According to Dr. Nduom, the move has the likelihood to put local businesses at a disadvantage if not checked properly.

Citing some earlier assertions by the traders’ association for their stance, the 2016 Presidential Candidate for the Progressive People’s Party affirmed his support as,

“GUTA urged government to give a second thought and think of Ghanaians first.” – I SUPPORT GUTA!!

GUTA has for some time now expressed grave concern over the proposed amendments to Section 27 of the GIPC Act 865, which focuses on local enterprises.

The Greater Accra Regional Branch of GUTA in a statement emphasized the need for the President Nana Akufo Addo to stop the GIPC from going ahead with the move.

“We wish to tell the central government that if the GIPC goes ahead and make changes to Act 865 section 27 that seeks the protection of the Ghanaian trader, this is how the traders will react to the law if passed.”

Also, a statement signed by the Greater Regional Secretary of GUTA and copied to the Today Newspaper on Saturday, January 19, 2018 stressed that,

“The Greater Accra Regional branch of GUTA with the support of the trading public shall revolt against the government, if Mr. Yofi Grant is given the nod to make changes to the said section of the GIPC Act 865 section (27).”

The statement stressed that “We shall urge all traders by every means possible to protect their businesses else there will be no trading community for the indigenous Ghanaian “because businesses will be taken over by foreigners.”

The Greater Accra Regional branch of GUTA in the statement therefore, called on government to treat this issue with a posture of urgency when GIPC presents the redrafted Act 865 section 27 of the law.

It urged government to give a second thought and think of Ghanaians first.”

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By: Citibusinessnews.com/Ghana

Credit: Dr. Papa Kwesi Nduom

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According to the association, the development which in its view has been given little attention over the years, has affected local businesses adversely.

Per Section 27 of the GIPC Act 865, “A person who is not a citizen or an enterprise which is not wholly owned by a citizen, shall not invest or participate in the sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place,”

Other areas highlighted include; the operation of taxis or car hire service in an enterprise that has a fleet of less than 25 vehicles, the operation of a beauty salon or a barber shop as well as the printing of recharge scratch cards for the use of subscribers of telecommunication services.

Speaking to Citi Business News on the matter, Executive Member of GUTA, Benjamin Yeboah bemoaned the dominance of foreigners in the Ghanaian markets despite laws to protect locals, hence stated that the law must be enforced before any review of the law is done.

“This GIPC law Act 865 was reviewed in 2013 and GUTA played a big role in that in helping to make sure that certain portions were reviewed. We now have all that we have been crying for all these years but there should be enforcement of the law which hasn’t happened so GUTA will keep putting that pressure on each government that comes in to enforce the law”

He added that while the current laws need enforcement any review of the law should be done in consultation with all relevant stake holders.

“The law hasn’t been put to work much because as you know the foreigners are still in the market because we so we say that if there should be any amendment of the law we should know because there are certain portions which are very sensitive to us”.

Meanwhile the Ghana Investment Promotion Center (GIPC) is calling for calm amongst members of the Ghana Union Traders Association (GUTA).

In an interview with Citi Business News, the CEO of the GIPC, Mr. Yoofi Grant assured any review of the law will be done in consultation with the concerned stake holders to protect their interest.

“At this point we haven’t gotten to the point where we will say we are taking anything out of the law or adding anything to it we are still in consultation we want to broadly exhaust the debate and listen to all sides pertinent to that decision, so I won’t say this is what is going to happen to it or this is not going to happen.”

According to Mr Grant, the GIPC is working in the best interest of Ghanaian businesses to make sure they dominate the greater part of the economy

“We are also looking to see that Ghanaians participate in the juiciest part of the economy that is where we have a strategic advantage”.

He added, “I think it was stated in the last budget that by the end of this quarter, we should be looking to commence the process and the process is not just taking the law; there is going to be a drafting of the new law and then it’s going to go to the economic management team and they will look at it and see whether it is in line with our economic development plan or not”.

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By: Anita Arthur/citibusinessnews.com/Ghana

The post GUTA demands consultation in review of GIPC law appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to the latest report, Ghana ranked 120^th, down from the 108^th position last year.

Accordingly, the country placed 12^th in sub Saharan Africa.

The ease of doing business report surveyed 190 economies across the globe.

The countries were ranked based on their strengths under ten categories.

These included; starting a business, dealing with construction permit, getting electricity, registering property, protecting minority investors and paying taxes.

The remaining categories are; enforcing contracts, getting credit, trading across borders and resolving insolvency.

Of the ten, Ghana performed well in assisting businesses to obtain credit.

