Category: Business

Mr Felix Owusu Gyimah, the Municipal Chief Executive (MCE), Nkwanta South, said the Assembly’s collection of revenue has taken a dip due to the ethnic misunderstanding in the enclave.

He said revenue collectors had not met targets for its Internally Generated Fund (IGF) for some time now resulting from the current security issues in the Municipality.

The MCE said Nkwanta South used to be a bustling business centre in the Oti Region, where mobilisation of the Assembly’s revenue was an easy task for the collectors but due to the shooting incidents that rocked the enclave revenue collection had been in limbo.

Misunderstanding broke between Akyodes, Challas and Adeles leading to shooting incident that took the lives of some 16 people last October, with subsequent insecurity issues and placement of curfew in the area.

Mr Owusu Gyimah said all developmental projects were also in limbo as the Assembly had failed to generate the necessary IGF.

He, however, called on all stakeholders, opinion leaders, youth leade
rs and citizens to think about the betterment of the area and allow peace to reign.

He said the Assembly could not execute any developmental plans due to the security issues and urged all to burry their differences to ensure growth of the municipality.

Source: Ghana News Agency

The 2024 ECOWAS Investment Forum (EIF) has called for the pooling of resources to deal with Africa’s infrastructure deficit for sustainable development across the continent.

Participants at this year’s forum, organised by the ECOWAS Bank for Investment and Development (EBID) in partnership with the Togolese Government and the Government of India through Exim Bank India in Lome, Togo, said the continent’s infrastructure gap was a significant barrier to its economic growth and social development.

The 2024 Forum, on the theme: ‘Transforming ECOWAS Communities in a Challenging Environment,’ focused on stimulating economic growth, creating sustainable jobs, and building resilience in the face of global challenges.

To promote investment opportunities in key sectors of the ECOWAS member states, stimulate economic growth, create sustainable jobs, and build resilience in the face of global challenges such as food insecurity, infrastructure development, and climate change, the EIF 2024 had over 700 participants join
ing physically and some 400 others joining virtually.

The participants, including representatives from various ECOWAS member states, officials from the ECOWAS Commission, industry experts, managing directors and CEOs of financial institutions, said to unlock Africa’s full potential, there was the need to address the glaring deficit in infrastructure through robust resource mobilisation strategies.

Mrs. Kanayo Awani, Executive Vice President, African Export-Import Bank (AFREXIM Bank), speaking on ‘Infrastructure Deficit: Pooling Resources Towards the Development of Sustainable Infrastructure’ said due to its abundant resources and strategic position in global trade and maritime security, Africa continued to play a crucial role.

She said Africa’s young population offered significant potential for labour and the development of innovative projects.

The Executive Vice President said there was a persistent infrastructure deficit, critical for trade and connectivity between various economic stakeholders.

The im
pact of the deficit, Mrs Awani said amounted to between $130 and $170 billion per year, or two per cent of the Gross Domestic Product each year for Africa.

She said the inadequacy of energy infrastructure affects African consumption, with only 30 per cent having access to electricity, leading to a productivity loss of 40 per cent.

‘This leaves 600 million Africans without electricity,’ she added, and expressed optimism that there were solutions such as innovative financing mechanisms, strong regulatory frameworks that encouraged collaboration among others to be explored.

To facilitate investments, Mrs Awani said AFREXIM Bank had established effective guarantee programmes to drive strategic sectors, including infrastructure.

Mr Christopher Balliet Bleziri, Resident Representative, International Finance Corporation, Togo, said there was a need to demystify the concept of infrastructure and focus more on government development and job creation.

He highlighted their role in assisting governments in developme
nt and deployment, particularly in adhering to international standards, and ensuring proper risk allocation.

The International Finance Corporation, he said, had implemented hybrid models that financed viability deficits and another combining the public and private sectors on the same project.

The hybrid models, Shri G. Balasubramanian, High Commissioner of India to Nigeria, said had a significant impact in India, building 280 kilometers in Western India, both the private and public sectors were involved.

‘The viability gap funding is funded 40% by the Indian government. Gold monetization in banks through bond sales has also been implemented in the country,’ he explained.

