Business

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 …

The Trades Union Congress (TUC) has given the government a seven-day ultimatum to withdraw the imposition of Value Added Tax (VAT) on electricity consumption above lifeline. In a letter dated January 1, Finance Minister, Ken Ofori-Atta, directed the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) to implement the VAT, aiming to raise revenue for the COVID-19 recovery program. However, the …

Trade and Industry Minister, KT Hammond, has described as troubling the decision of cement producers and importers to increase prices. The Adansi Asokwa MP says the development is a “conspiracy of a cabal of cement producers and importers,” which should be condemned. According to him, the government has provided the necessary enabling environment for cement producers to thrive, and as …

Ghana’s Cocobod is facing delays in securing its usual syndicated loans and has opted to borrow between $150 million to $200 million from cocoa traders to partially finance bean purchases for the 2023/24 season. Fiifi Boafo, the regulator’s public affairs manager, informed Reuters that the challenges in obtaining loans from banks led Cocobod to explore alternative sources, such as loans …