Tag: Cedis

  • GRA clarifies import duties are quoted in cedis not dollars

    GRA clarifies import duties are quoted in cedis not dollars

    The Ghana Revenue Authority (GRA) has strongly denied allegations that import duties are calculated in dollars.

    Eric Boateng, the president of the Automobile Dealers Union, raised concerns about the effects of duties, especially those imposed in dollars, on the businesses of second-hand car importers in Ghana during an interview with Bernard Avle on the Citi Breakfast Show on Wednesday, May 15.

    However, the GRA released a statement on Friday, May 17, dismissing the claims of calculating duties in dollars as “misleading” and urged the public to disregard them.

    “The claims that GRA calculates duties in foreign currency are misleading and should be disregarded. The basis of calculation of duties is provided for in the Customs Act 2015, (Act 891).”

    The GRA reiterated that duties and taxes are quoted in Cedis, not in foreign currency.

    “The CIF value is then converted into Ghana cedis at the prevailing Bank of Ghana exchange rate. Rates of duty and other taxes are then calculated on the item in Ghana cedis. The duty and taxes are NOT quoted in foreign currency, but in CEDIS,” GRA explained.

    The GRA further explained that the Cost, Insurance, and Freight (CIF) values are quoted in internationally convertible currencies such as dollars, euros, pounds sterling, and others.

    “GRA wishes to clarify the issue as follows: Duties and taxes are computed based on the value of vehicles from the country of origin. In addition to the cost of vehicles, Insurance and Freight charges must be added to form the base for the calculation of duty and taxes.

    “The Cost, Insurance and Freight (CIF) values are quoted in international convertible currencies such as dollars, euros, pounds sterling, etc.”

  • Prophet Stephen Adom Kyei Duah pledges to share $3m among church members

    Prophet Stephen Adom Kyei Duah pledges to share $3m among church members

    The Founder and General Overseer of Believers Worship Center, Stephen Adom Kyei Dua, has revealed his plans to distribute funds among the congregation.

    Addressing the congregation, he stated that out of the $3 million allocated for the church’s 20,000 members, each individual will receive 2,000 Ghanaian Cedis.

    “I have a sum totaling 41,723,500 Ghanaian Cedis, which will be distributed among all 20,000 church members. Each member will receive a portion amounting to 2,000 Ghanaian Cedis,” he said.

    Recently, Prophet Adom Kyei-Duah has faced significant scrutiny regarding certain teachings and practices within his church.
    In response, he issued a warning to critics who make disparaging remarks about him and his church practices without valid reasons.

    According to him, despite being subjected to public criticism and insults, he has refrained from responding as he has not provoked such behavior.

    He announced that he has now been empowered by God to confront those who consistently attack him and tarnish his reputation.

    Prophet Adom Kyei-Duah cautioned that if his critics continue to target him, he will take decisive action against them without showing mercy.

    “I am advising every family and parent to speak to their children because if something happens, there will be no mercy for the cripple. I have decreed and declared and the lord has now given me an armour and everyone will begin to see it.

    “If I have not provoked, insulted or done anything to you yet you insult and attack me, from today onwards, I will not sit aloof but will begin to strike,”

    Watch video below:

  • A dollar goes for GHS13.95 at forex, BoG interbank rate at GHS13.06 

    A dollar goes for GHS13.95 at forex, BoG interbank rate at GHS13.06 

    Today, April 22, 2024, the Interbank forex rates provided by the Bank of Ghana indicate that the Ghana Cedi is exchanging against the US Dollar at a buying rate of 13.0472 and a selling rate of 13.0602.

    Meanwhile, at a Forex bureau located in Accra, the US Dollar is purchased at a rate of 13.60 and sold at 13.95.

    In terms of the Pound Sterling, the Cedi is valued at a buying rate of 16.1563 and a selling rate of 16.1738.

    At the same Forex Bureau in Accra, the Pound Sterling is bought at 16.60 and sold at 17.10.

    Regarding the Euro, it is priced at a buying rate of 13.8919 and a selling rate of 13.9046.

    At the Accra Forex Bureau, the Euro can be bought at 14.00 and sold at 14.50.

    For the South African Rand, the buying rate stands at 0.6819 and the selling rate at 0.6821.

    At a forex bureau in Accra, the South African Rand is bought at 0.40 and sold at 1.10.

