Browsing: Agric and Environment

These survey findings were broadly in line with observed trends in the February 2022 Ghana Purchasing Managers Index (PMI). The Ghana PMI, which is a measure of the rate of inventory accumulation by managers of private sector companies, declined below the 50.0 benchmark on the back of weak output and purchasing activity amidst rising inflation.

Mobile Money (MoMo) vendors across the country complained that, there were madrush withdrawals at their various mobile money vending outlets causing them to run out of cash which has tendency to collapse their petty business in the circumstances of the current economic hardship. However, it took the president, Nana Akufo Addo two working days to assent to the E-Levy law despite majority of Ghanaians haven openly kicked against the levy, especially taxing MoMo. An economics professor at the University of Ghana Business School shared his disappointment at the government for ignoring a better and progressive tax alternatives to push through the regressive E-Levy.

In his address, he announced the drastic easing of various restrictions including reopening the country’s land and sea borders as well as the no more negative PCR test for fully vaccinated travelers.

The government is of the believed that expenditure cut alone will not be enough to revive the ailing economy and that the government’s focus is two-fold: to control expenditure and to raise more revenues domestically.

The number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year. This comes at the time of heated controversy surrounding the introduction of Electronic Transactions Levy which will have every MOMO transactions exceeding GHC300 to be taxed 1.75%.

Currently, out of the over 11 million workers in the country, less than 2 million of them are active SSNIT contributors, leaving about nine million workers not registered on any pension scheme. Indicating that, the informal sector dominates the yet to be registered fraction.

Data available to the African Cashew Alliance (ACA), however, shows that from an export range of between 110,000 and 120,000 tons in 2020, Africa’s cashew kernels export into Europe increased to between 140,000 to 170,000 tons, representing 11% of the EU kernel market, in 2021.

U.S. Ambassador Stephanie S. Sullivan last week announced new co-investments by the U.S. Agency for International Development (USAID) totaling $4.2 million with five companies operating in Ghana.

Besides mobile money, several factors have contributed to the emergence of e-commerce in Ghana chief among which is the level of internet penetration. According to Kepois, a social media research organization, internet penetration in Ghana is among the highest in the West African sub-region.

According to GRA, any goods above 300 kilograms would attract a disinfection fee of US$450 from the previous US$20 which commenced on 16th March, 2022. This is in attempt to meet its revenue target for the year.

But, the aggrieved exporters that Economy Times spoke to have described the new directive as very unfortunate and would discourage exports in the country.