Ghana has been cited as a major transit point for the illicit shipment of gold. Originally, a safety standards-oriented company, on its illicit trading data map, identified Ghana, Sudan, Ethiopia and Uganda as major illegal gold trading routes with export destinations being Switzerland, the United Arab Emirates, and India. In its report on the global illicit economy, OriginAll noted that “Local gold refineries are being extensively used to launder gold from illicit sources in an artisanal mining sector involving several million people, forced labour, and high risks.” In an assessment of the trade data between Ghana and its three major…
Author: herbert
The Electricity Company of Ghana (ECG) is negotiating with the Ghana Revenue Authority (GRA) to offset about ¢600 million of its tax obligations to the state. The GRA intends to write off the debt of some “sensitive” public sector institutions that have accumulated over the years. Samuel Dubik Mahama, the Managing Director, ECG, who disclosed this in an interview, said the amount would still not be enough “as we owe GRA over a billion Ghana cedis in taxes.” ECG has so far retrieved about ¢2.5 billion out of ¢5.7 billion debt it intends to recover from a month-long revenue mobilisation…
Economic growth slowed to 3.7 percent in the fourth quarter (Q4) of 2022 compared to 5.6 percent in the same period of 2021, according to provisional data released by Ghana Statistical Services (GSS). The provisional real quarterly gross domestic product (GDP) data indicate that non-oil GDP also declined – from 6.9 percent in 2021 to 4.3 percent in Q4 2022. Government had revised its growth projection down to 3.7 percent from 5.8 percent initially forecasted for 2022, as well as 4.3 percent for non-oil growth due to the challenging macroeconomic environment. While the economy experienced a slowdown in Q4 2022, some sub-sectors…
as latter’s innovative technology earns praise from tax authority The Ghana Revenue Authority (GRA) has expressed its commitment to supporting Strategic Mobilisation Limited (SML) Ghana – a revenue and assurance audit firm, as it expands its gatekeeping services beyond the country’s petroleum downstream sub-sector. During a stakeholder engagement between the Board of GRA and SML Ghana, Board Chair Dr. Anthony Oteng-Gyasi suggested that the success achieved in the petroleum downstream sector is worth replicating. He praised SML Ghana for implementing more effective digital and innovative controls, which have resulted in fewer and smaller restatements and increased revenue generation for government.…
$2.5m of crude condensate missing at Tema Oil Refinery – Energy Minister $2.5m of crude condensate missing at Tema Oil Refinery – Energy Minister GraphicOnline Apr – 20 – 2023 , 07:05 The Energy Minister, Dr. Matthew Opoku Prempeh, has revealed that crude condensate worth $2.5m has gone missing from the Tema Oil Refinery (TOR). Dr. Prempeh stated that the deal he secured for TOR in the premix sector has left the funds unaccounted for. “I gave TOR a new business opportunity in the premix fuel market that all the condensate from Ghana Gas should be used for making premix fuel.…
• Kofi Koranteng — Independent presidential hopeful I’ll overhaul governance system to end corruption — Kofi Koranteng Samuel Duodu Politics Apr – 20 – 2023 , 07:31 An independent presidential hopeful for the 2024 general election, Kofi Koranteng, has pledged to overhaul the country’s governance system to address issues of bad leadership and corruption. Mr Koranteng who is currently making inroads into the Ghanaian political space noted that corruption had been the bane of the country’s development. Equally important, he said, was for the nation to elect good leaders to enhance the it’s fortunes which he promised to bring to reality when…
The governing New Patriotic Party (NPP) has petitioned the Criminal Investigations Department (CID) of the Police Service to arrest ex-president John Mahama for allegedly making treasonable remarks. The National Organiser of the party Henry Nana Boakye popularly known as ‘Nana B’ said the NPP wants the CID to arrest the National Chairman of the opposition National Democratic Congress (NDC), Mr Johnson Asiedu Nketia. According to him, Mr Asiedu Nketia has also made comments that portend great danger to the peace and stability of the country. He said the two personalities wield influential positions in the country and as such any…
Michael Nyinaku The first prosecution witness in the criminal case against the former Chief Executive Officer (CEO) and owner of the defunct Beige Bank, Mike Nyinaku, has alleged that the bank was turned into a ‘cash cow’ for the accused where customer funds were siphoned at his will. Julius Ayivor, a chartered accountant said the withdrawals were done at the beck and call of Nyinaku himself and his many companies, including The Beige Group Limited. The proceedings of the High Court held at the last sitting on April 3 was largely centred on one of the prosecution’s case involving a…
Finance Minister, Ken Ofori-Atta A development economist at the University for Development Studies (UDS) says government’s decision to place a premium on the involvement of China in pursuit of debt forgiveness is rather not the best. Dr Michael Ayamga said although China is Ghana’s biggest creditor, the country would be in good standing if other external creditors join in to forgive its debt. “We have made initial contact with our creditors and tried to engage China, which many have asked us to do. I beg to differ because I was not particularly pleased with our decision to prioritise China. “We…
The Ghana cedi is expected to record a mixed performance this week as the market awaits a decision of Ghana’s external debt restructuring with its bilateral creditors. The Paris Club of International Creditors has set up a partial creditor committee to begin restructuring talks with Ghana. Many analysts and market watchers will therefore be watching closely how the discussions unfold. Any decision taken is expected to influence the value of the cedi going forward. Last week, the cedi gained across the major trading currencies in the foreign exchange market following progress on Ghana’s negotiations with its bilateral creditors. It gained…