    As for the Nigerian Naira, it is listed with a buying rate of 87.7713 and a selling rate of 88.8323.

    At the Accra forex bureau, the Nigerian Naira is bought at a rate of 9.00 Naira for every 1 Cedi and sold at 14.00.

    Lastly, for the CFA Franc, it is trading at a buying rate of 47.1755 and a selling rate of 47.2187.

    At the Accra forex bureau, the CFA Franc is bought at 20.50 CFA for every 1 Cedi and sold at a rate of 22.50 CFA for every 1 Cedi.

    Note that these rates may differ at a forex bureau near you. Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, Accra.

    Our forex bureau rates are provided by Afriswap Bureau De Change in Osu, A ccra.

  • Millions of cedis saved through Ghana’s digitalization drive – Bawumia

    Millions of cedis saved through Ghana’s digitalization drive – Bawumia

    Vice President Dr. Mahamudu Bawumia has highlighted the significant cost-saving impact of digitalization in Ghana, citing examples such as the Social Security and National Insurance Trust (SSNIT) and the National Service Secretariat.

    He revealed that SSNIT saved GH¢480 million by eliminating 29,000 ghost pensioners, while the National Service Secretariat eradicated 44,000 ghost workers, resulting in savings of over GH¢356 million.

    Speaking at the launch of LEADing Justice in Accra, Vice President Bawumia expressed enthusiasm for the Chief Justice’s emphasis on digitization within the judiciary, acknowledging Ghana’s progress in this area.

    “It is my hope that today’s event will herald a new dawn in the history of our judicial system propelled by efficiency, excellence, knowledge, and integrity.”

    He commended the Chief Justice for bringing renewed focus and energy to the judiciary since taking office.

    Bawumia emphasized the transformative power of digitalization, citing the dramatic increase in the proportion of individuals with Tax Identification Numbers after the introduction of the Ghana Card as an example.

    He also highlighted the effectiveness of digital tools in combating corruption, such as the elimination of ghost workers at the Controller and Accountant General Office.

    The Vice President stressed the importance of law, ethics, asset management, due process, and digitization as pillars of the judiciary’s image and advancement.

    “When we digitalized and gave everyone a Ghana Card and made the decision to make the Ghana Card Tax Identification number, we increased the proportion of individuals with Tax ID, the number moved from four per cent to 85 per cent just like that.

    “We have also seen through digitalization that you can deal with corruption. We have eliminated ghost workers at the Controller and Accountant General Office just by using the Ghana Cards because the ghosts don’t have fingerprints.”

    He lauded the positive impact of e-systems in improving the administration of justice, citing his personal involvement in launching a case tracking system in 2018.

    Bawumia called on all Ghanaians to support the Chief Justice’s vision for the judiciary, emphasizing the government’s commitment to investing in court infrastructure, residential accommodation for judges, and human resource development to enhance justice delivery.

    Minister of Justice and Attorney General, Mr. Godfred Yeboah Dame, praised the Chief Justice’s innovative approach in launching her vision for justice delivery, describing it as bold and transformative.

    President of the Ghana Bar Association, Mr. Yaw Acheampong Boafo, expresses confidence in the Chief Justice’s leadership and anticipates transformative changes benefiting all stakeholders in the judiciary.

  • A dollar selling at GHC12.80 as demand for foreign currency grows

    A dollar selling at GHC12.80 as demand for foreign currency grows

    Continued demand pressures for the dollar are expected to exert further downward pressure on the cedi’s performance this week, according to reports.

    Last week saw a slight depreciation of the local currency, resulting in a year-to-date loss of approximately 3.0%.

    Persistently high demand for the dollar hindered the cedi’s performance across major trading currencies.

    Despite the Central Bank’s injection of $3 million into the market, the local currency struggled, depreciating by 0.60% against the American dollar to close the week at GH¢12.80 in the retail market. While it depreciated by 0.16% against the pound, it managed to gain 0.19% against the euro.

    Meanwhile, global creditors and rating agencies held discussions last week regarding their impact on debt-distressed nations like Ghana. The meeting focused on how rating agencies’ actions have exacerbated borrowing costs post-debt restructuring.

    Analysts suggest that a positive revision to the rating method for such countries could bolster investor confidence in Ghana and potentially improve the cedi’s outlook in the medium term.

    However, despite these potential developments, pressure on the cedi is expected to persist in the near future.

