Ghana ranked among 10 African countries with highest corporate tax payments

Ghana has been ranked 10th among African countries with the highest corporate taxes on the African Continent.

Per a survey conducted by OnDeck, corporate tax in Ghana averages some $25,000.

African countries with corporate tax payments higher than Ghana are South Africa ($28,000), Ethiopia ($30,000), Kenya ($30,000), Nigeria ($30,000) and Cameroon ($30,800).

The survey was conducted using data on corporate taxes from 200 countries.

According to OnDeck Capital – an online small business lending company in the United States – corporate tax rates vary across the globe and reflect the unique economic needs of every country.

Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment.

OnDeck Capital notes that Africa has some of the least competitive tax rates of any continent.