Ghana and Japan have formalized a $13.44 million grant agreement aimed at improving the stability and reliability of electricity supply in Tamale, the capital of the Northern Region.

The initiative is designed to address power challenges in the area by enhancing energy infrastructure, ensuring a more consistent supply for households, businesses, and essential services.

Finance Minister Dr. Cassiel Ato Forson, announcing the deal on his official Facebook page on Friday, March 14, 2025, described the partnership as a significant boost for Tamale’s electricity network.

The agreement was signed between the Government of Ghana and the Japan International Cooperation Agency (JICA) as part of ongoing bilateral efforts to support Ghana’s energy sector.

The project, funded by the grant, will involve the construction of a new power substation and the expansion of distribution lines, significantly strengthening Tamale’s energy infrastructure.

Dr. Forson signed on behalf of Ghana, while Her Excellency Suzuki Momoko, Chief Representative of JICA, represented the Government of Japan during the signing ceremony.

Dr. Forson emphasized that the initiative would play a crucial role in fostering economic growth, creating jobs, and improving living standards for residents of Tamale and surrounding communities.

“This project represents a major milestone in our commitment to economic development, job creation, and enhanced livelihoods in the Northern Region. By ensuring uninterrupted electricity supply, we are providing businesses, households, and critical services with the energy security they need to thrive,” Dr. Forson stated.

He further expressed Ghana’s gratitude for Japan’s continued support, noting that such collaborations are vital in bridging the country’s energy gaps and driving industrialization.

Once completed, the project is expected to significantly transform Tamale’s energy landscape, stimulating local businesses and improving the quality of life for residents.

Executive Chairman of the McDan Group, Daniel McKorley

Executive Chairman of the McDan Group, Daniel McKorley, has advised young people to prioritise financial stability before considering marriage.

Speaking at the 2025 PCH Hangouts event held at the ICGC ‘New Wine Temple’ in East Legon, McDan emphasised that marriage without financial readiness can be overwhelming and hinder personal growth.

“If you don’t have money, don’t marry. Marriage without money can derail you,” he stated.

Drawing from his own experiences, McDan narrated how he delayed marriage until later in life due to concerns about not having enough money to support it.

“I couldn’t marry early because I was afraid of ‘chop money.’ I grew up in an environment where you could see a man physically abusing a woman because of money, and a woman verbally abusing a man because of money.

“So, the institution of marriage was scary for me,” he confessed.

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President John Dramani Mahama has charged the newly appointed Inspector General of Police (IGP), Christian Tetteh Yohuno, with the critical responsibility of tackling Ghana’s evolving security threats.

He emphasised the necessity of adopting both traditional and modern policing strategies to enhance national safety and stability.

Speaking during the swearing-in ceremony on Friday, 14th March, President Mahama underscored the growing complexity of security challenges in the country.

He highlighted the increasing prevalence of cybercrime, fraud, and organised criminal activities, stressing the need for sophisticated investigative techniques to combat these threats effectively.

“Traditional security methods must be complemented with modern approaches to confront emerging crimes. We are witnessing a rise in violent incidents, cybercrime, and sophisticated fraud schemes, alongside new forms of organised crime that demand advanced investigative capabilities,” President Mahama stated.

The President also drew attention to global security concerns, particularly terrorism and transnational crime networks, which he described as major threats to national stability.

He stressed the importance of intelligence-led policing and proactive law enforcement in safeguarding the country.

“The global security landscape presents fresh challenges, from terrorism to transnational criminal organisations. These require robust intelligence gathering and proactive policing. The Ghanaian people expect their police service to provide the highest level of protection,” he noted.

IGP Yohuno’s appointment forms part of a broader restructuring initiative aimed at reinforcing Ghana’s law enforcement framework and enhancing public safety.

His tenure is expected to bring renewed focus to security reforms and crime prevention strategies across the country.

He replaces Dr George Akuffo Dampare, whose dismissal was officially confirmed on Thursday, 13th March.

