The Ghanaian government is targeting a revenue boost of GH¢750 million following the parliamentary approval of the Value Added Tax (VAT) Amendment Bill. This legislation introduces the E-VAT policy, which modernizes the tax framework by incorporating electronic commerce and mandating the electronic issuance of tax invoices. Key provisions of the reviewed law include requirements for upfront VAT payments by unregistered …

The Mayor of Accra, Elizabeth Kwatsoe Tawiah Sackey, has officially commissioned a newly refurbished market shed at the 31st December Makola Market. This project, which underwent a two-year rehabilitation process after falling into a state of disrepair, is designed to accommodate 665 traders. The primary goal of the renovation is to mitigate the severe congestion in Accra’s Central Business District …

European natural gas prices have surged by 9%, nearing the historic highs recorded earlier this year, after Russia followed through on threats to further restrict energy supplies. The Russian state energy firm, Gazprom, has reduced flows through the Nord Stream 1 pipeline, the primary artery for gas into Germany, to less than 20% of its total capacity. While Moscow attributed …

Meta, the parent company of Facebook and Instagram, experienced its first-ever year-on-year revenue decline in the second quarter of 2022, with total earnings slipping 1% to $28.8 billion. This downturn was driven by a significant slump in advertising sales as businesses, particularly small and medium-sized enterprises, reduced their marketing budgets in response to global inflation and economic uncertainty. Despite this …

Walmart has issued its second profit warning in less than three months, significantly lowering its annual forecast due to the impact of surging food and fuel costs on household budgets. The retail giant now expects its full-year profits to decline by as much as 13%, a sharp departure from its previous estimate of a mere 1% dip. This announcement sent …

Ghana’s trade performance showed significant growth in the first half of the year, achieving a trade surplus of $1.43 billion, which represents approximately 2% of the nation’s Gross Domestic Product. This figure marks a substantial increase from the $886 million surplus recorded during the same period in the previous year. Data from the Bank of Ghana’s Summary of Economic and …

The Ghana Standards Authority (GSA) and the Ghana National Eggs Campaign Secretariat have raised a public health alert regarding the substandard handling of eggs in local markets, particularly the hazardous practice of selling broken eggs for human consumption. During a high-level workshop in Kumasi attended by over 150 poultry farmers and vendors, experts warned that the current methods of transporting …

Ghana experienced a significant surge in its mango export sector between 2020 and 2021, with the industry growing by 28% to reach a total valuation of $64.6 million. According to data from the Ghana Exports Promotion Authority (GEPA), this upward trend moved the country to the 11th position among global mango exporters, representing a 1.7% share of the worldwide market. …

The cargo ship Felicity Ace, which was transporting approximately 4,000 luxury vehicles including Porsches and Bentleys, has sunk off the coast of the Portuguese Azores archipelago. The vessel had been adrift for nearly two weeks following a major fire that broke out on February 16 while it was en route from Emden, Germany, to the United States. Although all 22 …

The 22 wealthiest individuals in Russia saw a staggering $39 billion erased from their collective net worth in a single day following the military invasion of Ukraine. This massive financial collapse was triggered by a historic crash of the MOEX Russia Index, which plummeted by 33% as markets reacted to the onset of the conflict. According to the Bloomberg Billionaires …

Russia has initiated an unprecedented full-scale invasion of Ukraine, launching military assaults by air and ground on several key Ukrainian cities, including the capital, Kyiv. Explosions have also been reported in Odessa, Kharkiv, and Mariupol, with Russian forces having breached the Kyiv region. The offensive, which began early Thursday local time, was announced by Russian President Vladimir Putin as a …

Employees of the Ghana Textile Printing Company (GTP) have launched a demonstration demanding the immediate dismissal of their Managing Director, Fatoumata Doro. The protestors, dressed in red and displaying placards with messages such as “Fatuo must go” and “Profitability demands smart hiring,” expressed deep dissatisfaction with her leadership. Despite making history as the company’s first female MD since 1966, Doro …

The government is nearing a final agreement to secure 20,000 acres of fertile land in Wassa Fiase specifically for sugarcane cultivation to support the long-awaited operationalization of the Komenda Sugar Factory. This move is being paired with an active recruitment process for local outgrowers to ensure a steady supply of raw materials, addressing the primary hurdle that has historically stalled …

The Ghana Revenue Authority (GRA) has outlined plans to initiate pilot tax programs targeting the e-commerce, gaming, and betting sectors starting in April 2022. Commissioner-General Ammishaddai Owusu-Amoah stated that these new revenue streams, alongside the implementation of the E-Levy and ongoing digitization efforts, are essential for achieving the government’s GH¢80.3 billion annual revenue target. The Authority has developed a specialized …

Africa’s wealthiest individual, Aliko Dangote, has seen his net worth increase by approximately $950 million since the start of 2022. This financial growth is largely attributed to the rising share price of Dangote Cement Plc, which climbed 7% on the Nigerian Exchange following a strategic share buyback program. The company successfully executed two tranches of this program, acquiring nearly 1% …