Category: Government
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Government to begin taxing online businesses by April 2022
In a frantic effort to achieve an ambitious 80.3 billion Ghana cedis tax revenue target for the year 2022 and also attain a tax to GDP ratio of up to 16.5%, the government has initiated moves to widen the tax net and broaden the tax scope. Aside from the introduction of an electronic transfers levy…
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Ghana still working to improve local content in Oil & Gas industry- Akufo-Addo
President Akufo-Addo says Ghana is still struggling to get more local companies to participate in the oil and gas industry years after laws allowing local content were enacted. The President was speaking at this year’s International Energy Conference and Expo in Guayana. Ghana’s local content policy underpinned by L.I 2204, is geared towards a progressive…
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GREDA asks for tax rebates to build 20,000 housing units a year
The Ghana Real Estate Developers’ Association (GREDA), has called on the government to grant tax rebates to its members to enable them build enough affordable housing units in the country. President Nana Addo Dankwa Akufo-Addo back in April 2019, charged GREDA to develop a proposal to build 20,000 housing units a year to help deal…
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We’re monitoring Ghana’s recovery; a program request has not been made – IMF
The International Monetary Fund (IMF) has indicated that Ghana is yet to request a financial program from the institution. This comes on the back of calls, by some stakeholders, for Ghana to seek a bailout from the IMF to address its current economic challenges. Despite harsh criticisms, the government continues to maintain that the most…
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‘We are not going to the IMF’ – Ofori-Atta insists amid push for E-levy
Finance Minister, Ken Ofori-Atta, says Ghana will not seek a bailout from the International Monetary Fund, IMF, despite the current economic challenges. Mr. Ofori-Atta says government will consider home-grown solutions to deal with the difficulties because the country has what it takes to turn its ailing economy around. Speaking at the third in a series of town…
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Moody’s must review Ghana’s appeal against Caa1 credit downgrade – APRM
The African Peer Review Mechanism (APRM) an autonomous entity of the African Union that supports African countries in the area of credit ratings, has denounced the recent downgrade of Ghana’s rating by international agency Moody’s from B3 to Caa1, with a stable outlook. The downgrade which the APRM says threatens Ghana’s debt sustainability efforts follows…
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Akufo-Addo terminates appointment of Ghana Airports MD, Yaw Kwakwa
President Akufo-Addo has directed that the appointment of Mr. Yaw Kwakwa as the Managing Director of the Ghana Airports Company Limited should be terminated. The Minister of Transport, Kwaku Ofori Asiamah in a letter to the Board Chairman of the Ghana Airport Company said “in this regard, kindly take the necessary steps to give effect…
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Economist urges Gov’t to signal its readiness to sacrifice as E-Levy debate continues
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming says it’s time for the government to send signals of its willingness to sacrifice some perks if it wants the citizenry to consider accepting the Electronic Transfer Levy (E-Levy). There continues to be opposition to the E-Levy from different quarters…
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Fintech industry players worried e-levy will cause several job losses
Stakeholders in the fintech space have expressed worry that the implementation of the electronic transfer levy will lead to several job losses in the sector. The government introduced a 1.75 per cent levy on electronic transfers in the 2022 budget as part of its revenue mobilisation efforts. In an interview with Citi Business News, Managing…
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Rely on digitization to plug expenditure loopholes – Economist to gov’t
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming has charged the government to hasten efforts at leveraging its digitization agenda to plug any revenue and expenditure loopholes while focusing on property taxation and tax exemptions to raise more revenue. The remarks follow the downgrades of Ghana’s credit rating…