GRA to roll-out automated tax clearance system from October – Veep

Government has revealed that it will begin rolling out the automation of all tax clearing certificates, TCCs, from October this year. This is part of efforts to promote tax compliance. This latest move is aimed at reducing the voluntary use of powers and its attendant alleged corruption by public officials in the country. Prior to […]

BoG to close down licensed forex bureaus flouting foreign exchange law

The Bank of Ghana has indicated it will soon close down licensed forex bureaus that are not complying with the foreign exchange law.  Officials of the Central Bank disclosed this to Joy Business after embarking on some field exercises to check the state of compliance with some bureaus in the metropolis. There is the belief […]

$750m Afrexim Bank loan finally hits BoG’s account

The $750 million African Export-Import Bank (Afreximbank) Loan has finally hit the Bank of Ghana’s (BoG) Account. Documents sighted by JOYBUSINESS showed that the swift advice came in tranches to hit government’s account with the Central Bank. The said transfer came in yesterday (26th August, 2022) afternoon. Government is primarily looking forward to use this money […]

Railway workers back contract with S African company

The Ghana Railway Worker’s Union has thrown its support behind the move by the Ghana Railway Company Limited to sign a $3.2 billion loan agreement with Thelo DB Railway of South Africa to revamp the company. The Union had earlier raised reservations about the contract, accusing their company of failing to involve them in the […]

Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is […]

Cedi hits ¢10 to a dollar; BoG measures may halt depreciation in short-term

The Ghana cedi has hit the ¢10 mark as it traded at ¢10.01 in the retail market yesterday August 15th, 2022. At the same time, the cedi went for ¢10 to a euro. The cedi’s situation has become a major worry to businesses and household consumers, as its continuous depreciation is expected to be halted […]

Playwright Latif Abubakar, Spanish Embassy launch ‘Five Hours with Mario’

Celebrated Ghanaian playwright, Latif Abubakar has partnered with the Spanish Embassy in Accra on an adaptation of Miguel Delibes’ Five Hours with Mario. Speaking at the launch of the play at the Spanish Embassy in Accra, Mr Abubakar said the Embassy’s decision to partner his outfit, Globe Productions stems from a relationship between himself and […]

Inflation rises further to 31.7% in July 2022; Transport major driver

Year-on-year inflation crossed the 30% mark to hit 31.7% in the month of July 2022, data from the Ghana Statistical Service has revealed. This is the highest inflation rate recorded since late 2003. However, the rate of inflation slowed down in the month under review, as inflation went up by 1.9% over that of June […]

Fitch downgrades Ghana to junk status days after poor S&P grading

Rating agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ or junk status from ‘B-‘. The downgrade, it said, reflects the deterioration of Ghana’s public finances, which has contributed to a prolonged lack of access to Eurobond markets, in turn leading to a significant decline in external liquidity. “In the […]