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Dr. Cassiel Ato Forson, Minister of Finance and HE Suzuki Momoko, Chief Representative of JICA

The Minister of Finance has announced a new agreement between Ghana and Japan aimed at boosting the power supply in Tamale City.

Announcing the agreement on March 14, 2025, the minister stated that the $13.44 million deal would be used to support power generation.

He said, “Through this partnership, the Japan International Cooperation Agency (JICA) will support the construction of a new substation and power distribution lines, strengthening the region’s electricity infrastructure.”

The agreement was signed by Dr. Cassiel Ato Forson, Minister for Finance, on behalf of the Government of Ghana, and Her Excellency Suzuki Momoko, Chief Representative of JICA, on behalf of Japan.

In a Facebook post on March 14, 2025 the minister wrote, “This project is a major step towards economic development, job creation, and improved livelihoods in the Northern Region, ensuring businesses, households, and essential services have access to reliable electricity.

“This partnership reflects Japan’s continued commitment to supporting Ghana’s development. Once completed, the project will play a key role in bridging Ghana’s energy gap and boosting industrialisation,” he added.

SSD/MA

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Ghana and Japan have signed a $13.44 million grant agreement aimed at enhancing the stability of power supply in Tamale, the capital of the Northern Region.

Announcing the deal on his official Facebook page on Friday, March 14, 2025, Finance Minister Dr. Cassiel Ato Forson described the partnership as a “major boost for power supply in Tamale.”

The agreement, signed between the Government of Ghana and the Japan International Cooperation Agency (JICA), will fund the construction of a new substation and power distribution lines, significantly strengthening the region’s electricity infrastructure.

The signing ceremony was officiated by Dr. Forson on behalf of Ghana and Her Excellency Suzuki Momoko, Chief Representative of JICA, on behalf of Japan.

According to Dr. Forson, the project will contribute to economic growth, job creation, and improved livelihoods in Tamale and its surrounding areas.

“This project is a major step towards economic development, job creation, and improved livelihoods in the Northern Region, ensuring businesses, households, and essential services have access to reliable electricity,” he stated.

He further noted that Japan’s continued support for Ghana’s development is deeply appreciated, as this initiative will help bridge the country’s energy gap and drive industrialization.

Once completed, the project is expected to transform the energy landscape of Tamale, promoting business growth and enhancing daily life for residents.

You often hear business anchors and reporters say that the financial stock index has advanced by a few points or that the Ghana Stock Exchange (GSE) has recorded gains.

While these terms may sound technical, the key question is; why is the stock market making gains, and what exactly is being traded?

For those who may not fully understand, this GhanaWeb Business article provides deeper insights:

Overview of the Ghana Stock Exchange

The stock market in Ghana, primarily represented by the Ghana Stock Exchange (GSE), is a key component of the country’s financial system. It provides a platform for buying and selling securities, such as stocks, bonds, and government-issued securities.

Ghana’s financial sector is largely dominated by commercial banks, which have not been a reliable source of long-term financing.

As a result, the capital market is considered a better avenue for mobilizing both domestic and international capital, offering a potential solution to meet the private sector’s long-term financial needs.

Currently, 39 companies are listed on the Ghana Stock Exchange. These companies span various key sectors of the economy, including mining, brewing, banking, pharmaceuticals, oil, and manufacturing.

What is traded on the GSE?

Stocks (Equities): Represent ownership in listed companies. Investors buy shares to gain a stake in a company’s success and receive dividends.

Bonds: Debt securities issued by the government or companies. Buyers lend money to the issuer in exchange for periodic interest payments.

Government Securities: Bonds and other debt instruments issued by the government to raise funds.

Mutual Funds & ETFs: Investment products that pool investors’ money to invest in a diverse range of stocks and bonds.

How does stock trading work?

Listing of Companies: Companies looking to raise capital can list their shares on the GSE. This requires meeting strict criteria, including financial transparency and sound corporate governance.

