play videoDr Johnson Asiama, Bank of Ghana Governor

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has assured the public that Ghanaians can expect to see reductions in the prices of goods and services in the coming weeks, following the recent appreciation of the Cedi against the US Dollar, provided market competition is strong.

Speaking at the 124th Monetary Policy Committee (MPC) press conference in Accra on Friday, May 23, 2025, Dr Asiama acknowledged concerns about the delayed impact of the Cedi’s gains on retail prices.

He explained that the lag is partly due to the timing of stock purchases by traders.

“You can understand that some people stock their goods at a higher exchange rate, and so naturally, even with the appreciation, it takes a while for you to see that adjustment,” Dr Asiama said.

“However, rest assured that you will see the adjustment certainly so long as there is competition, so long as it is not a monopoly, and we will see that kind of phenomenon very soon,” he added.

On the sustainability of the Cedi’s appreciation, Dr Asiama said the BoG had carefully reviewed the dynamics behind the currency’s movement and found no indication that it would harm Ghana’s competitiveness in real terms.

“The Cedi appreciation has to be put into proper context. Much as you want to have Cedi stability in nominal terms, the important thing here is to ensure that in real terms, the Cedi is not appreciating persistently,” he said.

“The MPC went into a lot of deliberations, looked at the real movement of the exchange rate, and we think that where we are now, we don’t have that problem of real appreciation that would adversely impact our competitiveness,” he explained.

Dr Asiama however emphasised that the recent appreciation of the Cedi is market-driven and not the result of direct intervention by the central bank.

“The appreciation is largely driven by the markets, it is not something that the central bank is using its reserves for. If you look at the data pack we have put out, you can see that our reserve programme is growing, so we are not using our reserves to intervene in the market,” he noted.

He credited the gains to sound economic policy and positive international inflows, adding, “For us, it is about maintaining exchange rate stability.”

Before responding to the questions, Dr Asiama announced that the MPC had decided to maintain the policy rate at 28 percent, signaling the BoG’s continued cautious stance in the face of inflation risks and external uncertainties.

MA

Private legal practitioner Nii Kpakpo Samoa has asserted that no aspect of the ongoing proceedings to remove suspended Chief Justice Gertrude Torkornoo can legally be made public under the current constitutional framework.

His remarks come in response to comments by Attorney General Godfred Yeboah Dame, who has opposed the in-camera nature of the hearings.

Dame, who also serves as the legal representative for the Chief Justice, argued that the hearings should be held publicly due to the intense scrutiny and reputational harm already suffered by Justice Torkornoo.

“It cannot be a secret. There ought to be light on the proceedings because she has already been damaged in the public domain,” Dame told Citi News on Thursday, May 22, emphasizing that transparency is essential to ensuring fairness, particularly given the political and public interest in the case.

However, speaking during a panel discussion on Channel One TV’s The Big Issue on Saturday, May 24, Kpakpo Samoa disagreed, insisting that the Supreme Court has already offered a definitive interpretation on the matter.

“The interpretation as it stands now from the Supreme Court is that in-camera is in-camera, and they have given very sound reasons why it is from the beginning to the end,” he said.

He further explained that the constitutional requirement for in-camera proceedings is designed to safeguard both the subject of the investigation and the integrity of the process.

“But here is also the flip side of it,” he added. “If I am the subject of the petition and I elect to make it public, am I exercising a personal right against a constitutional provision that says no? That is something the court may have to look at.”

Nonetheless, Samoa maintained that unless the Supreme Court revises its position, the process must remain confidential.

“If you try to injunct the process, according to the Supreme Court ruling, you are seeking to subvert the Constitution,” he added.

Godfred Dame: Chief Justice removal probe must be public

Professor of Food Integrity Engineering at the University of Cape Coast (UCC), Ernest Teye, has proposed the establishment of a mobile food integrity laboratory to help improve food safety detection onsite and reduce the incidence of food fraud in the country and sub-region.

