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BoG gives reason for increasing minimum capital for microfinance institution

The Bank of Ghana says it increased the minimum capital for microfinance intuitions because it wants to protect depositor’s funds. The central bank raised the minimum capital required to operate a microfinance to 500,000 from 100,000 Ghana cedis for deposit taking intuitions. That of non- deposit taking firms would also require 300,000 Ghana Cedis. However, existing institutions have up to 2016 to fully meet the requirements. Head of Banking Supervision, in-charge of Micro Finance and a Rural Bank, Raymond Amanfu…

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Finance Minister faces parliament over 3% VAT Flat rate

  The Minister of Finance Ken Ofori-Atta is expected to face parliament today, Thursday July 6, 2017 to answer questions over the controversial 3 percent VAT Flat Rate. The Ghana Revenue Authority (GRA) on July 4, 2017 announced commencement of the application of the 3 percent VAT Flat Rate to replace the previous 17.5% Input-Output VAT computation approach. The new announcement, according to the GRA will make tax filing less cumbersome compared to the previous VAT regime. Nonetheless its implementation…

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Govt to meet IMF board this month

The Finance Minister Ken Ofori-Atta has disclosed that government is preparing to meet the board of the International Monetary Fund later this month. A team from the IMF led by Joël Toujas-Bernaté, earlier visited Accra on the 10th of February this year to welcome the government’s intention to conduct a full audit of outstanding obligations under the External Credit Facility (ECF). Ghana entered into the ECF facility with the Fund for a total of 918 million over a three year…

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Top Global Investment Executives to speak at Ghana Investment Summit 2017

Prominent executives from some of the world’s largest investment firms and multinational corporations are confirmed to speak at the upcoming Ghana Investment Summit (GIS) 2017, to be held from August 20-22 at the Kempinski Hotel Gold Coast City in Accra. GIS, organized in partnership with the Ministry of Finance, Ghana Investment Promotion Center (GIPC) and global investment bank partners, is the first major investment summit under President Akufo-Addo’s administration which has declared a new era of investments in Ghana and…