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.”
118
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142
