Page 26 - Nexia SAB&T Africa Overview 2025

Ghana (GMT)

General:
▪ Capital City: Accra
▪ Official Language: English
▪ Currency: Ghanaian New Cedi ( GHS)
▪ Main Exports: Gold, cocoa beans, timber products, tuna, bauxite, aluminium
▪ Surface Area: 238.5 sq. km (thousands)
▪ Population: 35 million (2025,est)
Key Economic Indicators:
▪ GDP: $88,33 billion (2025) / GDP Growth Rate: 2.8% (2024)
▪ CPI Inflation Rate (annual): 17.2% (2025)
▪ Sovereign Credit Ratings: Moody’s: Ca, S&P: Selective default,
Fitch: Restricted default (in default with some to little prospect of recovery)
▪ Indicator of Economic Freedom Score: 56/100 (2025): Mostly Unfree
Exchange Controls:
▪ Exist, but liberal
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Generally source based
▪ Non-residents: Ghanaian-source income
Tax Rates:
▪ Individuals: Progressive rates to 35%
▪ Companies: 25%
▪ Inheritance Tax: N/A
▪ VAT: Standard Rate:15%, Flat Rate:3%, Immovable Property:5%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): included as ordinary income, taxed at individual marginal
rates
▪ Double Taxation Agreements: In place with several countries

Useful links:
▪ Central Bank of Ghana https://www.bog.gov.gh
▪ Ghana Revenue Authority http://gra.gov.gh
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