The proposed mobile lab is a compact, bag-sized unit that combines a hand-held device with a well-tested algorithm capable of assessing both the authenticity and quality of food items in real time.

The portable device employs rapid, non-destructive and chemical-free technology, allowing for onsite testing without the need for a full laboratory setup.

Professor Teye explained that the innovation offered a safe, affordable and multi-purpose solution that could be used on various food products.

It is designed to assist regulators, producers, processors and exporters in verifying the integrity of food commodities at different points along the supply chain.

Visit, impact

Prof. Teye showcased the innovation during a presentation session with the British High Commissioner to Ghana, Harriet Thompson, who was on a working visit to the university.

Prof. Teye showcased the innovation during a presentation session with the British High Commissioner to Ghana, Harriet Thompson, who was on a working visit to the university.

The visit aimed to strengthen academic, industrial and research collaborations between UCC and institutions in the United Kingdom, especially in innovative research addressing societal challenges.

The UCC engineer mentioned that the mobile food integrity lab would be crucial in addressing the increasing prevalence of food adulteration, particularly in markets where laboratory infrastructure is inadequate or absent.

“The mobile lab will empower our food monitoring systems to act swiftly and effectively, especially in underserved areas,” he said.

Findings

Citing findings from recent studies, Prof. Teye revealed that up to 35 per cent of certain food products sampled from major markets were found to be adulterated.

These included honey, tomato paste, juice, turmeric, oregano, gari and vegetable oil.

Per his research conducted in 2022 showed that over 25 per cent of rice, powdered milk, honey, palm oil and tomato paste samples collected from urban markets failed food integrity tests.

“These are not isolated issues.

We are increasingly finding adulterated food items in both locally produced and imported products.

This mobile lab provides a proactive solution,” he stated. 

As a general measure, he advised the public to consume food with shorter supply chains by eating local, and to support the Food and Drugs Authority (FDA) by following its safety protocols.

He demonstrated the effectiveness of the technology using samples of palm oil, rice, turmeric powder, cocoa beans, pineapple and tomatoes.

Opportunities

Ms Thompson commended UCC for its commitment to practical, impact-driven research and reaffirmed the British High Commission’s support for continued partnerships with UK research institutions.

She further mentioned that there were enormous opportunities from UK-funded research programmes, which UCC could take advantage of, adding, “We will continue to support such meaningful partnerships.”

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

GIRSAL’s sesame pilot project site is at Keyeme-Ziope in Volta Region

The Ghana Incentive-Based Risk Sharing System for Agriculture Lending (GIRSAL) aims to rake in US$500million of sesame seeds export revenue over the next three years.

This aligns with GIRSAL’s five-year strategic vision to promote the development of high potential agricultural value chains in chili and sesame production, among others, in a bid to enhance the country’s export capacity.

GIRSAL’s sesame pilot project site is at Keyeme-Ziope in Volta Region and the company believes Ghana has what it takes to produce the commodity in commercial quantity for export.

The pilot project is designed to develop a scalable and investable business case for sesame seed production in the country. GIRSAL forecasts exporting about US$500m of sesame seed annually to the global market through this initiative.

Currently, GIRSAL is cultivating 10 acres as part of its initial trial phase and plans scaling up to 200 acres between July and December this year.

Over the next three years, the company aims at expanding production to 50,000 acres through collaborations with agribusinesses and partner banks.

Sesame is a fast-emerging high value commodity in Ghana and the broader West African sub-region.

While the crop has been traditionally dominated by producers in countries like Sudan, Nigeria and Burkina Faso, Ghana has seen growing interest in sesame cultivation – particularly across the middle belt and northern regions.

Despite earning some US$12.5million of export revenue in 2016 according to GIRSAL, Ghana’s sesame export volumes drastically declined to 510.86 metric tonnes… constituting a paltry US$278,900 in the year 2023.

This decline was largely due to limited production data, technical capacity and policy support. GIRSAL’s Chief Operating Officer, Samuel Yeboah, indicated that GIRSAL recognises the need to reverse this trend and has therefore initiated this project to unlock the crop’s full commercial and export potential.

