Category: Business

E-Levy: Government determined to find ways of sustaining economy – Akufo-Addo

Akufo Addo111212

Parliament engages stakeholders on E-Levy

Minority, citizens oppose E-Levy

E-Levy to shore up revenue, create jobs – Finance Minister


President Nana Addo Dankwa Akufo-Addo has expressed his administration’s resolve to find ways of addressing revenue gaps in government’s 2022 budget.

According to him, government as a result of the coronavirus pandemic has had to undertake a number of unplanned expenditures to sustain the Ghanaian economy.

Addressing traditional leaders from Dzodze in the Volta region on Tuesday, February 1, President Akufo-Addo said the introduction of tax measures has become necessary to keep the economy afloat despite stiff opposition.null

“Revenues during 2020/2021 went down considerably because of the slowing down of the economic activities that came from the COVID. At the same time, government, in order to keep the country going, did some expenditures – the free water, the free electricity were the unavoidable expenses that government had to make,” President Akufo Addo is quoted by Joy Business.

“These are the efforts that we are now making which are being resisted by the opposition and that is the reason it has become necessary for us to use these measures like this famous tax which has caused so much unnecessary disputation; but nevertheless, we would continue.”

“I am determined to persevere to make sure that we find the means to address some of the issues,” the President expressed.

Meanwhile, government has revealed its plan to amend the rate of the E-Levy from 1.75 percent to 1.5 percent.

Despite this, the Minority Caucus of Parliament have rejected the amendment citing the tax measure in its entirety will be detrimental to jobs, businesses and digital/financial inclusion efforts.null

Finance Minister, Ken Ofori-Atta announced the introduction of E-Levy during the 2022 budget statement in November last year.

The tax measure has since its announcement, received widespread backlash from lawmakers and a cross-section of the well-meaning public who are opposed to the E-Levy.

View their Timepaths below:

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https://timepath.co/embed/ken-ofori-atta/qfpFeK3MF2BIJWIJzeE4

Source: www.ghanaweb.com

Over 280,000 jobs projected under 1D1F – Trade Minister

Alan Kyerematen1212121213131

1D1F an Akufo-Addo administration initiative

148 projects under construction completed, Alan Kyerematen

106 factories currently operational


Minister of Trade and Industry, Alan Kyerematen has disclosed government is projecting to create over 280,000 jobs under the One-District-One Factory initiative.

According to him, the industrialisation initiative has so far created over 153,000 direct and indirect jobs with some 106 factories currently in operation.

Answering questions on the floor of Parliament on December 15, 2021, sector minister for trade and industry said the initiative is expected to propel job creation efforts and enhance industrilisation.null

“The 106 factories that are currently operational have created a total of 153,782 direct and indirect jobs. Mr. Speaker, it is expected that when the additional 148 projects currently under construction are completed, the cumulative number of direct and indirect jobs created will increase to 288,599,” Alan Kyerematen said.

The One-District-One-Factory initiative forms part of the New Patriotic Party administration’s agenda towards industrialization; value addition and job creation.

The initiative is hinged on promoting local participation in economic development with the motive of encouraging community-based public/private partnerships with an aim of yielding results through a massive private sector-led nationwide industrialization drive.

The industry-focused agenda also seeks to equip and empower communities to utilise their local resources in manufacturing products that are in high demand both locally and internationally.

Source: www.ghanaweb.com

Gov’t directs GOIL to cut fuel prices after drivers’ strike, demo

The government, according to the head of communications of the Ghana Private Road Transport Union (GPRTU), Mr Abass Imoro, has directed state oil firm Ghana Oil Company (GOIL), to cut the prices of fuel at the pumps effective Tuesday, 7 December 2021.

The decision comes after the presidency met union leaders of commercial drivers on Monday, 6 December after they went on a sit-down strike and demonstration.

Additionally, Mr Imoro also said the government committed to cutting taxes on fuel prices in the mid-year budget.

Per the directive, the Chairman of the transport committee of parliament, Mr Osei Nyarko, told Accra-based Joy FM that a reduction of GHp15.

This means fuel will sell at GHS6.7 per litre at the pumps.

The nationwide sit-down strike by the commercial drivers led to thousands of commuters getting stranded.

The drivers took the action to force the government to reduce the price of fuel, which has consistently soared since the beginning of the year.

A few commercial drivers, who broke ranks with their unions, were seen being harassed and prevented from moving by their fellow striking colleagues, who turned themselves into a strike enforcement mob.

A mob of striking drivers were seen on the Ablekuma-Lapaz stretch in Accra massing up and mounting blockades in the middle of the road to prevent their other colleagues from working.

The working drivers are forcibly stopped and every passenger disembarked by the mob.

As a result, schoolchildren, parents, nurses, market women, and people of all walks of life, were seen trekking long distances to their various destinations.

A few of them were lucky to be given lifts by private drivers.

Taxi-hailing apps like Uber, Bolt and Yango cashed in on the strike as demand for their services shot up

E-levy is still 1.75%, it has not dropped to 1.5% – Ofori Atta

Finance Minister, Ken Ofori Atta,

The proposed E-levy in the 2022 budget statement has not changed, Finance Minister Ken Ofori Atta, has said.

He said at a press conference in Accra on Monday December 6 that the proposal is still at 1.75 per cent.

“On the matter of the E-levy, having regard to its serious fiscal implications, we will continue our consultations with the Minority Caucus in Parliament and other relevant stakeholders, with a view to achieving consensus and reverting to the House in the shortest possible time,” he said.

This is contrary to what the Deputy Majority Leader in Parliament Alexander Afenyo Markin had said earlier to the effect that the levy had reduced to 1.5 per cent.

“For nothing at all when it comes to the bill, we know that government has shifted from 1.75 to 1.5,” the Effutu Lawmaker said on Accra-based Joy FM.

He further announced some changes in the budget statement.

He said “with regards to Agyapa Royalties Ltd, we shall amend paragraphs 442 and 443 to take out references to mineral royalties collateralisation. It is important to note that, any reference to Agyapa was for informational purposes, and as such was not reflected in the fiscal framework;


“In respect of the unfortunate tidal waves which rendered about 3,000 people homeless in Keta, we shall make the necessary budgetary allocations of at least GHS10 million to complete the Feasibility and Engineering studies for the coastal communities adversely affected.


“We will broaden the scope of the study to consider a more comprehensive solution to protect Ghana’s 540 Km of coastline,
including the 149 Km between Aflao and Prampram. Meanwhile, NADMO has responded to the humanitarian crisis created by the tidal waves on the Keta coastline;


“Relating to the Aker Energy transaction, we shall amend paragraph 829 of the 2022 Budget on the acquisition of a stake from Aker Energy and AGM Petroleum by GNPC, to reflect the resolution of Parliament dated 6th July, 2021 that “the terms and conditions of the loan for the acquisition of the shares shall be brought to Parliament for consideration pursuant to article 181 of the Constitution; and

“On the benchmark values, we shall avert any hardships to importers and consumers while safeguarding the interest of local manufacturing industries to secure and expand jobs for our people. This administrative exercise which reviewed 43 out of 81 line items, has the objective to promote local manufacturing and the 1D1F policy, including the assembling of vehicles. It is important to note that this adjustment affects only 11.4% of the total CIF value, of which 50% is for vehicles. From our analysis, the potential increase in retail prices should be relatively insignificant and therefore inflation should be muted.

