Tax administrations around the world are engaged in building innovative digital solutions to meet 21st century challenges, and Ghana is no exception. The Ghana Revenue Authority (GRA) is making strides in technological infrastructure innovation with its gradual introduction of digital services. Accordingly, the GRA has deployed three new systems: a taxpayer portal, a portal for electronic invoicing…
The Ghana Revenue Authority (GRA) is the agency mandated to assess and collect taxes in the country. The administration falls under the umbrella of the Ministry of Finance. Tax Residency An individual is tax resident in Ghana if that individual is: • Present in Ghana for an aggregate period of 183 days or more in any 12-month period that commences or ends during the year; • A citizen who is…
Viewpoint:Ayesha Bedwei Ibe In 2022 Ghana’s government sought financial and technical assistance from the IMF to strengthen the economy. This decision was taken after several debates about whether the country needed support from the international organisation to improve its economic situation or if the country could resolve the issues by itself. External factors such as the Covid-19 pandemic…
Ghana has a number of mechanisms in place to levy taxes on both individuals and business entities. These include a graduated scale for residents, with the maximum rate for residents reaching 35% and a flat rate of 25% for non-resident individuals; the Financial Sector Recovery Levy, a 5% tax aimed at the accounting profit of banks, with an exception for rural and community banks; and the Growth and…
Despite the impact of the Covid-19 pandemic and other external shocks, Ghana’s GDP growth is expected to moderate in 2024 and 2025 thanks to the proactive measures undertaken by the government. One example of such initiatives is the Domestic Debt Exchange Programme, which has helped stabilise the local economy and provide greater fiscal stability. In 2023 the country was the continent’s leadin
Misrata is playing a central role in the diversification of Libya's economy, focusing on the shipping, manufacturing, automotive, construction, ICT, health care and education sectors. With strategic ports like Tripoli, Benghazi and Misrata, the government aims to make the country an international trade hub through partnerships with private investors for port modernisation. Tax incentives and free
Among Djibouti’s economic advantages is its strategic position at the southern entrance to the Red Sea, making the country a bridge between Africa and the Middle East. Located near some of the world’s busiest shipping lanes, Djibouti is home to US, Chinese, French, Japanese and NATO military bases supporting regional anti-piracy efforts, among other purposes. The economy is oriented around one…
Viewpoint:Ramiss Houmed Djibouti has long served as a model of stability among its regional neighbours. However, from a macroeconomic perspective the country is grappling with several challenges. These include the impact of the Covid-19 pandemic, persistent inflation and the ongoing conflict in Ethiopia, which supplies key goods such as vegetables, drinking water and electricity; and accounts…
By leveraging its strategic location on the Horn of Africa and as a gateway to key landlocked countries such as Ethiopia, Djibouti is well-positioned to act as a nexus of trade between Africa, Asia and the Middle East. The government's Djibouti Vision 2035 strategy outlines key initiatives to attract foreign direct investment, boost social and human capital development, improve private sector enga
Tax policies in Djibouti provide certain benefits and incentives to specific sectors through general exemptions. For instance, there are no time restrictions on carrying out remittances, facilitating ease of financial transactions. The requirements for registering a business have been streamlined, reducing the capital needed to start a company, thereby encouraging entrepreneurship and business growth.…
