Fuel prices, mid-year budget expectations, Sky train project, others top business news this week

In business news this week, fuel prices increased to GH¢12.45.

The former Minister of Railways Development and New Patriotic Party (NPP) presidential aspirant for the New Patriotic Party (NPP), Joe Ghartey, has stated that he never paid any money to AI Sky nor authorized the payment of US$2 million to fund the Accra Sky Train Project.

The business arm of Facebook's parent company, Meta Business, will from August 1, 2023, impose a total of 21 percent in added taxes on personal and business-related advertisements made on the platform.

An email from Meta Business said the charge is based on an order given by the Government of Ghana on the implementation of a new Value Added Tax for goods and services.

“Meta is required to charge VAT levies on the sale of ads to advertisers, regardless of whether you’re buying ads for business or personal purposes," the mail read.

Also, the World Bank says some 850,000 Ghanaians were pushed into poverty in 2022 because of rising prices of goods and services.

The Bank said this in its latest Ghana Economic Update report titled: “Price Surge: Unravelling Inflation’s Toll on Poverty and Food Security,” launched in Accra on Wednesday.

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