GRA rolls out electronic invoicing system from 1st October
The Ghana Revenue Authority (GRA) from Saturday 1st October 2022 began with the use of a certified invoicing system for the administration of Value Added Tax (VAT) in Ghana. This forms part of efforts to increase tax compliance and generate more revenue for the state. A Certified Invoicing System is an electronic invoicing system(E-VAT) certified […]
Government records fiscal deficit of 6.4% as of September 30, 2022 – BoG
Budget implementation, using banking sector data, for the first 9-months of this year recorded an elevated overall cash deficit of 6.4% of Gross Domestic Product (GDP). This is against the revised programmed target of 5.0% of GDP. According to the Bank of Ghana, total receipts of ¢51.49 billion (8.7% of GDP) over the review period, […]
Ghana’s gross reserves fall to 2.9 months of import cover in September 2022
Ghana’s Gross International Reserves fell to $6.6 billion, equivalent to 2.9 months of import cover for goods and services in September 2022, data from the Bank of Ghana has revealed. This is compared with the December 2021 position of $9.7 billion, equivalent to 4.3 months of import cover. However, net International Reserves, which exclude encumbered […]
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Petroleum downstream industry witnesses 41% growth in Ghana – NPA
Ghana’s demand for petroleum products has increased significantly from an average of 7% to 41% in 2021, the Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid has said. The unprecedented surge in consumption is as result of various technological based schemes and interventions being implemented by the downstream regulator to curb […]