Business

Story by Angelina Tukpe Ghanaians are grappling with soaring food prices, a consequence of increased transport fares driven by rising fuel costs. This surge in transportation expenses has forced market traders to raise prices, making it difficult to maintain profitability while keeping goods affordable. As a result, consumers are facing significant increases in the cost of essential food items, adding …

By Wilhelmina Oddoye Ghana’s efforts to reach a deal with two bondholder groups (one “international” group of Western asset managers and hedge funds, and another including regional African banks) to restructure $13 billion of international bonds has proven futile. The regional African bondholder group had rejected part of the proposed rework, including an option to retain the original value of …

By Janet Dumas March inflation has increased to 25.8 percent, a rise from the 23.2 percent observed in February 2024, indicating a 2.6 percentage point surge. The inflation rate in food also rose, moving from 27.0 percent in February to 29.6 percent in March. Meanwhile, non-food inflation for March was reported at 22.6 percent. Government Statistician Professor Samuel Kobina Annim …

By: Ruth Tang A lawyer and research consultant for the African Center for Tax Policy Research, Francis Timore Boi Esquire said political parties should provide extensive education to the public on issues of tax policies to facilitate a comprehensive understanding of taxation as well as decision-making among them. In an up-close interview with the research head of the Data Analysis …

By: Ruth Tang Ghana’s President, His Excellency Nana Akufo-Addo, took a bold stance during the recent African Union summit in Addis Ababa, Ethiopia, advocating for a significant shift in how African nations manage their financial reserves. He put forward that Ghana retrieves a minimum of 30 percent of its public funds and assets currently held in foreign banks, asserting that …

By: Ruth Tang The Abossey Okai Spare Parts Dealers Association have voiced their support for the NPP Presidential candidate, Dr Mahamadu Bawumia for his proposal to implement a flat rate tax on spare parts imports, following his recent announcement of policies, on Wednesday 7th February 2024 at the University of Professional Studies, Accra. They emphasized its potential to benefit both …

By: ANFRED Mr. Francis-Timore, a tax consultant, is unsurprised by the country’s high tax levels. He also believes that COVID-19 has exposed the weaknesses in the Ghanaian economy. As per his statement, every country in the world is expected to maintain a tax-to-GDP ratio of at least 15%. However, the Ghanaian economy is currently struggling to even pay the salaries …

A consortium of banks has confiscated some assets of Produce Buying Company (PBC). This was after it secured a court order to sell some of the company’s assets over nonpayment of debt running into more than GH¢300 million. The assets include vehicles and some equipment. The Court Bailiff [name withheld] told Joy Business at the company’s premises that the head …

The Electricity Company of Ghana (ECG), has clarified that the new Value Added Tax (VAT) on electricity consumers beyond the lifeline threshold is not being charged yet. The ECG and the Northern Electricity Distribution Company (NEDCO) on January 1, were directed by the Finance Ministry to implement the 15 percent tax from January 2024. The Trades Union Congress (TUC) on …

Inflation is expected to decline to 22.4% in January 2024 from 23.4% in December 2023, IC Research has predicted in its latest report. According to the research firm, improved foreign exchange outturn in late December 2023 into early January 2024 would sustain the lid on price pressures. “Our forecast shows a modest decline in the annual inflation rate to 22.4% y/y …