Two supporters of the New Patriotic Party (NPP) in the Upper West Region are feared dead after a canoe they were in capsized on the black Volta river.

The two, Abdul Aziz, and another one yet to be identified, were among some party supporters who went to Jambusi in the Wa West district on Monday to witness the commissioning of the Wa water project by President Akufo-Addo.

An eyewitness, Jalil Nasir, who confirmed the incident to Citi News said the incident happened at about 11:00 am.

He said the two were among a group of people who went sight-seeing on the river ahead of the arrival of the president.

He added that local divers were able to rescue three persons leaving the two, who are natives of Jambusi and Tanina (all in the Wa West district).

“It was not only Aziz who entered the water. There were three others who were also in the canoe. We were all waiting for the President, but when he was not coming, we decided to come to the river to have some fun. The thing just happened like magic. We can’t just explain. We have been here since Monday but no one is able to find them. It is really frustrating. The community has done several sacrifices but to no avail.”

Meanwhile, the National Disaster Management Organization (NADMO), has deployed a team of rescuers to the scene to augment the efforts of a local team that has been searching for the two since Monday.

The Deputy director general of NADMO in charge of technical and reforms, Seji Saji, who is leading the team told Citi News that over 15 experts drawn from Accra and other parts of the region have mounted a 24-hour search for the victims.

“Our search and rescue team, supported by our emergency operation center have been here since Monday up to today. We have been collaborating with the locals who are familiar with the terrain… unfortunately we haven’t had any results yet.”

The Deputy Director is however optimistic that the two men will be found.

“We have the men, and because of the importance we attach to this, we are not leaving until the two are found.”

He admonished residents of Jambusi to strictly adhere to safety measures in order to avoid the recurrence of such incidents.

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By: Mahama Latif/citifmonline.com/Ghana

The post U/West: 2 NPP supporters feared dead after drowning appeared first on Citi 97.3 FM - Relevant Radio. Always.

“Some of these enterprises are very small , they are micro enterprises who do not bank a lot and therefore the small amount of money that are taken out of their account because the banks are charging them and pushing forward the VAT charges that government has imposed will deter some of them from banking,” Dr. Turkson explained.

The Ghana Revenue Authority (GRA) recently released a list of what they describe as non-core banking  services that would now attract the 17.5 VAT charge

The list released affects nearly all services banks offer.

Speaking on the Citi Breakfast Show, Dr. Turkson said it is inappropriate for government to label all banking services and ask bank customers to pay VAT on them.

“If there are special services that the banks are rendering hence the government wants them to pay taxes, government should concentrate on those ones and not label all banking services and ask bank customers to pay VAT on them,” Dr. Turkson insisted.

Speaking on some challenges facing SMEs in the country, Dr. Turkson said the lack of access to credit is a major problem for SMEs.

According to him, challenges facing the SMEs  have been aggravated by government’s decision to scrap them out of the credit market.

Citing other challenges , Dr. Turkson said most of the SMEs in the country do not have access to financing from banks because they lack the necessary requirements the respective banks demand.

“Some of the SME’s are not registered, they don’t keep records of accounts , they don’t have business addresses and these are the things that the banks will require if you need finance from them,” Dr. Turkson explained.

Asked why the micro finance institutions are not able to bridge the gap between the SMEs, Dr. Turkson said “these micro finance institutions intend to lend to the SMEs at very low rates but they cannot find the finance they need to propel them[SMEs] to those levels.”

In places such as Kenya, technology gives an opportunity for people to bank even if there is no access to a traditional bank.

Asked why technology and mobile banking is not bridging the gap in Ghana, Dr. Turkson said “to attract some of these interventions in this country, you need to create a very business friendly environment for those who have such resources to come and help but unfortunately, our business environment is not friendly.”

By: Marian Efe Ansah/citifmonline.com/Ghana
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According to him the introduction of the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL) by the Ghana Revenue Authority (GRA) on the non-core banking services are unreasonable and ridiculous.

”This is the most business unfriendly government I have ever had to be alive to witness in this country; this is so bad. Whoever it is who conceived or brought this up and thought they were doing government a service has really just blundered completely and they have blundered with the assistance of the Central Bank,” he said.

