Toshiba is suing Western Digital for 120bn yen ($1bn; £835m), accusing it of interfering in the attempted sale of its flash memory business.The Japanese giant is offloading the unit, which makes chips for smartphones and laptops, to cover huge losses in its US nuclear division.It has so far failed to clinch a sale to its preferred buyer, a group of…
ACI Construction Company Limited, a subsidiary of Agams Holdings, says it is cooperating with the Ghana Revenue Authority (GRA) towards a speedy resolution of tax issues which resulted in the tax agency locking up the offices of the company early this week.According to the company, since the figure is in dispute, it is unfair for GRA to make categorical statements…
The indebtedness of Volta River Authority (VRA) to the Ghana National Gas Company (Ghana Gas) has jumped to $534.2 million as of May 31, 2017.The amount represents quantity of natural gas that the Atuabo Gas Plant supplied to VRA for electricity generation.VRA complains that its inability to settle its debt to Ghana Gas is as a result of Electricity Company…
The Ghana Revenue Authority (GRA) has served notice that it will be compelled to sell off the assets of National Communications Backbone Company (NCBC) within the next fourteen days should the company fail to provide proof to benefit from capital gains tax reliefs.The NCBC, which is a subsidiary of Vodafone Ghana is reported to have defaulted in capital gains tax…
Central Banks use monetary policy rates as the benchmark for charging interest on loans and advances to commercial banks.Whenever a commercial bank has a temporary shortage of funds it usually borrows funds from the central bank at the policy rate.This borrowing by commercial banks from Central Banks is traditionally done via repos (Repurchase Agreements); a transaction in which a commercial…
The local fuel market in the first Pricing-window in June 2017 recorded interesting turn of events. Prices were projected by Institute of Energy Security (IES) to rise up to 4% based on global oil market fundamentals.Puma Energy was the first Oil Marketing Company (OMC) to adjust prices upward but quickly had to backtrack due to stiff competition; one of the…
The government has released GHc78.5 million to defray part of the arrears owed caterers under the Ghana School Feeding Programme (GSFP).The disbursement covers the remaining five days of the third term of the 2015/2016 academic year and 65 days of the first term of the 2016/2017 academic year.A statement signed by the Minister of Gender, Children and Social Protection, Ms…
Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Baidoo, has revealed that the cocoa buying organisation is heavily indebted to the tune of GH¢ 10 billion.According to him, the indebtedness is the result of mismanagement by the previous administration headed by Dr. Stephen Opuni adding the situation is impeding the smooth running of the Board.He said due…
Finance Minister Ken Ofori Atta has chastised the minority in parliament of scaring away investors following their insistence that the $2.25billion bond issued by government was done in secrecy.The Minority at a press briefing on April 18 accused government of wrongdoing in the issuance of the bond accusing Mr. Ofori-Atta of conflict of interest and insider trading.According to the opposition…

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