“The YouStart policy will also support our accomplished Traders with appropriate training and access to capital to become Manufacturers in order to expand the industrial base of our society and our import substitution strategy, in line with our Ghana Beyond Aid agenda.

“We will work with the relevant Committees of Parliament to reflect these modifications in the 2022 Budget as is the usual practice, before the Appropriation Bill is passed. Any other concerns which may emerge shall be addressed during the discussions of the estimates by the Committees, as has been the tradition.

“On the matter of the E-levy, having regard to its serious fiscal implications, we will continue our consultations with the Minority Caucus in Parliament and other relevant stakeholders, with a view to achieving consensus and reverting to the House in the shortest possible time.”

The Minority ad rejected the levy. In their view, the proposal will worsen the plight of Ghanaians.

Asawase Member of Parliament, Muntaka Mubarak in a statement on Friday December 3 said ” The NDC Caucus in Parliament wishes to assure Ghanaians that it will continue to use every legitimate and lawful channel to resist the 1.75% E-Levy government is seeking to impose on the ordinary Ghanaian.

“For the avoidance of doubt, the position of the NDC Caucus in Parliament right from the outset of the 2022 Budget debate has been that the 1.75% E-Levy government is seeking to impose is regressive, punitive and draconian, and that same must be suspended.

“The Minority Caucus has vigorously championed this position in Parliament and in the media space to draw Government’s attention to our demands. Subsequent to our rejection of the Budget on 26th November, 2021, government has sought to engage the NDC Caucus in a series of discussions towards finding an amicable solution to the impasse.

“Surprisingly despite the good faith demonstrated by the NDC team recognising the importance of the Budget to the economy, business and households, the government side out-rightly rejected our proposal for a revision of the E-levy leading to a breakdown of the discussions.

“We wish to state unequivocally that no concrete decision or agreement has been reached between government and the NDC Caucus in Parliament on this matter.

“As we speak, government’s so-called concessions are unknown to us and we have no clear indication that they intend to seriously consider any of the proposals that have come up.

“Under the circumstance we wish to state that the NDC Caucus will maintain its original position as stated earlier

GARIA on course for statutory status – Akufo-Addo

Nana Addo Dankwa Akufo Addo

Work has begun in earnest to present a piece of legislation to Parliament by the middle of December to elevate the Ghana Association of Restructuring and Insolvency Advisors (GARIA) to a statutory body, President Akufo-Addo has revealed.

This, he said, is consistent with Section 171 of the Corporate Restructuring and Insolvency Act, 2020 (Act 1015), which was signed into law in April 2020 and stipulates that within two years of the coming to force of the law, GARIA – an association of corporate restructuring, business recovery and insolvency advisory professionals – attains the status.

The president disclosed this in a speech read on his behalf by the Attorney General of the Republic and Minister of Justice, Godfred Yeboah Dame, at the second GARIA Presidential Fundraising and Awards night – where he said the move is in line with GARIA’s primary objective of playing a leadership role in developing an efficient regime to tackle corporate insolvency and restructuring, as well as enhance corporate governance.

“Section 171 of act 1015 instructs us that within two years of the law coming into force, the attorney general will ensure it attains the status of a statutory body under the authority of an act of parliament,” the president explained. “I am happy to inform you that the Attorney General’s office has commenced work in this regard, and indeed we will conclude by the middle of December 2021.”

President Akufo-Addo remarked that the passage of the Corporate Restructuring and Insolvency Act (CIRA) is another chapter in the long list of business-centric initiatives undertaken under his administration, adding that it could not have been more opportune in light of the ongoing pandemic.

“The passage of act 1015 represented a big shot in the arm of my government’s commitment to improving the ease of doing business. It couldn’t have come at a more appropriate time, as most businesses and indeed economies the world over are facing challenges due to COVID-19,” he said.

Speaking on the event’s sidelines to B&FT, the president of GARIA, Felix Addo, welcomed the development, noting that it will allow for standardisation of the insolvency and restructuring ecosystem. “I am excited about it; despite the delays of COVID-19 we are on course. As it stands, GARIA has been a professional association voluntarily and we did not have the force of law until the passing of CIRA; with the new status in view, we will be able to regulate the space,” he said.

The night, which had as its theme ‘The Corporate Insolvency and Restructuring Act: A Vital Lifeline for Distressed Businesses amid COVID-19’, had three primary objectives: to celebrate the passage of CIRA; relaunch GARIA Trust Fund; and recognise the contribution of three founding council members of GARIA, which was formed in 2006.

The Fund, first launched two years ago, was designed to be the principal financing vehicle for GARIA, which had so far had to rely on erratic funding from subscriptions from its membership, foundation members, development partners and the erstwhile Business Sector Advocacy Challenge (BUSAC) Fund, among others.

The three founding council members of GARIA recognised for their immense contributions were Justice Therese Striggner Scott; Prof. Samuel Nunoo Woode; and Madam Aurora Lokko.

Source: thebftonline.com

Gov’t payroll is full, venture into entrepreneurship – Finance Minister

Ken Ofori Atta, Finance Minister Nominee

The Minister of Finance, Ken Ofori-Atta, has informed the 2021 graduating class of the University of Professional Studies-Accra (UPSA) that government’s payroll is full – making it unsustainable to keep adding to employment figures in the public sector, hence the need to create their own jobs.

According to him, government’s role is to create the needed enabling environment, establish micro-stability and ensure that citizens have the right skillset – and that is what government is going to do: focus on the youth and budget for their demands.

“The future for you in regard to jobs is the most important thing for you at this stage, and we have gone through a period when most people look for a job from government or state institutions; but that payroll is full.

“I can tell you that because we are spending about 60 percent of our revenue on renumerating some 650,000 people, and that is not sustainable,” he said.

The finance minister further indicated that entrepreneurship, skillset and credit are the important things needed in the mix to ensure sustainability for the youth and offer them an opportunity to create their own path to wealth.

According to the minister, education is a ladder to social mobility as well as economic and social prosperity, offering beneficiaries the opportunity to help society – adding that it is important for the graduates to acknowledge the privilege of accessing four years of tertiary education and do their best to impact society through the transformation and renewal of their minds.

Chief Executive-Ghana National Petroleum Corporation (GNPC), Dr. K.K. Sarpong, in his address at the graduation ceremony emphasised that it is important for the graduates to acquire 21st-century skills and core competencies which will enhance their employability and advancement in career.

He emphasised that, currently, industries search for graduates who have more than a university degree, as they consider life-skills such as creativity, innovation, critical-thinking, collaboration, teamwork, communication, empathy and digital literacy, among others, as essential skills for effective individual performance.

