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Ghana

Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Return to homepage  |  Last updated: 20 May, 2020

General Information

The Central Bank of Ghana has taken measures to mitigate the negative impact of the outbreak, including cutting interest rates and reserve requirements, and decreasing banks’ conservation buffers. 

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Employment-related measures

(e.g. state compensation schemes, training…)

  • Workers have been asked to work from home whenever possible.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

Monetary policy

  • Cut of key interest rate to 8-year low from 16% to 14.5%;
  • Lowering reserve requirements for lenders from 10% to 8% in order to provide liquidity support to critical sectors;
  • Decrease in the banks’ conservation buffer from 3% to 1.5%, which cuts the capital-adequacy ratio from 13% to 11.5%.
  • Asked the IMF for a rapid disbursement of a credit facility to help the country face the negative economic impact caused by the Covid-19 outbreak.
  • The Bank of Ghana has decided to decrease the cost of fund transfers through mobile money, in order to avoid a low in transactions. Besides, no mobile money transactions below GH100 (USD18) will be charged by service suppliers for the next three months.

Other measures and sources

Customs Measures

  • No specific changes have been announced yet in respect of custom duties.

Main sources of information:

Contact us

Tax: Emmanuel Asiedu – easiedu@kpmg.com
Restructuring: Daniel Adoteye – dadoteye@kpmg.com