Category: Top Stories
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$2.5m worth of crude condensate missing at TOR – Opoku Prempeh
The Minister of Energy, Dr. Matthew Opoku Prempeh, has disclosed that some $2.5 million worth of crude condensate has gone missing at the Tema Oil Refinery (TOR). The Minister explains that his outfit secured a deal for the company in the premix sector but $2.5 million has been lost and left unaccounted for. “I gave…
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Chamber of Commerce warns of collapse of businesses following new tax bills
The signing into law of three new tax bills by President Akufo-Addo has prompted the Ghana National Chamber of Commerce and Industry to issue a warning about the potential collapse of numerous businesses in Ghana. The Excise Duty and Excise Tax Stamp (Amendment) Bill, 2022, the Income Tax (Amendment) (No. 2) Bill, 2022, and the…
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GRA can’t generate needed revenue from the new taxes – Awingobit
The Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Asaki Awingobit has expressed doubt that the Ghana Revenue Authority (GRA) would be able to generate the anticipated revenue from the newly introduced taxes. The financial bills seek to raise about 4 billion Ghana Cedis annually as part of domestic revenue mobilisation. President…
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Producer Price Inflation drops to 43.7% in March 2023
The Ghana Statistical Service has reported a decrease in the year-on-year inflation at factory gate prices for all goods and services to 43.7% in March 2023, down from 50.8% in February 2023. This decline is consistent with the Consumer Price Inflation which also fell to 45.0% in March 2023. The data shows a monthly producer…
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Ghana’s economy grew by 3.1 percent in 2022 – GSS
Latest data from the Ghana Statistical Service, GSS has revealed that Ghana’s economy has expanded by 3.1% in 2022. According to the GSS, this is dip as compared to the 5.1 percent record in the year 2021. The data also shows that the economy grew by 3.7 percent in the fourth quarter of 2022. Addressing…
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This is not the right time to introduce new taxes – Awingobit
The Exporters and Importers Association has voiced its disappointment with President Nana Akufo-Addo for approving the three new taxes passed by Parliament in March 2023. The union claims that the government did not address their concerns regarding the taxes when they submitted a petition to the presidency and parliament. On Monday, Information Minister Kojo Oppong…
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Joe Osei-Owusu’s exploitation claims against us unfortunate – GUTA
Vice President of the Ghana Union of Traders Associations (GUTA), Clement Boateng is demanding an apology from the First Deputy Speaker of Parliament, Joseph Osei-Owusu for accusing traders of under-declaring goods imported through the ports and excessive profiteering. The Association in an earlier statement scolded the Bekwai lawmaker for blaming traders for the general price…
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Food inflation may go up due to 3 new taxes- Chamber of Agribusiness
A Director of Policy and Research Bureau at the Chamber of Agribusiness Ghana, Kojo Ahiakpa, has opined that the three taxes assented to by the president may cause food inflation to rise. President Nana Addo Dankwa Akufo-Addo has assented into law the three new taxes passed by Parliament in March 2023. The taxes are the…
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GUTA demands retraction, apology from ‘ignorant’ Joseph Osei-Owusu
The Ghana Union of Traders Association (GUTA) has called on the First Deputy Speaker of Parliament, Joseph Osei-Owusu, to apologise to its members for claiming that traders exploit Ghanaians and have no moral right to complain about taxes. In a strongly worded statement, GUTA described the Bekwai MP as arrogant, ignorant and disrespectful and reminded…
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Three new taxes a death warrant for businesses – FABAG
The Food and Beverages Association of Ghana (FABAG) has expressed concerns with the three new taxes assented by President Nana Addo Dankwa Akufo-Addo saying the business community will be adversely affected. It says the president’s assent is not only disappointing but also signals true doom for businesses in Ghana. The association, which had argued against…