In business this week, government did not introduce new taxes in the mid-year budget review statement presented by the Minister of Finance, Ken Ofori-Atta, in parliament on Monday, July 31, 2023.

Before the presentation of the budget, various trade unions, experts, as well as, the minority in parliament cautioned the government against any attempt to increase taxes or introduce new ones in the mid-year budget review.

But the finance minister during the presentation of the review noted that the government did not need or require a supplementary budget.

Also, the Chamber of Petroleum Consumers (COPEC) on Monday, July 31, 2023, predicted a marginal increment in fuel prices in this pricing window - August.

According to the Executive Secretary of COPEC, Duncan Amoah, petrol and diesel prices are expected to see an increment of about 9% compared to the current prices at the pump.

The price of liquefied petroleum gas (LPG) is also expected to witness a 20 percent increment.

He stated that the increase in petroleum products is due to a hike in the price of petroleum products on the international market.

On power, the Deputy Minister of Transport, Hassan Tampuli, has said data available from the World Bank [https://www.data.world bank.org] shows that Ghana is the next country in Africa with the highest electricity penetration.

He stated that government is committed to increasing the figure to 90% by the end of 2024.

Speaking at a stakeholder consultation on electric vehicle policy and implementation framework in Accra on Wednesday, August 2, 2023, the deputy transport minister said Ghana’s electricity reserve capacity; hydro, thermal and renewables are more than what other African countries have.

This week's BizHeadlines was presented by Ernestina Serwaa Asante.

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