Finance minister wants new taxes on income of Ghanaian workers, says gov't needs money

Saturday, August 07, 2021 at 6:49 PM by Nii Ayi Ayitey

- Ken Ofori Attah has hinted at some "flat taxes" on income brackets

- The Finance Minister says this is to raise revenue for the government

- The "flat taxes" will also support the less privileged in Ghana

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The Finance Minister, Ken Ofori Attah, says there will soon be some special taxes for income brackets.

Speaking on Asaase Radio, the finance minister revealed that this intervention would help government raise more revenue.

"We are also contemplating maybe some issues of flat taxes for some categories of incomes so that everybody participates. But beyond the beauty of me getting more money [is that] with that type of technology base, I'm able to titrate welfare interventions a lot more precisely," he stated.

Cedi-Dollar update.

The Vice President, Dr. Mahamudu Bawumia, says the Akufo-Addo administration is the best manager of the cedi in 29 years.

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Ghana currency hits GH¢6 to $1; Bawumia says it is a "superb" achievement

On the forex market, the cedi has hit the 6 cedis to 1 dollar threshold. But Dr. Bawumia says the performance of the cedi for 2020 and 2021 has been superb.

Addressing a regional seminar of the Tertiary Students Confederacy of the NPP (TESCON), Dr. Bawumiah commended the Bank of Ghana for what he believes to be a good job done.

"I doth my heart to the Central Bank for the work that they are doing in the management of the exchange rate. Cumulatively, from the beginning of the year to date, the exchange rate has depreciated by 0.6% against the US dollar but it has appreciated by 3.6% against the Euro."

Ghana's debt crisis.

The International Monetary Fund - a global lender to Ghana - says the country is in debt. Recent statistics from the IMF show that Ghana's debt is currently GHȼ332.4 billion cedis. What this means is that every Ghanaian will owes GHȼ11,133.