• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Gov’t revenue to be impacted post-DDE – Ex-NPRA boss

3 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
361
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Gov’t revenue to be impacted post-DDE – Ex-NPRA boss

Erstwhile Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr Daniel Seddoh, has asserted that government is likely to see a decline in its witness a decline in its revenues post the debt exchange programme.

Speaking on the PM Express Business Edition monitored by norvanreports on Thursday, Dr Seddoh remarked that, the DDEP will affect the profitability of businesses, particularly those in the financial sector, thereby limiting taxes chargeable on their incomes and ultimately affecting tax revenues generated by the State.

“The DDEP will reduce the ability of businesses to be profitable and that affects tax mobilisation by government going forward, the banks in particular.

“We seriously need a rethink of what we are doing, the DDEP will impact government revenue and there is the need for government to engage the businesses that generate tax revenue for the State.

“Let’s us not destroy businesses with programmes such as these but set up businesses that can be run profitably, because if not, who will be working for you to generate taxes,” he remarked.

Dr Seddoh’s assertion of businesses losing profits, is evidenced by the dip in profitability of banks as a result of the mark-to-market losses on their investments in government securities,  higher impairments on loans, and rising operating costs.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

According to the Central Bank in its Monetary Poicy Committee press statement issued Monday, January 30, 2023, profit-after-tax of banks was GH¢3.9 billion at end December 2022, representing 18.9 percent contraction year-on-year when compared to 12.3 percent annual growth recorded in 2021.

Net interest income however, grew by 23.0 percent to GH¢15.8 billion, higher than the growth of 14.5 percent in 2021. Net fees and commissions also went up by 27.4 percent to GH¢3.7 billion, from the growth of 24.8 percent recorded in 2021.

Accordingly, operating income increased by 30.9 percent, compared with 14.6 percent recorded a year earlier. The strong outturn in operating income was however moderated by increased operating expenses and provisioning during the year.

Operating expenses rose by 32.2 percent in December 2022, compared with 14.2 percent growth in 2021. Provisions also increased sharply by 184.0 percent in December 2022 relative to a contraction of 4.7 percent a year earlier, due to the strong uptick in credit growth, elevated credit risks, and impairments on investments.

As a result, profit before tax declined by 13.5 percent to GH¢6.4 billion in December 2022, compared with an
annual growth of 22.1 percent a year earlier.

 

Tags: Debt Exchange ProgrammeGov’t revenue to be impacted post-DDE – Ex-NPRA bossNPRA
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.