BUSINESS

Taxes have become more of a punishment to businesses – Badu-Aboagye

The Chief Executive of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye, has expressed serious concerns about the escalating burden of both direct and indirect taxes on businesses in the country. Speaking on JoyNews’ PM Express, Mr Badu-Aboagye questioned the sustainability of business profitability in the face of increasing costs and taxes. He argued that taxes have become an ...

Read More »

Only 15.0% of farms in Ghana are commercialised – Report

Only 15.0% of farms in Ghana are commercialized, C-Energy Global Holdings has stated. It report on “Creating Agriculture Financing Schemes for Sustainable Agriculture and Food Security” also revealed that only 4.0% of total bank lending in Ghana went into agriculture in the last five years. The report said low mechanization, poor farm recordkeeping, poor rural transportation infrastructure, post-harvest losses, among ...

Read More »

Inflation to average 18% in 2024 – Fitch Solution

Inflation will ease throughout 2024 averaging 18% in 2024, Fitch Solutions has predicted. It insists the easing inflation will force the Bank of Ghana to cut the policy rate by 800 basis points this year. It disclosed this in its January 2024 Sub Saharan Africa Quarterly Update. This will be almost in line with the Bank of Ghana’s projection of ...

Read More »

‘Menzgold Extorted Customers’

Another witness in the trial of Nana Appiah Mensah aka NAM1, the Chief Executive Officer of Menzgold Ghana Limited, yesterday indicated that all attempts to retrieve funds locked with the defunct company proved futile and the company used that as an advantage to extort money from customers. The prosecution called two witnesses yesterday, bringing the total number of witness to ...

Read More »

Elon Musk: Judge blocks ‘unfathomable’ $56bn Tesla pay deal

A judge in the US state of Delaware has annulled a $55.8bn (£44bn) pay deal awarded to Elon Musk in 2018 by the electric car company Tesla. The lawsuit was filed by a shareholder who argued that it was an overpayment. Judge Kathaleen McCormick called the compensation “an unfathomable sum” that was not fair to shareholders. In a post on ...

Read More »

Refinery: TOR products may struggle to get buyers – Energy expert reveals

A prominent energy expert has strongly criticised the president’s recent push to revive the ailing Tema Oil Refinery (TOR), asserting that without proper caution, the endeavour may end in failure. Mr Benjamin Nisah emphasised that even if TOR is revitalised as per the President’s aspirations, its products may struggle to find buyers in the market. Mr Nisah highlighted the National ...

Read More »

Finance Ministry seeks dialogue with Organised Labour on domestic power consumption VAT

The Ministry of Finance says it has acknowledged concerns raised by Organised Labour regarding the proposed implementation of Value Added Tax (VAT) on residential customers’ electricity consumption. In a press statement released on Tuesday, January 30, the Ministry announced plans to conduct extensive meetings with Organised Labour and other key stakeholders in the coming weeks to ensure their input in ...

Read More »

UPS to cut 12,000 jobs after ‘disappointing’ year

Parcel delivery firm UPS has said it will cut 12,000 jobs, after it was hit by a softer economy and a labour fight that scared away some customers. Chief executive Carol Tomé said 2023 was a “difficult and disappointing year”, and the firm was investing in artificial intelligence (AI) as it pushes to become more efficient. She has also called ...

Read More »

ISSER: Mobile money agents’ unilateral withdrawals restriction detrimental to transition to cash-lite economy

ISSER has warned that the unilateral decision by mobile money operators to limit cahouts to GHS1,000 would have a detrimental impact on the gains made in financial inclusion and the transition to a cash-lite economy. The agents took the decision to ensure they get fair compensation following a decision by the telcos to cap charges at GHS10 for withdrawals from ...

Read More »