I smelled a rat when i heard they mentioned scrapping of road tolls, i knew something bigger was coming–Asiedu Nketia
Asiedu Nketia, the General Secretary of the opposition National Democratic Congress (NDC) has ridiculed the 1.75% E-Levy electronic transactions declared by Finance Minister Ken Ofori-Atta during the 2022 budget to parliament. As soon as the 2022 budget is approved by parliament, all electronic transactions across Ghana will be charged. According to the Finance Minister, such move is to help gather revenue in the country. Meanwhile, Ghana recorded a total GHS500 billion from e-transactions in 2020 compared with GHS78 billion in 2016. Mr. Ofori-Atta explained, that government is charging an applicable rate of 1.75% on all electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances, which shall be borne by the sender except inward remittances, which will be borne by the recipient. “It is becoming clear there exists an enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the informal economy.” “Mr Speaker, to safeguard efforts being made to enhance financial inclusion and protect the vulnerable, all transactions that add up to GHS100 or less per day, which is approximately GHS3,000 per month, will be exempt from this levy,” he said. “Mr Speaker, this new policy also comes into effect once appropriation is passed from 1st January 2022. The government will work with all industry partners to ensure that their systems and payment platforms are configured to implement the policy,” he said. However, reacting to the step taken by the government, NDC General Secretary said, “…when they mentioned that they are scrapping road tolls, I said that there’s something bigger, something unpleasant that they are bringing on board”, indicating: “MoMo is now the game of the day it penetrates to the rural areas, the unbanked population; they use MoMo, so, if you are taxing that one and you’re rather cancelling road tolls whose incidence falls on vehicle owners, it means that it is not a pro-people budget at all. You don’t maximize revenue at the expense of people who are overtaxed”. Mr. Asiedu Nketia told journalists in parliament after the 2022 budget. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Ghanaians transacting business on MoMo to pay 1.75% levy – Ofori-Atta
As soon as the 2022 budget is approved by parliament, all electronic financial transactions in Ghana will cost extra Electronic Transaction Levy or in short ‘E-Levy’, as a strategy by the government to mobilize revenue. Apexnewsgh.com reports Finance Minister Ken Ofori-Atta revealed this on Wednesday, 17 November 2022 when he presented the 2022 budget to parliament. According to him, “It is becoming clear there exists an enormous potential to increase tax revenues by bringing into the tax bracket, transactions that could be best defined as being undertaken in the informal economy.” He further said, the government is charging an applicable rate of 1.75% on all electronic transactions covering mobile money payments, bank transfers, merchant payments and inward remittances, which shall be borne by the sender except inward remittances, which will be borne by the recipient. “Mr. Speaker, to safeguard efforts being made to enhance financial inclusion and protect the vulnerable, all transactions that add up to GHS100 or less per day, which is approximately GHS3,000 per month, will be exempt from this levy,” he stated. He stated that the E-Levy proceeds will be used to support entrepreneurship, youth employment, cyber security, and digital and road infrastructure, among others. “Mr. Speaker, this new policy also comes into effect once appropriation is passed from 1st January 2022. The government will work with all industry partners to ensure that their systems and payment platforms are configured to implement the policy,” he stated. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
2022 Budget: Remaining NABCO Trainees to take advantage of opportunities on…. Ken Ofori-Atta
Finance Minister Ken Ofori-Atta has announced that the remaining NABCO Trainees are to take advantage of YouStart which will start on March 2022. Apexnewsgh.com reports Even though, the Finance Minister didn’t specify whether the YouStart package will only benefit beneficiaries with entrepreneurial skills. NABCO Trainees whose 3 years programme have ended in October and was asked to go home by the leadership of NABCO at the National Headquarters was later directed by the Vice President to return to post pending government arrangement to make them permanent. Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
A must read Finance Minister flash points on 2022 Budget
Total expenditure projections 37.5 billion cedis, 27.4% of GDP Overall deficit target 7billion cedis, 7.4% of GDP Tax on unprocessed gold reduced from 3 to 1.5% Government to abolished tolls on public roads Levy to be implemented by government. Government will ensure all payment platforms are configured. more to come soon Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
2022 Budget: Updates so far
Total expenditure expected to be around 37.5 billion We still rely heavily on debt financing We are going to work judiciously on our debt situation Domestic revenue estimate 9.5 billion cedis More to come soon Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Kojo Oppong Nkrumah inspired Ghanaians to expect a good budget, yet Some Ghanaians believe the budget is Serwah…..
