Business

The government, through the Minerals Development Fund (MDF) and Stool Lands Administration, received and disbursed GH¢310 million mineral royalties to traditional authorities and to fund legacy projects. Kwaku Asomah-Cheremeh, the Minister of Lands and Natural Resources announced this at the Meet-the-Press series in Accra on Wednesday. The Minister said GH¢240 million of the amount came from ground and farm rents ...

The Principal Revenue Officer in Charge of Customs Auctions, Mr. Prince Akwaboah has hinted that the Customs Division of the Ghana Revenue Authority is considering online means of auctioning general goods and vehicles in order to broaden its reach. The head of auctions of Customs revealed that, the procurement plans are advanced to select the technology partner for that service. ...

The total unemployment rate in Ghana has reduced by some 3.5 percentage points despite the devastating effects of COVID-19 on the job sector and the economy at large. This came to the fore when the Minister of Employment and Labour Relations Ignatius Baffuor Awuah took his turn at the periodic “Meet The Press” series organized by the Ministry of Information yesterday. According ...

The government of Ghana has reportedly suspended the implementation of the amended Customs (Amendment) Bill 2020 that bans the importation of accident and salvaged motor vehicles into the country. This was disclosed in an interview by the Ghana Institute of Freight Forwarders (GIFF) on Thursday though the government is yet to give full details about the suspension. The act which ...

Global demand for transportation fuel will remain below trailing five-year average levels beyond 2021, barring a speedier resolution to both the COVID-19 pandemic and trade tensions among the largest oil consuming nations, international rating agency Moody’s has said. “Mitigating these risks effectively would accelerate the oil market’s recovery,” it added. It said the pandemic will have a lasting impact on ...

On August 17th 2020, amidst the COVID-19 pandemic, Ghana handed over the African Continental Free Trade Area (AfCFTA) Secretariat building to the African Union (AU) Commission. Once in motion, the core mandate of the secretariat will be to implement the African Continental Free Trade Agreement which has been described by the World Economic Forum as the largest trade bloc by number of ...

Telcos in Ghana have reduced call and data tariffs to reflect the reduction in the Communication Service Tax (CS) from 9% to 5%. In a statement released on Monday, September 14, 2020, the Ghana Chamber of Telecommunications said: “mobile network operators will adjust tariffs to reflect the 4% reduction in Communications Service Tax by Tuesday 15th of September 2020.” The ...

The Registrar-General’s Department is set to hold a two-day virtual meeting on September 15th and 16th with investors of 53 Asset Management Companies (AMCs) whose licenses were revoked by the Securities and Exchange Commission (SEC). The meeting is to provide an update on a Government’s Bailout Plan for creditors who qualify as investors of the AMCs and are under the ...

Dr Godwin Kwame Adjei, a member of Institute of Directors, Ghana has called on the government to remove all legal and regulatory limitations that impede the establishment and registration of Small and Medium Scale Enterprises (SMEs). He said such legal and regulatory requirements were too cumbersome and serve as a disincentive to individuals and groups who want to venture into ...

Trade Minister Alan Kyerematen has revealed that the government of Ghana will not adopt the United States’ definition of what constitutes salvaged cars in banning the import of second-hand cars into Ghana. He said there are some cars that have been described as salvaged by insurance companies in the US and other parts of the world that could still be ...