Author: Bobbie Osei
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E-levy is critical for improving Ghana’s tax-to-GDP ratio – Ofori-Atta
The Finance Minister, Ken Ofori-Atta has defended the Electronic Transaction Levy proposed in the 2022 budget, saying it will help lift Ghana’s tax-to-GDP ratio to a level comparable to peer economies in the sub-region. At around 12% in 2019 and 2020, and 13% in 2021, Ghana’s tax-to-GDP ratio remains far below the government’s target of…
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14.5% policy rate will slow down inflation, decelerate growth of economy – Economist
Economist with the University of Ghana, Dr. Adu Owusu Sarkodie says raising the policy rate by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) to 14.5% in November 2021, will help slow down inflation but is also likely to affect the economy’s growth rate as well. The rate had been maintained at…
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Economist urges gov’t to target telcos profit, others to raise needed revenue
As Parliament prepares to begin debating the 2022 Budget Statement on Tuesday, November 23, 2021, a senior lecturer in the Department of Economics at the University of Ghana, Dr. Adu Owusu Sarkodie has called for a more holistic approach to revenue mobilization next year. The Minister for Finance, Ken Ofori-Atta on Wednesday, November 17, 2021,…
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E-levy won’t discourage people from going cashless – Adu Boahen
Minister of State at the Finance Ministry, Charles Adu Boahen, is confident the introduction of the Electronic Transaction Levy by the government will not discourage Ghanaians from going cashless. The announcement of the new levy was made during the 2022 Budget reading on Wednesday, November 17, 2021, as part of the government’s strategies to widen…
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Abolishing road tolls will ensure free movement of goods and services – Osafo-Maafo
Senior Presidential Advisor, Mr. Yaw Osafo-Maafo has backed the zero-rating of tolls on all public roads and bridges. The Finance Minister, Ken Ofori-Attah, who made the announcement on Wednesday, explained that tolling points contribute to heavy vehicular traffic witnessed on major roads across the country. In an interview with Citi Business News, Mr. Osafo-Maafo noted…
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Importers threaten to increase prices of goods if Gov’t doesn’t restore benchmark policy
The Importers and Exporters Association of Ghana is threatening to have its members increase the price of the goods they bring into the country if the government goes through with the reversal of the 50% benchmark policy on some 32 product categories. Some documents cited by Citi Business News purportedly from the Ghana Revenue Authority…
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Gov’t urged to use the 2022 budget to stimulate production activities in the country
The government is being urged to use the 2022 budget statement and economic policy to introduce supply-side initiatives that will stimulate production. According to economist Courage Martey, an improvement in domestic production will go a long way to mitigate the rising rate of inflation. The year-on-year inflation rate for October 2021 hit 11 percent, according…
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Inflation hits 15 months high of 11% in October 2021
Increases in prices associated with housing, water, electricity and transport across the country have pushed year-on-year inflation for October 2021 to 11 %t. This is according to the Ghana Statistical Service (GSS). The rate of inflation for the month of October is the highest in the last 15 months. According to that data from the…
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Some transport operators threaten to withhold their services from Thursday Nov. 11
The Concerned Drivers Association with support from other stakeholders including the Tipper truck drivers Association and the Okada Riders Association are threatening to park their vehicles and motorbikes from 3pm on Thursday, November 11, 2021, if they do not get a favourable response from the government, concerning their request for some taxes and levies in…
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Dr. Ernest Addison calls for integrated approach to improve intra-African payments
Governor of the Bank of Ghana, Dr. Ernest Addison has called for a multidimensional integrated solutions approach to tackle the inherent frictions in cross-border payments in Africa. According to the World Economic Forum, payments which have always been the lifeblood of trade will be key for intra-African trade, which covers 55 countries with varying financial…