Ghana Archives - Page 4 of 29

25 Aug

Ghana’s Betting Tax: Balancing Revenue Boost And Responsible Gambling

wontumionlineSportsbetting, Betting tax, gambling, Ghana, Tax

Over the past ten years, the betting sector in Ghana has experienced remarkable expansion, attracting numerous betting firms to establish a presence in the country. As part of the government’s strategy to enhance revenue generation for developmental purposes, a new measure has been implemented as of Tuesday, August 15, 2023. This measure involves the introduction of a withholding tax set at 10% for both betting and lottery winnings. It’s important to note that this tax will not be applied to the initial amount invested in placing bets or participating in the games. Rather, it will solely be imposed on the…

23 Aug

Government To Establish A Neutral Shared Infrastructure Company To Deliver Nationwide 4G, 5G Services – Communications Minister

wontumionlineBusinessGhana, MainOne, Ursula Owusu Ekuful

The Minister of Communication and Digitalization, Ursula Owusu-Ekuful has indicated that government has approved the establishment of a neutral shared infrastructure company to deliver nationwide 4G and 5G services. According to her, the move is to help service providers extend their services to the rural areas and help government achieve its digitalization agenda. She was speaking at the 12th edition of the African Peering and Interconnection forum hosted by MainOne. As demand for digital services in Africa increases, businesses are forced to create new sources of value and effectively scaling their digital infrastructure. The African Peering and Interconnection forum hosted…

17 Aug

Ghana’s Fiscal Deficit To GDP Of 9% In 2022 Highest In ECOWAS – AfDB

wontumionlineBusinessAFDB, fiscal deficit-to-GDP, Ghana, West African Economic Outlook 2023

Ghana’s fiscal deficit to Gross Domestic Product (GDP) of 9.0% was the highest in West Africa in 2022, the African Development Bank West African Economic Outlook 2023 Report has revealed. According to the report, the fiscal deficit to GDP fell by 0.2% from 9.2% in 2021. The country’s fiscal deficit, however, averaged 5.8% of GDP between 2014 and 2020. This placed it as the second highest in the ECOWAS region. According to the report, the fiscal deficit increased in all ECOWAS countries in 2021 except Guinea and Liberia where it declined by 0.4 and 2.1 percentage points, respectively. “The increase…

16 Aug

Fuel Prices Shoot Up; Petrol Now Selling At ¢13.50, Diesel ¢13.90 Per Litre

wontumionlineBusinessfuel prices, Ghana, TotaleEnergies

Some Oil Market Companies have started increasing prices of petroleum products at the pumps. TotalEnergies has increased the price of petrol to ¢13.50 per litre from ¢12.45 per litre at the beginning of the month. Diesel is also going for ¢13.90 per litre from the previous price of ¢12.45 per litre. Goil has also increased prices petrol to ¢3.50 and diesel to ¢13.90 per litre. The rest of the OMCs are expected to also adjust prices today August 16, 2023. Earlier, the Chamber of Petroleum Consumers (COPEC) announced that fuel prices will see an increase of about 5.7% in the…

16 Aug

ECOWAS Army Heads To Meet In Ghana Amid Niger Intervention Plans

wontumionlineNewsECOWAS, Ghana, Niger coup

The West African economic and political bloc, ECOWAS says the region’s army chiefs will meet in Ghana later this week. The meeting is reportedly to discuss a possible intervention in Niger, where a junta held a coup last month. This meeting had previously been postponed for technical reasons. Now regional democracies seem willing to discuss military intervention in Niger, something analysts say could destabilise an already volatile region. Over the weekend there was hope for a diplomatic resolution to the crisis in Niger, following a meeting between the head of the junta, General Abdourahmane Tchiani, and a group of influential…

09 Aug

Ghana Ranked Among 10 Countries Globally With Highest Food Inflation – World Bank

wontumionlineBusinessFood inflation, Ghana, world bank

Ghana has been ranked among 10 countries in the world with the highest food inflation. According to a Food Security Report by the World Bank, the country’s Nominal Food Inflation (year-on-year) of 54% placed the nation at the 8th position. It Real Food Inflation (year-on-year) of 12%, however, placed it at the 9th position. For the Nominal Food Inflation category, Venezuela placed first with a year-on-year inflation of 414%. It was followed by Lebanon (280%), Zimbabwe (256%), Argentina (117th), Suriname (71%), Egypt (66%), Sierra Leone (58%) in the 2nd, 3rd, 4th, 5th, 6th and 7th positions respectively. With regard to Real Food Inflation, Zimbabwe…

03 Aug

National AfCFTA Coordination Office Launches Ghana Expo 2023- Tanzania

wontumionlineBusinessAfCFTA, Ghana, MSMEs

As part of Ghana’s Strategy for boosting trade with the rest of Africa the government, the government established the National African Continental Free Trade Area (AfCFTA) Coordination Office under the Ministry of Trade and Industry. The NCO has over the last 2 years implemented strategies designed to create awareness of Ghanaian stakeholders and Micro-, Small and Medium-sized Enterprises (MSMEs) and to prepare them to participate on the African market. In October 2022 Ghana alongside, Kenya, Cameroon, Egypt, Rwanda, Mauritius and Tanzania participated in the Guided Trade initiative in Collaboration with the AfCFTA Secretariat. This GTI signalled the beginning of commercially…

01 Aug

Fuel Prices Go Up; Petrol, Diesel Selling At ₵12.95 Per Litre

wontumionlineBusinessGhana, Goil, OMC

Some Oil Marketing Companies (OMC) have started increasing prices of petroleum products at the pumps from August 1, 2023. GOIL is selling a litre of petrol at ₵12.95 from its previous price of ₵12.40. Diesel is also selling a litre at ₵12.95 from its old price of ₵12.45. The increase can be attributed to the sudden increase in prices of finished petroleum products on the international market as well as some supply issues on the world market. Some industry watchers say this is the biggest hike in prices of finished petroleum products on the international market since January 2023. The…

28 Jul

Ghana To Reach Debt Deal With External Creditors In Quarter 2, 2024 – Fitch Solutions

wontumionlineBusinessBoG, external creditors, Fitch solutions, Ghana, Interest rates

Fitch Solutions believes that Ghana will reach a debt deal with its external creditors in the second half of 2024. According to the UK-based firm, this should provide tailwinds to the exchange rate and further limit imported price pressures. “Indeed, we believe that Ghana will reach a debt deal with its external creditors in H224 [half-year 2024], which should provide tailwinds to the exchange rate and further limit imported price pressures”. It added that real Gross Domestic Product growth will remain well below trend on the back of fiscal consolidation efforts under the IMF programme. However, the Central Bank will…

25 Jul

Ghana, US Strengthen Ties To Promote Tourism Growth

wontumionlineBusinessGhana, Tourism, US

Ghana and the United States of America (USA) have committed to working together to promote and grow the tourism potentials that exist locally, as they continue to explore areas of investment in the sector for mutual benefit. The Minister for Tourism, Arts and Culture, Ibrahim Mohammed Awal, at a meeting with a 30-member delegation from the USA led by the Mayor of Houston (USA) Mr. Sylvester Turner, who has committed to lead the face of tourism for Ghana in the USA. To this end, he said, his outfit is seeking to create some 1.5 million jobs as part of the…