VRA speak on Atuabo Gas shutdown and stock reports

The Volta River Authority has dispelled fears that the country's power supply will be affected by  Atuabo Gas' planned shutdown for maintenance. Atuabo Gas Processing Plant revealed its decision, over the weekend to shutdown for planned maintenance after operating for more that 8000 hours.  However, the Public Relations Officer of the Volta River Authority, Sam Fletcher has  revealed to Pulse Business that the planned shutdown of Ghana Gas will not in any way affect availability of fuel to power the country's thermal plants

Ghanaians feel the pinch of new taxes under new tax law

The Ministry of Finance has submitted proposals to Parliament to reverse the 1% withholding tax on local investors its imposed last week. The tax imposition on interests is part of provisions in the new Income Tax Act, 2015 (Act 896) which came into force on January 1, 2016.

Under the new tax law, government has imposed a 20% tax on  from loans granted to farming enterprises, 8% withholding tax for foreign investors and 75% tax rate manufacturing businesses located outside Accra and Tema

Forex and Stock Market Updates

Mega African Capital limited experience the biggest gain today,  recording a 50 pesewa rise in its share prices, while, Benso Oil Palm Plantations experienced the biggest loss, recording a one pesewa drop in share price. All other stocks recorded no price difference.

On the currency market,

Dollar  is buying    at     GHC3.79   and selling at GHC3.85

Euro    is buying   at     GHC4.13   and selling at GHC4.30

Pound is buying   at     GHC5.61   and  selling at GHC5.80