Information Minister, Kojo Oppong Nkrumah, has hinted Ghanaians to expect something good from the 2022 budget yet to be read by the Finance Minister Mr. Ken Ofori-Atta. Apexnewsgh.com report Mr. Oppong made the revelation through a post on his Facebook handle on Wednesday, November 17, 2021 According to him, you Ghanaians will smile. “Today is expected to be a good day for young Ghanaians looking for support to fuel their business ideas. We look forward to some relief for road vehicle users, while at the same time equitably raising revenues to speed up the fixing of our roads. Local industry can expect measures that will make their products more competitive while dealers benefit from the same measures to source the same products locally. And no, while acting as President of the Republic, VP Dr. Mahamudu Bawumia cannot join the finance minister to the chamber today. It will be out of place”. He posted However, some Ghanaians have different views. Accoding to them, the 2022 budget is going to be nothing more than ‘Serwaa-Broni budget’ Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
Ofori-Atta goes to parliament to present 2022 budget statement; more taxes?
The Minister of Finance, Ken Ofori-Atta will today, Wednesday, November 17, 2021, be in Parliament to present the 2022 Budget Statement and Economic Policy of the ruling government According to an earlier statement issued by the Finance Minister ahead of the budget reading, it will focus on expanding the economy’s recovery post-Covid-19 in the country. “The Budget will primarily focus on expanding on the economy’s recovery from the COVID-19 pandemic, as well as creating a climate-friendly entrepreneurial state to address unemployment and import substitution,” the statement indicated. It added, “Digitalisation of the economy, skills development and entrepreneurship will also feature prominently in the presentation.” Although not known for certain if the Budget Statement will come with new taxes, Ghanaians have expressed worry with many insisting that in the midst of hardships in the country the government must not tow that lane. Meanwhile, the Ghana Union of Traders Association (GUTA) in a reaction to the reversal of the 50 percent benchmark policy, warns that it will mean more hardship on Ghanaian traders and consumers. Mr. Ken Ofori-Atta is expected to be in Parliament today at 10:00GMT, as advertised on the Twitter page of the Ministry of Information on Tuesday. —Modernghana Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093
It will be a serious betrayal to the late Rawlings in the grave, if Konadu returns to NDC–Nana Obiri Boahen
The National Deputy Secretary of the governing New Patriotic Party (NPP) Nana Obiri Boahen has said, it will be a serious betrayal if the wife of the late former President Nana Konadu Agyeman Rawlings returns to NDC after the husband’s death. Apexnewsgh.com reports According to him, looking at the vilification, the humiliation and barrage of insults by the activists, supporters and sympathizers of the opposition National Democratic Congress poured on her when he left the party which the late husband witness before he died, it will be a stab at the back of the late husband in the grave. Mr. Boahen spoke during an interview with Apexnewsgh.com “It will be difficult for NDC and Madam Konadu to reconcile, looking at the circumstances that led to Konadu’s party and the attacks coming from their followers. It will be dubious for NDP and NDC to come together. It will be a betrayal of the late Jerry John Rawlings in the grave if Konadu does that. It will be a serious betrayal. Because in all honesty, you cannot tell me that Konadu formed NDP without informing the husband and if you look at the history of NDP, when they are making reference to the founding members, they mention Jerry John Rawlings name. Now if Jerry John Rawlings is alive, that is a different thing, which is possible Jerry could talk to the woman and the woman will go back. But now that the man is gone, he is in the grave and the wife agreed that she will go back to NDC? With the greatest respect, it will be a stab at the back of Jerry in the grave”. Look at the insults when Rawlings was alive, the vilification, the humiliation and barrage of insults by NDC activists, supporters, sympathizers poured on Konadu stating from the Fonka base in Sunyani. Some of us believe in life after death. The spirit of Jerry John Rawlings is still moving around”. Mr. Obiri Boahen stressed Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen Please contact Apexnewsgh.com on email apexnewsgh@gmail.com for your credible news publications. Contact: 05555568093