Banks in the country going forward are expected to pay 5 per cent of gross profits to government. The new directive contained in the 2021 Budget Statement and presented to Parliament on March 12, by Minister for Parliamentary Affairs, Osei Kyei Mensa-Bonsu, is to help defray outstanding commitments – locked up funds – in the
The 2021 African Development Bank Group Annual Meetings, held virtually starting on Wednesday, opened with discussions on African debt management. The pandemic has created huge financing needs for governments, widened budget deficits and driven governments into debt. On Wednesday, the African Development Bank hosted panel discussions on the issue. One knowledge event was titled “From
Assets of all 23 banks currently operating in the country, according to the Bank of Ghana (BoG), totaled Ghs 152 billion as at end-February 2021. The recorded total assets value the BoG notes in its Banking Sector Development Report, represents a 18.5 percent year-on-year growth which is marginally higher than the annual growth of 17.8
The teams focused their efforts on a few of the highest-value S&OP levers in order to review the current planning process, identify gaps in the planning infrastructure and analytically understand demand and supply variability.
Soaring natural gas prices are rippling through global energy markets—and other economic sectors from factories to utilities. An unprecedented combination of factors is roiling world energy markets, rekindling the memories of the 1970s energy crisis and complicating an already uncertain outlook for inflation and the global economy. Energy futures indicate that prices are likely to
Ghana has been ranked the 73rd largest economy by the World Bank. The ranking is with respect to the country’s Gross Domestic Product (GDP) in 2019. According to the World Bank, Ghana’s economy stood at about $67 billion in size in 2019, making it the 8th biggest economy on the African continent. The country’s economy
Energy think tank, the Institute for Energy Security (IES), has averred that the ongoing impasse between ENI Ghana Exploration and Production Limited – subsidiary of Italian oil major ENI – and Springfield Exploration and Production Limited, could prove costly for Ghana if not settled and allowed to end up in the International Court of Arbitration.
Former Minister for Finance, Seth Terkper, has said, policy distortions to the country’s second-biggest tax handle – the Value Added Tax (VAT) – is impeding its ability to generate the needed revenue for government. Making the assertion at the second edition of the PFM Tax Africa Network Dialogue Series, the former Minister for Finance noted
Parliament, throughAct 1068 passed into existence the 1% Covid Health Recovery Levy on all goods and services consumed in the country. The 1% Covid Health Recovery Levy according to government is to help raise revenue to support Covid-19 related expenditure and also help improve the country’s current fiscal situation. The introduction and subsequent passage of the
Statutory tax collection body, the Ghana Revenue Authority (GRA), as part of its strategies to enforce tax compliance, introduced the voluntary whistleblower reward. The voluntary whistleblower reward strategy was to encourage people report persons and businesses evading tax payments. Speaking on the progress of the strategy on PM Express, Commissioner-General of the GRA, Reverend Ammishaddai Owusu-Amoah,