Mr Siengui Appolinaire KI, Secretary-General, West African Power Pool (WAPP), said regional electricity infrastructure development faced challenges, particularly in finding public-private partnerships.

According to him, it was important to implement Public-Private Partnerships (PPPs) with investments and collaborations, while including s
trong government involvement to provide guarantees, generating profits to pay the private sector, and ensuring robust regulation with contracts benefiting all parties to prevent fraud.

Source: Ghana News Agency

Dr. Ngozi Okonjo Iweala, Director General, World Trade Organization (WTO), has urged African countries to strengthen regional integration through the transformative potential of the African Continental Free Trade Area (AfCFTA).

She said with evolving global trade dynamics, AfCFTA was significant as a catalyst for economic growth and development across Africa through regional trade.

Dr Iweala was speaking virtually at the 2024 ECOWAS Investment Forum (EIF) which took place in Lome, Togo, on April 4th and 5th 2024 in Lome, Togo on the theme: ‘Transforming ECOWAS Communities in a Challenging Environment.’

This year’s forum focused on stimulating economic growth, creating sustainable jobs, and building resilience in the face of global challenges.

To promote investment opportunities in key sectors of the ECOWAS member states, stimulate economic growth, create sustainable jobs, and build resilience in the face of global challenges such as food security, infrastructure development, and climate change, the EIF 20
24 had over 700 participants joining physically and some 400 others joining remotely.

The participants, including representatives from various ECOWAS member states, officials from the ECOWAS Commission, industry experts, managing directors and CEOs of financial institutions, said to unlock Africa’s full potential, there was the need to address the glaring deficit in infrastructure through robust resource mobilisation strategies.

Dr Okonjo Iweala said to boost investments, African countries needed to consider demographics, driven by youth as the workforce and the market of the future while enhancing regional integration through the African Continental Free Trade Area (AfCFTA) and growing the importance of commercial services digitally.

She said AfCFTA represented a historic milestone in Africa’s quest for greater integration and economic empowerment.

The WTO Director General said West Africa and the African continent continued to attract investors through trade to stimulate economic growth and create emplo
yment.

According to her, despite challenges such as the COVID-19 pandemic and the war in Ukraine, international trade had rebounded and progressed steadily.

She said in the last quarter of 2023, the volume of goods exchanged was 6.3 per cent higher than the peak reached before the pandemic in the third quarter of 2019, and 19.1 per cent higher than the 2015 average.

Commercial services trade, she noted, grew by 21 per cent in US dollar value from 2019 to 2023.

‘To continue development despite various challenges, the strategy has been to decentralize and diversify supply chains. At the WTO, we refer to this process as ‘reglobalisation’ with the aim of bringing more regions out of marginality into the global arena, while stimulating job creation,’ she said.

She explained that ECOWAS countries accounted for 0.7 per cent of global trade, mainly focused on exporting raw materials, while Africa accounted for three per cent of global trade.

To achieve globalization, Dr Iweala suggested that governments must wo
rk on reducing commercial costs within ECOWAS and improving physical and digital infrastructure.

She said, ‘Customs duty codes have been improved, facilitating the movement of goods at borders. Processes have been modernized with electronic tools and the digitization of other procedures.’

The Director General said the Investment Facilitation Agreement for Development, finalized by 166 members at our 13th ministerial conference in Abu Dhabi, could facilitate access to long-term financing by streamlining approval processes and avoiding bureaucratic obstacles.

‘With ECOWAS facing an investment deficit of around $12 million, this agreement is welcome. Thirteen out of fifteen members have signed, and we hope the remaining two will follow suit.,’ she stated.

Other projects are underway, such as collaboration between the WTO and local banks to facilitate digital access for businesses, especially women-led projects (particularly in exports). The digital economy presents an opportunity to seize,’ Dr Iweala said.

Mr Yao Kouassi, Managing Director, Vista Bank, said West Africa stood out as one of the most promising and attractive markets for investors due to numerous untapped sectors with vast potential for

innovation, such as renewable energy.

