Part 1: Doing Business in Ghana
What is the current business climate in your
jurisdiction including major political, economic, and/or legal
activities on the horizon in Ghana that could have a big impact on
businesses?
In the latter part of 2022, Ghana faced macroeconomic challenges
as a result of a mix of domestic imbalances and external shocks.
Pre-existing fiscal vulnerabilities, such as rising debt burdens,
high energy sector debt and low public revenues, together with the
new economic challenges led, to the government applying to the
International Monetary Fund ("IMF") for relief funding.
Based on the terms of the IMF package, the government amended a
number of business laws to provide for increased tax revenue and a
widening of taxable products and services, aimed at increasing
government revenue.
