10 critical questions answered
E-Commerce/Online Payments: E-LEVY will be charged to the customer for payments for goods and or services using Mobile Money, Debit/Credit Card, QR Code or alternative payment channel. Transfers between your own accounts - if you are moving money between your own accounts then you will not be charged the E-LEVY. Cash deposits into one's personal mobile money account.
2022 Budget: Road tolls will be reintroduced in Ghana
Government in its 2022 budget announced the abolishment of road, bridge tolls. Commenting on the e-levy debate, Haruna Iddrisu, said it would have been better for government to increase road tolls as stated in the 2021 budget rather than introduce the electronic transaction levy.
AfCFTA: Entrepreneurs seek better implementation of governments financial intervention
Mr. Ghali however bemoaned poor implementation of such interventions as several youth-centered policies and programs have not achieved their intended purpose because they were not led by the private sector.
Chamber holds workshop on AfCFTA opportunities for young entrepreneurs
Discussion saw the young entrepreneurs briefed and how they can prepare themselves to take advantage. A panel discussion saw the young entrepreneurs briefed and how they can prepare themselves to take advantage of the AfCFTA..
OMCs sacrificing a lot to keep fuel price below GH¢7
Kwaku Agyemang-Duah, CEO of the Association of Oil Marketing Companies, says oil marketing companies are making a lot of sacrifices to keep the price of fuel in Ghana below GH¢7 per litre. According to him, with dealers barely compromising on their margins and the government maintaining all its taxes on petroleum products, the marketers are forced to reduce their margins to keep the price of fuel lower than it should be. One of the leading oil marketing companies, Goil on Tuesday, November 23, 2021, announced that it was out of its own volition reducing the price of fuel to GH¢6.84.
Invest for Jobs partners Touton to create 1,600 green jobs in cocoa sector – Citi Business News
Invest for Jobs, an initiative of the German Federal Ministry for Economic Cooperation and Development, has launched a project with Touton to ensure the survival of the cocoa industry. The project - 'Cocoa Jobs for Organic Integrated and Improved Rural Economy' will promote the organic and climate-smart cocoa production value chain in Ghana. GIZ has been commissioned by the German Federal Ministry for Economic Cooperation and Development to implement the Special Initiative on Training and Job Creation under the Invest for Jobs brand in Ghana.
BoG must give special forex concessions to fuel importers to mitigate price hikes
The Chamber of Petroleum Consumers is proposing that the Bank of Ghana should give concessionary dollar rates to fuel importers in Ghana. The depreciation of the Cedi against the dollars also plays a role in the narrative, and the Chamber of Petroleum consumers believes the Bank of Ghana must begin giving special forex provisions for importers of fuel into the country to help control the price of the commodity at the pumps. As part of efforts to check the hike in the price of fuel, President Akufo-Addo granted permission to the National Petroleum Authority to zero the Price Stabilisation and Recovery Levies on petroleum products for two months.
IATF 2021: Ghanaian SMEs demand harmonized standards for effective intra-Africa trade
The young female entrepreneur and her compatriot, Rose Nunya Wetsi, Chief Executive Officer of Afro King Salon, producers of natural hair products said the issue of certification came up strongly from their participation in this year's Intra Africa Trade Fair. They admit the trade fair has revealed to them the need to acquire other regulatory requirements from South Africa to be able to fit in that market but with harmonized standards, it will be easier for them to expand into other markets.
Attempt to steal equipment a threat to power supply
Security deployed to deal with theft at ECG Station 'H'. The Electricity Company of Ghana, Tema, is infuriated by deliberate attempts by some individuals to disrupt progress made in power supply by allegedly tampering with and stealing equipment. Aside from the security dangers, he noted the Electricity Company of Ghana is bearing the cost of replacing the stolen items to restore power to the communities translating to financial loss to the company.
E-levy is critical for improving Ghana's tax-to-GDP ratio
The Finance Minister, Ken Ofori-Atta has defended the Electronic Transaction Levy proposed in the 2022 budget, saying it will help lift Ghana's tax-to-GDP ratio to a level comparable to peer economies in the sub-region. At around 12% in 2019 and 2020, and 13% in 2021, Ghana's tax-to-GDP ratio remains far below the government's target of 20% by 2023. While delivering his speech as the guest speaker at the PWC 2022 budget digest, Mr. Ofori-Atta noted that the E-Levy was a necessary tool not just for raising Ghana's tax-to GDP ratio but for supporting the government's efforts at building an entrepreneurial country.
Here's why oil blocks 5 and 6 were reserved for direct negotiations
Director of Petroleum at the Ministry of Energy, Benjamin Kwame Asante, has disclosed why blocks 5 and 6 of Ghana's oil were reserved for direct negotiations and not open for licensing round. Government launched the country's first oil bid and licensing round in 2018 through 2019 leading to award blocks and commencing negotiations for the grant of petroleum agreements to successful bidders in 2019/2020.