He said with Africa currently representing 16 per cent of the global population and projected to reach 25 per cent by 2050, there was significant opportunity to tap into a skilled workforce and create new avenues for growth.

Source: Ghana News Agency

Green Butterfly, an eco-friendly Ghanaian company, Saturday held the ‘1st Saturday Market’ at the Department of Parks and Gardens in Accra.

Participating companies showcased their products which ranged from locally manufactured textiles, footwears, and clothing, crockeries and cook wares, jewelries, foods and drinks skin and hair products, decorative artifacts among a host of other Ghana-made wares and services.

Madam Yasmeen Helwani, Director of Green Butterfly, in an interview with the Ghana News Agency (GNA), said the reason for bringing together such a huge pool of businesses was to promote an eco-friendly culture via the patronage of naturally Ghanaian made products.

The exhibition, she also said, was a platform to help grow the country’s economy by showing what indigenous Ghanaian companies had to offer to the consuming market.

‘It is important that we preserve our local environment and economy hence the need to support our artisans both in Ghana and across Africa. That is, small scale businesses es
pecially those owned by women. we started this green butterfly market every third Saturday of each month to help the marginalised but talented artisans who don’t have shops to also get the needed patronage, ‘she said.

She said the event, held for 14 years, would help mitigate capital flight from the country and continent in general because it promoted the patronage of locally manufactured products and services only.

‘…We are encouraging our monies to stay local instead of sending them outside to purchase goods in that case we are strengthening our local economy,’ she said.

Harriet Akosua Yeboah, the CEO of Ahwremia Gallery – an art and craft company, said the Green Butterfly’s exhibition programme offered an opportunity for her to showcase her creative abilities.

‘These are not stuff we have gone to buy, and we are selling. They are things that we have created with our hands so when we come to Green Butterfly, we get the kind of clients interested in our eco-friendly aspects of our business such as recycl
ing,’ she said.

For Wood Artists such as Isaac Agyei, the event was not only about money, but the exposure.

‘…If you are in your workshop doing stuff and you don’t have a showroom, this platform is another way to exhibit your things to get new clients. That is why I came here to participate’, he said.

Since 2010 when it was founded, Green Butterfly has empowered several indigenous Ghanaian small-scale businesses and their owners in several sectors of the economy to come to the limelight with the aim of helping them grow and spread their tentacles across the country and to other parts of the continent.

The aim is to help create indigenous wealth and much needed employment in the country and beyond.

Source: Ghana News Agency

QNET, a global wellness and lifestyle selling company, has denied involving individuals in fraudulent and illegal activities, including job scams and illegal migration.

This was in response to a recent report from the Western Regional Command of the Ghana Immigration Service (GIS) that about 66 Ivorians who were arrested and repatriated to their home country were living illegally in Ghana.

In the said report, the GIS claimed that the unsuspecting Ivorians, 45 men and 21 women, were recruited under the guise of operating an illegal online business (QNET) at their hide out at Anaji Hills in the Sekondi-Takoradi Metropolis.

However, Biram Fall, Regional Manager for QNET in Sub-Saharan Africa, had firmly denied any involvement in such an incident.

In a statement, he said: ‘We are appalled by the misuse of our brand name in connection with these illegal activities, including job scams and illegal migration.

‘QNET is a law-abiding entity, and those who engage in our direct selling business to promote our produ
cts to others, do not need to travel from one country to another.’

According to the Sub-Saharan Regional Manager for QNET, the company took allegations of illegal and irregular migration or fraudulent activities very seriously and would take strong action against anyone found to be misrepresenting QNET.

He reaffirmed the company’s commitment to upholding ethical business practices, and strongly condemned such deplorable actions.

‘It is important for the public to understand that QNET is not an employment agency and does not make offers of guaranteed income or travel opportunities in exchange for money,’ he added.

Mr Fall, however, said as a legitimate global direct selling company, QNET provided a safe and legitimate business model where Independent Representatives earned an income only by selling its products.

