Page 24 - Profmark Africa Overview 2024

Ghana (GMT)

General:
▪ Capital City: Accra
▪ Official Language: English
▪ Currency: Ghanaian New Cedi ( GHS)
▪ Main Exports: Gold, cocoa beans, timber products, tuna, bauxite, aluminium
▪ Surface Area: 238.5 sq. km (thousands)
▪ Population: 34,42 million (2024,est)
Key Economic Indicators:
▪ GDP: 76.37 billion (2023) / GDP Growth Rate: 2.9% (2023)
▪ CPI Inflation Rate (annual): 38.1% (2023)
▪ Sovereign Credit Rating: Standard and Poor’s: SD, Fitch’s: RD
▪ Indicator of Economic Freedom Score: 55.8/100
Exchange Controls:
▪ Exist, but liberal
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Generally source based
▪ Non-residents: Ghanaian-source income
Tax Rates:
▪ Individuals: Progressive rates to 35% [the first GHS 5,880 of taxable income - 0%]
▪ Companies: 25%
▪ Inheritance Tax: N/A
▪ VAT: Standard Rate:15%, Flat Rate:3%, Immovable Property:5%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): included as ordinary income, taxed at individual marginal
rates
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Central Bank of Ghana https://www.bog.gov.gh
▪ Ghana Revenue Authority http://gra.gov.gh
▪ Ghana Investment Promotion Agency http://www.gipcghana.com
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