The global market demand for sesame seed is US$5.6billion per annum. Nigeria cultivates about 3.6 percent of the commodity while Ghana is producing less than one percent of global market share.

The US, Japan, Turkey and China are big markets for sesame seed and its value added products. Sesame is used to produce essential oils and cosmetics for medicinal purposes, among others.

From L to R: Superintendent Salifu Dagarti, Dr. Kwame Nkrumah, and constable Seth Nicholas Ametewee

Ghana’s first president and prime minister, Osagyefo Dr Kwame Nkrumah, became the center of national discussion in 1964 after surviving an assassination attempt by a police officer assigned to protect him.

On January 2, 1964, Dr Nkrumah narrowly escaped death at the then-Flagstaff House while heading for lunch at Christiansborg Castle in Osu.

Accompanied by two security guards and his Aide-De-Camp (ADC), Superintendent Salifu Dagarti, Nkrumah came under fire from 23-year-old Constable Seth Nicholas Ametewee, a police officer on guard duty.

According to reports, Ametewee fired shots from about 50 yards away as the president approached his car.

During the exchange, Superintendent Salifu Dagarti attempted to shield the president but was fatally shot in the head. Two additional bullets struck Nkrumah’s shirt but did not injure him.

Dagarti died on the spot from his injuries. Meanwhile, as Ametewee attempted to fire a fifth round, the weapon reportedly jammed. This gave Dr. Nkrumah a chance to flee into the kitchen of the Flagstaff House in search of safety.

According to a post shared on X by Askghmedia, Ametewee pursued the president into the kitchen, where he attempted to bludgeon him with his rifle. However, the rifle slipped from his hands.

A fierce struggle ensued between the two. Ametewee allegedly bit the president on the cheek, but Nkrumah retaliated with a kick to the groin, temporarily knocking the young constable unconscious. It was at this point that other police officers intervened, overpowering Ametewee and taking him into custody.

A 1964 report by the Daily Graphic noted that Superintendent Salifu Dagarti was posthumously recognised as a national hero and given a state burial with full military honors while the government also pledged to support his dependents.

Following the incident, police officers were barred from presidential guard duties.

Russian-trained Ghanaian Army officers were assigned instead and Dr Nkrumah was also given direct command of a Brigadier and became reclusive, remaining at Osu Castle for several weeks.

A few days after the assassination attempt, Ghana’s first indigenous Police Commissioner, Erasmus Ransford Tawiah Madjitey, along with other top police officers including Samuel Amaning, was dismissed. The Army subsequently took control of police armouries.

Six days after Constable Seth Ametewee’s failed assassination attempt, Dr Joseph Boakye Danquah, a key figure in Ghana’s independence movement, was arrested on January 8, 1964.

Reports indicated he was allegedly linked to the plot and was found with a handwritten speech intended for broadcast if the president had been successfully assassinated.

Constable Ametewee was arraigned before the Criminal Session of the High Court in Accra, charged with the murder of Superintendent Salifu Dagarti and the attempted murder of president Kwame Nkrumah.

While Ametewee admitted to firing shots at the president, he denied responsibility for Dagarti’s death, despite a pathologist’s report confirming the fatal injuries were from bullet wounds.

He also claimed that Samuel Amaning, one of the dismissed police officers, had persuaded him to carry out the assassination by promising £2,000 and a trip to the United States.

On April 7, 1964, Ametewee was tried before the High Court and found guilty on both counts and sentenced to death.

However, on November 6, 1964, Ametewee appealed to the Supreme Court, arguing that he had not intended to kill Dagarti.

The Supreme Court later overturned the death sentence, ruling that there was no conclusive evidence that Ametewee had intended to kill Dagarti.’

JHM/MA

Meanwhile, Ghanaian fashion designer Jude Dontoh shares inspiration behind Lauryn Hill’s Met Gala outfit:

Former Deputy Attorney General and Minister for Justice, Alfred Tuah-Yeboah, has asserted that suspended Chief Justice Gertrude Torkornoo is fully within her rights to challenge every step of the constitutional process seeking her removal from office.

