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Due to rising commodity prices and robust domestic demand, Ghana's economy is expected to gradually recover over the medium term. Ghana got $1 billion in SDRs from the IMF recently, a portion of which would be used to aid economic recovery. In the years 2021-23, annual growth is predicted to average 5.1 percent. Real per capita GDP is expected to rebound to pre-COVID-19 levels in 2021, after dropping by 1.7 percent in 2020.
As the government pursues its economic stimulus program, the fiscal deficit is anticipated to remain high. It is expected to fall to 14% of GDP in 2021 and 9.5 percent in 2023, still exceeding Ghana's 5% cap.
1 January- New Years Day
7 January- Constitution Day
6 March - Independence Day
7 March- Independence Day Holiday
15 April - Good Friday
18 April - Easter Monday
1 May - May Day
2 May- May Day Holiday
2 May- Eid al-Fitr
25 May- Africa Unity Day
1 July- Republic Day
9 July- Eid al-Adha
4 August-Founder's Day
21 September-Kwame Nkrumah Memorial Day
2 December- Farmer's Day
25 December- Christmas Day
26 December-Boxing Day
27 December -Christmas Holiday
Ghana's monthly minimum wage rates are computed as a daily wage multiplied by 27 days. If an employee takes up additional hours at work, then the hours are regarded as overtime work. Thus, the minimum wage is computed as 4.33 times the work hours per week, or rather 12.53 Cedis ($2.07) daily.
Payroll in Ghana is done on a monthly basis, with payments due on the same day each month and no later than the final working day of the month. Some firms, on the other hand, choose to pay their employees biweekly.
There are no provisions in the law regarding 13th salaries.
The worldwide income of a resident person is taxed. The assessable income of a resident person includes income from business and investment (from both Ghanaian and foreign sources).
If a non-resident person's business and investment income originates in Ghana, it is included in the assessable income for the year of assessment. Any revenue derived from a non-resident person's Ghanaian permanent establishment (PE) is subject to taxation.
The general rate of corporate income tax (CIT) is 25%.
CIT is charged at a rate of 35 percent for mining and upstream petroleum industries, and 22 percent for companies primarily engaged in the hotel industry.
The CIT rate for non-traditional exporters is 8%, while banks have a CIT rate of 2%.
Every female worker is entitled to 84 days (12 weeks) of fully paid maternity leave. Before the maternity leave is granted, the pregnant employee is required to present a medical certificate from a medical practitioner. This certificate must show the expected date for the pregnant employee’s confinement. In case of caesarean or abnormal births, the maternity leave is extended for two more weeks.
Paternity leave is not a legal provision in Ghana; however, in some instances, a one week leave can be granted by an organization upon a collective agreement.
The termination of employment in Ghana varies across organizations, depending on the employment agreement and contract. Either the employer or the employee can end the employment any time, though a written notice is required. In case of unfair termination, the employee can present a claim at the labor court.
When the employment termination is regarded as ‘at-will,’ the worker or employee can end the employment without notice. However, in case the ‘at will’ clause is missing in the signed employment agreement, the employer is expected to pay the employee “in lieu of notice”.
The Ghana notice period follows the following guidelines: