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More layoffs to hit economy in 2016 – Employers Association

unemployment

The Ghana Employers’ Association (GEA) has warned there will more layoffs this year following current economic developments in the country. According to the association, the unpredictable and unstable nature of the microeconomic environment, counterfeiting and illicit trade remains a big challenge to employers. Cost of borrowing has gone up to above 35 percent as current inflation is above 17%. President ...

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Tax stamp duty: Businesses to meet government over possible suspension

Closed offices at the Freight forward section at the Tema Port

Some importers have told Citi Business News they are contemplating whether or not to attend a meeting involving government officials over their concerns on the excise tax stamp duty which took effect yesterday. The planned meeting is scheduled for Thursday, March 10, and it will involve officials from the Finance Ministry, the customs division of the Ghana Revenue Authority, importers and freight ...

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Business’strike halts full implementation of excise tax stamp

exporters

Manufacturers and Importers will from today, be required to emboss tax stamps on their products before releasing them unto the market. This follows the implementation of the excise tax stamp policy by the Ghana Revenue Authority. While some manufacturers are expected to start complying with the directive from today, Citi Business News understands importers clearing their goods at the ports may have ...

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Ghana-Kenya business relationship to deepen

Kenyan President, Uhuru Kenya (r) in a handshake with President John Mahama

  President of Kenya, Uhuru Kenyatta has urged for stronger trade collaboration between Ghana and Kenya. According to him, Kenya possesses the requisite opportunities for business growth to enhance investments into both countries. Uhuru Kenyatta also believes harmonizing resources for business growth will reflect in the overall vision of the ECOWAS and the East African community to facilitate free trade ...

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Review laws on small scale mining in Ghana – Tony Aubynn

Illegal mining in Ghana

The Minerals Commission, is proposing a revision of aspects of the country’s Mineral and Mining law, Act 703 of 2006 in relation to the small scale mining in Ghana. According to the Commission, there is a fundamental problem with the current legislation and practice. The current minerals and mining law defines small scale mining as mining by a method not involving ...

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Strike over high taxes: Gov’t to meet businesses’ demands

Closed shops at Okaishie market in the Central Business District

The three day strike by the Joint Private Business Sector Consultative Forum enters the third day despite government’s assurance of reviewing some of the taxes. It follows a meeting with Deputy Minister of Trade and Industry, Mutala Mohammed yesterday. Citi Business News has gathered that government failed to convince the business operators to call off the strike, despite reaching a ...

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GAWU dismisses adverse impact of new tax law on agric sector

Agric -women-farmers

The General Agricultural Workers Union (GAWU) has downplayed fears that the introduction of taxes on certain subsectors of the agric sector will have serious consequences on agriculture. The comments follow the implementation of the new income tax law. Per the new law, agro processing businesses which are conducted wholly in the country and prior to the new law had a ...

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MP denies parliament has received proposal to reverse interest tax

Mark Assibey

A Member of the Parliamentary Committee on Finance, Dr. Mark Assibey Yeboah has described as untrue, claims by the Finance Ministry on a proposal for a reversal of the tax on interest earnings. The Minister of Finance, Seth Tekper in a statement issued yesterday indicated a proposal has been sent to Parliament seeking that the one percent tax imposed on ...

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Govt threatens to withdraw cash to subvented agencies

Finance Minister, Mr. Seth Terkper

Government has threatened to withdraw subventions to Subvented Agencies by March 2016 if they fail to submit details of payroll information for migration onto the payroll. According to Controller and Accountant General’s Department (CAGD) ‘the Department wishes to inform these remaining Agencies whose salaries are paid outside the Government of Ghana mechanized payroll system at CAGD that their subventions would ...

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Parliament to reverse new tax on interest earned by individuals

par

Citi Business News has gathered Parliament is likely to reverse the imposition of the 1% tax on interest earned by individuals. Following the implementation of the new income tax law by the Ghana Revenue Authority (GRA) to replace the repealed Internal Revenue Act,  (Act 592) which took effect on 1st January, 2016, all interest paid to an individual is to ...

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