BUSINESS

E-commerce and digital transactions expanded rapidly on the African continent during the outbreak of the COVID-19 pandemic as health-related restrictions limited foot traffic in malls, prompting greater levels of online retail activity. Africa led mobile internet usage as of 2021 compared to other regions. The continent led by 13 per cent above the global average, and almost five per cent ...

President of the Ghana Union of Traders Association (GUTA), Dr Joseph Obeng has lamented the potential effect of the recently passed tax laws on the business community. According to him, the introduction will affect the cost of doing business in the country. The Excise Duty and the Income Tax Amendment Acts that were passed by Parliament take effect from Monday, ...

The Driver and Vehicle Licensing Authority (DVLA) says it will be impounding the vehicles of drivers without valid licenses on the road. LEARN AND TRADE FOREX WITH GOLIGFX WATCH THE VIDEO BELOW: The exercise, which is in accordance with Road Traffic Regulations 47, 158 of LI 2180 of 2012, will begin on May 1. Those to be affected by the ...

Ghana has taken the tough economic decisions needed to win a rescue package from the International Monetary Fund, once bilateral creditors sign off on assurances, said the institution’s Africa Department Director Abebe Selassie. The government has increased taxes and imposed losses on domestic investors, as authorities attempt to meet IMF demands for the $3 billion loan. Still, informal talks with ...

The Fair Wages and Salaries Commission (FWSC) has disclosed that preliminary monitoring report on 58 institutions has estimated that about 22 per cent of their wage bill is unearned salaries. This development emerged from an ongoing nationwide payroll monitoring exercise to expunge existing anomalies and fraud in the public sector payroll. The exercise is to save the country an estimated ...

Fitch Ratings has downgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘RD’ from ‘CCC’. Fitch has also downgraded to ‘CC’ from ‘CCC’ and subsequently withdrawn the issue ratings on five local-currency bonds issued prior to the domestic debt exchange. Fitch has affirmed the issue rating of local-currency bonds issued on the completion date of the domestic debt exchange ...

As Ghana’s economy continues to face significant challenges, the government recently introduced three new taxes – the Excise duty amendment bill 2022, growth and sustainability levy bill, and income tax amendment bill 2022 – to raise revenue and meet the criteria for a $3 billion IMF programme staff-level agreement. However, these new taxes come at a time when the Ghanaian ...

The Chief Executive Officer of the National Communications Authority (NCA) Joe Anokye has announced that the MTN Zone bundle will soon be back. This was after telecom operator MTN submitted a revised data zone bundle which meets the regulatory requirement, Mr Anokye said. MTN announced the suspension of the Zone Bundle on Wednesday, April 05, 2023. A statement issued said ...

Banks in the country have begun releasing their 2022 Financial Statement ahead of the April 30, 2023 deadline by the Bank of Ghana. But the Domestic Debt Exchange Programme (DDEP) has impacted negatively on their profitability position. According to the 2022 Audited Financial Statements sighted by Joy Business, almost all the banks that have published their statements recorded losses. Standard ...

Businessman Senyo Hosi says the Akufo-Addo administration is pushing a chunk of Ghana’s financial liabilities to a future government through the new Domestic Debt Exchange Programme (DDEP) that has been presented to labour. Speaking on the Business Focus with Paa Kwasi Asare on TV3 Monday April 17, he said “You actually have a government now who is deffering a lot ...