• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    Nigeria Launches National Domestic Payments Card Program
    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report
    Growers in Uganda to succeed from Nigeria’s AFEX’s Tech-Enable Products having expanding its Products Exchange Business in Nigeria’s AFEX from Kenya
    Nigeria Sets Quality Control and Assurance Laboratory for the Oil and Gas Industry

    Ghana, IEA Rubbishes Tax Increments; want Free SHS Limited to 3-per Family

    Posted On 08 Aug 2019
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    BY YESMAN ANTOH-

    Dr. John Kwakye, IEA Senior Economist, Ghana
    Photo Credit: IEA Ghana

    NEW AFRICA BUSINESS NEWS, Accra, Ghana- THE INSTITUTE of Economic Affairs (IEA) has rejected tax increments announced by Finance Minister Ken Ofori-Atta in his mid-year review and supplementary Budget presentation.

    Mr. Ofori-Atta in his presentation to Parliament last week announced the upward review of taxes on Communications Service Tax and energy levies.

    He announced that Ghanaians will have to pay GHp20 more for a liter of petrol and diesel and GHp8 more for a kg of LPG.

    “Mr. Speaker, you may recall that government in 2017 issued the Energy Sector Levy Act (ESLA) Bond, which has, to date, raised almost GH¢ 6 billion on the back of ESLA levies to pay for legacy debts from the NDC’s ‘dumsor days.’

    “The bond proceeds were used to liquidate approximately 60% of the energy sector legacy debts. Government proposes to increase the Energy Sector Levies by GHp 20 per litre for petrol and diesel and GHp 8 per kg for LPG, so as to increase the inflows to enable government to issue additional bonds to pay down our energy sector debt obligations.

    Addressing the media on Tuesday, Director of research for the IEA Dr. John Kwakye argued other innovative measures should have been used to generate more revenue for government instead of overburdening consumers.

    Dr. Kwakye warned the increments could be counterproductive. He also proposed limiting free SHS to three persons per family as a cost saving measure.

    “It has to be said that the decision to increase the taxes, we think it is unfortunate, given the additional burden the increases will pose on already overburdened tax payers. Rather than increasing the taxes, we were expecting the minister to introduce new initiatives to raise revenue.”

    “In its current form, the free senior high school is a very costly one, the number of students involved that likely to mount with additional future streams will compound the cost. It is also very costly for government to offer a whole range of free things under the policy including the fees, other academic charges, books, food, accommodation and uniforms.”

    The mounting free SHS cost will put immense burden on the budget to other equally important projects.

    “It will be worthwhile to consider options, first a kind of means testing scheme could be introduced to make financially capable parents pay for their wards, second a government-parent cost sharing arrangement could be arranged where government pays for say academic fees, and charges, books and boarding while parents pay for feeding and uniform and thirdly, consideration should be given to the idea of say three students per family.”

    1.00 United States Dollar = 5.40 Ghanaian Cedi

    BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

     

     

    NEW AFRICA BUSINESS NEWS
    COMING SOON ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER. THANK TO COMPANIES THAT WANT TO ADVERTISE.   INFO@NEWAFRICABUSINESSNEWS.COM.

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Ethiopia Intensifies Repatriation in ongoing Efforts to Curb illegal Migration

    Next Story

    AfDB Sign $ 4.8 Million Grant, for Continental Free Trade Secretariat

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    Posted On 06 Feb 2023

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Posted On 03 Feb 2023

    Nigeria Launches National Domestic Payments Card Program

    Posted On 02 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Facebook

    Latest Posts

    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Nigeria Launches National Domestic Payments Card Program

    Recent Posts

    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.