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Post budget workshop helps MPs to interrogate budget statement

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Post budget workshop helps MPs to interrogate budget statement

Majority Leader, Osei Kyei-Mensah-Bonsu has stated that post budget workshop was to help members interrogate critical issues during the consideration of the budget estimates and conduct effective oversight role.

He said it was also designed to provide members with insight into the budget to enable them debate and make meaningful contributions on the floor of the House.

He said as representative of the people they owed it a duty to thoroughly scrutinize the budget to determine the extent to which it addressed the country’s developmental challenges particular issues relating to poverty eradication, gender, children and vulnerable issues, employment, social issues, infrastructural challenges and the security of the nation.

He made the observation at a Post Budget Workshop for Members of Parliament (MPs) on the 2022 Budget Statement and Economic Policy of Government at Ho in the Volta Region.

Minority Leader, Haruna Iddrisu has however served notice to government that the Minority Caucus in Parliament would not support the introduction of the proposed electronic levy policy in the 2022 budget statement.

He said the proposed levy served as a disincentive for the growth of the digital economy, investment and the development of the private sector of the country.

“Mr Speaker, our concern is whether the e-levy itself is not and will not be a disincentive to the growth of the digital economy in our country. We are convinced that the e-levy may as well even be a disincentive to investment and a disincentive to private sector development in our country.

“Mr Speaker, we in the minority may not and will not support the government with the introduction of that particular e-levy. We are unable to build a national consensus on that particular matter.”

The workshop is aimed at equipping members with skills to enable them scrutinize the 2022 Budget Statement and Economic Policy of the Government and to pass the 2021 Appropriation Act.

The platform also created opportunity for knowledge and experience sharing by members and to understand the policy-underpinnings of government on finances and economic planning for the year 2022.

Mr Iddrisu added that the Minister of Finance in his effort to redeem the economy sought to introduce some measures including; the controversial e-levy or digital levy.

He said the proposed e-levy would be dangerous to the Ghanaian economy as many people would move back to the cash system and defeat the drive towards the paperless system, which he said was their motivating factor not to support the introduction of the levy.

“To paraphrase the Vice President why tax the ordinary poor people…since when have the poor been above ordinary for momo and banking to be taxed and even the projection of 1.75 percent e-levy may as well workout to be 3.75 percent” he added.

Finance Minister, Ken Ofori-Atta in his comment highlighted some of the positive fiscal and macro-economic indicators, which he said pointed to good economic trajectory.

He said 2022 Budget Statement was geared towards post COVID-19 recovery agenda, revitalization and transformation of the economy while ensuring fiscal and debt sustainability to promote macro-economic stability for the recovery process and growth of the economy.

The proposed e-levy is scheduled to start on January 1, 2022, if approved by Parliament.

In 2020, the total value of transactions was estimated to be over GH¢500 million with mobile money subscribers and users growing by 16 percent in 2019.

According to a Bank of Ghana report, Ghana saw an increase of over 120 percent in the value of digital transactions between February 2020 and February 2021 compared to 44 percent for the period February 2019 to February 2020 due to the convenience they offer.

GNA

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Government To Reduce Proposed 1.75% E-Levy – Ofori-Atta

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Government to reduce proposed 1.75% E-Levy, says Ofori-Atta

The Finance Minister says the government has considered the concerns of Ghanaians on the E-Levy and is ready to reduce it accordingly

Ken Ofori-Atta, the Finance Minister says the government in consultation with the various telecommunication companies will scale back the proposed 1.75% levy on all electronic transactions in the country.
The minister who was making his final submission before Parliament [30 November 2021] to address some concerns raised by Ghanaians after the presentation of the 2022 Budget Statement and Economic Policy of the government said the move is to manage the impact of the policy on citizens.
“We have considered the issue of the 1.75% E-Levy in which Mr Speaker, we’re in discussions with the telcos and to scale back and moderate the impact of the 1.75% E-Levy so that in the end, the impact on the citizenry will be manageable,” he stated.
The Minority in an earlier statement indicated that the “government should suspend the E-Levy and properly engaged stakeholders to agree on a reasonable policy. How can mobile money payments, bank transfers, merchant payments, and inward remittances be charged 1.75%? The policy is retrogressive, not pro-poor and does not support the much-touted digitalisation agenda and cash lite economy that we all yearn for.”

Aker Energy deal

The Minority’s statement also urged the government to properly reconstruct the wording relating to Aker Energy and also involving the GNPC acquisition of stake from Aker Energy and AGM Petroleum.
In response, the finance minister assured the House that the committee assigned to discuss the Aker Energy and its related issues will address them as per the demands of the Minority.
“Mr Speaker, there was an issue about Aker Energy which we agreed in our statement that we will correct the language appropriately during committee meetings and that, we commit to doing,” he added.

Withdrawal of Agyapa

The Minority in their demands and in connection with the Agyapa deal also indicated that it will not support any collateralisation of the country’s revenues particularly mineral resources.
But Ofori-Atta again, addressing Parliament on Friday explained that “there was another request which has to do with Agyapa and we agreed that consultations are not finished. Attorney General is still working on that and any such issue will also be brought to Parliament. Mr Speaker, in fact, the estimate does not include any revenue from that transaction,” he said.

Asaase Radio 99.5

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Accomplished Diaspora Entrepreneur and Philanthropist Chairs GIPC BOARD

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Accomplished Diaspora Entrepreneur and Philanthropist Chairs GIPC BOARD

Entrepreneur, Philanthropist and Executive Chairman of KGL Group, Mr. Alex Apau Dadey, has been conferred the board chairman of the Ghana Investment Promotion Centre, GIPC. This comes off after he was in January 2018, appointed onto the Governing Board of the Ghana Investment Promotion Centre (GIPC) by the President of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, in recognition of his contribution towards the promotion of investment in Ghana.

