Category: Economy
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Formal sector will no longer bear tax burden of the informal sector – Ofori-Atta
Finance Minister Ken Ofori-Atta has stated the formal sector can no longer shoulder the tax burden of the informal sector, announcing that government is planning a raft of reforms to broaden the tax base. According to Mr. Ofori-Atta, the revenue authority has over the years neglected the informal sector in their revenue mobilization drive while…
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Low tax compliance threatening Ghana Beyond Aid agenda — Ofori-Atta
The Finance Minister Ken Ofori-Atta has said the generally low taxes recorded by the Ghana Revenue Authority (GRA) is a serious threat to government’s ambition of moving the economy from aid dependence. Speaking at the Danquah Institute’s Economic Forum in Accra, the Minister stated that the country’s current tax to GDP ratio of 13.5 percent…
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GRA must be friendly towards tax payers — Tax expert
Dr. Alex Ampaabeng, a tax expert, has said officials of the Ghana Revenue Authority must adopt a more supportive approach to taxpayers to ensure more people to become tax compliant. Dr. Ampaabeng, speaking at the Danquah Institute Economic Forum on Friday, said over the years it is a general approach espoused by staff of GRA…
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EOCO, Special Prosecutor must stop corruption in oil & gas sector — COPEC
The Chamber of Petroleum Consumers (COPEC), has charged anti-corruption bodies such as the Economic and Organized Crime Office (EOCO) and the Special Prosecutor’s Office to apply more pressure in their fight against corruption especially in the oil and gas sector. The call is in line with recommendations made by the committee set up to investigate…
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Alan Kyerematen defends incentives and waivers for 1D,1F projects
Minister of Trade and Industry Alan Kyerematen insists government should actually be doing more than it currently is, when it comes to incentives and tax waivers for companies under the One District, One Factory program. This follows the Minority in Parliament’s complaint that the lack of details on the tax waivers and incentives under the…
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Financial Stability Advisory Council holds first meeting
The Financial Stability Advisory Council (FSC) has met for the first time almost 3 months after it was formally inaugurated by the president on February 12 this year. The meeting comes a month after Ghana successfully exited its 16th International Monetary Fund (IMF) programme. On 28th December 2018, the President of the Republic Nana Addo…
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We’ll manage exchange rate volatilities to reduce impact on debt stock–BOG
The First Deputy Governor of the Bank of Ghana Maxwell Opoku-Afari says the central bank will among other things prioritize the management of exchange rate volatilities in the country to limit its impact on the country’s debt to GDP ratio. According to the latest International Monetary Fund (IMF) fiscal Monitor Report, Ghana’s total debt stock…
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Ghana must address mismatch gap between academia and industry—Expert
The Ghanaian –German Centre for Jobs, Migration and Reintegration of the GIZ has challenged the various stakeholders within the jobs creation space in Ghana, to make more targeted investments to help reduce the rate of unemployment in the country. The call was made at the media lunch of the 2019 Ghana Job Fair held in…
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IMF warns of revenue shortfall if Africa Free Trade Agreement is implemented
The International Monetary Fund (IMF) has warned that Ghana could face revenue shortfall if the country starts the implementation of the African Continental Free Trade Agreement(CFTA) this year. The IMF maintains that although the agreement will boost trade on the continent, it will affect earnings and employment opportunities in some sectors of the economy. “Our…
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Pensions regulator to prosecute employers that fail to pay workers’ Tier-2 pensions
The National Pensions Regulatory Authority (NPRA) says it will soon begin the prosecution of companies that do not pay the tier-2 pensions of their employees. The threat of prosecution comes after the Attorney General recently gave the pensions regulator prosecutorial powers to go after companies that default in their workers’ tier-2 pensions. The National Pensions…