Ghana has always depended largely on donor support (such as grants, aids) and, to a lesser extent, public debt in financing its developmental programmes. However, after the end of the world economic crisis in 2008 development partners have attempted to cut their spending on aid and donations to less developed countries. The resultant decline has caused great palpitation among those economies dependant on this assistance. Consequently, there has been a vociferous call for prudent means of addressing this financial development. Improving and consolidating taxation and tax structures within Ghana is what immediately comes to mind. As gift tax has rarely received much attention in Ghana despite its existence in the tax status books, the writer therefore acknowledges and argues the case for a shift to unexploited gift taxation as a critical appendage to traditional tax revenues (such as custom duties, VAT and income taxes) in the light of the relative decline in donor support for development projects since the end of 2008

1.1 IFAC Elects Rachel Grimes of Australia as President The International Federation of Accountants (IFAC), the global organisation for the accountancy profession, has announced the election of Ms. Rachel Grimes from Australia as its President, for a two-year term, ending in November 2018. Ms. Grimes is IFAC’s second female President. Also, the global accountancy body has announced the election of Professor In-Ki Joo from South Korea as Deputy President. In her acceptance speech, Ms Grimes said, “I am honoured to serve as IFAC’s President at a time of great global challenges. There are also remarkable opportunities to strengthen the accountancy profession and further the adoption of global standards in the public interest.” She continued: “As President, I look forward to working with our member organisations and other stakeholders as we continue to put trust at the heart of all we do and at the heart of the global economy.”