Brokers and Dealers: Investors must trade through licensed brokers who act as intermediaries, ensuring that transactions comply with market regulations.

Market Orders & Limit Orders: Investors can place:
Market orders (buying/selling at the best available price).

Limit orders (setting a specific price at which they want to buy or sell).

Price determination

Supply and Demand: Stock prices are determined by the interaction between buyers and sellers. If demand for a stock increases, its price rises. Conversely, if more people want to sell a stock, its price falls.

Market indices

GSE Composite Index (GSE-CI): Tracks the performance of all listed stocks, offering a snapshot of the market’s overall health.

GSE Financial Stocks Index (GSE-FSI): Tracks the performance of financial sector stocks on the exchange.

Benefits of investing in the GSE

Capital Gains: Investors can earn profits by buying stocks at a lower price and selling at a higher price.

Dividend Income: Many companies on the GSE pay dividends, providing a steady income stream for shareholders.

Portfolio Diversification: The stock market allows investors to diversify their portfolios beyond traditional assets like real estate and savings accounts, reducing overall risk.

Conclusion

The Ghana Stock Exchange plays a crucial role in the country’s economy, enabling companies to raise capital and providing investors with opportunities to grow their wealth.

While challenges such as liquidity issues and low public participation persist, the market continues to evolve.

For those looking to invest, understanding the fundamentals of the stock market and seeking professional advice can help navigate its complexities effectively.

Nana Agyemang Prempeh is a Ghanaian brodcast journalist that specialises in business communication. 

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Tax Refunds accrued GH¢29.11 billion in 8 years

If you heard the term tax refund for the first time when the Minister of Finance, Dr. Cassiel Ato Forson, mentioned it, this article is here to satisfy your curiosity.

The minister stated that a study on the use of tax refunds over the past eight (8) years revealed that GH¢29.11 billion had accrued to the tax refund account. However, only GH¢12.5 billion representing 43% of the total accrued amount was used for tax refund purposes.

He further disclosed that the study found GH¢16.6 billion, representing 57% of the total amount accumulated in the tax refund account, had been misapplied.

This, he noted, is a clear violation of the Revenue Administration Act, 2016 (Act 915) and the Public Financial Management Act, 2016 (Act 921).

A tax refund is simply a reimbursement to taxpayers for any excess amount paid in taxes to the government.

According to the Ghana Revenue Authority (GRA), a tax refund is due when your prepaid taxes and tax credits exceed the tax charged for the year.

The GRA can issue the refund in cash or grant you a tax credit, which can be used to offset future tax obligations.

How does one apply for Tax Refunds

A taxpayer may within 3 years of the relevant date, apply to the Commissioner–General for a refund of tax paid in excess of the tax liability of that taxpayer.

The process for application is as follows:

The Commissioner–General prescribes the form of the application.

The application must be in writing and include an explanation on how the excess is calculated and attach relevant evidence.

Note: ‘Relevant date’ above means the later date of

1. The date of the event that caused payment of excess tax.

2. The date on which the tax return is filed by the taxpayer on that payment.

3. The date of payment of excess tax.

Decision on application for Tax Refunds

The Commissioner–General shall within 60 days of receipt of an application for a refund, consider it and make an appropriate decision.

The decisions made could be:

1. A rejection of the application where the Commissioner General has the opinion that the taxpayer did not pay excess tax.

2. A refund made to the taxpayer if satisfied that excess tax was paid.

3. Further information may be requested to assist in making a final decision, If the Commissioner–General is not satisfied that excess tax was paid.

A written notice of the decision made will be served to the applicant within 30 days.

In the case of option (3) above, the Commissioner- General shall reconsider the application and make a decision by serving notice on the applicant within 60 days of receiving the original application.

Payment of Tax Refunds

1. Where the Commissioner-General is satisfied that a person is entitled to a tax refund, either after application by the taxpayer or by order of a court or tribunal, the Commissioner–General shall:

a. Apply the excess as a reduction of any outstanding tax liability; and

b. Refund the remainder to the person within 90 days of making the decision.