“These life-skills underpin the abilities for adaptive and positive behaviour that aids in dealing effectively with the challenges of everyday life, particularly work. It is therefore important that graduates acquire life-skills as mentioned,” he said.

Dr. K.K. Sarpong further singled-out digital literacy and indicated that this is an era of digitisation wherein automation, artificial intelligence and the use of software has dominated the delivery of accounting and financial services, hence the need for them to equip themselves with these skills to stay relevant on the job market.

He further stated that outsourcing of functions such as procurement, payroll, taxation, pensions and benefits, recruitment and training has become a new normal under COVID-19, hence the need for them to respond swiftly to that trend.null

“I encourage you to set up your own firms to tap into the growing outsourced financial and business services. Be entrepreneurial, for your training here has given you what it takes to do that,” he said.

The Vice-Chancellor of UPSA, Prof. Abednego F.O. Amartey, indicated that for the 2020/2021 cohort UPSA is graduating a total of 3,640 students – comprising 793 postgraduates, 2,054 undergraduates and 793 diploma students.

He entreated them to be worthy ambassadors of the school, exhibiting the values and tenets imbibed in them.

“As a marketer, my parting words to you are remember these four Ps – be positive, principled, proactive and productive,” he said

.Source: thebftonline.com

Akufo-Addo removes PSR Levies on fuel for 2 months to ‘cushion customers

President Nana Akufo-Addo, according to the National Petroleum Authority (NPA), “has granted approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.”

A statement issued by the NPA on Monday, 11 October 2021, said the president’s approval “follows the advice of the NPA to the Hon. Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.”

“Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.”

The NPA said: “The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).”

“At this time, it is important that the PSRL, which is currently sixteen pesewas per liter (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogramme (GHp14/Kg) on LPG, are zeroed to cushion consumers.”

American companies increasing in Ghana due to enabling environment created – US Vice President

Vice President of the United States of America (USA) Kamala Harris has commanded President Nana Addo Dankwa Akufo-Addo for creating the enabling environment for American businesses to thrive in the oil-producing West African country.

She stated that American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.

She made this known on Thursday, 23rd September 2021, when she held bilateral talks with President Akufo-Addo at the White House, with the aim of stringing the ties of co-operation and friendship that exist between the two countries.

Welcoming President Akufo-Addo to the White House, Mrs. Harris indicated that the meeting with the Ghanaian President “is a reaffirmation of the strength of the relationship between the United States and Ghana, and of course we have deep in historical ties or official bilateral relationship began in 1957.”

She stressed that “American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.”

“And they do this also because we are confident in the Government of Ghana and the environment, Mr. President, that you have created, which allows for some confidence in the respect and upholding of the rule of law and human rights. And so, with all of that, we look forward to continue to work together.”

On his part, President Akufo-Addo thanked Vice President Harris for the invitation, and stressed that Ghana and the United States of America share very much the same commitments.

“We want to develop our nation as a democracy as a country where freedom and respect for human rights and the rule of law are paramount to our system of governance,” he said.

Whilst expressing gratitude for the support of the United States towards helping to defeat the pandemic in Ghana, he indicated that the “other main preoccupation for us is the co-operation that we have to put together to defeat the Jihadist insurgency in the Sahel.”

It is an area, he said, that requires the support of the United States Government.

“We are looking for support for our armed forces and for the intelligent agencies of our area that they can be in stronger positions. Many of those leading the Jihadist insurrections in West Africa are the people who came from Iraq after they were driven out from Iraq, so I think if there’s information here that can assist us to be able to track down and be able to deal with these people,” he said.

President Akufo-Addo was hopeful that Ghana and America, now and in the coming years, will continue to “advance our mutual causes, and also strengthen the relations between our two countries

American companies increasing in Ghana due to enabling environment created – US Vice President

Vice President of the United States of America (USA) Kamala Harris has commanded President Nana Addo Dankwa Akufo-Addo for creating the enabling environment for American businesses to thrive in the oil-producing West African country.

She stated that American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.

She made this known on Thursday, 23rd September 2021, when she held bilateral talks with President Akufo-Addo at the White House, with the aim of stringing the ties of co-operation and friendship that exist between the two countries.

Welcoming President Akufo-Addo to the White House, Mrs. Harris indicated that the meeting with the Ghanaian President “is a reaffirmation of the strength of the relationship between the United States and Ghana, and of course we have deep in historical ties or official bilateral relationship began in 1957.”

She stressed that “American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy much less to the partnership between Ghana and the United States.”

“And they do this also because we are confident in the Government of Ghana and the environment, Mr. President, that you have created, which allows for some confidence in the respect and upholding of the rule of law and human rights. And so, with all of that, we look forward to continue to work together.”

On his part, President Akufo-Addo thanked Vice President Harris for the invitation, and stressed that Ghana and the United States of America share very much the same commitments.

“We want to develop our nation as a democracy as a country where freedom and respect for human rights and the rule of law are paramount to our system of governance,” he said.

Whilst expressing gratitude for the support of the United States towards helping to defeat the pandemic in Ghana, he indicated that the “other main preoccupation for us is the co-operation that we have to put together to defeat the Jihadist insurgency in the Sahel.”

It is an area, he said, that requires the support of the United States Government.

“We are looking for support for our armed forces and for the intelligent agencies of our area that they can be in stronger positions. Many of those leading the Jihadist insurrections in West Africa are the people who came from Iraq after they were driven out from Iraq, so I think if there’s information here that can assist us to be able to track down and be able to deal with these people,” he said.

President Akufo-Addo was hopeful that Ghana and America, now and in the coming years, will continue to “advance our mutual causes, and also strengthen the relations between our two countries

Economy Is Bouncing Back After Covid-19 Increased Cost Of Shipping From Asia By 650% Alongside Building Materials- Bawumia

Vice President Dr. Mahamudu Bawumia

The Vice President, Dr. Mahamudu Bawumia, has assured Ghana’s construction industry that the Akufo-Addo government is on course in its resolve to manage and mitigate the debilitating global effect of Covid-19 on the construction industry and the general economy.××

Addressing members of the construction industry on Friday, September 10, at the maiden edition of Ghana Construction Industry Excellence Awards, Dr. Bawumia, while commending the immense contribution of Ghanaian contractors to the development of the country, also highlighted the devastating impact global factors arising out of the covid-19 pandemic has had on their operations, especially increase in cost of construction materials due to unusual increase in shipping cost from Asia.

“Our Country is endowed with great men and women, technocrats, professionals and nusinessmen in the vonstruction Industry who have worked tirelessly in bringing us this far and we need to celebrate them. And tonight we are here to celebrate our own,” Dr. Bawumia said, in a tribute to members of the construction industry.

“From housing to non-housing, from private to public construction, construction industry output is an integral part of the national output. Excluding the agricultural sector, construction ranks third after transportation and storage and manufacturing in their contribution to national output. The inndusry is important for its direct and indirect impact on our economic progress.”

The Vice President, however, added that despite the remarkable economic management of the general economy by the Akufo-Addo government in its first term, the growth of the construction industry has been severely impacted by the globally-hit Covid-19 pandemic, with global factors affecting prices of building materials such as iron rods and cement locally.

