Category: Economy
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Government’s new tax policies to take effect from May 1
The implementation of the new tax policies announced in the 2021 budget statement and duly approved by Parliament will take effect from May 1, 2021. The implementation date was announced in a statement issued by the Ghana Revenue Authority (GRA) on April 20, 2021. According to the government the implementation of the new taxes which include…
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New Tax Court will assist in revenue mobilization efforts – Tax Analyst
The coming establishment of a tax court should greatly aid government’s efforts at meeting its Domestic Non-oil Tax Revenue for 2021. That’s according to a tax analyst. According to the 2021 budget, Total Revenue and Grants for this year is pegged at GH¢72.4 billion, equivalent to 16.7 percent of GDP, out of which Domestic Revenue…
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Balance developmental spending and debt accumulation – IMF to Ghana Government
The International Monetary Fund (IMF) says it is more important now than ever, that Ghana balances its developmental spending needs against the rate of debt accumulation by the country. Ghana’s debt to GDP ratio crossed the dreaded 70% threshold back in September 2020 and is expected to hit 81.5% by the end of this year…
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Ghana hasn’t been downgraded to low income status – Finance Ministry
The Ministry of Finance has clarified that the classification of Ghana as a low-income developing country in the International Monetary Fund’s (IMF) April 2021 Fiscal Monitoring document is not a downgrade. “We wish to state that Ghana continues to be categorised as a ‘Lower-Middle Income Economy’ based on the widely-recognised classification of the World Bank…
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Invest borrowed money into productive activities – Prof. Quartey to government
As the discussion around the International Monetary Fund’s (IMF) classification of Ghana as a low income developing country continues, the Head of the Institute for Statistical, Social and Economic Research (ISSER), Professor Peter Quartey has called on the government to focus on building a resilient economy that will thrive after the COVID-19 pandemic is dealt…
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LPG marketers urge government to reconsider increase in gas prices
The Liquefied Petroleum Gas (LPG), Marketers Companies Association of Ghana is asking the government to reconsider the announced 18-pesewa upward adjustment on a kilogram of LPG. According to the association, the tax will further worsen the plight of consumers and subsequently lead to a reduction in the use of the product. The association further indicated…
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Ghanaians willing to pay higher taxes to support development – Afrobarometer report
A new Afrobarometer report released by the Centre for Democratic Development (CDD) suggests that Ghanaians endorse taxation and are willing to pay higher taxes to support the country’s development. The report however stated that majority of Ghanaians find it difficult to know what taxes and fees they are supposed to pay and how the government…
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Kumasi: Residents and business operators call for dumsor timetable
Following the announcement by officials of the Electricity Company of Ghana that the intermittent power outages being experienced in the Ashanti Region may not end anytime soon, some inhabitants and business operators in the region have called for a load shedding timetable. According to them, the unannounced power fluctuations have been causing damages to their…
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Profits of leading banks increased in 2020 despite COVID-19 outbreak
Data from the financial statements of some leading banks in the country for the year ended 2020, shows increases in profits for some and some declines for others. This can be gleaned from the Summary Statements of Comprehensive Incomes of 10 of Ghana’s top banks during a year in which COVID-19 ravaged all aspects of…
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2021 budget: Parliament approves GHS129 billion for financing government’s operations
Parliament has approved the sum of GHS129 billion for the services of the government for the 2021 financial year. The sum was captured in the Appropriation Bill. Before the approval of the Appropriation Bill on Tuesday, March 30, 2021, the House passed the COVID-19 Health Recovery Levy, Energy Sector Levies Amendment, Financial Sector Recovery Levy…