2. Where the Commissioner–General accepts to refund part of the excess tax applied for by a person, the Commissioner–General shall refund the amount accepted, irrespective of whether the person files an objection against the decision of the Commissioner–General.

3. Where, the Commissioner–General fails to refund the excess tax within 90 days as specified, the Commissioner- General is liable to pay interest on the amount.

4. The interest is calculated as 50% of the statutory rate and is for the period beginning from the earlier of either.

a. The date the refund decision is made; or

b. The day the person files an objection against the tax decision that gave rise to payment of the excess tax.

And ending on the day the refund is made.

5. Interest paid by a person under a tax law with respect to tax not paid on time shall, where the tax is found to have been payable, be refunded to the person with any interest.

6. Where the Commissioner–General refunds tax in error, the Commissioner–General may recover the refund as a tax liability.

SSD/MA

KPMG calls for inclusion of informal sector, online businesses in tax net

FirstBank Ghana has officially introduced its Private Banking and Wealth Management Service in Kumasi, a significant development designed to offer personalized banking experiences that cater to the unique financial needs and aspirations of high-net-worth individuals and families across the country.

The service promises to deliver a comprehensive suite of products, including investment management, estate planning, tax advisory, and tailored credit solutions.

With 130 years of experience, the Bank is certain their expertise in the banking field offers clients the privilege of working with dedicated relationship managers who are committed to understanding their individual needs and providing exceptional service.

CEO of FirstBank Ghana Limited, Victor Yaw Asante, emphasized the need to protect wealth without being affected by inflation and depreciation.

“High net worth individuals are usually also interested in how to protect their wealth. The two key things that affect wealth quickly are inflation and depreciation, so you always make sure you’re invested in instruments and in products that protect the value of your money”.

“The whole point is about getting a return that is above what you lose as a result of depreciation and inflation. It is one of the reasons why you must invest. Try to find instruments that will give you a return that is higher than what you lose as a result of inflation. So first make sure you don’t lose value and then make sure you get a good return on it,” he said.

The launch featured notable financial experts who shared insights on current market trends, investment strategies, and the importance of wealth management in achieving financial security highlighting the growing demand for personalized banking solutions in Ghana, particularly among the affluent demographic.

Idowu Thompson, Global Head and Group Executive Private Banking and Wealth Management for FirstBank Nigeria, highlighted the continuous change in the economic landscape and assured they will adapt to new strategies that protect the wealth of their target audience.

“With the change in economic landscape, the rate of adoption has also transformed greatly. Change isn’t always bad and challenges doesn’t mean that it’s an end in itself. We will continue to engage all opportunities we can to meet needs,” he stated.

He further explained that even though the initiative targeted high-net-worth individuals, it is all inclusive for anyone who sees the need to manage their finances.

“We are speaking to private wealth but it’s also more inclusive these days. So it’s not just something that is for the super affluent or high valued people. It’s for everybody who wants to know how they can better organize their finances so they can live their best lives,” he explained.

The Head of Private Banking and Wealth Management, Catherine Ekar, assured that as more individuals seek personalized financial services, the bank is poised to meet personal demands and goals of clients.

“How we will cater for needs is going to be very specific, tailored to each person’s needs. Depending on what their goals or their financial plans are, you make a solution for them. For some clients it’s about safeguarding their wealth for future generations, for some it’s about hedging against forex, so we look at how we set a portfolio for them to achieve their goals. It’s really important to know your clients and understand what their goals are,” she said.

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Featured

Kester Aburam Korankye

Mar – 14 – 2025 , 12:45

2 minutes read

Vice-President Professor Jane Naana Opoku-Agyemang has urged the Governing Board of the Bank of Ghana to examine the bank’s existing policies to ensure they are aligned with leading contemporary policies.

She said more importantly, the policies should align to the government’s social contract with the people of Ghana. 

The Vice-President made the call when she swore in the Governing Board of the Bank in Accra.