“The growth and vibrancy of the construction industry depends on the growth and vibrancy of the economy as a whole. This is why economic management is key. The economic indicators of our first term in office tells a story of competent economic management. However, the world has suffered a global recession; in fact it is the worst global recession since 1945, as a result of Covid-19, which hit us high in 2020,’ the Vice President indicated.

“Throughout the world, prices of goods have shot up. Shipping cost of container, from China to Europe has increased from around $2000 Dollars in August last year, to $13,000 Dollars now per container – 650% increase. You also have major goods that have gone up as a result of Covid and all of you in the construction industry know that the world prices for cement and for iron rods have really shot up. So when we see same things happening in Ghana, we know why it is happening. It is a global phenomenon as a result of the pandemic.”

Dr. Bawumia assured the contractors that just as government prudently managed the economy prior to Covid-19 devastating it, government is on course to manage the impact of Covid on the economy and local industries, including the construction sector.

“We are trying to manage the impact in Ghana and we are not doing too badly compared to many other countries, and we have to do even better,” Dr. Bawumia assured, adding that the government is undertaking many steps, including a resolve to bring down interest rate.

“We have completed projects with most of your members and we have resolved to consolidate, with prudent macro-fiscal policies that puts us back on track to restore economic stability and growth that will foster a resilient financial ecosystem;

“Ladies and gentlemen, the government intends to cooperate and collaborate fully with the Ghana Chamber of Construction Industry. We have had fruitful interactions with the chamber, and we must continue to interact this engagements to increase the job creation potential of the industry. “

‘The soon to be set up development Bank, is to ensure that there is long term funding and financing for development projects. I fully appreciate that the cost of borrowing has been one of the binding constraints on the industry and we are hopeful that the development bank will provide low cost interest to contractors and any project funding activity. “

Dr. Bawumia also stated that government’s commitment towards strengthening the construction industry is also showed in the number of legislations it has enacted to “sanitize, develop and regulate the Construction Industry to facilitate development.”

Some of the legislations the Vice President mentioned included the Engineering Council Regulations 2020 (L. I. 2410), Real Estate Agency Act, 2020, Review of the Rent Act, 1963, Act 220; Land Act, 2020, Act 1036; Education Regulatory Bodies (ERBA) Act, 2020, Act 1023 for Skills Development, Public Private Partnership Act, 2020, Act 1039

Our task is to increase revenue for the authority to support govt – Sammi Awuku to NLA staff

Sammi Awuku NPP 3 E1597349918663

The former National Organiser of the New Patriotic Party, Mr Sammi Awuku, assumed office after H.E Nana Addo Dankwa Akufo-Addo appointed him to lead the National Lottery Authority.

Mr Awuku was received by the Acting Director-General, Mr Ernest Mote, who took him to the Director General’s secretariat for a brief introduction and a short meeting.

Mr Awuku then met the NLA management, which compromises directors of the various departments; he introduced himself as the president’s appointee to the authority and urged them to cooperate with him to ensure the NLA is made a world-class organisation.

He said, “I am your new love letter from the president; I will ensure we succeed. I will not get everything right but what I can assure you is that I will not deliberately get it wrong. Let’s work together to increase revenue for the authority and for the nation for development. I have heard a myriad of issues before my coming; what I want to tell you is that I will not inherit anyone’s enemies, come to the table with a clean mind and let make NLA work again.

“We do not have to be friends to work together, but what we need is to have a common goal. I will have your back, so I will plead that you also do,” he added.

He took time to visit every single office to appreciate at first hand what their working conditions were and to assure the staff of his commitment towards their welfare and well-being.

He used the opportunity to admonish the staff to come on board to work hard to improve the fortunes of the authority so their condition of service can also be improved. He added that “I am going to operate an open-door policy, feel free to come to me, let’s share ideas and talk about your challenges”.

The staff, in turn, assured him of their total support and thanked him for the visit and his open-door approach.

Source: etvghana.com

Discriminatory practices by GRA on businesses will be reconciled – Finance Minister

• Businesses have been assured harassment by GRA will soon be reconciled

Ken Ofori-Atta says the GRA is now moving towards a more concise and transparent manner

•Government plans to introduce more robust tax revenue mobilisation measures

Finance minister, Ken Ofori-Atta, has assured businesses that discriminatory practices by the Ghana Revenue Authority on businesses will gradually be reconciled.

His comments come after some business owners have complained of being subjected to harassment by officials of the authority.

In an interaction with Asaase Radio monitored by kwesitv 24, the finance minister said the GRA is now moving towards a more concise and transparent manner in dealing with businesses.

“We have gone through a culture of discriminatory practices by GRA. I mean, I have run business for a long time and you had some grotesque incidents, I would say, in that regard”, Mr. Ofori-Atta said.

“But then, with much more transparency, in which I know the numbers that you have and you know the numbers that [I] have, then we can reconcile. I think that the issue of the coercion of the state will be reduced and the sense of the use of the word ‘harassment’ will also reduce because we all have the same numbers,” the minister added.

Meanwhile, the finance minister said the government will continue to roll out efficient revenue mobilization measures under its flagship initiatives.

GHACEM To Build $100m Factory In K’si

Stefano Gallini

GHACEM IS expected to cut the sod for the construction of a 1.5-million ton capacity cement production plant in Kumasi in the coming weeks.

This will serve the Ashanti region and its environs.

Managing Director of GHACEM, Stefano Gallini, commenting on the move, said the new project has become necessary due to the growing demand for cement in the Ashanti Region. Additionally, he said the Tema and Takoradi factories would be expanded to improve efficiency and timely delivery of products.

Mr. Gallini said “the Ghanaian construction sector growth is the driving force behind this agenda and our Ghanaian customers are at the center of this.”

He further noted that “We want to continue taking care of the Ghanaian market and as you may be aware, there has been an exponential growth in commercial activities in which GHACEM has been involved, and we want to continue with our contribution for the nation’s development in this regard.”

The new plant has plans of exporting to Burkina Faso and other neighboring countries.

The $100 million investment by the company was expected to increase employment opportunities for the cement industry, as many more projects were undertaken.

Commenting on prices of cement products, the Managing Director explained that the company will adjust the price of its cement products if the cost of raw materials and freight witnessed a reduction in the coming weeks.

He indicated that the recent hike in cement prices was as a result of the high costs incurred during production and increasing freight costs.

“We have been exposed to rising costs of raw materials, freight and other components in the production of our cement products for the past seven to eight months, such that we have to take care of it in order not to pass it over to the consumer, looking at the economic situation. However, we commit to adjusting the price downwards if the cost of freight is reduced. For us, other raw materials can be sourced at lower prices,” he noted.

He further assured that engagements were ongoing with the Ghana Ports and Harbours Authority to address some concerns with port handling charges, which also added on to the cost of production of the company.

Mr. Gallini explained that about 99.5% of GHACEM employees were Ghanaian.