Meanwhile, QNET had taken some significant steps in a bid to clear the misinformation about the company, its business model, and the direct-selling industry in general in the Sub-Saharan Africa re
gion, he said.

‘This includes launching the ‘Say No’ campaign in West Africa, both online and offline, to educate and warn the public about the rise in fraudulent activities conducted under the guise of QNET.’

He said the campaign was part of the company’s ongoing efforts to safeguard the integrity of its brand and protect potential victims from being misled.

The Sub-Saharan Regional Manager for QNET, therefore urged the public to remain vigilant and report any suspicious activities that misrepresented QNET. Individuals could visit www.saynocampaign.org to verify the legitimacy of QNET-related activities or send enquiries to the company’s Compliance Hotline via WhatsApp line +233256630005.

Source:Ghana News Agency

Mr. Francis Asenso-Boakye, the Minister for Roads and Highways, has cut the sod for work to begin a 120-kilometer asphaltic overlay of the Sunyani to Berekum and Sampa road in the Bono Region.

The road works, with a budget of $125 million, is to be executed under a fixed-term contract and scheduled for completion within 24 months.

The scope of work for this 120-kilometer road project included the construction of drainage structures, the laying of a 150mm thick crushed rock base material, the application of a 50mm thick asphalt binder course, the application of a 40mm thick asphalt wearing course, and the installation of road signs and road line markings.

Mr. Asenso-Boakye, at a sod cutting ceremony at Jinijini in the Berekum West District as part of his Regional tour to inspect roads, emphasized that the project was a crucial step towards fulfilling the aspirations of the people in the region.

He emphasized that the objectives of implementing programmes for the construction, rehabilitation, and maintenanc
e of major critical roads throughout the country were being successfully realized for safe, and reliable road network in facilitating the movement of people and contributing to continuous economic growth.

Mr. Asenso-Boakye observed that infrastructure served as the foundation for development and played a crucial role in the nation’s path towards economic prosperity and social well-being.

He said the project served as a vital link connecting Berekum to the border town of Sampa, through key cashew-growing towns such as Jinijini, Japekrom, Drobo, Dwenem, Seketia, and Suma Ahenkro.

Mr. Asenso-Boakye said the completion of the project would improve access to markets, healthcare and education and also facilitate trade with neighboring country, La Cote d’Ivoire.

Osabarima Kyere Yeboah Darteh II, Nsapohene and acting president of the Berekum Traditional Council, expressed appreciation for the road infrastructure investment made by the New Patriotic Party (NPP) government in the area.

He called for measures to be
implemented to ensure the construction of durable roads that would last longer thereby preventing the need for reinvestment in already built roads to save government funds and again contribute to the long-term development and sustainability of the country’s road network.

The minister also inspected some roads and drainage systems in Odumase, located in the Sunyani West Municipality and also assessed the road network in the Wenchi Municipality.

Source: Ghana News Agency

Ghana is keeping pace with the rapid global transition to digital technologies, including in the realm of e-government where the country is regarded as a leader in Africa.

Ghana received high scores on the 2022 United Nations E-Participation Index, which assesses the extent to which governments use online platforms and technologies to involve citizens in decision-making processes and policy development.

The 2022 World Bank GovTech Maturity Index also finds Ghana outperforming regional peers.

Digital service delivery is strengthening governance and providing efficiencies for the public and private sectors.

Ghana’s Business Regulatory Reform unit (BRR), established in 2017 within the Ministry of Trade and Industry, provides a strong example.

Under the Ghana Economic Transformation Project (GETP) and with technical assistance from the ACP-Business Friendly Program funded by the EU, the World Bank is supporting the BRR in boosting increased citizen engagement through e-portals.

Technology tools are ensuring
that the private sector is aware of regulations, allowing the BRR to better engage companies in the regulatory process and identify regulatory bottlenecks.

Three examples stand out:

Business Regulations E-Registry

After its inception, the BRR quickly adopted ICT tools to serve its constituents.

One of the most significant developments is the launch of an e-registry in 2020, which allows users to access and download regulations relevant to the business environment. The e-registry includes user-friendly features like keyword searchability and filters to locate relevant regulations.

