Author archives: Admin

The Barcelona Supercomputing Center (BSC) and the US company Intel announced their plans to jointly set up a pioneering microchip design laboratory to develop a new generation of supercomputers that will break the zettascale barrier. For this purpose, the joint laboratory will design microprocessors or chips with technology based on open-source RISC-V hardware. This joint laboratory will help Europe to …

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The Ghana Revenue Authority (GRA) has debunked misleading reports on social media that imply that from 1st July 2022, the GRA will begin charging E-Levy on merchant SIMs. The misleading reports also suggest that Cash-Ins or deposits made through a merchant or vendor will attract E-Levy.  The GRA in a press statement stressed that “the Levy …

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The Head of Financial Stability at the Bank of Ghana, Dr. Joseph France, says commencing July 1, all persons who have failed to link their Ghana cards to their bank accounts will be unable to withdraw funds from their bank accounts. According to him, unlinked accounts will, however, be able to receive deposits till such …

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The Bank of Ghana says it is working assiduously to ensure the country’s economy regains stability sooner than later. This is to ensure that the prices of goods and services remain stable or low, as well as a steady foreign exchange regime that will drive down the cost of doing business and living. Speaking on …

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The Bank of Ghana has reiterated that universal banks and foreign exchange bureaux, are the only institutions licenced to trade in foreign currencies in Ghana. This move is expected to bolster the stability of the cedi. In its financial literacy on foreign exchange bureaux, the Central Bank said the “Black Market” foreign exchange operator does …

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A new report by Policy Think Tank, IMANI Center for Policy and Education has showed that the Ghana Revenue Authority’s (GRA’s) failure to collect taxes resulted in the country directly losing ¢9.13 billion from 2015 to 2020. According to the report titled “Fiscal Recklessness Index 2020 Project”, the GRA failed to enforce its main obligation …

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Some tax analysts have called on the Ministry of Finance and the Ghana Revenue Authority to engage retailers that may be affected by the VAT Flat rate announced in the 2022 budget. The new policy imposes a flat levy on businesses operating below ¢500,000 threshold.The policy however imposes over 19% levy on businesses above the …

Continue reading “Mode of implementing VAT flat rate: Government to lose more revenue – expert”

Ghana has been ranked 1st in West Africa and 2nd in Sub Saharan Africa by Fitch Solutions, research arm of ratings agency Fitch, as the best destination for investments and trade. With a Trade and Investment Risk score of 50.9%, the country outperformed the West Africa average of 36.4%. Despite the challenges facing the economy, …

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The Institute of Chartered Accountants Ghana is calling for fiscal discipline amidst the current high inflation and policy rate. Some stakeholders have blamed unbudgeted spending by government Ministries, Departments and Agencies (MDA’s) for contributing to the high level of inflation in the country. Since May 2021, when national inflation stood at 7.5%, the rate has …

Continue reading “Gov’t expenditure needs to be checked to help deal with inflation – ICAG”