September 2017
No VAT charges on Salaries, Savings, etc at the Banks

The Ministry of Finance and the Ghana Revenue Authority have noted with concern publications in the media on banks charging VAT on services including salaries and savings. We wish to state categorically that salaries, savings, deposits, loans and payment with cheques are all exempted from VAT. The new VAT Act, Act 870 only affects fees that are charged on non-core financial services such as data processing, legal, accounting, actuarial, notary and consulting services. (April 22, 2014)

BOG Measures Helping to Stabilize the Cedi

Mr. Benjamin Amoah, Head of Financial Stability at the Bank of Ghana, has said there is a slowdown in the depreciation of the cedi after measures by the Bank of Ghana (BOG) to halt it. The BOG introduced measures at the beginning of the year to halt the depreciation of the cedi, among which included the withdrawal of both Foreign Currency and Foreign Exchange Accounts in cedis, at the existing exchange rate over the counter, except for traveling purposes. (April 22, 2014)


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