The country ranked 55th out of the 190 economies surveyed.

In addition, Ghana performed creditably in protecting minority investors.

However, the country’s worst performances were recorded under; trading across borders, resolving insolvency as well as getting electricity.

While Ghana scored 158 points for trading across borders and resolving insolvency, it scored 136 points for getting electricity.

For instance, while it will cost a business 24.5 cents per kilowatt hour of electricity in Ghana, it will cost a business fifty percent less (12 cents) per kilowatt hour of electricity in neighbouring Ivory Coast.

Similarly, it costs businesses more to export and import domestically in Ghana than in Ivory Coast for instance.

It will cost 132 dollars in transport to export domestically in Cote d’Ivoire but a business would be required to spend 487 dollars on transport to export in Ghana.

In addition, domestic importers in Ghana spend as much as 480 dollars in transport while their counterparts in Cote d’Ivoire spend 206 dollars on transport.

GIPC reacts to ease of doing business report

In reaction to the latest ranking, the Ghana Investment Promotion Centre (GIPC) has stressed the need to facilitate the implementation of the new set of reforms currently being undertaken by government.

A statement released and signed by the CEO of the GIPC, Mr. Yofi Grant said,

“It is a strong reminder to all actors and agencies that the new set of reforms that have started in the 2017/2018 period, which Government expects will be accounted for in the next report, should be implemented effectively and with speed. This is necessary to ensure that their full effects are felt in the shortest possible time.”

Mr. Grant added, “While the details of the report shows that Ghana improved in all but 1 of the indicators, the fact that other countries improved at a rate higher than Ghana, left Ghana with a net drop on the 2016/2017 rankings.”

Meanwhile the GIPC maintains that ‘Ghana remains focused on its objective to become the most business friendly economy in Africa and will thus continue with investment climate reforms.’

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post Ghana drops to 120th position in ease of doing business appeared first on Citi 97.3 FM - Relevant Radio. Always.

This edition of the quarterly event was titled, ‘Policy Update: Ghana’s Tax Exemption Regime’ and convened to update the business and diplomatic community on the implementation of the new tax exemptions policy introduced in April 2017. The meeting also provided, diplomats, and business owners an open platform to engage policy makers on their experience with the new regulations.

Also in attendance was the Director of Financial Investment Division at the Ministry of Finance, Mr Samson Akligoh, and the Technical Advisor to the Commissioner General of the Ghana Revenue Authority (GRA), Mr Christian Soti. They gave further details on how the new tax policy is executed on a practical level, and clarified on particular sections and application of the regulation.

ABOUT THE GIPC CEO’S BREAKFAST MEETING

Introduced in 2013, the quarterly series is held to engage the Ghanaian business community on government policy deliberations and decision-making, and to ensure adequate representation of their views and concerns.

In the first quarter of 2017, the event was rebranded to reflect the new direction and vision of the Centre. The first edition of the ‘Ghana on the Go Breakfast Meeting’ series was convened to review the 2013 GIPC Act, its impact, and suggestions for improvement.

The outcomes of the event further underscored the need for continuous engagement with the private sector and other key stakeholders on current business challenges and opportunities to produce dynamic and innovative solutions aimed at ensuring that Ghana becomes the best place to do business in Africa.

THE NEW TAX POLICY

The government, through its 2017 budget issued a directive for all companies which qualify for exemption to pay the duties upfront and then apply for a refund. The new rules were implemented in April 2017.

EXEMPTION PROCESS AT GIPC

Giving a brief on the tax exemptions application process at the GIPC, the Chief Executive Officer Mr Yofi Grant, said the Centre was mandated under section 26 of the GIPC Act to grant import duty and Value Added Tax (VAT) exemptions to qualified companies registered with Centre.

“A typical approved strategic investment has incentives which include exemptions from the payment of import duty and VAT on plant machinery and equipment specifically for the project, construction materials specifically for the project, and on locally purchased construction materials and equipment required specifically for the project,” he added.

Mr Grant, however, urged participants at the meeting not to hesitate, and share their experiences with the new tax regime to better inform government on how to make the business environment more convenient.

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Source: GIPC

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The Iowa Central College student garnered 5826 points to take second place behind Burkina Faso’s Martha Koale.

Dadzie’s achievement is remarkable considering she is making her debut on the seniors circuit this season after taking up the event just a year ago.

A specialist long jumper,the 19 year old sensation looks to have finally arrived .

There was more good news for Ghana in the field events as Mary Zuta Nartey also won silver in javelin with a throw of 52.57m to take Ghana’s tally at the events to five.

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Source: Allsports.com.gh

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