From 2012 to 2015, GHACEM spent over €52 million in expansion investment in Tema and Takoradi

Ofori-Atta presents mid-year budget review today

The Minister for Finance, Ken Ofori-Atta will today, Thursday, 29 July present the 2021 Mid-Year Budget Review.

Mr Ofori-Atta will announce to Parliament how much the Government has spent in the first half of the year and how it intends to spend for the rest of the year.

There are hints the Government may be seeking Parliamentary approval for additional funds to run the economy on the back of the adverse impact of Covid-19.

The Government has also said the Mid-Year Review, will be providing some economic interventions for the youth

GRA Identifies 14 Million Tax Payers After Integration Of Ghana Card/TIN

The Ghana Revenue Authority (GRA) has identified over 14 million people, who are qualified to pay tax after the successful integration of the Ghana Card and Taxpayer Identification Numbers (TIN).

The GRA and the Registrar-General’s Department in collaboration with the National Identification Authority started the exercise effective April 1, 2021, where the Ghana card Personal Identification Number (Ghana card PIN) will replace the TIN of individuals issued by the GRA for tax identification purposes.

This change is in line with the Government’s policy on the use of a unique identifier for all transactions where the identification of an individual is required.

GRA Commissioner–General, Ammishaddai Owusu-Amoah, said 6.6 million people currently file their tax returns with the recent data available to them.

Speaking at “the time with the Commissioner-General of GRA” event organised by the Ghana National Chamber of Commerce and Industry (GNCCI), Mr Owusu-Amoah said initially only 4 million people were filing their tax returns but with the integration, they had another 2.6 million people.

He said analysis from the date indicated that almost 8 million people were not filing their tax returns annually and the aim of the data was to help people to become compliant, because the data showed the age profile of the people, the professional profile and their residential addresses.

The Commissioner-General said there was no evidence from the data available to them that a number of the people, who are in the legal profession, Accountants and the medical fields had been filing their tax returns.

He said it did not mean that those people were not paying their taxes, “maybe they only pay their PAYE and do not pay any other taxes they were supposed to pay.”

Mr Owusu-Amoah hinted of engaging the persons involved to find out why previously there was no evidence that they had filed their tax returns.

He encouraged all Ghanaians whether employee or self-employed to file their tax returns, saying it was important that everybody became compliant in filing and paying of taxes.

The Commissioner-General also indicated that the data showed that people above the ages of 35 years and below the 65 years lived and resided in the top 10 affluent places in the capital like the Cantonments, East Legon and Labone but yet their names were not in the database.

On the issues of tax waivers, he said the requirement was that any taxpayer, who currently outstanding taxes to pay and had penalty and interest computed had up to the end of the 2020, could apply before the end of September 2021 and make arrangements to pay before the end of 2021.

He said by end September, applications needed to be received by the Authority and discussions held with amicable arrangements made to pay and once it was paid before December 2021, “we will waive all the penalties and interest.”

“l want to encourage you all to take advantage of the arrangement that had been made by the government as part of the COVID-19 alleviation initiatives,” he added.

Victoria M.E Hajar, the First Vice President of GNCCI, expressed appreciation to the GRA for the partnership to address key tax issues affecting businesses as well as sensitize and dialogue with the business community on tax administration and its implications.

She said the timely response in paying overdue duty drawback and significant effort in addressing the technical challenges had ensured improved confidence in the process.

The First Vice-President said the Chamber had identified three issues that needed the attention of the Commissioner-General, which were the delay in refund application, requirement to pay 30 per cent of a tax assessed during tax audit before a taxpayer could make any objection to the assessment and lack of clear procedural rules in the application of some of the provisions in the tax laws.

She said the GNCCI was committed to serving as the link between the private sector and government at the various levels, while offering its members business support services.


GNA

86% of adult population registered as taxpayers – Dr Bawumia

Bawumia Ghana.Gov1212

Vice president, Dr Mahamudu Bawumia, has revealed a proportion of the adult population representing 86 percent have registered as taxpayers following digital reforms introduced by government.null

According to him, this is a significant increase from an initial 4.1 percent earlier recorded amid the adoption of the Ghana Card numbers merging as Tax Identification Numbers.

Dr Bawumia speaking during a virtual forum organised by the African Centre for Transformation (ACET) said the implementation of the mobile money interoperability platform has also witnessed an increase from 30 to 90 percent among a proportion of the adult population.

“The last year demonstrated the relevance of digital transformation to delivering contactless payments, direct rapid transfers to the adult population and effective track and trace mechanism”

The Integration of the Ghana Card, Digital Address System, National Health Insurance. Passport Services and the National Pensions Systems enhances the delivery of public services, improve the convenience of citizens brings considerable cost savings and improves revenue generation capacity of service providers,” the vice president said

.Source: www.ghanaweb.com

Ghana-Nigeria trade impasse: Speaker Alban Bagbin announces review of GIPC Act

Alban Bagbin 2020212121

Ghana’s Speaker of ParliamentAlban Bagbin, has announced a review of the GIPC Act 2013, Act 865 that will exempt the capital requirement for Nigerian retailers to trade in Ghana..

According to a joint communique issued between Ghana and Nigeria, following the Extraordinary ECOWAS Summit, Nigerian retailers will now be exempted from paying a US$1 million capital requirement under the Act to facilitate trade.

Making the disclosure before Nigeria’s House of Representatives last week, Speaker Alban Bagbin said the development will end long standing retail impasse between Ghana and Nigeria.

“…of particular mention is the reconsideration of the US$1 million minimum requirement for trading enterprises under section 28(2) of the Act. This is to facilitate regularization of the businesses of affected Nigerian retail traders in the trade impasse.”

“Equally commendable is the special concession to be applied to a requirement for a payment of 0.5 stamp duty. Our Parliament is working to make sure this does not apply to our brothers and sisters from Nigeria,” Speaker of Parliament Alban Bagbin announced.

The announcement comes after the Ghana Union of Traders Association (GUTA), in December 2019, locked up over six hundred shops belonging to Nigerian retailers at Nkrumah Circle in Accra.

The move was replicated in Kumasi, Ashanti region as most of the shops belonging to Nigerian traders were also forced to shut down that year after Ghanaian traders alleged that Nigerian traders had taken over the retail business in the country.

The decision then caused a clash between Ghanaian traders and Nigerian traders leading to the arrest of some persons involved while others were badly injured.

Source: www.ghanaweb.com

Commodity Exchange Seeks To Transform Ghana’s Economy

Tucci Goka Ivowi

The Chief Executive Officer of the Ghana Commodity Exchange (GCX), Tucci Goka Ivowi, stated that her outfit is working to transform Ghana’s economy through agriculture.

She made this known in an address to the media at the Information Ministry in Accra on Sunday, July 4, 2021.

According to her, “Our vision is to transform Ghana’s economy through agriculture”.

She stated that there were three priority areas the GCX was working with which include: access to storage, access to market and access to finance.

So far, she said GCX has established 10 warehouses in the country mainly in the Ashanti Region, and Bono Region.

