Presents 2024 Mid-Year Budget Today
23 Jul

Finance Minister Presents 2024 Mid-Year Budget Today

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The Minister of Finance, Dr. Mohammed Amin Adam, is expected to present the 2024 mid-year budget review statement in Parliament on Tuesday, July 23, 2024. The budget presentation is in accordance with Article 179 of the 1992 Constitution and Section 21 of the Public Financial Management Act, 2016 (Act 921). This will be his first budget reading after assuming office in February 2024. A statement from the Ministry, dated Monday, July 22, 2024, outlined the key areas to be covered in the review. These areas include economic and fiscal performance for the first half of the year, growth measures, revenue,…
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Concerned Drivers Postpone Planned Fare Increase
22 Jul

Concerned Drivers Postpone Planned Fare Increase

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The Concerned Drivers Association of Ghana has announced a postponement of their planned 15 percent increase in transport fares, which was scheduled to take effect on Monday, July 22, 2024. The decision to suspend the fare hike follows an invitation from the Ghana Private Road Transport Union (GPRTU) and the Transport Ministry for a round-table discussion aimed at ensuring a smooth implementation of the new fares or possibly canceling the increase altogether. In a statement, the Transport Operators Association explained that the meeting with the GPRTU and the Transport Ministry is crucial to address concerns and reach a consensus that…
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Africa Will Have Independent Credit Ratings Agency In 2025 – AU Commissioner
22 Jul

Africa Will Have Independent Credit Ratings Agency In 2025 – AU Commissioner

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The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga, has announced that the continent is on track to establish a credit ratings agency by 2025. Speaking with reporters in Accra on July 20, 2024, Muchanga stated that the independent agency, specifically designed to cater to Africa's sovereign borrowers, is currently in the operationalization stage. “The project is at its next phase of operationalization that entails coming up with the final work plan to ensure that we are able to roll it out,” he explained. He noted that the African Peer Review Mechanism, African Development…
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GRA Targets 2 Million Informal Sector Taxpayers
22 Jul

GRA Targets 2 Million Informal Sector Taxpayers

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The Ghana Revenue Authority (GRA) has said it is finalising processes to capture some two million potential informal sector taxpayers into the tax net. Speaking to the B&FT at a media briefing in Accra, Commissioner, Domestic Tax Revenue Division, GRA, Mr. Edward Gyambrah said plans are far advanced to roll out the Modified Taxation System and capture about two million small and medium taxpayers from the informal sector. “This system will capture everyone who earns income in the country, and we envision roping-in about two million before end of year. We’ve been working on it over the last three months and its…
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Ghana Seeks To Limit Some Cocoa Purchases As Shortages Persist
22 Jul

Ghana Seeks To Limit Some Cocoa Purchases As Shortages Persist

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Ghana is seeking to limit some cocoa purchases for next season, a sign that severe shortages that have plagued the market and sent futures prices to a record may be far from over. In a letter to buyers this week, the world’s No. 2 producer said it will determine how much of the next crop can be sold as specialty cocoa based on total production, and that the regulator will allocate beans “equitably” among buyers. Specialty cocoa beans include the ones with certification such as Fairtrade, UTZ and Rainforest Alliance, along with traceable beans. The move to restrict some purchases…
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Maintain Current Fares, Ignore 15% Increase Announcement – GPRTU To Drivers
19 Jul

Maintain Current Fares, Ignore 15% Increase Announcement – GPRTU To Drivers

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The Ghana Private Road Transport Union (GPRTU) has urged Ghanaians to disregard the 15% increase in transport fares announced by the Transport Operators Association. Transport Operators Association in a statement announced an increase in fares, effective Monday, July 22. Although GPRTU acknowledged the rising prices of petroleum products and their significant impact on transportation costs, it emphasised that fare increases can only occur after proper stakeholder engagement, which has not yet happened. GPRTU thus directed commercial transport operators to adhere to the current fares. Speaking to Citi News, Abass Imoro, the Industrial Relations Officer for GPRTU said, “We are not…
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Downstream Petroleum Industry Value Hits GH¢71 Billion In 2023
19 Jul

Downstream Petroleum Industry Value Hits GH¢71 Billion In 2023

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The domestic downstream petroleum industry amassed a monetary value exceeding GH¢71billion in 2023, contributing approximately 8.4 percent to the country’s Gross Domestic roduct (GDP) according to Dr. Mustapha Abdul-Hamid, Chief Executive Officer-National Petroleum Authority (NPA). With over 3,000 service providers, the sector predominantly features high local participation and annually delivers over 4 million metric tonnes of petroleum products. He also noted that the industry has returned an average annual value of over GH¢35billion over the past seven years. “Increased private sector participation has transformed the petroleum downstream industry into a vibrant and dynamic sector, playing a crucial role in the…
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NPA Boss Urges LPG Marketing Companies To Embrace CRM
19 Jul

NPA Boss Urges LPG Marketing Companies To Embrace CRM

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The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has urged LPG marketing companies to re-asses their opposition to the cylinder recirculation model (CRM) and embrace the policy. He said CRM was being implemented in all the countries in the West African sub region, including Cote d’Ivoire, Togo, Burkina Faso and Senegal, and indicated that Ghana could not afford to continue to lag behind. Speaking at the opening of the 2024 Ghana International Petroleum Conference (GhIPCon) in Accra on Wednesday, the NPA Boss said he had noticed the aggressive advertisements run by LPG marketing companies (LPGMCs) promoting…
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