Stabilisation Levy in Ghana Stanbic MD calls for withdrawal of fiscal stabilisation levy

  • Published:
Alhassan Andani play

Alhassan Andani

24/7 Live - Subscribe to the Pulse Newsletter!

The Managing Director of Stanbic Bank Mr Alhassan Andani has called for the withdrawal of the fiscal stabilisation levy.

The levy was passed in 2013 to impose a 5 percent stabilisation levy on specified companies and institutions in order to raise revenue for fiscal stabilization of the economy and related matters.

“For me, I think it probably made sense then when the levy was introduced because we all knew that things were not upright and we needed to squeeze for things to stabilise. But since then, things have changed and all the indicators show that the economy is beginning to show positive signs,” he told the Daily Graphic Newspaper on the sidelines of a Stanbic Bank / Graphic Business Executive Breakfast Meeting in Accra.

“We have some new taxes in the system, which are directed at the same private sector. So, if we remove the levy now, it will help the same businesses so that they are not too tight,” he added.

The levy was to help reduce Ghana’s growing deficit. The categories of companies selected to pay the levy include telecom providers, banks (excluding rural banks), insurance banks, non-banking financial institutions, breweries, shipping lines among others.

In April, the CEO of MTN Ghana called for the scrapping of the levy, arguing that it has outlived it usefulness.

“We are not asking government to wave it immediately but it should be in government’s plan to wave it latest by 2017 so that we can go back to our mandatory taxes, duties and levies which are we very happy to continue paying,” Ebenezer Twum Asante said.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 Collapsed Banks Assets of UT Bank and Capital Bank for salebullet
3 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
4 Menzgold Ghana Investment company closes down its Gold Vault Marketbullet
5 Salary Structure In Ghana Fair Wages want to stop yearly pay...bullet
6 Street Lights In Ghana ECG is not responsible for your street...bullet
7 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet
8 Petroleum Prices Gov't to reduce fuel prices by 4% after...bullet
9 Retirement How to calculate your SSNIT pensionbullet
10 Movie Time Kumasi City Mall raises the bar; opens...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Money Alert Meet Africa's richest womanbullet
4 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
5 Support Finance minister buys Kantanka carbullet
6 Entrepreneurship How to be resourceful as an entrepreneurbullet
7 Video We are determined to move Ghana beyond aid - Bawumiabullet
8 Bozoma Saint John 10 quotes from Uber top official,...bullet
9 Tech 6 reasons you should buy an iPhone SE instead of...bullet
10 Plane Crash Starbow suspends operations following...bullet