Wednesday, January 22

Business

Business to see relief as Ato Forson promises VAT reforms
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Business to see relief as Ato Forson promises VAT reforms

The Minister of Finance designate, Dr Cassiel Ato Baah Forson, has promised to carry out significant reforms in the implementation of the Value Added Tax (VAT) . He said this will give huge relief to businesses that are suffocating under the presented chaotic and distorted implementation of the VAT. Dr Ato Forson was speaking during his appearance at the Appointments Committee of Parliament on Monday. He said concerns raised by the business community so far include unpredictable tax policy  and administration such as distorted VAT regime.  “To this end the government will undertake a comprehensive review of Ghana’s VAT regime as casptured in the manifesto of the National Democratic Congress (NDC), Dr Ato Forson said. He said this is intended to ...
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Stakeholders receive Post-assessment Taxation Report to improve tobacco excise tax
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Stakeholders receive Post-assessment Taxation Report to improve tobacco excise tax

A report on the Post-Assessment of Tobacco Taxation in Ghana 2024 has been disseminated to stakeholders to facilitate the implementation of the excise tax on tobacco in the country.  A post-assessment study was commissioned by the Vision for Alternative Development (VALD), with the support of Tax Justice Network Africa, to examine the impact of the Excise Duty Amendment Act 2023 (Act 1108), which implementation began in May 2023. The new tax law aims to significantly increase tobacco prices, reduce consumption, and generate additional government revenue for public health initiatives. The presentation of the report was made at a National Stakeholders Dissemination Meeting organised by the VALD. It was attended by representatives of the Ministry of Health, the Ghana Revenue Autho...
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Government to institute Microcredit Scheme for deprived communities
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Government to institute Microcredit Scheme for deprived communities

The Government will soon institute a Microcredit Scheme to support people living in deprived Muslim communities. It would also introduce Islamic banking instruments into the financial system in Ghana, based on the Bank of Ghana’s advice. President Mahama said this at the Muslims National Thanksgiving Service held at the National Mosque at Kanda, Accra. The event, chaired by the National Chief Imam, Sheikh Osman Nuhu Sharubutu, was to thank Allah for a peaceful December 7 general election. The President advised those in leadership positions, both elected and those who continued to serve, to note that leadership was a sacred trust, and it came with enormous responsibility. "This moment of thanksgiving is also a moment for reflection. We pray that Allah grants all of us wisdom,...
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IMANI President lauds Dr Forson’s appointment as Finance Minister
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IMANI President lauds Dr Forson’s appointment as Finance Minister

Mr Franklin Cudjoe, the Founding President of IMANI Centre for Policy and Education, has lauded the appointment of Dr Cassiel Ato Baah Forson as the finance minister-designate, describing it as "sensible". In a statement copied to the Ghana News Agency, he recalled how in April 2024, he had an opportunity to engage with Dr Forson to discuss what must be done to prevent further damage to the nation's “jalopy economy.”  Mr Cudjoe said he had invited Dr Forson to meet a small team of Ghanaian and British consultants the British Government recently engaged to design a modest £5m programme - the Financial and Economic Resilience in Ghana (FERG) programme. That was to complement existing workstreams, and those of other development partners, to address Ghana’s longstanding challenge...
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Ghanaian company cuts sod for greenhouse projects at Agbadzakorpe 
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Ghanaian company cuts sod for greenhouse projects at Agbadzakorpe 

Seres Sath Agriculture Limited, a Ghanaian company, has cut the sod at Agbadzakope in the South Tongu District of the Volta Region for the construction and operation of greenhouses in the area.  The company, with the parent company in China, will, under the project, employ between 600 and 1000 youth in and around the area.  There would be 20 greenhouses at the initial stages, with each greenhouse containing at least four to six tonnes (4000 kg to 6000 kg) of tomatoes on a plot of land.  Mr Dong Chao, the Chief Executive Officer, in a speech read on his behalf, disclosed that the project involved the growing and cultivation of various types of vegetables for both the local market and for export.  “As the project succeeds, it will trigger other ancil...
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President Mahama Names Dr. Ato Forson as finance minister designate  
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President Mahama Names Dr. Ato Forson as finance minister designate  