The e-registry not only streamlines the process for companies to establish and operate legally but also strengthens their adherence to legal regulations.

Consultation Platform on Draft Laws and Regulatory Proposals

BRR’s commitment to promoting regulatory transparency through technology-enabled services extends to participatory governance.

The Public Consultation Portal enables civil society to access draft laws while BRR off
icials review feedback, including comments and poll results.

For example, the MSME (Micro, Small and Medium Enterprises) Classification Regulation (2021) garnered over 1,000 views and received valuable suggestions.

A notable one is to use employment numbers to categorise firms (e.g., micro, small, medium, and large).

This criterion was incorporated in the final regulation adopted by Parliament.

An online ‘suggestion box’

The BRR seeks to engage citizens and firms through the ‘Have Your Say’ platform that allows companies to voice complaints on regulatory bottlenecks and suggest improvements.

Users can submit their recommendations for review by BRR personnel.

This feature, inspired by the Singapore’s Pro-Enterprise Panel suggestion window, aims to identify and address procedural bottlenecks and implementation gaps on regulatory reform implementation.

The feedback platform, still in the initial stages of implementation, promises to provide an efficient means of reaching officials to improve business con
ditions.

Looking ahead: Is Ghana a new regulatory service model for Africa?

The BRR is committed to sharing knowledge with peers across the continent.

In March 2023, with support provided under the ACP Business Friendly Program funding by the European Union, BRR representatives introduced digital solutions and lessons learned to a delegation from Madagascar.

Following this exchange, the country is now looking to implement similar tools to better engage its private sector in the regulatory reform process.

While e-service tools are starting to make their mark in Ghana, the BRR continuously seeks to enhance its digital services.

Improvements include building awareness about these online solutions and strengthening constituents’ trust in these tools.

As countries on the continent strive for sustainable growth, enhancing service delivery efficiency and involving the private sector and citizens in governance are crucial steps.

Developing targeted technology solutions will help African nations leverage gover
nance improvements and operational efficiencies, and thereby better support their populations and foster development.

The next time you think of getting access to business-related regulations in Ghana, kindly visit www.brr.gov.gh for help.

Source: Ghana News Agency

The National Democratic Congress (NDC) Parliamentary Minority is demanding an immediate increase in the cocoa farm-gate price by the Government.

Mr Eric Opoku, the Ranking Member on the Parliamentary Select Committee on Food, Agriculture and Cocoa Affairs, in a statement copied to the Ghana News Agency, said the Minority had taken notice of recent developments on the international market relative to the prices of cocoa.

‘We have observed that global cocoa prices have been soaring in recent time, hitting an all-time high of US$10,000 per ton,’ he said.

He noted that the recent increase in cocoa prices on the world market had been occasioned by the global shortage of cocoa, owing to a significant decline in cocoa output in Ghana and Cote D’Ivoire, who contribute approximately 70 per cent of the total volume of cocoa produced globally.

He said the NDC was deeply concerned about the sharp decline in Ghana’s cocoa production volumes under the New Patriotic Party (NPP) Government.

He said the situation was set
to get even worse, as Ghana’s cocoa production for the 2023/2024 crop season was reported to be about 450,000mt; the lowest in the past two decades.

Mr Opoku said this was fast-eroding the incomes and purchasing power of the already-impoverished cocoa farmers.

He said the living conditions of Ghanaian cocoa farmers keep worsening by the day due to the sharp decline in cocoa output.

‘Clearly, this negative trend will persist if the farm-gate price of cocoa is not significantly increased, to compensate for the loss in income of farmers,’ Mr Opoku stated.

‘It is instructive to note, that the average international market price of cocoa currently stands at US$10,000 per ton 16 bags of cocoa.’

The Ranking Member, who is also the NDC Member of Parliament for Asunafo South, said the current world market price was equivalent to GHS130,000.00 per ton, at a conservative exchange rate of $1.00 to GHS13.00.

He said this means that a bag of cocoa was currently being sold on the world market at about GHS8,125, while t
he Ghanaian farmer was being paid a paltry GHS1,308.

