Category: Local Economy
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1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey
Director of the Institute of Statistical, Social and Economic Research, at the University of Ghana, Prof. Peter Quartey is concerned that the 1.5% rate of the Electronic transfer levy (E-Levy) will prevent government from achieving the GHC 6.9 billion target set for the levy. President, Nana Akufo-Addo, signed into law the E-levy Bill, two days…
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Delay in passing E-Levy likely to affect GHC 6.9 billion target – Ofori-Atta
The Finance Minister Ken Ofori-Atta says it is unlikely that government will be able to achieve the GHC 6.9 billion target set for the Electronic Transfer Levy (E-levy). According to him the many delays and hurdles experienced in parliament before the E-levy bill was passed will affect the ability of the Ghana Revenue Authority (GRA)…
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Transactions to be affected by E-levy
As part of efforts to expand the country’s tax base, raise Ghana’s tax to GDP ratio and support government’s efforts at building an entrepreneurial country, government in the 2022 Budget, announced the introduction of the Electronic Transfer Levy (E-levy). The E-levy is a tax imposed on electronic transfers charged at the time of transfer. The…
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Defaulting controllers charged to register with Data Protection Commission or face prosecution
251 defaulting data controllers have been given a two-week ultimatum to register with the Data Protection Commission or risk prosecution. This is according to the Data Protection Commission. According to the commission, the defaulting institutions failed to register with it, even after an earlier 14-day notice had been issued to them to do so. Addressing…
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Passage of e-levy bill unfortunate – Prof. Bokpin
Economist, Prof. Godfred Bokpin is disappointed that the Majority Caucus in Parliament has passed the controversial electronic transfer levy bill. The e-levy has been a major source of tension in Parliament and even among the public since it was introduced in the 2022 budget. But Parliament on Tuesday passed the e-levy bill without the Minority…
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COCOBOD partners Academy of Arts and Sciences to boost cocoa consumption
The Ghana Cocoa Board (COCOBOD) and the Ghana Academy of Arts and Sciences (GAAS) have joined forces to conduct extensive research into the use of cocoa in the treatment of some global life-threatening diseases. The collaborative project seeks to further explore the health benefits of cocoa to encourage its consumption. This latest move between GAAS…
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COCOBOD warns of possible fertilizer shortage over Russia-Ukraine war
The Ghana Cocoa Board, COCOBOD, is predicting fertilizer shortage for cocoa farmers in the coming years. Chief Executive Officer of COCOBOD, Joseph Boahene Aidoo, attributed the impact of COVID-19 and the current Russia-Ukraine war as reasons for the potential shortage. “Russia, Ukraine, and Belarus are the three countries that produce the base elements for fertilizer…
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BoG advises against negative speculation about the Ghana Cedi
The Bank of Ghana has called out persons and groups that continue to negatively speculate about the Ghana Cedi with the hope that the local currency will continue to depreciate against the US Dollar. While data from the Central Bank shows that the Cedi had depreciated by about 15%, in the first 3 months of…
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Finance Minister outlines seven measures to raise revenue domestically
Finance Minister, Ken Ofori-Atta, has announced some seven measures to raise revenue domestically as part of efforts to address the current economic challenges. According to him, cutting down on expenditures alone will not be enough to revive the ailing economy and that the government’s focus is two-fold: to control expenditure and to raise more revenues…
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Gov’t slashes fuel coupons for appointees by 50%
Government appointees will have to endure a reduction in their fuel coupons as the government initiates steps to cut down on its expenditure. The Minister of Finance, Ken Ofori-Atta in his address to the nation on Thursday, March 24, 2022, announced a 50% decrease in the fuel allocations for government appointees. “These times call for…