She indicated that the GCX started with trading in Ghana but was now doing cross-border trading with countries like Burkina Faso.

She said the Exchange was ensuring transparency and fairness on the market.

She spoke about infrastructure challenges across the country for the agriculture sector.

She reiterated that it’s about 20 years that the Ghana Commodity Exchange has been in the process.

The Exchange is a private entity, with Government as the shareholder.

She said the Ghana Commodity Exchange will be open to private players.

In 2020, the Ghana Commodity Exchange suffered a lot with other entities due to coronavirus.

The Exchange, she said is regulated under the Securities Industry Act.

According to her, trading under GCX is done online.

GCX, she said, is a membership-based organization and that if people want to trade they first have to become members.

She revealed that GCX worked very closely with the Ministry of Food and Agriculture as well as the Ministry of Trade and Industry.

About 22,000 farmers have gotten better prices for their products through trading with GCX

SEC Warns Ponzi Scheme Advertisers

Rev. Daniel Ogbarmey-Tetteh

THE SECURITIES and Exchange Commission (SEC) has urged media outlets to desist from availing their platforms to individuals or groups of persons who engage in unlicensed financial transactions.

The practice of enticing unsuspecting members of the public through the media, with promises of maximum returns on investment, after registration with initial capital, should not be encouraged by the media, said Caliis Badoo, Head of Legal Department at SEC.

“Very unsuspecting people within the regions especially, are not abreast with information and so they fall for it, and people, we all know, want money,” he said.

Speaking at a forum to educate journalists on the capital market, Mr. Badoo indicated that the law mandates the media to protect the consumers of financial services.

According to section 144(1) of the Securities Industry Act 2016, (Act 929), non-licensed persons shall not publish or cause to be published an advertisement in connection with the conduct of activity or provision of a service that requires a license, approval, authorisation or registration under the Act.

Meanwhile, a licensee under the same act shall not publish or cause to be published an advertisement in connection with the conduct of activity or provision of a service which requires a license, approval, authorisation, or registration under this Act in a manner that is unclear, false or misleading in any material particular.

Regulations 39-44 of Legislative Instrument (LI) 1728 clearly stipulates that the offering applies to advertisements issued to the public, adverts offering the services of a licensee, offering to sell or purchase securities and all types of adverts, notices, circulars, photographs, films, videos, sound broadcasting, television, and websites or in any other manner.

He explained that the law provides a general principle concerning advertisement where there have to be the highest standards of accuracy, good faith, clear language, and describing clearly the nature of the investment or service offered.

Beyond issuing warnings to the culprits, the commission, he stated, would not relent on invoking its power of prosecution to deal with such persons who are liable to 250 to 500 penalty units or two to three years in prison.

Also present at the forum was the Director-General of SEC, Daniel Ogbarmey Tetteh, who underscored the need for the investing public to understand the intricacies of the capital market in order to make informed investment decisions.

He has, however, appealed to the media to help intensify public education on the capital market with the intention of protecting the investor.

“Let’s make sure that we put out correct or accurate information in order to keep the market well informed,” he said.

GETFund to use 60% of inflows to service debt

Dr. Yaw Osei Adutwum, Minister Of Education

The Ghana Education Trust Fund (GETFund) will use GH₵866m from its total projected inflows of GH₵1.4bn in 2021 to service debt, a parliamentary report has revealed.null

The situation, according to the report of Parliament’s Committee of the Whole on the proposed formula for the distribution of the fund, will leave the institution with only 40 percent of its inflows to spend on projects and programmes for the year.

The Administrator of the fund, Dr. Richard Boadu, told lawmakers on the committee that the situation was of “grave concern” given that it will impact on other activities.

The committee suggested to officials of GETFund that since the fund’s inflows are tied to a percentage of projected revenues, which could sometimes experience shortfalls, the fund should focus on utilising its inflows to fund projects instead of resorting to borrowing.

Justifying the fund’s borrowings, GETFund officials said it allows the fund to adequately finance and complete its projects on schedule, which helps to avoid high variation costs caused by delayed completion of projects.null

This project variation cost, which typically adds 40 percent to a project’s initial cost, is much higher compared with GETFund’s average borrowing rate of 20.5 percent, they added.

This year GETFund will spend GH₵175m, constituting 12.2 percent of its projected inflows, on projects and programmes in tertiary education, with secondary education allocated GH₵74m and basic education GH₵66m.

The fund has also set aside GH₵30m for MPs Emergency Projects and Monitoring Activities

.Source: business24.com.gh

Use Ban On Drumming For Farming — Agric Minister

The Minister of Food and Agriculture, Dr Owusu Afriyie Akoto, has asked residents of the Greater Accra Region to observe the period between the ban on drumming and the celebration of the Homowo festival by taking to farming to help the region produce enough food.

The minister, who made the appeal at the launch of the, “Let’s make agriculture flourish in Greater Accra” campaign at the Military Academy and Training Schools in Accra last Friday, said the campaign, which was also known as “Homowo goes green,” was aimed at reviving the message and meaning of the ban and the celebration in line with government’s Planting for Food and Jobs (PFJ) programme.

He noted that the history of the Ga Homowo festival was about ensuring food security and as such, the ban on drumming and noise-making was to enable the chiefs, priests and people of the region forgo merry making and concentrate on clearing their farms and get it ready for planting.

The minister said the meaning and significance of the ban, as well as names of certain suburbs of Accra, such as Abelenkpe (maize is last) emphasised that Accra in general used to be a food basket which needed a revival.

According to him, the campaign would be extended to all important festivals nationwide.

“Food farming is an honourable and lucrative business which should not be left to only a section of the people,” the minister said.

Planting for Food & Jobs

Touching on the Planting for Food and Jobs (PFJ) programme, Dr Akoto said the programme had not only saved the country from hunger, but had enabled the export of food to neighbouring countries in return for foreign exchange.

He revealed that the government’s flagship programme, which started with 200,000 smallholder farmers barely four years ago, was now targeting some two million farmers this year and urged more farmers to join the PFJ.

“I urge more farmers to register in order to benefit from the subsidised prices of inputs and also increase harvest,” Dr Akoto added.

Beyond Homowo

The minister said beyond the Homowo goes green, the Greater Accra department of agriculture would support households, especially women and the youth, to produce and process selected vegetables to improve household nutrition.

“The project which is expected to cover all 29 districts of the region will focus on target crops, including vegetables such as tomatoes, pepper, onion, okro, cabbage and cereals such as maize and rice,” he explained.

Dr Akoto explained that series of training, home and farm visits would be undertaken by officials of the programme to the beneficiary farmers and farms to ensure that they applied good agronomic practices in their fields to produce quality crops.

The minister, who encouraged homeowners to take to backyard gardens, used the occasion to plant some maize seeds on parcels of land released to a group of farmers by the MATS.

Present at the ceremony were the Teshie Mantse, Nii Ashitey Akomfra who also planted some maize seeds; the Accra Regional Director of Agriculture,  Mr Eric Asameni; the Municipal Coordinating Director of the Ledzokuku Municipal Assembly, Ing John Tsikor; Commandant of the MATS, Maj General Charles Awity and other dignitaries.

