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
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