Speaking on JoyNews’ Newsfile programme on Saturday, 24th May, Mr Tuah-Yeboah emphasised that the Chief Justice, like any citizen, is entitled to a fair hearing and legal recourse.

“She reserves the right to challenge each and every stage of the process if she believes her constitutional rights are being infringed,” he stated.

Mr Tuah-Yeboah added that the Supreme Court remains the appropriate forum to address such legal concerns and ensure the proper interpretation of constitutional procedures.

Commenting on the role of former Attorney General Godfred Yeboah Dame, who now represents the Chief Justice, Tuah-Yeboah clarified that Dame is currently a private legal practitioner and is therefore entitled to take up briefs as he sees fit.

“He is no longer the Attorney General. As a private lawyer, he can accept any case brought to him,” he explained.

He further stressed that the suspended Chief Justice has the autonomy to choose who represents her in court.

“Just as the state can select its lawyers, so too can the Chief Justice appoint someone she trusts to defend her,” Mr Tuah-Yeboah noted.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

play videoTransport fares are set to decrease by 15% today, May 24, 2025

A cross-section of Ghanaians, particularly on social media, has taken a swipe at traders for their refusal to reduce the prices of goods despite the recent rapid appreciation of the local currency, the cedi.

Many have pointed out that traders are often quick to increase prices when the cedi depreciates, but the same urgency is not applied when the currency begins to recover.

Transport fares are set to decrease by 15% today, May 24, 2025. However, some drivers remain reluctant to comply with the directive.

This has sparked agitation among Ghanaians, with many labelling the traders as “greedy.”

Meanwhile, scrap dealers at Abossey Okai have stated that they will not reduce the prices of their goods just yet, citing the cedi’s appreciation as not yet stable. They have asked customers to expect price reductions in the next two months.

See some posts below:

Let dollar increase by 1 ghs. You’ll see immediate price increments.

For all our sakes, let the low prices hold. Else, we’re fucked.

— TheDumbTechGuy (@TheDumbTechGuy) May 24, 2025

Why wont traders start reducing prices?

— Torgbuigà (@Mr_Ceyram) May 23, 2025

Because they did not reduce it in 2022 when the dollar was 8.50gh

— France Mecard (@StMecard) May 23, 2025

Ghanaians are learning a lot about the Ghanaian business community. They have been price gouging you since Adam and blaming it on Aban. They have always been profiteers. That is why they hate Igbo businesses.

— John Brown (@zlfttt) May 23, 2025

The funny thing is seeing people mock dollar earners as the cedi strengthens.

They earn it regularly, they don’t hoard. So up or down, doesn’t change much.

What we all want is a corresponding change in local prices.

— TheDumbTechGuy (@TheDumbTechGuy) May 24, 2025

Could state-run stores selling consumer staples at controlled prices influence the wider market? If traders won’t voluntarily lower prices when the cedi strengthens, perhaps this could catalyse some more reasonable pricing across the board.

— Hrafnaguð (@Darqseyd) May 23, 2025

Normalizing cedi and traders reducing prices are two different things.

The anger should be on traders. If the rates increase, they don’t wait to increase prices. Ghanians are greedy and not smart in trading. I said what I said. Dollar has fallen enough to reflect in everything

— Aḽ͖͚̳̭ͧ̒͐i̺̦̣̒̔̂m͉̫͕͈̿ͯ̔ĭ͐ (@ferstborn) May 23, 2025

I see that the gov’t is urging traders & businesses to lower their prices due to the appreciation of the cedi against the dollar.

Is this directive also being applied to telecom companies? The prices of data bundles need to be reduced immediately. @samgeorgegh talk to your ppl.

