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The Minister of Finance designate, Dr Cassiel Ato Baah Forson, has promised to carry out significant reforms in the implementation of the Value Added Tax (VAT). He said this will give huge relief to businesses that are suffocating under the presented chaotic and distorted implementation of the VAT. Dr Ato Forson was speaking during his appearance at the Appointments Committee of Parliament last week. He said concerns raised by the business community so far include unpredictable tax policy and administration such as distorted VAT regime. To this end the government will undertake a comprehensive review of Ghana’s VAT regime as…

The immediate past Finance Minister, Dr. Mohammed Amin Adam, has earned the admiration of the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva for his exceptional leadership and significant contributions to Ghana’s economic stability during his tenure. In a letter to bid farewell to the former Minister, Ms. Georgieva commended Dr. Amin Adam for his commitment to the successful implementation of Ghana’s US$3 billion dollars-IMF-supported program. This, she said played a key role in restoring Ghana’s macroeconomic stability, ensuring debt sustainability and fostering inclusive growth during challenging economic times. “You have had a profound impact on Ghana…

The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has raised concerns over inefficiencies and mismanagement in Ghana’s downstream energy sector, calling for urgent reforms to optimize tax revenue and improve accountability. Speaking in an interview last week on the current state of the Bulk Oil Storage and Transportation Company Limited (BOST), Mr. Boakye criticized the institution for straying from its core mandate of maintaining strategic fuel stocks and instead engaging in commercial activities that compete directly with private sector Bulk Distribution Companies (BDCs). “BOST was established to build capital and compete internationally while keeping strategic…

The African Centre for Energy Policy (ACEP) is calling for a change of all petroleum margins into tax revenues to free up some GHc6.3 billion for the government. According to Policy Lead, in charge of Petroleum and Conventional Energy at ACEP, Kudzo Yaotse this will free up some GH₵6.3 billion in annual revenues to fund critical projects. Speaking at a press conference on Ghana’s Downstream Petroleum sector, he said social programmes such as the Free Senior High School policy are confronted with challenges, hence the need to channel some of the funds to the educational sector and other areas. “Convert…

Finance Minister-designate, Dr. Cassiel Ato Forson, has assured the public that the government will address the challenges arising from the Domestic Debt Exchange Programme (DDEP) and will ensure that all necessary repayments are made. Speaking before the Appointments Committee of Parliament last week, Dr. Forson committed to implementing measures that will resolve the negative impacts of the debt restructuring initiative on the country’s economy and its citizens. The Domestic Debt Exchange Programme, launched to tackle Ghana’s escalating debt crisis, involved the restructuring of domestic bonds and debts. However, the programme has faced significant backlash due to the losses sustained by…

A forensic audit of the ECG financial account by PricewaterhouseCoopers (PwC) has uncovered GH¢ 303.48 million in unexplained “tax offsets,” raising serious questions about financial transparency and revenue allocation within the power sector. The PwC audit, covering October to December 2023, reveals that Ghana’s primary electricity distributor made these substantial deductions without providing supporting documentation or clear rationale for the transactions. According to the audit report, ECG recorded GH¢253.48 million in tax offsets in November 2023 and an additional GH¢50 million in December 2023. These deductions were made before calculating revenue available for Level B beneficiaries in the Cash Waterfall…

A Policy Analyst at the Institute for Energy Security, Derrick Xatse has expressed joy following the announcement by the West Africa Gas Pipeline (WAPCo) to postpone the scheduled maintenance of its pipelines to avert another energy crisis in Ghana. According to him, fairness and consistency in decision-making are critical. Originally scheduled to start on January 20, 2025, WAPCo has said the exercise will now take place from February 3 to March 2, 2025, during which the company will halt gas flow to Ghana. This was contained in a statement issued by WAPCo last week. The cleaning exercise according to WAPCo…

The stakeholders also extended appreciation to the president for nominating, Hon Emelia Arthur as the Fisheries Minister designate.

The cedi’s exchange rate is expected to stabilise within the year and inflation also expected to decline.

Cocoa and gold have been projected to record strong performances on the commodity market, according to analysts.