The Public Utilities Regulatory Commission (PURC), on Monday, March 5, 2018, announced that electricity tariffs will go down between 10 and 30 percent for various categories of consumers.

The decision follows the completion of the necessary consultations with all stakeholders in the energy sector.

The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Maame Dufie Ofori justified the basis for reduction in the utility tariffs for consumers.

Speaking on Eyewitness News, Madam Dufie Ofori attributed the decision to declines in key components of the tariff.

“Gas price has come down; at the time they were asking for proposals, the hydro allocation was only 60 percent. Now it is 65 percent which means it is a cheaper source of generation. Because of the renegotiated power purchase agreement, their capacity charges have gone down ranging between 20 to 25 percent and also their losses too have been reviewed,” she stated.

Citi Business News has been speaking to some businesses and they are highly expectant of the massive reduction in cost of operation.

For mining companies that are to enjoy some ten percent reduction in tariffs effective the 15^th of this month, the news means they could be saving as much as 2 million to 3 million dollars annually.

The Director of External Affairs and Communications at the Ghana Chamber of Mines Ahmed Nangtomah says this should improve operations in the mining sector.

“So the companies that are with the ECG will be impacted by this direction and to them it is good news because 10 percent reduction in electricity bills is good enough for some of the companies who spend up to about 28 million dollars a year on electricity needs. So they will just factor this into their costing. They can save now and improve efficiency along the line.”

Meanwhile, the Ghana Union of Traders Association (GUTA), whose members comprise non residential users, has equally lauded the reduction.

As the Executive Member of GUTA, Benjamin Yeboah explains, the 30 percent drop should reflect significantly in the cost of doing business for members.

“Every user has a separate regulatory meter so definitely if we know that the you usually buy let’s say 500 cedis or 1,000 cedis for a month and you are using the same gadgets, definitely now if you should buy that much a month, you will realize that at the end of the month you will have some reduction so definitely you will be able to save.”

While admitting that it may be too late for residential consumers to be considered in the reductions, the Executive Director of the Consumer Protection Agency, Kofi Kapito maintains the reduction should bring respite to consumers.

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By: Citibusinessnews.com/Ghana

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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

The post Dr. Nduom backs GUTA’s opposition to ‘new’ GIPC laws appeared first on Citi 97.3 FM - Relevant Radio. Always.

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.

The Finance Minister in the 2018 budget and policy statement announced a number of tax reforms including the implementation of a tax threshold to protect workers on minimum wage and tax holiday for young entrepreneurs.

[contextly_sidebar id=”APpOScxX10xrZ2wEsJFEMZ8m9jOdHrxJ”]The TUC, in a statement signed by its General Secretary, Dr. Yaw Baah, indicated that though government’s decision to remove taxes as captured in the budget is commendable, its trade policies do not favour particularly manufacturers and farmers.

“We have taken note of the several other initiatives announced by the Minister in the Budget Statement including the removal/reduction of taxes as well as the proposed reduction of energy tariffs intended to create the enabling environment for the expansion of private sector development. These are commendable measures. But one important area that needs urgent attention is our trade policy which remains unfair to local manufacturers and farmers.”

Several stakeholders in the Trade Industry have for sometime now been expressing concerns over what they refer to as a high tax regime.

In February 2016, the Ghana Union of Traders Association, (GUTA), directed all its members to raise red flags at their shops in support of protests to demand a reduction in taxes.

In that same year, a number of business operators  including unions like GUTA, Importers and Exporters Association of Ghana, Food and Beverage Importers Association of Ghana, Ghana Institute of Freight Forwarders, Customs Brokers Association of Ghana among others, declared a three day strike over the introduction of the supposed high taxes.

The statement by the TUC also emphasized the need for Ghana to work with other countries in the ECOWAS region to secure the sub regional market for the private sector.

TUC commends gov’t’s NBC initiative for jobless graduates

Meanwhile the Trades Union Congress (TUC), has commended government’s special initiative targeted at jobless tertiary graduates in the country.

The Finance Minister, Ken Ofori Atta, while presenting the 2018 Budget and Policy statement on Wednesday, indicated that about 100,000 tertiary graduates will be employed under the initiative called the Nation Builders Corps (NBC).

The TUC, in its statement signed by its General Secretary , Dr. Yaw Baah, described the move as a “bold initiative” adding that it is “perhaps the most ambitious jobs programme designed to address what has become the most critical economic challenge of the country.”

“Providing jobs for 100,000 graduates in the sectors outlined in the budget will significantly improve public service delivery. It will also signal to young people who have invested so much time and money in their education that education pays. The benefits will far exceed the cost of the programme,” he added.

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By: Marian Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

The post Review ‘unfair’ trade policies – TUC to gov’t appeared first on Citi 97.3 FM - Relevant Radio. Always.

The association on Tuesday combed some principal streets in the region to reiterate their concerns.

According to the leadership of the Association, consistent calls to authorities to address their concerns have been unsuccessful so far hence their threat.

Speaking to Citi News, the Ashanti Regional Secretary of GUTA, Ali Mohammed Ahmed called on government to act fast in a bid to save their businesses from unfair competition from foreigners.

“They [foreigners] are collecting all retail businesses in Ghana. Some Chinese are roasting plantain, others are selling sachet water. What of those our youth, brothers, children who leave school and there is no work? At the moment there is a freeze on employment, how do we survive? Crime is the only answer and we don’t want it to be so.”

“If a foreigner wants to come and invest in Ghana, he has to do either wholesaling or manufacturing. And according to the law he/she should have between $200,000 to $1 million because he/she is coming to invest as an investor. But what do we see; they even sell in containers, trucks and vehicles.”

Mr. Ahmed also complained that all efforts to get authorities to bring sanity in the sector in the Region have proved futile.

“We have exhausted all diplomatic avenues including speaking with the Regional Minister, KMA boss and we’ve even gone to see the Trade Minister, but we’ve seen no positive results. So if we should sit back, in fact the whole nation will be taken over by foreigners. We’ve presented a number of petitions; this is the last petition we are sending. Most of the foreigners do not even pay taxes anyway,” he fumed.

Ghanaian businesses cry foul over take over by Chinese

Some Ghanaian businesses engaged in the sale of fishing gears and other equipment had cried foul over an alleged take-over of their businesses by Chinese traders.

According to them, the situation, coupled with the harsh economic condition had impacted adversely on their operations compelling some of them to fold up.

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By: Hafiz Tijani/citifmonline.com/Ghana

The post Stop foreigners in retail business or face our wrath – GUTA appeared first on Citi 97.3 FM - Relevant Radio. Always.

The South Sudanese progressed to the second round after first round opponents, Kenya, withdrew from the tie.

The Black Starlets will travel to South Sudan for the first leg  on the weekend of the 18th of July

Paa Kwesi Fabin’s side would then host the Sudanese in Ghana the following month.

At stake is a match against either Burkina Faso or Cameroon for a place  at the Championship in 2015 to be staged in Niger.

By: Edwin Kwakofi/citifmonline.com/Ghana

The post Black Starlets play South Sudan in African U-17 Championship qualifier appeared first on Citi 97.3 FM - Relevant Radio. Always.