Electronic Transfer Levy (E-Levy): Response to emerging issues

The attention of the Ghana Revenue Authority (GRA) has been drawn to misleading reports on social media that imply that from 1st July 2022, GRA will begin charging E-Levy on merchant SIMs. Other reports also suggest that Cash-Ins or deposits made through a merchant or vendor will attract E-Levy.

GRA wishes to react as follows:

1. Under Section 2 (2) (d) of the Electronic Transfer Levy Act, 2022 (Act 1075), the Levy does not apply to Specified Merchant Payments. Specified Merchant Payments are payments made to merchants through a payment service to a person registered with the GRA for the purposes of Income Tax or Value Added Tax (VAT). Customers making payments to such specified merchants will NOT be charged the E-Levy.

2. The general public should note that E-Levy is NOT charged on merchant SIMs, as is being purported. The E-Levy is only charged on a transfer from a customer to a Specified Merchant if the merchant is NOT registered with GRA for Income Tax or VAT purposes.

3. The E-Levy does not apply to Cash-Outs/cash withdrawals and Cash-Ins/cash deposits either at the bank or at a mobile money agent/vendor point. This means that Cash-Ins or deposits do not attract E-Levy and customers are NOT to pay any amount as E-Levy at a mobile money agent/vendor point.

GRA uses this opportunity to encourage:

1. Individuals to register for their Ghana Card and update their mobile money wallets and bank accounts with their Ghana Card Personal Identification Number (PIN),

2. Merchants to register with GRA for Income Tax or VAT so their customers can enjoy E-Levy exemptions.

Source: Ghana Web

My unbelievable father is my idol – Andre Ayew eulogizes Abedi Pele

Andre Ayew, Black Stars skipper has lauded his father, saying he is a huge inspiration to him.

The Al Sadd attacker regards the three-time African Player of the Year award winner as an idol.

Abedi, who is a former Ghana captain is arguably the greatest Ghanaian footballer of all time.

He won the 1992/93 UEFA Champions League with Olympique Marseille and was capped 73 times by Ghana, scoring 19 goals.

He was part of the Ghana team that won the country’s last Africa Cup of Nations trophy in 1982.

“I take a lot if not every inspiration from him. He’s my idol and an unbelievable Father,” Ayew told GTV.

The 32-year-old’s strike saw him take his goal tally for the Qatari giants to seven, the same number his father scored during his time with Al Sadd.

Andre has, however, since surpassed his father’s goal tally for the Asian side after hitting double figures in the 2021/22 season.

His father has also been acting as his agent, negotiating several deals on his behalf, including moves to West Ham United and Swansea City.

The 32-year-old earlier this year became only the third captain to lead the Black Stars to World Cup qualification.

Ayew has scored 23 goals in more than 100 games for the Black Stars since his debut in 2007.

He captained the Ghana U-20 team, Black Satellites to win the 2009 Africa Youth Championship and the FIFA U-20 World Cup.

Source: Modern Ghana

I don’t need a statue to be remembered by Hearts of Oak – Samuel Boadu

Samuel Boadu, the head coach of Hearts of Oak says he does not need a statue to be remembered by the supporters of the club despite his remarkable achievement at the club.

Boadu, who joined the Phobians on a three-year deal from Medeama SC has been impressive, winning five trophies in his year and a half stay at the club.

Hearts of Oak however failed to defend their Premier League title, finishing 6th on the league log with 48 points.

Boadu however led his side to defend their FA Cup against Bechem United at the Baba Yara Stadium.

“After 11 years, I was able to win a trophy for Hearts of Oak. I won the FA Cup as well,” he told Asempa FM.

“I think I would be remembered for my cordial relationship with the fans. I don’t need a statue to be remembered as Hearts of Oak coach. I will just stay focused and do my job,” he added.

The 36-year-old equaled Attuquayefio’s record of winning back-to-back FA Cup titles.

Coach Samuel Boadu since joining Hearts of Oak has won the Ghana Premier League title, two FA Cup titles, the President Cup, and the Super Cup.

The former Medeama trainer will lead Hearts in Africa again next season as they compete for a slot in the group stages of the CAF Confederation Cup.

Source: Modern Ghana

Ken Ofori-Atta to present mid-year budget review on July 13

The Minister for Finance, Ken Ofori-Atta, is programmed to present the mid-year budget review to Parliament on July 13.

According to the Majority Leader, it is possible that the Minister will table a request for the approval of supplementary estimates.

The presentation will come as Ghana prepares to head back to the International Monetary Fund for a bailout.

Indications are that the government’s latest revenue generation strategy, the electronic transfer levy, is woefully failing to meet government targets.

Though the government has not officially indicated how much the levy has accrued after two months, suggestions are that the government is raking in only 10 percent of the estimated revenue.

The government is believed to have been targeting revenue of GH¢600 million from the 1.5 percent levy on electronic financial transactions.

The government’s revenue target for 2022 from the levy is GH¢4.5 billion.

Source: Modern Ghana

England invites Ghana to Tri-Nations Tournament

The England Amputee Football Association have invited the Ghana National Amputee Team for a friendly to be played at the Reaseheath College Park, Cheshire.

England is looking to engage Ghana, champions of the African Amputee Nations Cup, and Poland between 29th -31st July 2022.

According to the Communications Bureau of the Ghana Paralympic Committee, the Tri-Nation tournament will prepare the participating teams, England, Ghana, and Polish Amputee Team, ahead of the 2022 Amputee World Cup in Turkey.

Mr. Samson Deen, President of the NPC in Ghana said it is big news for the Ghana Amputee Football Team, who will soon begin a tour to France and Belgium and play the United States Amputee Football Team in a friendly this September 2022.

Source: Modern Ghana

Main reasons why Ghana is seeking new IMF bailout program

Ghana is set to hold talks with the International Monetary Fund (IMF) on a support package in the coming weeks.

The Nana Addo Dankwa Akufo-Addo administration had refused to seek an IMF bailout despite the massive economic downturn in the last six months, but later decided to swallow its pride and seek support from the Bretton Woods institution.

These are the main reasons the government has now given up on its home-grown policies and has opted for IMF support to salvage the distressed Ghanaian economy.

Poor economic management

Ghana’s fiscals and economic fundamentals have proven to be weak and worsened over the last few months. Ghana is getting less money than it needs to spend.

The total public debt stock stands at GH¢391.9 billion as of the end of the first quarter of 2022, translating to a debt to GDP of 78 percent.

The cedi has also weakened 22 percent against the dollar in 2022. This has left it with the distinction of being the worst-performing currency among African currencies.

Poor credit from international markets

Ghana is not in a position to borrow money because rating agencies have not given strong endorsements of Ghana’s economy.

Ghana’s deficits also meant lenders on international capital who are in a position to give Ghana money do not trust in the economy. This means the government has had to turn to the IMF to gain credibility in the eyes of international lenders.

Global issues

Ghana has been sent reeling by the coronavirus pandemic and its resulting economic downturn. The war in Ukraine has also disrupted global supply chains. The conflict has contributed to an increase in the price of gas, oil, and agricultural raw materials.

Russia and Ukraine, supply almost one-third of the total imported wheat on the African continent.

Structure of the economy

Ghana’s small-open economy is not diverse enough. It continues to rely on the export of its resources like gold and cocoa in raw form. This means it will always be at the mercy of shocks like the war in Ukraine.

Source: Modern Ghana