Category: Top Stories
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GRA in talks with stakeholders to increase tax on tobacco products
The Ghana Revenue Authority (GRA) says plans are underway to revise the current tax structure on tobacco products in the country. Tobacco products such as cigarettes, cigars, and cheroots are taxed in Ghana. The taxes include excise tax and sales tax or VAT, import duty, a health insurance levy, ECOWAS levy, and economic development and…
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E-levy will disrupt tax structure if implemented- Seth Tekper
Former Finance Minister Seth Terkper says the E-levy policy if implemented, will disrupt the country’s tax structure. Speaking at a PFM tax dialogue Mr. Terkper said the policy takes the country back in time, undoing major work that has been done to strengthen the tax system. “VAT replaces all these taxes so part of my…
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Senyo Hosi urges gov’t to prioritize reversal of benchmark discounts on rice
CEO of HGL, a multi-grain processing facility, Senyo Hosi says the government needs to prioritize the reversal of the benchmark value reduction policy on rice even as it continues to engage stakeholders on the way forward. He argues that such a move is necessary in order not to derail all the gains that have been…
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Gov’t assures of ongoing work to ensure successful economic rebound
The government has assured investors of ongoing work being done to ensure that Ghana’s economic rebound anchored in fiscal consolidation and debt sustainability is successful. This follows concerns raised by investors pertaining to a number of issues including clarity on policy to cut the 2022 expenditure by 20% across board, the 2022 revenue target and…
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SSNIT paid GHS3.6 billion to contributors in 2021- Dr Tenkorang
The Social Security and National Insurance Trust (SSNIT) says it paid GH¢3.6 billion to beneficiaries of the scheme in 2021. The Director-General of SSNIT Dr Ofori Tenkorang made this known while speaking during an event organised by the National Pensioners’ Association. “Last year, we paid GH¢3.6 billion as Pensions, Emigration Benefit, Survivors Lump Sum and…
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100,000 people risk losing their jobs if benchmark value discounts are maintained – Rice Millers
The Rice Millers Association of Ghana (RMAG), Peasant Farmers Association of Ghana (PFAG) and General Agricultural Workers Union (GAWU) have expressed disappointment in the government for indefinitely suspending the Benchmark Value Reduction Reversal Policy. The suspension, according to a joint press release from the three associations, will render about 100, 000 workers in the rice…
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20% quarterly expenditure ceiling will enhance credibility of 2022 budget – Economist
Economist Courage Martey has stated that the government’s move to reduce the quarterly expenditure ceilings across the board for all covered entities benefiting from the 2022 Budget by 20% beginning 2022 quarter one, will enhance the credibility of the 2022 budget. The Minister of Finance, Ken Ofori-Atta, earlier this month announced that, in a prudent…
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E-levy to push gov’t revenue to 20% of GDP in 2022 – Fitch projects
International rating agency, Fitch, has projected that the electronic transaction levy will help increase government revenue to 20 percent of GDP in 2022. The 1.75% electronic transaction levy, also known as the e-levy, has become a controversial subject in the country, with both sides in Parliament sharply divided over its approval. While the Majority is…
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Lands Minister justifies suspension of companies at the center of Bogoso explosion
The Minister of Lands and Natural Resources, Samuel Abdulai Jinapor, has justified the decision to order for the closure of Maxam Ghana Limited and Jocyderk Logistics Limited, the two companies at the centre of the unfortunate Bogoso explosion. A letter from the Ministry to the Minerals Commission revealed that preliminary investigations showed that Maxam Ghana…
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Maxam Limited’s closure will affect mining companies – AngloGold Ashanti
The Senior Manager in charge of Mining at AngloGold Ashanti Iduaprim mines, Steven Asante Yamoah, says although it supports the Minerals Commission’s decision to regulate the manufacture and transport of explosives following the Appiate disaster, the closure of Maxam Company Limited will have adverse impact on the operations of over six mining companies in the…