Homowo

Homowo is a harvest festival celebrated by the Ga people.

The festival, which is celebrated in the month of August, is preceded by the planting of maize, referred to as Nmaa dum, which will be used in preparing Kpokpoi or Kpekple to celebrate the festival.

During this period, there is a ban on drumming and noise-making in Central Accra, the ban is enforced for six weeks and lifted to prepare for harvesting and feasting during the celebration.

The festival is celebrated in remembrance of the famine that once happened in the history of the Ga people.

 

Source: Graphiconline.com

Govt working to keep Ghana off money-laundering blacklist – Ofori Atta

Ken Ofori Atta 2021121121212

Finance Minister, Ken Ofori-Atta, has said his outfit will enforce policies to avoid Ghana from returning to the money laundering list

Ghana has been removed from the Financial Action Task Force’s money laundering list

After August 2021, the country could be delisted from the EU list of ‘money laundering’ countries


Finance Minister, Ken Ofori-Atta, has said the government is working around the clock to prevent Ghana from making its way back on the money laundering list of the Financial Action Task Force, Joy News has reported.

Ghana has been delisted for the Financial Action Task Force’s “Grey List” countries with weak money laundering policies.

On the back of this development, Finance Minister has said government is putting measures in place to avoid a blacklist.null

“The commitment from the Finance Ministry, Ghana Revenue Authority and the Bank of Ghana to give the appropriate resources to Financial International Center so that it becomes a best class organization is in process. So the strengthening of the FIC, awareness by the public and institutions so that self-regulation and declaration of penalty will be the way to go here,” Joy News quoted him.

Mr. Ofori-Atta believes Ghana being delisted from the money laundering list will raise investor confidence in the country.

“The international community has renewed its confidence in Ghana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime. This is a great relief for the country, considering the economic consequences suffered by the country while on the list. This will boost confidence in the integrity of our financial environment and also boost foreign direct investment”, he stated.

On the other hand, Joy News has reported that Ghana is set to be removed from the EU list of ‘money laundering’ countries possibly after August 2021,

According to the online report, the “grouping” noted that there are still some processes that need to be completed before Ghana can be taken off its list, adding, “now that Financial Action Task Force (FATF) has removed Ghana from its list, there are no more requirements from the EU side.

Source: www.ghanaweb.com

Ghana Taken Off Financial Action Task Force grey list

Ken Ofori-Atta

Ghana has been taken off the Financial Action Task Force (FATF) “grey list”.

Finance Minister, Ken Ofori-Atta, announced this to the media in Accra on Wednesday, June 30, 2021.

According to him, ” The FATF took this decision at their plenary meeting held on June 23, 2021, when it was unanimously agreed that Ghana had satisfactorily completed her Action Plan after the International Cooperation Review Group (ICRG) had submitted their report.”

He said by this decision, FATF and, for that matter, the international community has renewed its confidence in Ghana’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

” This is great relief for the country, considering the economic consequences suffered by the country while on the list. This will boost confidence in the integrity of our financial environment and also boost foreign direct investment.
To give you a background of the “grey list”, in 2016, Ghana was subjected to a Second Round of Mutual Evaluation by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA). Ghana was the first among her peers in the West African sub-region to have gone through the Second Round of Mutual Evaluation.
Even though this round of mutual evaluation showed some progress over an earlier one in 2009, there were still significant gaps that needed to be addressed. Ghana was therefore placed under observation by the International Cooperation Review Group (ICRG), one of the technical groups of the FATF charged with the responsibility of identifying, reviewing, and monitoring jurisdictions with AML/CFT deficiencies that present a risk to the international financial system.”

” The ICRG and Ghana developed a 2-year Action Plan spanning 2019 – 2021 with timelines, to address the deficiencies.
Following the ICRG plan and FATF acknowledgment, the European Union also issued a press release on 18th October, 2020 adding Ghana to their list of high-risk third countries with strategic deficiencies in their Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime as a result of Ghana being on the FATF list.”

“Over the last three years, an Inter-Ministerial Committee led by the Ministry of Finance has been hard at work coordinating key reforms to cure strategic AML/CFT deficiencies. In addition, I have been chairing and guiding a multi-stakeholder National Task Force on AML/CFT.”

He added that “The Inter-Ministerial Committee has worked closely with the President and Cabinet Office to fundamentally transform AML/CFT governance of Ghana by approving the National AML/CFT Policy and Strategy, enacting critical legislation, and instituted key measures.
Ladies and Gentlemen, I wish to inform you that FATF has expressed satisfaction with our work so far, and as indicated earlier, a unanimous decision was taken at their plenary meeting of June 23, 2021, to take Ghana off the
“grey list”.

He added that “as you all know, Ghana is the pillar of stability, good governance, and democracy in a fragile region. Ghana has also positioned itself as the gateway and spearhead for African economic and financial integration.”

“The GhanaCARES) Obatanpa Programme, is Ghana’s post-pandemic recovery and transformation plan. It has been developed to mitigate the impact of the pandemic on the lives & livelihoods of Ghanaians & ensure that we quickly emerge from the pandemic with a stronger and more resilient economy.”

“We now host the headquarters of the AfCFTA. Over the past few years, we have engaged in significant reforms to make Ghana the most attractive investment destination in Africa. We believe that we can achieve this. More importantly, a Ghana Beyond Aid impetus highlights our eagerness for partnerships and linkages to enhance trade and economic cooperation with our friends for mutual benefit. Ghana exiting the ICRG process is also an important signal for the rest of the African sub-region

Ghana Records $3.6bn Remittances Inflow

Dignitaries at the event

GHANA RAKED in $3.6 billion in remittance inflows despite the lockdowns that affected economies globally, a World Bank Migration and Development Report for 2021 stated.

The figure represents a 5 percent increase in remittances from host countries including USA, the UK, Côte d’Ivoire, Italy, Germany and Canada.

Chief of Mission, International Organisation for Migration (IOM), Abibatou Wane, speaking at the GIZ-Ghana Programme Migration and Diaspora Multi-Stakeholder Dialogue on Remittance in Accra, said the World Bank had projected that remittance flows to low and middle-income countries will fall by 7 percent, to $508 billion in 2020.

She said a further decline of 7.5 percent to $470 billion in 2021 was expected due to the lockdown and expected economic effects of the Covid-19 in the remittances sending countries but contrary to expectations, remittances to Ghana rather increased.

Madam Wane said remittances were a growing source of foreign funds, raising the standard of living for the vulnerable and low-income households across Ghana.

She said from a study conducted by IOM in the Ghana market, Ghana, as of 2019 was the second largest recipient of remittances in sub-Saharan Africa.

Madam Wane said the flows through official channels have increased from $117.6 million in 2007 to an estimated $3.8 billion in 2018, with remittances equate to 7.4 percent of Gross Domestic Product.

“It is estimated that if monitored, remittances sent through informal channels could increase total flows by as much as 50 percent,” she said.