President John Dramani Mahama has named Dr. Cassiel Ato Baah Forson as Minister for Finance designate.   Dr. Ato Forson has previously served as the Deputy Minister for Finance during the first term 2012-2017 of the President.    His appointment was announced alongside two other ministerial nominations for Energy and Attorney General.  Dr. Forson brings a wealth of experience to the role, having previously served as Deputy Minister for Finance during President Mahama’s first term.   He previously served as the Minority Leader in the eighth parliament and as the ranking member of the Finance Committee, where he spearheaded the minority’s financial policy positions.    Dr. Forson boasts a distinguished career marked by academic exce...
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President Mahama unveils four pillars to reset Ghana’s economy
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President Mahama unveils four pillars to reset Ghana’s economy

President John Dramani Mahama, after being sworn in on January 7, 2025, outlined four key pillars to rejuvenate Ghana’s economy and society. These pillars are economic restoration and stabilization, improving the business and investment environment, constitutional review, and the fight against accountability and corruption. Emphasizing the urgency of these initiatives, President Mahama stressed that the current challenges required decisive and swift action to implement a 24-hour economy. “The circumstances we find ourselves in are indeed dire, but even so, I’ll be decisive and swift in my actions. We’ll focus our initial efforts on four critical areas. “The first is restoration and stabilisation of the macroeconomic environment. Second is the improvement of the business and inv...
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Alan donates GHS100, 000 to Support Kantamanto Fire Victims  
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Alan donates GHS100, 000 to Support Kantamanto Fire Victims  

Former Presidential Candidate Alan Kyerematen, his running mate Lawyer Kwame Owusu Danso, and senior members of the Movement for Change have visited the site of the recent Kantamanto market fire in Accra to sympathize with traders affected by the disaster.    The fire reduced countless shops to ashes, destroyed goods worth millions of cedis, and left traders in despair.   Touring the charred remains of the bustling market, Mr. Kyerematen engaged victims to understand their challenges and offered heartfelt condolences.    He acknowledged the economic and emotional toll the tragedy had inflicted and urged traders to remain strong during the difficult times.   Mr. Kyerematen called on the government to prioritize urgent relief measures to help tr...
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Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority
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Tullow Ghana wins $320 million tax dispute with Ghana Revenue Authority

The International Chamber of Commerce (ICC) has ruled in favour of Tullow Ghana in a high-stakes tax dispute with the Ghana Revenue Authority (GRA). The issue was on the application of Branch Profit Remittance Tax (BPRT) on Tullow Ghana's operations.  The ICC Tribunal concluded that Branch Profit Remittance Tax does not apply to Tullow Ghana under the tax framework stipulated in its Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern operations in the Jubilee and TEN oil fields. This decision absolves Tullow Ghana of a $320 million tax liability previously assessed by the GRA and ensures the company faces no future exposure to BPRT under the agreements.  The ruling underscores the binding nature of the Petroleum Agreements, which form the lega...
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GACL Shuts Down 4 Companies At Kotoka International Airport Over Debts
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GACL Shuts Down 4 Companies At Kotoka International Airport Over Debts

In a bid to recover outstanding debts, the Ghana Airports Company Limited (GACL) has embarked on a regular debt collection exercise, targeting companies operating at Kotoka International Airport. The exercise, which takes place every month, aims to retrieve monies owed to GACL and round up debt collection for the year. According to a press statement released by GACL, several companies have failed to honour their obligations, prompting the company to take drastic measures. One such company is McDan Company Limited, which owes GACL a staggering $3,995,622.66 and GHS13,523.37.Despite numerous letters and meetings, McDan has failed to settle its outstanding debts, which include rent and other fees for Terminal 1, as well as revenue returns covering the period September 1, 2022, to Nov...
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