Category: Economy
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Too many tax policy inconsistencies worrying – Tax Analyst
Tax Analyst, Francis Timore Boi has bemoaned the trend of tax policy inconsistencies from the government. According to him, the regular announcement of tax policies followed by a withdrawal of same isn’t good for the government. Since 2017 till date the government has made major U-turns in connection with some key policy proposals, including the…
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World Bank urges Ghana gov’t to take steps to stabilise its economy
The World Bank has charged the government of Ghana to prioritise the development of a roadmap that will return the country to a state of economic equilibrium that is credible in the eyes of stakeholders. Ghana’s public debt has increased from GH¢ 299.1 billion at the end of 2020 to GH¢344.5 billion as at end…
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We’ll ensure passage of e-levy by end of January – Adu Boahen
The Minister of State at the Ministry of Finance, Charles Adu Boahen, has assured that government will ensure the e-levy is passed in Parliament by the end of this month. Parliament adjourned sitting to January 25, 2022, without passing the controversial Electronic Transfer Levy of 1.75% which government hopes will rake in close to GH¢7…
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Fitch downgrade due to excessive borrowing to finance political promises – Analysts
Economic analysts have blamed the pressures of government’s many political promises for the country’s economic woes and the recent downgrade in Fitch’s ratings. According to them, the continuous borrowing to fulfill expensive social and infrastructural development needs had led the country to a place of severe indebtedness that it continues to struggle to service those…
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Be circumspect in your debt accumulation in 2022 – Prof. Quartey to gov’t
The government has been urged to be circumspect when it comes to borrowing this year, 2022. This is according to the Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey. A close look at the Summary of Macroeconomic and Financial Data from the Bank of…
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More infrastructure needed to satisfy growing data demand in Ghana – MTN CEO
Chief Executive Officer of MTN Ghana, Selorm Adadevoh has reiterated the need for the telecommunication industry to improve the current infrastructure base for internet data to ensure they meet the data demands of their customers. According to a recent Fitch Solutions report, Ghana’s telecommunication industry is said to be one of the fastest-growing in Africa…
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MoMo agents bemoan lack of engagement on E-levy
The Mobile Money Agents Association of Ghana have bemoaned the lack of engagement on the Electronic Transfer Levy. According to the association, all attempts to have their concerns heard by the government have proved futile. The group has threatened to embark on a demonstration on Thursday, December 23, 2021 against the proposed 1.75 percent E-levy…
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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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2022 Budget: Gov’t urged to institute measures to block tax revenue leakages
Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye is asking the government to adopt pragmatic measures in the 2022 budget to seal all loopholes in Ghana’s tax system to rake in more revenue for development. Ghana loses a substantial amount of revenue annually through illicit financial flows such as trade…
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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…