She said the financial sector in Ghana, according to Findex, had gone through a period of change over the last five years, with financial inclusion reaching 57 percent in 2017.

Madam Wane informed that the increase in mobile penetration had created opportunities for the expansion of financial services by mobile money providers, making Ghana to overtake several markets to become the fastest growing mobile money market in Africa.

The Dialogue which was on the theme, “Leveraging Remittances for Recovery and Resilience Post-COVID-19” also marked the International Family Day of Remittances

Government to establish one million enterprises nationwide – Akufo-Addo

Akufo Addo 202012121213131231

• Government has promised to establish one million enterprises across the countrynull

• The move is hinged on government’s commitment towards industrialization, value addition and job creation

• The One District – One Factory initiative was introduced by the Akufo-Addo government in 2017

The Akufo-Addo administration has pledged to establish one million enterprises across the country.

President Nana Addo Dankwa Akufo-Addo speaking at Kwaso in the Ejisu Municipality following the commissioning of a One District – One Factory initiative pointed that the move formed part of his government’s agenda towards industrialization; value addition and job creation.

On the back of the president’s pledge, Chief Executive Officer of the Ghana Investment Promotion Centre, Yofi Grant, has disclosed that Ghana is targeting to raise US$3 billion in Foreign Direct Investment (FDI) for 2021.null

Addressing journalists at a press briefing on Sunday June 20, Yofi Grant revealed the country has so far accrued US$780 million in FDIs for this year.

“For every country, foreign direct investments are recognised as very important to its economic and socio-economic development. In Ghana, I dare say that over the past few years we have upped our game and our economy has become more attractive.

“Indeed, I dare say that since 2017 Ghana’s economy grew by 8.1% and through 2019 we had an average growth of 7%. This symbolises a country that is walking the talk and doing all it needs to do to become one of the fastest-growing economies in the world,” Yofi Grant told journalists.

He continued, “Foreign Direct Investments grew. Our FDI in 2017 was $4.9 billion; it dropped marginally in consonance with the drop in global FDIs in 2018 to US$3.54 billion. In 2019, it further dropped to $1.01 billion.

“The interesting thing however is that, despite the negative impact of COVID-19 on global economies, Ghana saw an increase in FDIs in 2020 to $2.65 billion,” he stressed

.Source: www.ghanaweb.com

Afriyie Akoto Selected Chairman Of Ghana-Cote d’Ivoire Cocoa Initiative

Ghana’s Minister for Food and Agriculture, Dr Owusu Afriyie Akoto, has been elected the first Chairman of the Steering Committee of the Ghana-Côte d’Ivoire Cocoa Initiative at its first meeting in Abidjan today (21st June 2021).

The two countries unanimously elected Dr Afriyie Akoto to chair the Committee for the next fifteen (15) months.

His Chairmanship will span the remainder of the current cocoa season which ends in September 2021 and continue until the end of the next cocoa season in 2022.

The Steering Committee is the highest decision-making body of the initiative. It is responsible for formulating rules and regulations; ensuring the smooth implementation of the charter and functioning of the Secretariat; approve all budgets and work programmes of the Initiative; approve the rights and responsibilities of member countries and resolve conflicts among the member countries.

Dr Afriyie Akoto in an earlier address described the meeting as historic and important since it seeks to ensure that the vision by the Presidents of the two countries – Excellencies Nana Addo Dankwa Akufo-Addo of Ghana and Alassane Ouattara of Cote d’Ivoire – are realised.

Dr Afriyie Akoto, however, expressed concern about the “dragging of feet” by some participants, which he noted is unfriendly to efforts to ensure that the Living Income Differential (LID) initiative is fully realised.

He charged the participants of the meeting to ensure that all parties share the burden of compliance with the dictates of the initiative, as that is the only means to achieve the vision of President Akufo-Addo and his Ivorian counterpart.

The meeting was attended by all members of Steering Committee.

Also present was the Chairman of the Food and Agriculture/Cocoa Affairs Committee of Ghana’s Parliament, John Osei Frimpong and his ranking member, Eric Opoku as well as a delegation of senior Ivorian government officials

How I Made My First Million Dollars – Dr Kofi Amoah Reveals

Ghanaian businessman, Dr Kofi Amoah has disclosed the secrets behind his early success as an entrepreneur. According to him, he faced a lot of setbacks in trying to earn his first million dollars, so he increased his target to two million and that came faster.

He told television show host Doloris Frimpong Manso (Delay) that he got the first idea for success from attending a lot of seminars. In an interview on the Delay Show, Dr Amoah said at one of such seminars, a speaker said an ideal business was one where you earn money while sleeping.

When pressed further by the host, Dr Amoah said he made the vast majority of his wealth by facilitating the entry of global remittance service provider, Western Union, into Africa. He said he got the idea because he encountered difficulty in sending money to his mum in Ghana in the ’90s.

Dr Amoah, said as the Chief Executive Officer of Progeny Ventures he had to travel across the continent to advertise and sign-on agents. Western Union started its African operations from Ghana in 1995. Twelve years on, the company had expanded its operations to almost all 54 African states.

He said among the many countries he signed onto the money transfer service were Eritrea, South Africa and Ethiopia.

Source: graphiconline.com

Bank Of Ghana Launches Domestic Gold Purchase Programme

The Bank of Ghana has launched a domestic gold purchase programme to help shore up the country’s foreign reserves.

The move will enable the Bank of Ghana (BoG) to buy gold from selected local aggregators and mining firms and pay in the local currency at the prevailing market price.

The Bank hopes to double its gold holdings in the next five years from 8.7 tonnes to 17.4 tonnes, the Governor, Dr. Ernest Addison said.

Dr. Addison, who launched the programme, said it would allow the BoG to grow its foreign exchange reserves to foster confidence, enhances currency stability, creates a more attractive environment for foreign direct investments and economic growth.

He said the programme would also enable the Bank to leverage its gold holdings to raise cheaper sources of financing to provide short term foreign exchange liquidity.

He said the Bank had engaged domestic mining firms in collaboration with the Ghana Chamber of Mines to buy refined gold from their refineries.

So far, only one gold aggregator has been selected for the programme after an independent due diligence was conducted.

However, in the near-term, other gold aggregators will be eligible to participate in the programme once a roadmap is developed to ensure they meet the governance, risk, compliance and supply chain requirements.

The Governor said the domestic purchasing programme had the potential to improve the small-scale gold mining sector by ensuring they receive a fair purchasing price for their gold, provide an incentive to formalise and move away from damaging environmental and social practices.

It would also lead to a route to formalise and improve ability to sell into formal gold markets and thereby reduce their vulnerability to illegal actors in the domestic and international gold supply chains.

The Governor of the Bank of Ghana, last year announced that a decision has been taken to increase the country’s reserves.

The Bank of Ghana ‘s foreign reserves has grown steadily over the last years to current levels of almost US$11.00 billion, but the portion of gold reserves has remained unchanged at 8.77 tonnes with the average value of gold reserves held as a percentage of Gross International Reserves (GIR) at 6.14 percent.


GNA