Category: Top Stories
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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…
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NIC urges insurance companies to recapitalize by May 2022
Insurance companies that fail to meet the new minimum capital requirement by May this year may have to sell off their companies or merge with others. This is according to the Commissioner of Insurance for the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to see to the recapitalization…
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GRA begins implementation of six new tax reliefs
The Ghana Revenue Authority, GRA, has commenced the implementation of some six tax reliefs introduced by the government as part of efforts to cushion taxpayers against the impact of the COVID-19 pandemic and support efforts by small and medium-sized businesses to create jobs. The implementation of these reliefs follows the passage of relevant legislation by…
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Government rejects Moody’s downgrade of Ghana’s credit rating
The government is unhappy with credit rating agency, Moody’s, for downgrading Ghana’s Long-Term Issuer and Senior unsecured bond ratings to Caa1 from B3. According to government, it believes that the recent fiscal consolidation measures announced by the Finance Minister and the 2022 budget, which are anchored on debt sustainability and a positive primary balance, largely…
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Peasant farmers want debt owed fertilizer suppliers paid to prevent shortages
The Peasant Farmers Association of Ghana is urging the government to pay debts owed to fertilizer companies in the country to ensure the availability of the product throughout the year [2022]. There was a major shortage of the product on the market last year [2021] which saw a rise in the price of the commodity…
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Moody’s downgrades Ghana’s economy to Caa1 with stable outlook
Moody’s Investors Service (Moody’s) on Friday, February 4, 2022 downgraded Ghana’s long-term issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. It said the new rating of the country’s economy reflects the woes Ghana is facing in fixing its liquidity and debt challenges. It also faulted…
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Gov’t urged to ensure stable fiscal regime to attract more investments
Executives of leading mining company, Gold Fields, say businesses and investors will appreciate stability in the country’s fiscal regime. According to them, a stable fiscal regime helps with the effective running of businesses. Different stakeholders have for some time now been raising issues with the trend of policy inconsistencies from the government especially when it…
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Suspension of PSRL was an unrealistic way of tackling fuel price hikes – IES
The Institute for Energy Security (IES) has described the suspension of the Price Stabilization and Recovery Levy (PSRL) as an unrealistic strategy for bringing down domestic fuel prices. Prices of fuel have gone up at the pumps across the country because the levy, which is a key component of the fuel price build-up, has been…
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Prices of goods to go up by 12% over implementation of amended VAT
Consumers may have to pay an increase of about eight to twelve percent from February for some commodities should the Ghana Revenue Authority (GRA) implement the amended Value Added Tax (VAT) rate. This is according to the Importers and Exporters Association of Ghana (IEAG). The association says, the amendment, which was gazetted on December 31,…