  • Ghana Cedi is worst performing currency against US dollar – World Bank report

    The Ghana Cedi has recently been experiencing rapid depreciation against major trading currencies, especially against the United States dollar.

    The woes of the national currency have taken another hit with a World Bank report classifying the Ghana Cedi as the worst-performing currency in Africa against the US dollar.

    The Africa Pulse Report noted that the cedi had experienced a 60% depreciation against the dollar as of September 19.

    The report which tracked growth prospects and threats to African economies in 2022, also classified Ghana as a debt-distressed country with a debt-to-GDP ratio expected to surpass 100% by the end of the year.

    Explaining why their depreciation rate is higher than the widely reported 40% figure, Accra-based Joy News report that the bank confirmed to them in an email correspondence that, “it used a different methodology to track the FX rate of depreciation from the beginning of this year to September 19 2022.”

    That is why the World Bank arrived at the 60 percent rate of depreciation, compared to 40 percent if you are working with a 6.17 rate on December 31 and 10.09 in September 2022, the Joy News report added.

    Countries and respective rate of depreciation against the US dollar

    Ghana – (60 percent)

    South Sudan – (50.8 percent),

    Sudan – (28.6 percent),

    Malawi – (25.4 percent),

    CFA Franc – (13.3 percent)

  • BOG dead silent on new cedi notes video – As man captured in footage dies mysteriously

    A video containing huge bundles of the newly printed GHc100 and GHc200 notes believed to be amounting to billions of Ghana cedis, has hit the internet igniting wild speculations among social media users and political party fanatics, as to who owns it and what it was meant for.

    The amount seen in the footage, could only have come from the Bank of Ghana (BoG), as the commercial banks could not be allowed to harbour such.

    The video, which has been making the rounds for some days now, has raised eyebrows, but the BoG is yet to provide answers on ownership of the money estimated to be in the region of GHc4.5 billion or GHc5 billion, and for what purpose, although the video and pictures have been in circulation for some days now.

    However, the lack of answers is not even the interesting part. The only man, whose face was shown in the video identified as Richard Baah Appiah alias “Abrokyire”, The Herald gathered, has suddenly died, fueling fresh speculation that, he might have been murdered by some element among his circles for filming and releasing the footage on the cash.

    He is said to be a card bearing member of the governing New Patriotic Party (NPP).

    Richard is said to have died three days after the video and a picture which was taken of him sitting on the huge cash. He wasn’t sick, The Herald gathered, he just died, while the whereabouts of the person, whose home the said the money was packed continue to be a mystery.

    It is speculated that, Richard was flushed out because those behind the money don’t want it to be in the public domain, since he was the only one whose face was in the picture and could be the only credible source for investigation.

    Other views are that, Richard, might have attempted blackmailing the owners of the cash, hence got killed to silence him.

    Richard is alleged to be the relation or close to an unnamed minister in the Akufo-Addo government whose home the monies were packed.

    The picture of Richard sitting on the arranged bundle of cash, hit the internet at the same time the death of the former General Secretary of the governing NPP and Executive Secretary of the Forestry Commission, Kwadwo Owusu Afriyie aka “Sir John” was reported last Wednesday night.

    Richard, who sat comfortably with his facemask hanged under his chin with another unidentified man behind him at a distance, wore a long sleeve shirt and trousers.

    Minutes after the picture hit social media, a poster showing his one-week celebration also emerged from nowhere revealing the event was marked on Sunday, June 7, 2020, at Akim Manso in the Birim Central Municipality of Eastern Region. It also falls under the Asene Akroso-Manso Constituency where George Kwame Aboagye is the NPP Member of Parliament.

    Akim-Manso, is said to be a community with a population of about 7000 people.

    The town has a presence on Facebook. Indeed, on Saturday, June 6 this year, at 10:58 am a notice was posted from Akim Oda, announcing his week funeral event which took place on Sunday, June 7, 2020, at the “forecourt of the family house” at 8 am.

    It read “Tomorrow is the one-week Celebration of our late brother and a friend, Richard Nana Baah… It will take place tomorrow Sunday, June 7 at Akim-Manso… All have to be there to show our condolences to the bereaved family members…”

    Attached to the message, was black, white and gold electronic poster bearing Richard’s picture. The notice shows he is known within the Akim-Manso community.

    Although details of the 35-year-old were not readily available, a social media user, claimed she knew him from Tema and that she was even at his one-week celebration last month.

