In his 2023 Mid-Year Review (MYR) Statement to Parliament, the Minister for Finance (Hon. Ken Ofori-Atta) made the following significant departure to date from Ghana’s prudent public financial reforms and best practice in Paragraphs 72 and 73—
“Mr. Speaker, before discussing the 2022 fiscal outturns, we would like to note...
The economy loses an estimated GH¢3billion yearly to the 50 percent import discount on general goods and 30 percent on vehicles policy, Commissioner of Customs Division Ghana Revenue Authority, Colonel Kwadwo Damoah, has said.
The policy, which provides discounted duty on imports was introduced in April 2019, was reviewed downwards...
The Bank of Ghana (BoG) remains committed to maintaining a managed floating exchange rate regime with minimal interventions by the central bank, its Governor Dr. Ernest Addison has said - noting that it represents the most ideal framework for the domestic economy’s growth and stability needs at this stage...
Government has assured that intermittent power supply locally known as “dumsor” will not return to the country’s energy sector.
According to government, it has saved the energy sector over US$5 billion by relocating the Karpowership Ghana Company Limited and securing agreements with CENIT Power Limited and Cenpower Generation Company Limited...
but faster and more equitable growth needed to reduce poverty
Increased private consumption and declining inflation are supporting an economic rebound in sub-Saharan Africa. However, the recovery remains fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters and escalating conflict and violence, according to...
The passage of outstanding revenue bills by Parliament remains critical to government programmes as well as to enable the state to complete four of the five agreed prior actions in the International Monetary Fund (IMF) Staff Level Agreement.
The outstanding bills are the Income Tax (Amendment) Bill, Excise Duty and...
The new taxes slapped on banks and other businesses will further create a challenging economic environment and add additional cost to their operations, auditing giants KPMG has said in its post budget analysis.
A report released by KPMG on the 2021 budget states that even though the newly introduced taxes...
Since the proposed debt exchange programme will allow government to save a portion of the budgeted interest costs for 2023, these funds must be redirected to productive programmes, Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has said.
Government has requested that holders of...
…as Parliament approves Financial Account Information bill
Parliament has given legal backing to a new bill that will enable the Ghana Revenue Authority (GRA) to exchange information with other tax administrations in the world regarding certain financial accounts of entities or individuals, in a bid to curb tax evasion.
The bill,...