Bussiness
Withdraw E-Levy; Ghanaians don’t like it – Bokpin
Economist and Finance Lecturer, Professor Godfred Bokpin has once again urged the government to withdraw the Electronic Transaction Levy (E-Levy), insisting it’s a nuisance tax.
“One major policy intervention which they called E-Levy, and of course many Ghanaians did not support E-Levy, and I still don’t support E-Levy and I will still ask government to withdraw the E-Levy”, he mentioned on Joy FM Super Morning Show.
According to him, the fiscal measures introduced by government in the 2022 Budget are not living up to expectations.
A cousin of President Akufo-Addo, Gabby Asare Otchere-Darko, yesterday[27/06/2022] tweeted that the E-Levy since its implementation two months ago has yielded only ¢60 million, against the target of ¢600 million.
“The government came up with enhanced measures if you remember from the ministry. Some travel bans here and there and all of that. So all those enhanced measures together with the 2022 Budget actually failed to meet the expectations of stakeholders and investors.”
“And you could see that also on our yields on our bonds”, Professor Bokpin of the University of Ghana explained.
“Then you see quickly Russian-Ukraine; we may not be seeing the bullet right here [Ghana], but the effect magnifies the existing vulnerability and exposes the weaknesses in our economy in a way that we haven’t seen in recent times”, he further said.
Inflation has been rising at a faster pace in the last three months, hitting 27.6% in May 2022.
The rising inflation is largely due to increasing prices of some foodstuffs and fuel prices. This has also affected prices of some products and transportation.
Professor Bokpin said “you could see where inflation is and it appears we are helpless to some extent. In the midst of all the multiple taxes, the rising inflation itself is also a form of tax, especially on low income household who have no means of protecting their meagre savings and investments against the rising inflation.”
Source: Joy Business
Bussiness
Ghana to host mining and minerals convention 2025 to shape future of gold industry
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