— See Connie🦄 (@owuraku_jnr) May 23, 2025

Watch GhanaWeb Business’s interaction with the spare part dealers below

SSD/MA

Accra, May 24, GNA-At the ID4Africa 2025 summit, Moses Kwesi Baiden Jr., CEO of Margins ID Group, delivered a commanding keynote on “Unlocking the Power of Digital Identity: The Ghana Card’s Impact on Healthcare,” spotlighting one of Africa’s most advanced and fully integrated national identity systems. 

 Margins ID Group, through its multiple subsidiaries, was one of only two African companies participating in the event, and the only one that has successfully implemented a national ID system of this scale and complexity. The Ghana Card stands out as a single, legally grounded biometric identity that covers every citizen and connects every essential service from birth to death.

Built on the law, the system is verifiable online and offline, and fully integrated across public and private institutions.
 
Mr. Baiden spoke directly to the room of policymakers, technologists, and identity authorities: “The Ghana Card isn’t just a piece of plastic. It’s a foundation for national development, and a digital backbone for everything from healthcare to governance to economic inclusion.”
 
He revealed that the Government of Ghana is already saving millions of dollars annually in healthcare by using the Ghana Card instead of separate NHIS cards.

In addition, the ability to accurately identify individuals at the point of service has significantly reduced fraudulent claims, contributing further to these savings.
 
Ghana is now building upon this solid foundation to usher in the era of e-health, e-pharmacy, and home-based care. What once sounded futuristic is now practical, secure, and in motion, driven by a Ghanaian innovation redefining national identity, physically and digitally, on a global scale.

The Ghana Card has already registered over 98% of the adult population, with active enrollment of children underway. With more than 200 million biometric verifications processed, it is not just one of the most successful identity projects in Africa, but one of the most advanced in the world.

 Moses Baiden emphasized that what sets Ghana apart is not just the scale, but the strategy. “A single, legally grounded identity system is the starting point for digital transformation,” he said. “Without it, you can’t build a reliable ecosystem for e-government, for e-commerce, for anything that defines the 4th and 5th industrial revolutions.”
 He also called on ID4Africa to ensure greater representation of African-developed solutions on the global stage. “Innovation should come from everywhere, not just the West. We have proven that African technology can lead, and it must be given the platform to do so.”
 
 Margins ID Group’s story is one of long-term vision, local expertise, and sustained investment.

What began as a Ghanaian printing company has evolved into a leader in secure identity systems, conceptualizing, designing, and building the Ghana Card through its subsidiaries Identity Management Systems (IMS) and Intelligent Card Production Systems (ICPS), in partnership with the National Identification Authority (NIA) of Ghana.
 The company’s public-private partnership with the National Identification Authority of Ghana has become a continental benchmark, proving that strategic collaboration can deliver measurable impact at scale.

It has not only digitized identity, it has transformed access to health, finance, and government services.

As Africa pushes toward SDG 16.9, universal legal identity by 2030, Ghana isn’t just participating in the race. It’s offering the blueprint. 

Mr. Baiden closed his keynote with a reminder that cut through the technical noise: “The success of any ID system goes beyond technology. It must serve society, deliver real value, and provide assured, lasting solutions.”
GNA
Christian Akorlie

play videoDr Johnson Pandit Asiama is the BoG Governor

Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), says Ghana’s macroeconomic conditions are showing early signs of stabilisation, but significant risks remain.

He said that although the inflation outlook was improving, it remained vulnerable to several factors.

“These include potential second-round effects, constraints on food supply, especially from northern Ghana and the Sahel, and external price shocks, particularly given the volatility in global commodity markets,” he said.

Dr Asiama was addressing the 124th Monetary Policy Committee (MPC) Meetings in Accra.

Inflation declined to 21.2 per cent in April 2025 but remained above the central bank’s medium-term target of 8 ± 2 per cent and the upper tolerance band of 19 per cent.

He cited geopolitical tensions and evolving global trade dynamics, including recent US-led tariff disputes, as developments that have increased market uncertainty.

These global trends could affect commodity prices, exchange rates, and financial flows in emerging markets like Ghana.