Mr. Alex Apau Dadey has over 30 years’ experience working across multiple industries and sectors such as Fintech, Logistics, Agric, Property Development and Commerce around the globe, with major focus of his practice in the United Kingdom and Ghana.

As part of his responsibilities as Board Chair, he will be responsible for leading the Board and focusing on strategic matters, play a pivotal role in overseeing the Centre’s business as well as setting high governance standards.

Most recently, Alex Dadey established the KGL Group – a wholly owned Ghanaian group, consisting of six subsidiaries operating in several jurisdictions and multiple sectors including Fintech, Logistics, Agric, Property Development and Commerce, where he serves as Executive Chairman.

Underpinning Alex’s three-decade track record of success is his commitment to building an inclusive financial environment that provides high-value partnerships for small business to thrive and succeed across Ghana.

Mr. Alex Apau Dadey is married with 3 beautiful kids, a proud product of Mfantsipim School, Cape Coast, and holds a BSc. (Admin) degree from the University of Ghana Business School, Legon.

Alex’s formative career began in the United Kingdom in 1986 where he progressively moved up the ranks from Export Sales Supervisor to Export Sales Director at the Gordon Richman Textiles Limited overseeing key accounts in ten countries spread across Europe, Middle East and Africa.

In 2001, Alex set up a joint venture – Qualitexx Limited, with DCD Finance Group PLC., based in the city of London. As Executive Director, he was instrumental in developing the company’s trade finance and venture capital businesses across the globe. This included providing financing for several local Ghanaian businesses through the DCD Finance Group. Since then, Alex has become renowned as a strong advocate for the inclusion of the Ghanaian diaspora in the political and socio-economic transformation of Ghana.

He functions in various c-suite capacities and serves on boards of multiple institutions including Ecom Agro Industrial, Premier Textiles Group in the United Kingdom, Birchfield Investments Limited in Jersey, Channel Islands and Dubai, KGL Capital (UK) Limited and Dominion Direct (UK) Limited to name a few.

He is credited with initiating the Ghana Diaspora Homecoming Summit in 2017 and the Ghana Investment and Opportunities Summit UK in 2018, both of which are now held biennially.

Among his many achievements, the ones that stand out are.

*Excellence in Organizational Leadership*, 2017, awarded by the Ghana Diaspora Homecoming Summit Committee for the successful Execution of the Ghana Diaspora Homecoming Summit.

*Diaspora African Forum Excellence Award*, 2017, awarded at the Ghana Diaspora Summit for his prominent role in ensuring a successful summit.

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Take Advantage Of Ghana’s Business-Friendly Climate  – President Akufo-Addo To Norwegian Business Community 

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Take Advantage Of Ghana’s Business-Friendly Climate  – President Akufo-Addo To Norwegian Business Community

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has urged the business community from Norway to take advantage of the business-friendly climate currently existing in Ghana, and invest in the country.

According to President Akufo-Addo, “We will continue to create and maintain the conducive investment environment that not only guarantees the safety of investments, but good returns as well. We will continue to protect legitimate investments, and preserve the atmosphere of peace, stability and security that has been an important contributor to the increasing presence of Norwegian businesses in Ghana.”

Speaking at the Ghana-Norway Business Forum, held on Friday, 26th November 2021, at the Kempinski Hotel, the President stated his government has, over the last four (4) years, done a lot of work in correcting the fundamentals of the economy which were all pointing in the wrong direction when he took office in 2017.

“We have, over the period, put in place measures needed to reduce the cost of doing business, improve the business environment, and made the Ghanaian economy not only one of the most business-friendly economies in Africa, but also one of the fastest growing economies in the world between 2017 and 2020, averaging annual GDP growth rates of 7% for those years, up from the 3.4% GDP growth rate we inherited from the previous government in 2016,” he said.

With COVID-19 wreaking havoc on economies the world over, President Akufo-Addo reassured that Government is “working to grow the economy at a much faster rate this year, which will enhance the prospects of a win-win environment for both private sector and country; an environment where companies do not just survive, but actually thrive.”

The major programme driving the revival and revitalization of the Ghanaian economy, he said, is the one hundred-billion-cedi (GH¢100 billion) Ghana CARES ‘Obaatampa’ Programme, whose main elements include supporting commercial farming and attracting educated youth into commercial farming; building the country’s light manufacturing sector; developing engineering/machine tools and ICT/digital economy industries; amongst others.

“It continues to be an exciting time to be in Ghana, and to do business in the country. Already, global car manufacturing giants, Toyota and Nissan of Japan, Sinotruk of China, have established assembly plants in the country, as first steps towards the production of vehicles in Ghana,” he said.

President Akufo-Addo continued, “Twitter is establishing its African Headquarters in Ghana, and Google’s first African Artificial Intelligence Centre is located in Ghana. We are privileged to play host to the Secretariat of the African Continental Free Trade Area, which represents, currently, a market of some 1.2 billion people, spread over fifty-four (54) countries, with a combined GDP of $3 trillion. Trading in the emerging single market began on 1st January this year”.

With Ghana witnessing a significant rise in interest from Norwegian investors, in several sectors of the economy, including agriculture, building and construction, general trading, manufacturing, oil and gas, and tourism, President Akufo-Addo commended some of his government’s flagship policies to them.

“Government is also embarking on an aggressive public private partnership programme to attract investment in the development of both our road and railway infrastructure. We are hopeful that, with solid private sector participation, we can develop a modern railway network with strong production centre linkages and with the potential to connect us to our neighbours,” he said.

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