Introduction The Growth and Sustainability Levy Act 2023 (Act 1095) has been introduced in Ghana to foster economic growth and fiscal sustainability by raising revenue from specified companies and institutions. The levy is on profits before tax or production for the assessment years 2023, 2024, and 2025. Understanding and managing this levy is critical as a business owner to ensure…
Introduction As a Ghanaian SME owner, managing your company’s payroll can be difficult, especially given the complexities of regulations and tax laws. However, keeping employees happy while remaining legally compliant requires accurate and timely payroll processing. This guide will walk you through the fundamentals of payroll services, providing valuable insights to help you streamline your payroll processes and keep your…
Social media buzzed on July 21st as emails from global ad giants like META landed in SME inboxes, announcing a new Value Added Tax (VAT) on ad purchases. This additional cost, effectively a tax on advertising, impacted everyone, from major corporations to individual ad buyers. For Small and Medium Enterprises (SMEs) already juggling budgets, comprehending the consequences for their digital…
Starting a small business in Ghana is an exciting opportunity requiring careful planning, extensive research, and adherence to legal obligations. In this article, the essential steps and factors for starting a successful small business in Ghana are explained, so you will gain in-depth knowledge as a budding entrepreneur. We’ll delve into crucial aspects such as market analysis, business planning, legal…
f you are a football fan, you didn’t miss the news about the parting of Graham Potter and Chelsea, Brendan Rodgers, and Leicester. These two key events marked the decisive end of the first quarter of 2023 in football. Chelsea’s decision, for instance, to part ways with their manager, probably came after a careful look at his performance and a…
Today, we are coming in to help you fix one key problem that’s hurting most online businesses: DM for price. Imagine supervising a day’s work at your supermarket. The aisles are packed with shoppers, and items are getting restocked one after the other. However, every 5 minutes, a shopper comes to you to ask for the price of an item.…
It’s Global Money Week, a time for timely conversations about the ever-present topic that makes life go round. The first quarter of 2023 has been quite bumpy, with numerous unpleasant news in the media and some interesting news in football. Furthermore, the financial industry has taken a lot of hits, with increased fraudulent activities and the closure of formerly successful…
The Nkosuo Loan program has been launched by Mastercard Foundation, in partnership with the National Board for Small Scale Industries (NBSSI) as an Emergency Program to support micro, small, and medium-sized enterprises (MSMEs) and start-ups in Ghana who have been affected by the ongoing pandemic. The program which falls under the general NBSSI Mastercard Foundation Recovery and Resilience Program for…
Outsourcing Accounting services is defined as purchasing an accounting service from an outside vendor rather than hiring an in-house Accountant. The prime objective of outsourcing an accounting service is to reduce costs. As companies grow, the amount of paperwork explodes too. This leads to several problems, from overburdened employees to outdated and inefficient processes through to non-compliance and errors. To…