Ghana: Press zooms in on assurance of no new taxes for the year by govt, others

The assurance by the Deputy Finance Minister Dr. Alex Ampaabeng, that the government will not introduce new taxes in the forthcoming mid-year budget js one of the trending stories in the Ghanaian press on Thursday.
The Graphic reports that the Deputy Finance Minister Dr. Alex Ampaabeng has confirmed that the government will not introduce new taxes in the forthcoming mid-year budget.
This announcement comes amidst concerns from stakeholders about the heavy tax burden on businesses and households, with calls for some tax relief to alleviate financial pressure.
In an interview on Channel One TV, Dr. Ampaabeng clarified that the government would not seek a supplementary budget, a decision revealed by the Finance Minister, Dr. Mohammed Amin Adam.
While ruling out additional taxes, Dr. Ampaabeng stressed that the government would explore various ways to boost revenue. He noted that there are untapped opportunities within the existing tax system that could be leveraged for better revenue generation.
“There are many discussions ongoing, but one thing I can confirm on behalf of my Minister [Dr. Mohammed Amin Adam] is that there won’t be new taxes in this mid-year budget. However, we are exploring all avenues to enhance revenue,” he said.
Dr. Ampaabeng emphasized the importance of improving efficiency, addressing leakages in the tax system, and engaging with taxpayers to fulfill their responsibilities, though he did not provide specific details on the potential loopholes.
The mid-year budget review is expected to be presented to Parliament by the finance minister in July or August. May 2024 inflation declines marginally to 23.1%
The newspaper says that inflation for the month of May 2024 declined marginally to 23.1% from the 25.0% recorded in April 2024.
According to the Ghana Statistical Service, food inflation recorded a rate of 22.6%, the lowest since 13 months.
Non-food inflation however shot up to 23.6% in May 2024.
Inflation for locally produced items and imported items fell to 24.7% and 19.6% respectively.
Government Statistician, Professor Samuel Kobina Annim spoke to journalists in Accra.
The Graphic also reports that the Ghana Grid Company LTD (GRIDCo) and the Electricity Company of Ghana, (ECG) have explained that an interruption in electric power supply being experienced in some parts of Ghana is due to a reduction in gas supply from Nigeria.
In a joint press statement issued on Thursday evening, June 13, 2024, it was explained that there is a reduction in gas supply from Nigeria since Wednesday, June 12, 2024 and some areas across Ghana have been experiencing interruption in electric power supply.
It said the West African Gas Pipeline Company (WAPCo) has explained that the reduction in gas supply was due to maintenance works being undertaken by a gas supplier in Nigeria and it is projected that the works will last three weeks.
GRIDCo and ECG said the maintenance has caused a reduction in overall power generation capacity in Ghana “which could result in load management over the period of the work.”
The West African Gas Pipeline Company Limited (WAPCo) in its statement on Wednesday [June 12, 2024] said it was “experiencing a drop in gas volumes available for transportation due to ongoing maintenance works by one of its gas producers in Nigeria.”
“One of the producers of the natural gas WAPCo transports from Nigeria has shut down its facility for a three-week maintenance, resulting in a decrease of gas available for WAPCo to transport to customers in Togo, Benin and Ghana. The current situation is entirely out of WAPCo’s control.”
“WAPCo’s continues to transport gas from the Westen Region of Ghana to Tema, also in Ghana, and we expect normalcy to return after the maintenance activities,” the statement said.
GIK/APA