Dr Asiama emphasised the importance of MPC deliberations, stating the Committee would assess whether the current policy stance was sufficient to drive disinflation without hindering fragile economic growth.

Key focus areas, he noted, include the sustainability of the recent exchange rate appreciation, the durability of returning market confidence, and their implications for the medium-term inflation outlook.

Despite challenges, Ghana has secured a Staff-Level Agreement with the IMF on the Fourth Review of the Extended Credit Facility (ECF) Programme.

Standard and Poor’s, a rating agency, had upgraded Ghana’s sovereign rating from selective default to CCC+.

External reserves have also improved, the trade balance has strengthened, and consumer and business confidence indices continue to rise.

You can also watch the latest news on GhanaWeb TV below:

Accra, May 24, GNA-The Ministry of Energy and Green Transition has pledged its support to the elevation of Ghana’s IEC National Committee into a full membership in the International Electrotechnical Commission (IEC).

IEC is a global organization that develops and publishes international standards for electrotechnology.

Currently, Ghana is an Associate Member, but is working towards full membership.

“We are convinced that this will open even greater doors for knowledge exchange, capacity building and industrial expansion,” Mr John Jinapor, the Minister of Energy and Green Transition, said in a statement read on his behalf by Mrs Brenda Laryea Adjapawn, Director Human Resources of the Ministry at IEC National Committee stakeholders meeting.

Full membership would allow Ghana to better integrate into a global network of technical experts and access cutting-edge knowledge. 

This would help drive local innovation, support sustainable growth, and address long-standing standardization challenges. 

The Minister said the theme: “Bridging the local innovation and global standards, Ghana’s commitment to electrotechnical excellence,” deeply aligned with the national energy and industrial vision.

“At its heart, it reflects our drive to anchor Ghana’s transformation in globally benchmarked standards that empower local solutions. Standards are a catalyst for industrial transformation,” he said.

The Minister said as Ghana moved towards a 24-hour economy, the availability of quality, reliable and sustainable energy was critical, underscoring the need for international standards, particularly IEC standards.

Through our collaboration with IEC, we have already adopted 637 IEC standards as national standards, a testament to our commitment to quality and competitiveness, synergies with government priorities.

The Minister acknowledged the tireless work of the Ghana Standards Authority and the National Committee leadership and pledged government’s continuous collaboration.

“Together, let us build an all-electric, standard-compliant, globally competitive Ghana,” he added.

Professor Alex Dodoo, Director-General of Ghana Standards Authority, said a full membership of IEC would allow Ghana to be at the forefront of influencing decision-making.

“If Ghana continues to be an associate member, we are just only users, not makers. And where we’ve reached, Ghana should be part of those influencing the decision-making process, so that our young guys and girls, our young men and women, be part of the international standards for multimedia, for smart media, for AI, and for all the things that the modern world is moving towards,” he said.

Professor Dodoo said the Authority was moving to ensure the enforcement of the over 500 standards that the country had adopted.

He said the GSA had trained 500 trading inspectors, who would be deployed throughout the country to enforce the standards in the electrical and technical equipment area.

“Really, as the country moves towards a 24-hour economy, I cannot stress the importance of ensuring that a quality infrastructure, testing, inspection, enforcement, is available.”

Mr Phillipe Metzger, IEC Secretary General, said.the big advantage of countries acting together internationally is to leverage each other’s know-how, each other’s strengths, and through that create a sort of a multinational base to avoid fragmentation, to work towards interoperability, to work towards gains that can be done both technically and also economically.

IEC was founded by members and needed to cater for the interests of its members, which can be quite diverse, so it’s also about setting the priorities, defining the right balance, because all the members have to be treated in the same way and all the members have to get their advantages out of their contributions to the organisation.

“What we see from an international perspective is that the more determined, the more precise a member, a country is in its ambitions and its goals and knowing where it has to set priorities, the easier it is to pinpoint that also in the international setting and to set the right strategies and the right priorities so that no one is left behind,” he said.

