Petroleum Africa
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Thursday, April 6, 2017
In order to attract private sector investment and sustain a recovery of foreign investment, Ghana’s 2017 budget contains a range of incentives and reforms. One of those is the removal of value-added tax (VAT) on financial services and property sales, which was sitting at 17.5%.
According to analysts, the removal of the VAT should provide a healthy boost to the sector, in addition to lowering transaction costs and paving the way for private sector credit growth.
The budget, released on March 2 by Ken Ofori-Atta, minister of finance, contains a number of articles that look to increase fixed capital formation and investment inflows from overseas.
According to the Oxford Business Group, Ghana has announced a number of other tax reforms for implementation in the short to medium term as part of moves to reenergize the private sector and provide relief for businesses, according to the language of the budget.
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