Manufacturing Sub-sector Shows Positive Growth in July 2023, Based on Tax and SSNIT Pension Scheme Data
The manufacturing sub-sector in Ghana demonstrated notable improvements in July 2023, as indicated by data reflecting the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1).
According to the recently released September 2023 Monetary Policy Report, there was a significant year-on-year increase of 52.2% in total direct taxes collected in July 2023, amounting to ¢3.267 billion. This figure represents a substantial upturn from the ¢2.146 billion recorded during the same period in 2022.
Cumulatively, the total direct taxes collected for the first seven months of 2023 surged by 53.7% to ¢26.086 billion. This marked a substantial rise from the ¢16.971 billion collected during the corresponding period in 2022.
Breaking down the contributions of various sub-tax categories, it was revealed that Income tax (comprising PAYE and self-employed individuals) accounted for 45.9% of the total, while Corporate tax represented 38.0%. Additionally, ‘Other Tax Sources’ made a significant contribution of 16.1% to the overall tax collections.
From 253.47 million collected during the same period in 2022, the total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) climbed by 44.1% year over year to 365.26 million in July 2023.
Comparing the first seven months of 2023 to the same period in 2022, the contribution increased cumulatively by 26.9% to 2.261 billion.
Activities in the construction sector decreased by 27.2%.
Meanwhile, the construction sub-sector, as indicated by the volume of cement sales, witnessed a year-on-year decrease of 27.2% in July 2023, with sales amounting to 194,597.00 tonnes, a notable decline from the 267,479.46 tonnes reported a year earlier.
On a month-to-month basis, cement sales in July 2023 showed little variation compared to the 195,695.36 tonnes recorded in June 2023. Additionally, cement sales for the first seven months of 2023 decreased by 25.8% to 1,549,147.05 tonnes, in contrast to the 2,087,474.79 tonnes reported for the same period in 2022
A rise of 32.9% in industrial electricity consumption
The utilization of electricity by industries surged by 32.9% in July 2023, reaching 368.06 gigawatts, a substantial rise from the 276.87 gigawatts reported for the same period in 2022.
When considering the cumulative figures, industrial electricity consumption during the initial seven months of 2023 displayed a noteworthy increase of 21.7%, totaling 2,315.24 gigawatts. This figure marked a significant growth compared to the 1,902.35 gigawatts consumed during the equivalent period in the previous year.
Source: Marizuuq | Ghana360news.com