She said the government had ensured gender parity in the composition of the Board with the appointment of five women.

This composition, with over 40 per cent female representation, makes this Board appropriately diverse, inclusive and consistent with leading global practice and standards on board diversity and inclusion, she said.

“I have no doubt that with the right board dynamics and support from the government and all other stakeholders, you will live up to all expectations,” she said.

Prof Opoku-Agyemang expressed the hope that the Board would provide the necessary and enabling governance structures and financial sector leadership to propel the economic reset, rebuild and consolidation agenda of the government.

She said the members’ diverse backgrounds as public and private sector operators had equipped them with the required attitude and perspectives to offer the dynamic and inspirational leadership the Bank required at this critical period with significant challenges in the economy. 

“The Bank presently requires dynamic and innovative leadership to provide the public services it is known for, and ultimately to restore and enhance the trust of the public and stakeholders in the Bank,” she added.

 The Vice-President said the success or otherwise of the government largely depended on the performance of the Central Bank.

She said, “The President’s social contract with the people of Ghana to reset, rebuild and restore public trust and macro-economic stability, through responsive financial sector governance and sound economic policies rest on your shoulders as the Board, in equal manner as the Cabinet, the Minister for Finance and all other key stakeholders.”

Dr. Johnson Pandit Asiama, the Governor of the BOG, said the moment marked the beginning of a new chapter for the institution, as we embarked on a renewed commitment to financial stability, sound monetary policy, and economic resilience.

“We stand at a time of significant economic challenges macroeconomic instability, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action,” he said.

He said the Board, composed of esteemed professionals with vast expertise, was tasked with guiding the Bank’s policy direction and ensuring that we navigated these challenges with boldness, integrity, and accountability.

He said the inauguration provided them with an opportunity to reaffirm their commitment to excellence, transparency, and independence in their monetary and financial policies.

Source: GNA

play videoActing Commissioner-General of the Ghana Revenue Authority, Anthony Sarpong

The Acting Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, has reminded businesses operating in the e-commerce sector of their obligation to file their taxes.

He stated that the GRA will leverage technology to locate online businesses and ensure they comply with tax regulations.

According to him, it is an act of patriotism for these businesses to voluntarily pay their taxes without being pursued.

Speaking on the sidelines of the KPMG-UNDP Post-Budget Forum on March 13, 2025, he said, “For many of us who are doing business online, this is the time—the tax man will be coming to you. I know that with technology, we will find you. So make it easier for us. We will be coming after you with the spirit of dialogue and compliance, using only minimal force in line with the law. We want voluntary declaration and compliance.”

Similarly, the Partner and Head of Tax at KPMG Ghana, Kofi Frempong-Kore, urged the government to take advantage of modern technology to improve tax collection and expand the tax net.

According to him, the e-commerce sector is thriving due to the innovative ways people are using digital platforms to conduct business. He suggested that the government could adopt similar strategies to enhance tax collection and bring the informal sector into the tax net.

Speaking on the sidelines of the KPMG Post-Budget Forum on March 13, 2025, he stated, “Technology plays a crucial role. We need to leverage technology to identify individuals operating in the informal sector. The Commissioner-General even mentioned that if you go on Instagram now, you’ll find many people, including some of my colleagues, engaged in trade.”

“They advertise their products on Instagram and Facebook, keep the goods in their car boots, meet buyers to complete transactions, or even deliver the items directly. Today, people are delivering food using technology. This means the government can use the same digital tools to collect revenue,” he explained.

Frempong-Kore also expressed concern over Ghana’s narrow tax base, which he noted relies heavily on the formal sector.

“Less than 2 million Ghanaians are paying taxes out of a population of over 30 million, and these are mainly individuals employed in the formal sector. The focus should be on the informal sector, where the majority of Ghanaians operate. That is where I believe the government should direct its efforts,” he emphasised.

SSD/MA

KPMG calls for inclusion of informal sector, online businesses in tax net