The controversies and commotion caused by the government’s decision for the International Monetary Fund (IMF) bailout have finally been addressed the Ministry of Finance. According to the Ministry, the IMF bailout is a way to aid the nation improve and stabilize the country’s economy.
But since government announced its intent to turn to the International Monetary Fund (IMF) for assistance, there have been several arguments on whether the Ghanaian government should preserve or repeal the E-Levy. Some argue that the government previously offered Ghanaians the option of E-Levy in order to avoid going to the International Monetary Fund (IMF).
The Executive Director for Revenue Mobilisation Africa and a tax expert, Geoffrey Ocansey have revealed what foreign countries do to poor countries when they are offering loans to them. According to Geoffrey Ocansey, the foreign countries who are capable of giving out loans favors well-developed countries and does not charge huge rate of interest from them.
Since government publicly announced the decision for IMF support, there have been divergent views on important issues of concern to the citizenry because of the conditionalities that comes with IMF Bailouts. One of the frequently discussed topics is whether the conditionalities will affect the current free SHS policy.
"These three things can get 3 to 3.5 billion to shore up the Ghanaian economy" - Jojo Oppong Nkrumah
The Minister of Information Jojo Oppong Nkrumah has revealed three things the government is currently embarking on to help the country recover fully from the current hardship. The Information Minister who revealed this on PeaceFm said the government is hopeful of getting 2 billion dollars from the IMF. IN addition, the government is hopeful of raising additional 1billion dollars which he said that one has already been sorted out.
The Deputy Finance Minister who is also the member of Parliament for Ejisu Constituency, Hon. John Kumah has body revealed that the E-Levy tax has failed now when it comes to the revenues it was expected to generate. He, however, dropped more details about the E-Levy and how the Akufo-Addo government is still hopeful of the E-Levy working.
The Member of the tax on electronic transactions (E-levy) technical committee from the Ghana Revenue Authority (GRA), Patrick Opare Danso has come out to explain the tax vividly for Ghanaians to stop the panic in withdrawing their monies. Patrick Opare Danso said, Ghanaians have the mindset that, all transactions attract E-levy and for that matter, they have already started withdrawing their monies from the system.
Kindly click the +follow button to receive regular updates . The Finance Minister, Ken Ofori Atta, has embarked on a press briefing to provide government's strategy to revive Ghana's economy . In his address , he mentioned vatious key items covering two major issues such as increasing revenues and cutting down expenditures.
The member of Parliament for Ningo Prampram, Honorable Sam Nartey George has asserted that the E-Levy is a failed tax measure. His comments is a reaction to Gabby Otchere-Darko's message which said that the E-Levy is only delivering 10% of the estimated revenue. In a post shared on his official Facebook page on Monday, 27th June 2022, he wrote the Prime Minister laments and wailing engulfs the Government.
Franklin Cudjoe believes Ghana’s economy is no stranger to the endless cycle of booms and busts. It is a history of a relatively stable macroeconomic environment informed by sensible fiscal policy backed by sound monetary policy in between elections, and fiscal indiscipline combined with loose monetary policies around election periods.
Please click on the +follow button before you commence reading . This article seeks to reveal various lapses in the strategies provided at the recent finance minister's press briefing and why E-levy may not solve our issues . It is very expected that Ghanaians would throw in their worries about the strategies announced at recent Finance Minister's press briefing.
Kindly follow JUKELAFRICA by clicking the +follow button. Please do well to follow for daily updates . According to Albert Einstein, insanity is doing the same thing over and over again, whilst expecting different results. No wonder, Ghanaians expect the government to do things differently to get the desired results.
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There are many taxes in Ghana, but but one of the taxes most Ghanaians, may not have heard of, is the 'Gift Tax'. In this latest release, we bring you some details about the controversial 'Gift Tax'. In definition, a Tax is a compulsory contribution to state revenue, levied by the government on worker's income; and business profits, or added to the cost of some goods, services, and transactions.
I humbly plead with you to use a second of your precious time to click on the +follow button at the top right corner to get daily updates from JUKELAFRICA. According to the Government Statistician, Professor Samuel Kobina Annim , Ghana's inflation rate has risen from 9.84% in 2018 to 15.7% in March 2022 and now risen to an unexpected 19.4% in April 2022.
The government is being urged to charge one (1) percent of the proposed 1.75 percent electronic transaction tax on the telecommunications companies, which are making good business and the remaining 0.75 percent on consumers to end the stalemate that is holding up the 2022 budget. Dr. John Kwakye, Director of Research, Institute of Economic Affairs (IEA), says splitting the tax between the booming telecommunication companies and the consumers makes a lot of sense – lessen the burden on consumers and this is something the opponents of the tax are likely to accept.
The passage of E-levy has indeed paved way for many more taxes to trip in. The deputy tourism minister, Hon. Mark Okraku Mantey has made a suggestion to the government to shift their attention to the online businesses that involves YouTube, ITunes, selling of clothes and other stuffs.
Please like and share this article. Don't forget to leave a comment below. Please follow me for more updates. A Professor has boldly sent a strong message to Ghanaians concerning the electronic levy, also known as E-levy. He mentions it is a necessary tax for the country now and so it's either we accept it or we pay it in other ways.
Policy rates are normally used by the Central Bank to perform expansion of monetary policy. They are interest rates used to curb inflation , consumer prices, exchange rate or credit expansion, among others). The policy interest rate determines the levels of the rest of the interest rates in the economy, since it is the price at which private agents-mostly private banks-obtain money from the central bank.
The government of Ghana has wanted to introduce electronic levy (E-levy). Arguments have been going on whether or not it should be accepted. The E-levy is may not be the only option the government can rely on in collection of tax. If it happens that the E-levy is accepted, most Ghanaians will be paying double taxes whereas some may not be included in the payments.