Ghana's taxes among lowest in the world - Terkper

The Finance Minister, Seth Tekper has dismissed assertions that taxes are very high in Ghana.

According to Seth Tekper, Ghana’s corporate taxes and VAT are among the lowest in the world.

The Minister said this during the launch of the Foreign Private Capital Flows Survey today in Accra.

Mr. Tekper said government is committed to stabilizing the budget hence correcting issues regarding the Single Spine and compensation.

“The other issue which continues to affect us which is still an issue of heated is the question of Single Spine. I believe that the issue needs to be tackled in as dispassionately as possible,” he said.

He added “addressing the structural problems confronting the budget will also enable government to reduce its borrowing which crowds out private investments or capital and also help reduce the interest rates.”

The Finance Minister also appealed to the IMF and the World Bank to support the country with surveys that will impact positively on the economy.

Meanwhile, Ghana’s export revenue for this year is expected to decline.

This is despite the 9.8 billion dollar revenue obtained during the first eight months of this year.

First Deputy Governor, Millison Narh has said it is time for Ghana to reposition itself and attract more foreign investment inflows.

A total of 163 entities reported foreign liabilities in the 2012 Foreign Private Capital Flows Survey.

The results indicated that total foreign liability stock levels increased to GH¢22.4 billion in 2011 from GH¢18.2 billion in 2010.