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We Are Suffering From E-levy — E-Commerce Association Cries



Mobile money booth

The implementation of the 1.5 percent electronic transaction levy popularly known as the E-levy is stifling the emerging e-commerce industry, and digital finance ecosystem, the E-Commerce Association of Ghana (eCAG) has said.

The association wants the government to consider the 1.5 percent E-levy on their activities.

The 1.5 percent E-levy on mobile money, online shopping, and other digital transactions, according to the E-Commerce Association of Ghana, is eroding gains made in building a buoyant e-commerce industry, financial inclusion, and a digitalized economy.

The association said the E-levy has increased the cost of doing business among its members, pushing operators in the E-commerce sector to consider relocating to other West African countries with favourable tax regimes.

According to the Executive Director of the E-Commerce Association of Ghana, Paul Asinor, “We do not want an instance where the government will keep increasing the E-levy and see it as an easy way to increase revenue. We want to stop it now in the budget because it will affect our business. If the cost of doing business continues to increase, businesses will gradually reduce their investment and look outside where operations are less costly.”

He appealed to the government to engage members in the sector before reviewing the impact of e-levy in the mid-year budget presentation.

He expressed worry that the Ministry of Finance did not engage key stakeholders in the e-commerce sector before introducing a sensitive tax policy such as the E-levy.

“We actually think that government must engage us to discuss a number of issues affecting the sector. This e-commerce sector is a vibrant area that can fetch the government a lot of income if activities in the areas are streamlined,” he said to Joy News.

He stated that they will be made expensive; which will discourage people from using digital and online payment platforms.

He indicated that there should be a national policy that will build the e-commerce sector to rake in the needed revenue for the government.

“That perception is a myth because online businesses are easily monitored and made to pay taxes. I have just told you about e-levy and how it affects our business.

“We are aware of the low incomes that online workers receive, and so we are engaging the relevant stakeholders. We will finalize our recommendations soon for government to consider in designing a sustainable policy,” he stressed.



Elon Musk is the richest person in the world again !!




Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, has once again reclaimed his title as the richest person in the world. As of February 28, 2023, Forbes’ Real Time Billionaires List estimates Musk’s net worth at $247 billion, a staggering increase from his net worth of $197 billion just a few months ago.

Musk’s net worth has been on a steady rise over the past year, largely due to the success of Tesla, which has continued to dominate the electric vehicle market. The company’s market value reached a record high of $1 trillion earlier this year, making it one of the most valuable companies in the world. Additionally, SpaceX has continued to make strides in the space exploration industry, with plans to launch the first civilian space mission later this year.

Musk’s return to the top spot comes after a brief stint in second place, following a surge in Amazon founder Jeff Bezos’ net worth in late 2022. Bezos held the title of the world’s richest person for several months before Musk overtook him once again.

Despite his immense wealth, Musk has been a controversial figure in recent years, with some critics arguing that his businesses have benefited from government subsidies and tax breaks. Additionally, Musk has faced backlash for his comments on social media, including his controversial tweets about COVID-19 and his feud with the Securities and Exchange Commission over his use of Twitter to announce plans to take Tesla private.
However, Musk’s fans and supporters argue that his innovative ideas and entrepreneurial spirit have revolutionized multiple industries, including electric vehicles, space exploration, and even underground transportation. His companies have created thousands of jobs and have helped to shape the future of technology.
With his latest achievement of regaining the title of the world’s richest person, it remains to be seen what other groundbreaking projects Musk will undertake in the coming years, and how his success will continue to impact the business world and beyond.

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Togo: Government expects economic growth of 6.6% in 2023




Togo should record economic growth of 6.6% (real GDP) this year. The forecast was disclosed last Wednesday, by the minister of finance, Sani Yaya, during the council of ministers.

Yaya, on the occasion, presented the country’s economic situation in Q3 2022, but also the region’s and the world’s.

According to the official, the quarter was good for Togo. The national situation in the third quarter of 2022 was mainly characterized by activity growth in several economic sectors, compared to the same period in 2021, he said.

The performance, Yaya added, “aligns with estimates laid in the macroeconomic framework of October 2022, which predicted real GDP to grow at 5.8% in 2022 and 6.6% in 2022.”

At the sub-regional level (WAEMU), economic activity “remained dynamic”, with a year-on-year growth rate of 5.7%.

Source: Togo First

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Cedi appreciation not by chance; gov’t will sustain gains made – Akufo-Addo




President Akufo-Addo has stated that the appreciation of the cedi against all major trading currencies is a result of deliberate policy interventions introduced by Government over the last few months.

According to President Akufo-Addo, “the strengthening of the cedi has not happened by chance, but through the implementation of deliberate policies by Government, in collaboration with the Bank of Ghana.”

These measures, he said, include “cedi liquidity tightening measures, resulting in the offloading of forex, as a store of value, by speculators; the improvement of forex flows from remittances and the mining sector; and the reaching of a staff level agreement with the IMF for a US$3 billion package.”

The President made this known on Sunday, 18th December 2022, when he delivered an address at the centenary celebration of the Ga Presbytery of the Presbyterian Church of Ghana, held at the Black Star Square, Accra.

Addressing the congregation, which included the Moderator of the Presbyterian Church of Ghana, Rev. Prof. Joseph Obiri Yeboah Mante, he stated that, with appropriate policy, determination and hard work the part of Government, things are beginning to turn around.

Whilst acknowledging that the country was by no means “out of the woods yet”, he assured that Government will continue to work hard to maintain and sustain the gains made.

“Indeed, in the weeks ahead, the Bank of Ghana will continue with the purchases of forex from the mining and oil sectors to enhance liquidity supply to the market; continue with the single, unified forex forward auction and some modest targeted bilateral support to critical imports; and the implementation of the gold for oil swap transaction, which will significantly remove forex pressures on the cedi,” the President said.

It is in view of this that he added his voice to those of GUTA, GRTCC and others to appeal to manufacturers, traders and transport operators who, at the height of the cedi’s recent depreciation, increased prices of goods and services, to reduce their prices now that the cedi is re-gaining much of its strength.

“I believe this is not only a fair request, but also a just one, and I urge all of you to join me in this clarion call, so we can all have a more pleasant Christmas,” he added.

National Cathedral

Thanking the Presbyterian Church of Ghana for the support it continues to give for the construction of the National Cathedral.

He stated that, upon completion, the National Cathedral will serve not only as the country’s collective thanksgiving “to the Almighty for the blessings He has bestowed on our nation, sparing us the ravages of civil war that have bedevilled the histories of virtually all our neighbours, and the outbreak of deadly mass epidemics, but also as a rallying point for the entire Christian Community of Ghana, which represents seventy plus percent (70+%) of the population.”

The President, therefore, asked the Ga Presbytery, and, indeed, all Christians, to continue to pray for Ghana’s peace and unity, so the nation can move forward in unity.

“I need the support of every Ghanaian, together with the prayers of the Church, to help me and my government carry out our mandate successfully. Pray for me so that Almighty God will continue to give me wisdom, strength, courage and compassion to enable me execute my duties as a good leader. With Him, all things are possible, as the Battle is the Lord’s!! For this too shall pass!!”, President Akufo-Addo said.

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