He reiterated that this was a clear rip-off of the nation’s hard-working cocoa farmers by the NPP Government who continue to mismanage the cocoa sector.

He said the NDC Caucus in Parliament was urging the government to immediately increases the farm-gate price of cocoa to reflect the recent unprecedented hike in the world market prices of cocoa.

‘We are appalled by the continuous mismanagement of the cocoa sector and the shortchanging of our hard-working Ghanaian cocoa farmers by the ruling NPP government.’

Mr Opoku said last year, Ghana lost about 150,000mt of cocoa valued at almost $400,000,000 to smuggling.

He said this was occasioned by the fact that the nation’s hardworking cocoa farmers were not offered competitive prices.

He said the recurrence of this situation this year would have dire consequences for the cocoa industry, which was on the verge of collapse due to gross mismanagement and corruption.

Mr Opoku said it was sad to note, that whil
e the nation’s hard working cocoa farmers continue to be shortchanged, COCOBOD’s administrative expenses which stood at less than GHS500 million in 2016, increased to GHS1.7 billion in 2020, and ballooned further to GHS2.5 billion in 2021.

‘Only this week, we sighted an official document in which the Management of COCOBOD has granted approval for the purchase of 15 ipad keyboards for its Board of Directors at a staggering cost of GHS4,500.00 per unit.’

He said this was the clearest evidence yet, that the Management of COCOBOD had prioritised waste and the comfort of their offices at the expense of hard-working cocoa farmers.

He said in addition, it was symptomatic of the recklessness and mismanagement that have plagued COCOBOD for the past seven years which accounted for the cumulative losses of GHS13.62 billion, recorded by COCOBOD since 2017.

He said it was the considered view of the Minority Caucus, that urgent steps be taken to save the nation’s dying cocoa sector now.

He said it was therefore impera
tive that the Government significantly increases the farm-gate price of cocoa, in consonance with the current world market price of cocoa.

‘This we believe will incentivise our farmers and discourage the smuggling of cocoa beans amid all the challenges bedeviling the industry,’ Mr Opoku said.

Source: Ghana News Agency

The government has been urged to review the tax law that has roped credit unions into the payment of corporate income tax to ensure financial inclusion and poverty reduction.

Aside from deepening financial inclusion and fighting poverty, which was a core objective of every government, credit unions could also contribute to the realisation of the United Nations Sustainable Development Goals (SDGs) on ending poverty by 2030.

Mr John Kofi Seidu, the Board Chairman of the Wa Community Cooperative Credit Union (WACCU), said this in Wa during the Union’s Annual General Meeting (AGM).

He said there was an urgent need to revert the credit union movement to its status quo regarding the payment of corporate income tax, to enable them to deepen financial literacy, capital formation and financial inclusion, among others.

He appealed to the President, Finance Ministry and the Ghana Revenue Authority (GRA) to consider an immediate review of the tax law that had wrongfully brought credit unions under the tax radar of th
e state.

Mr Seidu said this in relation to an estimated amount of GHS900,000.00 corporate income tax obligation of WACCU for 2023, which he said was the first time WACCU was paying such tax in its 59 years of existence.

He said it was sad that the GRA had been harassing credit unions over the corporate income tax and appealed to the appropriate authorities to take the necessary action including reviewing the law to help save Credit Unions from such harassments.

Mr Seidu reported that WACCU made a profit of GHS2,354,094.23 in 2023 against a profit of GHS1,715,728.26 in 2022 but said the corporate income tax was affecting the Union.

He said within the year under review the Union made a gross revenue of GHS8,495,579.59 against a gross revenue of GHS6,170,701.76 accrued in 2022.

Mr Dramani Natomah Adams, the Upper West Regional Chapter Chairman of the Ghana Co-operative Credit Unions Association (CUA), said credit unions were there to protect the interest of its members.

He urged members to take ownership o
f the Unions and to support their growth, saying, ‘We are not into profit-making.’

He also encouraged the members to verify the information they received about the Union and not to act on rumours as that was detrimental to the growth of the Union.

Source: Ghana News Agency