Touching on AI, Mr Metzger said it was important as the core international standards organisation, IEC could be at the forefront of creating the right framework, the right grounds for AI to be used safely and to be used responsibly but also efficiently.

“Every continent will be confronted by AI, will adopt it in one way or the other and it’s particularly important that we have a common understanding, a common grip in a sense on AI so that it doesn’t go completely astray in one continent and on another it’s entirely controlled. We have to create a framework for everybody, we are a global organisation and that’s absolutely key in our mission,” he said.

Professor Amevi Acakpovi, the President of the IEC National Committee of Ghana, said the Committee worked directly with the global IEC for the adoption of electrotechnical standards in Ghana and also on conformity assessment.

He said the conference was to bring back lessons to stakeholders who used the standards in various industries to share experiences and learn from each other.
GNA
CA/

The Growth and Sustainability levy serves as a revenue measure for the economy

The Ghana Revenue Authority has urged companies to strictly comply with the Growth and Sustainability Levy Act, 2023 (ACT 1095) alongside the Income Tax Act.

Collins Obeng, a Debt Management Officer at the GRA-Tema Community One Taxpayer Service Centre (TSC), explained that the act is to be imposed as a special levy to raise revenue for the growth and fiscal sustainability of the economy and to provide for related matters.

Obeng advised, during a tax clinic in Tema, marking the GRA’s Tax and Good Governance Month, on the theme: “Transforming for Impact and Growth, Accelerating Domestic Revenue Mobilisation Through Effective Compliance.”

He added that there are three categories of entities liable to pay the levy, stating that Category A will pay five per cent of profit before tax.

The category A companies include banks, non-bank financial institutions, insurance companies, telecommunications companies liable to collect and pay the Communication Service Tax under the Communications Service Tax Act 2008 (754), breweries, and inspection and valuation companies.

Others are oil marketing companies, communication tower operators, companies providing upstream petroleum services, electronic money issuers, shipping lines, maritime and airport terminals, and others.

He noted that Category B entities are expected to pay one per cent of gross production, noting that such institutions include mining companies and upstream oil and gas companies.

Category C companies, he noted, are the ones not captured under A or B and are to pay 2.5 per cent of profit before tax.

He explained that the profit before tax is the accounting profit of the entity as computed under Generally Accepted Accounting Principles (GAAP).

The debt management officer said the scope of application of the levy indicates that it is applied to the specified companies and institutions, despite any provision to the contrary in any agreement or enactment relating to a tax holiday or exemption from direct or indirect tax applicable to a company.

“The levy is not an allowable deduction for the purpose of ascertaining the chargeable income of a person under the Income Tax Act, 2015(Act 896). The levy is payable in respect of profits before tax or production for the 2023, 2024 and 2025 years of assessment,” he said, adding that it is to be amended up to 2028.

He cautioned companies that upon review, examination or audit, if it is detected that a taxpayer has either understated income or overstated cost which affects the net profit before tax as computed by the taxpayer, the net profit before tax shall be adjusted by the amount of any income understated or cost overstated, and the levy shall be applied on the adjusted profit before tax.

You can also watch the latest news on GhanaWeb TV below:

Belgian-based duo Lawrence Agyekum and Abu Francis are to play for the Black Stars at the 2025 Unity Cup to be staged in London later this month.

The two players’ availability was confirmed following the completion of their season with Cercle Brugge on Friday night.

The midfielders featured in Cercle Brugge’s relegation playoff game against Patro with Agyekum starting the game, while Francis came off the bench to record his 100th appearance for the club.

Agyekum has one appearance for the senior national team after coming off the bench in the 5-0 win over Chad in March during the 2026 FIFA World Cup qualifiers.

He was an unused substitute in the win over Madagascar three days later.

Francis, on the other hand, has four appearances under his belt, having debuted for the team in March 2024.

Ghana will face Nigeria on May 28 in their first game at the tournament. One of the two teams will play in the third-place playoff game or the final on May 31.

Trinidad and Tobago and Jamaica are the other teams involved.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.