Wednesday, 6 April 2011

World Bank lends Ghana US$295 million

The World Bank has agreed to lend Ghana US$295 million (GH¢440 million) to support land administration, skills development and local governance. According to the Bank's 1st April statement:

> US$50 million (GH¢74.6 million) will be used to improve the land registration process

> US$70 million (GH¢104.4 million) on modernising vocation training for those involved in land administration

> The final US$175 million (GH¢261 million) will go to local authorities to help deal with rapid urbanisation.

Ghana loses several millions of cedis every year due to tax evasion by its own citizens, according to Minister of Trade and Industry Hannah Tetteh.

Speaking at a meeting with members of the Ghana Canada Chamber of Commerce in Accra, Tetteh said: “Only 1.5 million Ghanaians are paying taxes accurately. With this situation, what kind of development projects can we undertake?” She said that the main forms of tax avoidance included under invoicing, smuggling of goods through unauthorised border routes, and the evasion of VAT.

For more news and expert analysis about Ghana, please see Ghana Politics & Security.

© 2011 Menas Associates

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