Ghana lost about GH¢200 million in sales in 2020 due to COVID-19 – Study – Citi Business News
Ghana recorded about GH¢200 million dip in sales, representing 61 percent from May to September 2020 as a result of COVID-19, a joint study conducted by the UNDP, World Bank and Ghana Statistical Service and a business tracker study has revealed. Professor Kwesi Amponsah-Tawiah, from the University of Ghana Business School, made this known, during the 2021 Safety Awareness Day, held in Accra. Prof. Amponsah-Tawiah said the study showed that about 28 percent of business establishments reduced wages for 10 percent of their workforce in August/September, translating to wage reduction for an estimated 297,088 workers.
Today in History: GUTA fumes over port tariff increment
The Ghana Union of Traders Association, GUTA has described the scheduled 11 percent tariff increment for cargo handling at the terminal three of the Tema Port as a scam and a dubious means by the shipper's authority to tax traders. ''We are strongly opposed to the tariff adjustment which will also affect export cargoes, considering the fact that exports are cost sensitive and for that, attempts to increase tariffs will make the country's ports unattractive which will impact negatively on government's new port strategy.
Fuel shouldn't cost more than GH¢6 per litre in Ghana
The Institute for Energy Security believes fuel in Ghana should not sell for more than GH¢6 per litre if the government effectively manages the sector. According to its Executive Director, Nana Amoasi VII, many of the variables that influence the price of fuel in Ghana are within the control of the government either directly or indirectly. Speaking on the Citi Breakfast Show on Tuesday, he said the depreciation of the cedi against the dollar has significantly exposed the price of fuel in Ghana to the international market, making it very unstable.
AU border program on improving cross-border trade held in Accra
The technical awareness workshop which brought together members from Immigration and Police Service, Customs and Health agencies of the four countries and ECOWAS Directorate of Free Movement & Tourism seek to contribute to the development of the long-term capability of Ghana and West Africa's border control authorities, to update border management information and communication systems and to ensure greater securities at the borders. The workshop also aims at fostering closer collaboration between Ghana and its neighboring countries to enhance the exchange of data and information between border control authorities, discuss issues related to border management and security in the cross-border areas of Ghana with Burkina Faso, Cote d'Ivoire, and Togo and identify policy solutions for international cooperation in border management, and their means of implementation.
Entrepreneurship enthusiast advises
Speaking to Naa Dzama on the 'Business vibes' session of the 'Myd Morning Radio Show' on Y 102.5 FM, Mrs Rita Krampah asserted that it was necessary to keep records of a business and added that record-keeping was to start right after the first purchase or expenditure was made for the business. The business enthusiast further mentioned that effective record keeping influenced the pricing decisions of the entrepreneur or producer.
BoG recognised for spearheading good corporate governance, regulatory excellence
The award follows the Bank's significant role in promoting the culture of good corporate governance in Ghana and its impressive achievement in reforming the banking and financial services sector in Ghana. The Bank's Secretary, Ms. Sandra Thompson, who represented the Bank at the ceremony received the awards on behalf of the Bank, the Governor and the Deputy Governors.
We've not been fair to commercial drivers
9FM's Don Kwabena Prah, he urged the government to deregulate the transport sector to a certain level, giving drivers the leeway to work and determine lorry fares independently in relation to fuel price hikes. The Unions, on Tuesday, November 09, gave the government an ultimatum to reduce taxes on fuel, threatening to ground all commercial vehicles by 3 pm Thursday, November 11, 2021.
GUTA cautions of ‘intense protests' if benchmark value policy is reversed – Citi Business News
The Ghana Union of Traders Associations is warning of intense protests if the government goes ahead with plans to reverse the benchmark value reduction policy. In a press release cited by Citi Business News, GUTA noted that there may be unrest in the country if the reversal of the policy takes effect. According to GUTA, its member associations numbering about 68, in conjunction with other relevant stakeholder groups in the private sector, including the Food and Beverages Association of Ghana, Importers and Exporters Association of Ghana, Pharmaceutical Importers and Wholesalers Association, Ghana Institute of Freight Forwarders among others, have met and unanimously resolved to vehemently kick against the reversal of the 50% and 30% benchmark value reduction policy presented to Parliament by the Finance Minister.
CEO etiquette at networking events – Citi Business News
Participating in business cocktails and networking events provides opportunities for meeting new people and reinforcing existing relationships in the corporate world. He is the founder and CEO of the CEO Network and Ghana CEO Summit. For close to a decade, he has successfully hosted the CEO Network Business Cocktail for Ghana's topmost business leaders.