Business

Illegal fuel importers cost GH¢850m loss annually – NPA

Fuel importation

The National Petroleum Authority (NPA) has disclosed that Ghana loses about 850 million cedis annually in taxes, due to the increased activities of fuel smugglers into and out of the country. The illegal act is said to involve operators who ply their business at the ports by fuelling tanks with fuel products brought into the country via unapproved routes. The ...

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Revenue projections for 2017 are ‘optimistic’ -IMF

imf - revenue projections

Ghana’s economy growth is due to pick up in 2017 and inflation is coming down, but the government’s revenue projections for the year are “optimistic”, International Monetary Fund mission chief Annalisa Fedelino said on Thursday. Ghana is following a three-year IMF programme worth around $918 million that aims to stabilise government finances and restore rapid economic growth, which could enable ...

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Over 400 workers lose jobs in Tema…as steel factory closes

tema steel company

About 400 workers of a steel company in Tema, Rider Steel Ghana Limited have been laid off due to the company’s inability to pay for what they describe as unfair and high electricity tariff. According to the company, which is located within the Tema Export Processing Zone, it is being charged 52 pesewas per kilowatt hour of electricity by a ...

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GCNet calls for improved valuation to meet revenue target

gcnet logo

Information Technology Company at the ports GCNet has stated that government can block leakages at the ports to meet the 34 percent revenue target in the 2017 budget if the valuation systems are improved. According to the company, some aspects of the valuation systems create room for corrupt practices to take place at the port. Even though government missed its ...

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Give Tax Breaks to One district, One factory – AGI

AGI tax Breaks

The Association of Ghana Industries (AGI) has called on the government to give tax breaks to investors interested in the ‘One District, One Factory’, especially those looking at the rural areas. Humphrey Ayim-Darke, Vice President of the Association in charge of SMEs, believes that for the ‘One District, One Factory’ to succeed, the government must completely waive corporate taxes while ...

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Budget built on weak foundation — IFS

IFS Budget Review

Economic fundamentals remain weak, and so the 2017 budget lacks a strong foundation, the Institute for Fiscal Studies (IFS) has said, asking the new government to hasten slowly on its ambitious plans. According to the Executive Director of the economic policy think tank, Prof. Newman Kusi, the ambitious nature of the budget which is titled, “Sowing the Seeds for Jobs ...

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GRA aims to meet GH¢34 billion target despite tax cuts

GRA

The Ghana Revenue Authority (GRA) is confident of meeting its ambitious revenue target of 34 billion cedis by the end of this year, despite the one billion cedis value of all the tax cuts announced in the 2017 budget. This is according to Emmanuel Kofi Nti, Commissioner General of GRA. We are hopeful that in 2017, though it is challenging, ...

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Gov’t raises GH¢1bn domestic bond at 21.5%

2017 Budget Approval

The government has raised a total of 1.01 billion cedis three-year domestic bond issued at a yield of 21.5 percent. The bond, which had a bullet principal payment was marketed to resident investors only, at an initial pricing guidance of 19 to 23 percent. According to the Bank of Ghana, the bond had a face value of one Ghana cedis ...

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Tax cuts to deepen cedi depreciation – GN Research

cedi depreciation

Some currency analysts have warned that the government’s tax cuts would lead to a further depreciation of the cedi should it fail to stem the side effects of the policy. They contend that the ease in tax burden is an incentive for businesses to expand leading to an increased demand for dollars as a result. “Ghana’s currency, the Cedi is ...

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Gov’t predicts cedi stability by close of March

Cedi

Senior Minister, Yaw Osafo Maafo, is certain the three-month streak of the Cedi’s depreciation against the major trading currencies will cease before the end of March. According to him, the current challenge of the local currency is attributable to the poor economy which the National Democratic Congress (NDC) government left behind. Mr Maafo says policy initiatives outlined in the budget ...

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