Commercial banks are making a last-minute appeal for the tax on electronic transactions to be reduced marginally to not more than 1%. Speaking on PM Express Business Edition, Chief Executive of the Ghana Association of Bankers John Awuah noted that the current 1.75 per cent may erode some gains made so far in the banking sector and financial inclusion.

Leading gold mining company Gold Fields Limited says it expects to invest about $500 million into its Ghana operations in the coming years, if its plans for reinvestment are approved by leadership of the company. At the moment Gold Fields' operation in Ghana are tied to three mines. The Tarkwa Mine, which is the single largest gold producer in Ghana, producing more than 500,000 ounces a year, with the life of the mine being 13 years, the Damang Mine, an open pit mine, and the Asanko Mine which is operated by Galiano Gold through a joint venture arrangement.

Most mining companies that receive supply of explosives from Maxam may have to cut production if moves to get Maxam to resume production is not fast-tracked. Maxam was shut down last week after orders from the Minerals Commission.

Former Finance Minister, Seth Terkper, has said government’s proposed Electronic Levy (E-Levy) will distort the tax structure, arguing that it will lead to paying double tax and also result in paying taxes on savings, which is inappropriate.

Ratings agency, Fitch, has stated that the 1.75% Electronic Transaction Levy (e-levy) will boost Ghana’s revenue and drive an increased in government revenue to 20% of Gross Domestic Product (GDP) in 2022. This is compared to an estimated 15.4% of GDP in 2021.

Government has suspended expenditure in the 2022 Budget by 20%, the Finance Minister, Ken Ofori-Atta has announced. Parliament has already approved government’s total expenditure for 2022, but the government, in a prudent fiscal consolidation move, has decided to cut down on its expenditure, up to a whopping 20%.

From 1st July, 2022, the Ghana Card will be the only identification for banking or financial transactions, the Bank has disclosed. This is in furtherance of its objective of ensuring the safety of the financial system.

The Ghana cedi may not depreciate by more than 5% in 2022 to the US dollar, Currency Analyst, Courage Martey has pointed out. The local currency lost a little over 9% to the dollar on the retail market and about 4% to the American currency on the interbank market, in 2021.

Government is likely to continue to record wide budget deficits and arrears, particularly in the short term, despite planned reforms to broaden the tax base, Fitch Solutions, research arm of ratings agency Fitch has said.

International ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’ with a negative outlook. the downgrade of Ghana’s IDRs and Negative Outlook reflect the sovereign’s loss of access to international capital markets in the second-half of 2021, following a pandemic-related [COVID-19] surge in government debt.