Ghana Market Report


whole economy under the World Bank–sponsored e-Transform project. Tis $212 million project aims to provide inclusive access to digital technologies, strengthen institutional capacity, and accelerate the use of digital services. In 2022 Ghana's parliament approved a new tax on electronic transactions referred to as the E-levy. President Nana Akufo- Addo's administration argued that the E-levy would generate over $900 million in revenue, helping to tackle unemployment and reduce the country's high public debt. Initially set at 1.75 per cent, the levy faced significant criticism and was subsequently reduced to 1.5 per cent, and then further to 1 per cent on electronic money transfers. Tis levy will likely be scrapped as both leading presidential aspirants have pledged to abolish it.


TAXES ON GAMBLING Ghana under an IMF programme intends to bring down the debt-to-GDP ratio from over 100 per cent to 55 per cent by 2028 and lists boosting tax revenue as one of the essential measures to achieve the target. In 2023 taxes on gambling were raised via Te Income Tax (Amendment) law. Tis legislation introduced two new taxes for the gaming sector. Te first tax imposed was a 20 per cent levy on the Gross


Gaming Revenue (GGR) of licensed operators. Additionally, the Act established a 10 per cent withholding tax on all winnings, which is deducted at the time of withdrawal. Te new income tax law re-introduced the 10 per cent tax on winnings (after it had been removed in 2017), and the 20 per cent tax on GGR includes sports betting operators, casino operators, slot operators and online operators. Te tax on winnings has understandably been hugely unpopular amongst players. Te Ghana Revenue Authority (GRA) projected that by the end of 2024, the country would have been able to generate GHS 1.2 billion in betting taxes. As of September 2023, about a month after the implementation of the new tax regime, the GRA announced that monthly betting taxes stood at GH¢ 15 million, projecting that the figure would be up to GH¢60 million by the end of the football season. Revenue authorities indicated that non-compliance with the


new regulations would lead to the withdrawal of licenses. Mean- while after the new taxes were announced Edward Gyambrah, the officer-in-charge of the Domestic Tax and Revenue Division at the Ghana Revenue Authority, said the decision was “important to boost domestic tax revenue mobilisation as Ghana’s total tax to Gross Domestic Product (GDP) is very low compared to that of others in the sub-region.”


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