    “I know him, he’s late was at his one week just last Saturday. He spent much of his young life in Tema and moved to Accra later but his aunty and family are still in Tema”, Akorfa Adzo Adanuvor said.

    According to Akorfa, Richard spent most of his young life at Tema, but later moved to Accra, while the rest of his family still remained. Another also claimed he knew him and that in Accra; he was based at Asylum Down.

    It is unclear why the one-week event happened in Akim-Manson and not Tema, where he was said to have spent his childhood and where his parents were said to reside.

    It is also unclear, why the event was not held in Asylum Down, where he was said to have relocated after leaving Tema.

    Meanwhile, people continue to speculate on the death of the 35-year-old, saying it might be politically motivated. According to them, Richard might have been killed by people within his political circles, having being captured sitting on the money.

    Before the picture of the deceased surfaced on the internet, a video of the cash had first hit the internet around June 30, 2020, with some faceless youth numbering about four, arranging at one side of what appears to be the hall of a very rich person.

    The leakage of the pictures and video 23 days after the one-week event at Akim-Manso, therefore, suggests someone has had access to the information either from Richard before his death or got it after his death, and decided to release them.

    While the young men, who spoke Akan, fantasized about the bundles of money, legendry Daddy Lumba’s onetime hit, Theresa Abebreseh, was played at the background.

    In the hall where the money was arranged, a framed photograph of the owner of the house was captured in the footage, however, it was not clear enough to identify the person.

    Though none of the young men’s face was shown, one of them who took the video was encouraged by the rest to go ahead and take it, while another indicated that after they were done arranging them; he will also take a shot of it for future use.

    “Yes, I will also take a shot for future use”, he said while they arrange the money in excitement.

    Another teased the other, saying “You, the company you work for have they seen such huge money before”?

    Some party fanatics of both the governing NPP and the opposition National Democratic Congress (NDC), have accused each other of being the owners of the money, claiming it is for the December 7 election campaign.

    What has not been identified since the video went viral, is who exactly is keeping these huge monies in his home at where and for what purpose.

    It is not clear, if Richard, has been buried yet and whether an autopsy had been done on him to know the cause of his death.

    It is also unclear if anything has happened to the rest of the young men, whose voices were heard in the video.

    Source: The Herald

  • Public cautioned against fake money users

    The Ashanti Regional Command of the Ghana Police Service has cautioned the public to be wary of persons who purchase items with high currency dominations because they might be fake. The caution follows an arrest of 16 persons in the region on May 24 and May 29, 2020, suspected to be dealing in fake Ghanaian currency.

    The suspects who were all females, between the ages of 17 and 40 years, were arrested at separate locations after reports were made against them and their activities.

    A statement issued by the Public Relations Department of the Service in the Region and signed by Godwin Ahianyo, Assistant Superintendent of Police and copied to the Ghana News Agency, said an amount of GH¢24,000.00, made up of 100 and 200 Cedis denominations in fake currencies were retrieved from the suspects

    It said the currencies were currently in Police custody and were being kept as exhibits. Explaining how the perpetuators carried out their activities, the statement said, such persons usually acquired the bigger denomination of fake cedis notes such as GH¢100.00 and GH¢200.00 denomination to engage in various business transactions in the Region.

    It said the perpetuators then use the fake cedi notes to purchase items from unsuspecting traders at shopping centers such as supermarkets and other markets places which do not have currency detectors. “They move from one shop to the other and present the fake GH¢200.00 or GH¢100.00 note to purchase items whose values are negligible and take a change.

    “They also take this fake currencies to unsuspecting mobile money vendors and make deposit into their mobile money wallet,” the statement added.

    It advised the general public to be cautious about those who present high denominations to purchase items in small quantity, most especially of those who intend to make payments in haste with such bigger denominations.

    The statement urged Mobile money vendors to ensure that examine the currency they receive before confirming the transfer.

    Operators of shopping marts and supermarkets are to acquire currency detector where necessary, adding that to safeguard the security of businesses, victims of such crimes are advised to report promptly to the police to initiate investigations into any dubious transaction. The statement said the Police Command has since taken measures to investigate the sources of the fake currencies, as well as create awareness among the general public.

    “The antics of the criminals are dynamic and it is when they are reported that the Police can strategize to nib the activities of this syndicate in the bud,” it added.

     

    Source: GNA