The 2022 budget and you

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Levy on Momo transactions

Government of Ghana has announced a 1.75% levy to be placed on electronic transactions, Minister for Finance and Economic Planning has announced. According to Ken Ofori-Atta , the levy will be known as the “Electronic Transaction Levy or E-Levy” and forms part of efforts to widen the country’s tax net and rope in the informal sector. Delivering the 2022 budget statement before Parliament on Wednesday, the minister said “After considerable deliberations, Government has decided to place a levy on all electronic transactions to widen the tax net and rope in the informal sector. He however added that to enhance financial inclusion and protect the vulnerable, all transactions that add up to GH¢100 or less per day (which is approximately GH¢3,000 per month) will be exempt from this levy.

Road tolls to be abolished

Finance Minister, Ken Ofori-Atta , has announced government’s decision to abolish road tolls. He said inasmuch as money is needed for the fixing of deplorable roads in the country, the establishment of toll booths has led to congestions at various toll points.

Ofori-Atta further said that the congestion has affected productivity negatively. It would be recalled that some Ghanaians including politicians have over the years called on government to rethink its decision on tolls. They explained that the toll booths cause traffic congestion and also pose health risks to commuters.

YouStart initiative to boost jobs for youth

As part of government’s effort to curb youth unemployment in Ghana, finance minister Ken Ofori-Atta has announced the introduction of a GH¢1 billion a year initiative expected to create 1 million jobs. According to the minister, the YouStart Initiative is in partnership with financial institutions and development partners to “create an entrepreneurial economy that empowers the youth to exploit their talents and become job creators instead of job seekers”. Challenges including access to credit and finance, regulatory and tax burden, lack of skills, etc are expected to be dealt with under the YouStart Initiative, Ofori-Atta added.

MDAs to implement common platform for property rate administration

The Minister for Finance, Ken Ofori-Atta says the government as part of efforts to improve its revenue mobilization has introduced innovative measures to collect property taxes in the country. Presenting the 2022 budget statement and economic policy on the floor of Parliament on Wednesday, November 17, 2021, the Minister said the government is looking to assist the Metropolitan Municipal and Districts Assemblies (MDAs) to implement a common platform for property rate administration to enable them effectively collect property rates in the country.

He said: “Mr Speaker, property rates have the potential to increase revenue mobilization for MDAs and release resources for the provision of basic infrastructure as well as the needs of our localities. Property rate assessment and collection pose a challenge to most MMDAs and are fraught with inefficiencies.

Gov’t receives licence to operate Development Bank Ghana

Finance Minister, Ken Ofori-Atta has revealed government has formally received its operational licence for the establishment of the Development Bank Ghana. According to him, the DBG is expected to provide a powerful response to a long-standing desire of our businesses to easier access to medium and long-term loans at affordable interest rates. Delivering the 2022 budget statement before Parliament on Wednesday, Ken Ofori-Atta said, “Mr. Speaker, I have great news. On Friday, November 12 2021, The Governor of the Bank of Ghana formally handed over the license for the Development Bank Ghana.

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