Economist Dr Priscilla Twumasi Baffour has warned government against rushing to remove taxes it promised to scrap if doing so would negatively impact national revenue. Speaking on Joy News, she stated that while tax cuts may be politically appealing, the economic reality must take precedence to avoid worsening Ghana’s fragileContinue Reading
The Ministry of Finance has outdoored a major new report on Ghana’s Value Added Tax (VAT) structure. Titled “A review of Ghana’s VAT system”, the report, was jointly produced with researchers from the Institute for Fiscal Studies (UK) and the Ministry of Finance. The report analyses the design and administrationContinue Reading
A new report by the Ministry of Finance on Ghana’s Value Added Tax (VAT) system has shown that many businesses above the threshold of the tax do not to register. The report, however showed that businesses below the VAT registration threshold choose to register. According to the report, “A significantContinue Reading
Karpowership Ghana is currently in discussions with the government to address accumulated debt, stating that the non-payment of invoices is affecting its operations. Speaking in an interview, Sandra Amarquaye, Communication Manager for Karpowership Ghana, confirmed that the company has engaged the Ministry of Energy regarding outstanding financial obligations. “We hadContinue Reading
Ghana faces an imminent power crisis as Karpowership, the operator of a floating power plant at Aboadze in the Western Region, has threatened to halt operations. Their decision stems from a massive $379 million debt owed by the Electricity Company of Ghana (ECG). This alarming development was revealed during aContinue Reading
During his presidential campaign, President John Dramani Mahama hinted at removing the controversial 10% tax on all winning’s bets. Now that he has assumed office, should he go ahead and abolish it? The 10% withholding tax on winnings was imposed by the previous administration in the hope of curbing the rateContinue Reading
Ghana’s public wage bill is putting significant pressure on the country’s finances, with the World Bank raising concerns about its impact on economic stability and growth. A recent report on Ghana’s finances warns that spending on public sector wages, debt interest payments, and statutory transfers has reached unsustainable levels, leavingContinue Reading
Ghana, the world’s second-largest producer of cocoa, has seen its 2024 export earnings plummet to $1.7 billion—the lowest in 15 years. An analysis of data from the Bank of Ghana shows that cocoa export earnings have fallen below the $2 billion mark, representing a sharp 25.4% decline in just a year. This drop is largelyContinue Reading
The Accra street vendor looks at me, bemused. I’m trying to establish how the rather flimsy 30g bag of roasted cashew nuts she’s selling, beside a sweltering highway in Ghana’s capital, costs me the equivalent of about 75 cents (60p). That’s obviously not a lot of money for me, aContinue Reading
Mobile money is the most frequently used digital platform in 2024, the 2024 West Africa Banking Industry Customer Experience Survey has revealed. This represented a 7-percentage point increase compared over the previous year. According to the report, 73% of Ghanaian consumers use it weekly. Thirty two percent use it forContinue Reading