Business

State-owned oil refinery Tema Oil Refinery (TOR), is expected to resume full-scale operations from June next year. TOR, largely due to financial challenges has been dormant for a while now, but new information from deep throat sources indicate that the refinery is making significant changes to start full operations from the second quarter of next year.  The revelation of TOR wanting to start full-scale ...

The Tax Exemptions Bill has been laid in Parliament on behalf of the Minister for Finance, Ken Ofori-Atta. It was laid on November 16, 2021. The bill, which seeks to streamline the tax exemption regime in the country, was first laid on the floor of parliament in 2019 but was not passed before the tenure of the 7th Parliament elapsed ...

Deputy Majority Leader, Alexander Afenyo-Markin has said that the electronic transaction levy (E-levy) will be reduced from 1.75% to at least 1.5%. According to him, the reduced charge was captured in the revised version of the 2022 budget submitted by the Finance Minister, Ken Ofori-Atta on Tuesday. Speaking on PM Express, he said the reduction is a result of the ...

The Ghana Employers Association (GEA) has asked Government to commit to ensuring fiscal consolidation through the implementation of policies and programmes contained in the 2022 budget. The Association asked it to put mechanisms in place that would reduce deficits and debt accumulation, and set the economy on a growth path of five per cent or more in the 2022 fiscal ...

The Chamber of Petroleum Consumers (COPEC), has welcomed the directive by the government for the cessation of road toll collection. Its Executive Director, Duncan Amoah, in an interview on Eyewitness News said the move by the government makes economic sense as the collection of road tolls come at a cost far higher than the revenue generated. “We are very happy with the ...

Effective January 2022, the fees and charges for all government services will increase by at least 15%. This is according to the 2022 budget statement presented by the Finance Minister, Ken Ofori-Atta on Wednesday, November 17, 2021. Per the document, the new charges will be subjected to an annual adjustment by the average inflation rate with the consent of the ...

Rainforest Alliance certified Cocoa farmers and other Agricultural produce will enjoy additional financial benefits from July, 2022, as a motivation to continue to produce in a sustainable manner.  As part of its 2020 Certification Programme, the Rainforest Alliance (RA) is rolling out two financial requirements for the buyers of Rainforest Alliance Certified commodities. The financial benefits include Sustainability Differential (SD) and ...

A section of African Civil Society Organizations and individuals have welcomed the abortion, by the UN Secretary-General, of the appointment of Mr Matt Hancock, former UK Secretary of State for Health and Social Care and MP for West Suffolk as Special Representative for Financial Innovation and Climate Change of the UN Economic Commission for Africa (UNECA). The Organizations argue that ...

U.S. Ambassador to Ghana Stephanie Sullivan joined the President of Ghana H.E. Nana Akufo-Addo and other Ghana government officials to formally inaugurate the Pokuase Bulk Supply Point (BSP) in Accra today.  The U.S. Millennium Challenge Corporation (MCC) funded the $64.7 million (GH₵ 391.9 million) electrical infrastructure project under the Ghana Power Compact. “The Pokuase Bulk Supply Point represents sustainable infrastructure ...

The Legatum Center for Development & Entrepreneurship at the Massachusetts Institute of Technology (MIT) has introduced the inaugural cohort of Legatum Foundry Fellows. Hailing from eight countries, these thirteen entrepreneurs have grown ventures operating in nine different markets across Africa.  Having pioneered innovations in healthcare, fintech, education and more, the Foundry Fellows have demonstrated their dedication and commitment to transforming ...