An Accra high Court has for the second time in two weeks, adjourned until July 16, hearing on the dispute over the ownership of Tano 2A oil block. The adjournment was at the behest of all the three parties; Clontarf Energy Plc and Petrel Resources and Pan Andean Resources Ltd so that key discussions can continue. The courtroom battle has attracted international attention following Ghana government’s decision to grant a licence to a US company over part of what Clontarf and Petrel believe to be
The Monetary Policy Committee (MPC) of the Bank of Ghana on Wednesday increased its policy rate by a 100 basis points to 19% amidst continued softening in business and consumer confidence alongside heightened inflation expectations. The increase in the MPC’s Policy Rate- which signals interest rate trends- is the second time this year that the Central Bank has moved to tighten its monetary policy in a bid to control inflationary pressures expected from the recent increase in utility tariffs and
How time flies. Ten years ago founders of Able Import and Export Trading Company Limited (AIETC), a subsidiary of the Jospong Group of Companies, took advantage of the growing global influence of the Chinese economy and positioned itself as one of the leading private sector actors; playing its rightful role in the growth and prosperity of Ghana and Africa. Little did they know then their venture was going to be one that would offer jobs to people and promote trade. Today AITEC, which offers job
Government needs to draft a policy that will assist in home acquisition through mortgages as part of measures to solve the rising housing deficit, mortgage expert Andrews Agblobi has said. The high cost of housing and expensive lending rates have raised the cost of mortgages and priced out most workers who desire to acquire their own home, he said in an interview with the B&FT. The effect is that more and more people are compelled to live in rented housing, where they are subjected to landlords
Local companies, especially small and medium-sized enterprises (SMEs), must look beyond existing insurance covers and disaster recovery plans and put in place an effective business continuity management plan that will shield them against risks and other unexpected external shocks, says David Brocke, PwC's Director of Risk Assurance Services. Speaking at a business breakfast meeting to create awareness on how businesses can be positioned to become more resilient and sustainable in the wake of
The Singapore Government wants to invest part of its foreign reserves into Ghana’s real-estate sector using its Sovereign Wealth Fund. The decision by Singapore’s government to consider Ghana for real-estate investment is a significant boost to the country’s real-estate industry, as demand for housing far outstrips supply while concerns rise about the widening housing deficit in the country -- estimated at close to two million. Ian Lee, the Centre Director of International Enterprise (IE)
The Industrial and Commercial Workers Union (ICU), Ghana, has called on the government not to re-introduce the 17 ½ Value Added Tax charges imposed on core and non-core bank services. In a Resolution copied to Minister of Finance, the ICU said the law should be abrogated not be re-introduced. It said informed sources say there is nothing in the banking system called non-core activities. The resolution jointly signed by Mr. Emmanuel Boateng, Chairman, and Mr. Solomon Kotei, General Secretary of the
Three brand-new Hyundai Salon Cars have been awarded to Direct Sales Agents of Fidelity Bank for their hard work and outstanding performance in contributing to the growth in the bank’s deposits. Also known as Fidelity Sales Ambassadors (FSA), an Awards night spiced with lively music and poetry has been organised by the bank to entertain and reward the team’s best performers. This year’s awards ceremony is the sixth in a series and saw 15 people from across the country receiving awards for
Gold Fields Ghana, the country’s biggest miner of gold, has described its lack of a stability agreement with government as frustrating. Stability agreements, also known as investment agreements, grant preferential tax treatment to beneficiary mining companies by freezing the tax rates that they pay over a long-term period. Newmont Ghana and AngloGold Ashanti are the only firms that have such agreements with the government, and have been saved the harsh effect of recent hikes in industry taxes. Gold
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