Speaking on Citi FM‘s political news analysis programme, The Big Issue on Saturday, Mr. Casley Hayford noted, the Central Bank is supposed to be the custodian of ensuring that the economy of this country is buoyant.

He questioned why he would be charged for a cheque book and also pay VAT on the same cheque book. “How can you charge me for giving me a cheque book; you want me to pay VAT on the amount that the bank charges as fees for work that it is normally supposed to provide!” he added.

Casley-Hayford revealed that he will go to court to challenge the idea of why a goods and services tax is being hidden as a value added tax. “We are going to go and challenge the whole idea of what actually a value added tax means and this is not value added tax; you do not add value to me by charging me more.”

The GRA on Friday released a list of 32 fee-based services by the banks that would attract tax from July 1, 2014.

The amendment of the VAT law last November expanded the scope of the tax and raised the rate from 15 percent (including the National Health Insurance Levy) to 17.5 percent.

Click here to see the full list of financial services that would attract the 17.5% tax.

Some Ghanaians have raised concerns about the rationale behind the 17.5 percent Value Added Tax (VAT) and National Health Insurance Levy (NHIL) the Ghana Revenue Authority (GRA) seeks to charge on the non-core banking services.

Another panelist on ‘The Big Issue’, Editor of Business Finder, Toma Amihere said the move by the GRA also defeats Bank Of Ghana’s efforts to achieve a cashless economy.

Franklin Cudjoe, founding President and Chief Executive Officer of IMANI Ghana said the 17.5 percent VAT on the noncore banking services does not encourage people to bank.

”What is the purpose of this, because clearly you are not encouraging people to go and do banking, you are not even encouraging technology…There is a policy disconnect,” he said.

Mr. Cudjoe suggested that the law has to be reviewed. ”I am not saying you shouldn’t charge but I think you can do it nicely; there are some services that obviously you want to impose certain taxes on. Do we even know the quantum of resources that would be generated as a result of these rules…?

”I do not see why we need newer taxes; it is not as if there is even any real growth within the banking sector to add value to my money… you get peanuts for long term investments and savings,” he added.

By: Evans Effah/citifmonline.com/Ghana

Follow @effsevans

The post Mahama’s gov’t is most business unfriendly – Casely-Hayford appeared first on Citi 97.3 FM - Relevant Radio. Always.

The GRA in a letter to Bankers and Banks said the 32 fee-based services would attract the tax from July 1, 2014.

The amendment of the VAT law last November expanded the scope of the tax and raised the rate from 15 percent (including the National Health Insurance Levy) to 17.5 percent.

Financial services, which hitherto had been exempted from VAT, have now been brought under the tax — placing Ghana among a very short list of countries in the world that charge VAT on financial services.

According to the amended law, “financial services” means provision of insurance; issue, transfer, receipt of, or dealing with money — whether in domestic or foreign currency –or any note or order of payment of money; provision of credit; or operation of a bank account or an account of a similar institution.

The list of fees, commissions and similar charges for financial services that are subject to the tax was developed by the Technical Committee for the Implementation of VAT Act 2013 (Act 870) which was made up of representatives of the Ghana Bankers Association of Bankers, the Ministry of Finance and the Ghana Revenue Authority and approved by the Minister of Finance, Seth Terkper.

Find below the full list of financial services that would attract the 17.5% tax:

1.     CURRENT ACCOUNTS (Foreign/Local) – CORPORATE BODIES ONLY

2.     BANK DRAFT (PAYMENT ORDER)

3.     STOPPED CHEQUES

4.     RETURNED CHEQUES

5.    COMMISSION ON TURNOVER (CORPORATE BODIES ONLY)

6.     OVERDRAFT PROCESSING OR RENEWAL FEE

7.     REVOLVING ACCEPTANCE CREDIT

8.    ARRANGEMENT FEE FOR FACILITIES

9.    STATEMENTS AND CERTIFICATES OF BALANCE

10.  CLEARING CHARGES

11.  CHEQUES FOR COLLECTION

12.  STANDING ORDERS

13. TELEPHONE BANKING

14.  SAFE CUSTODY

15. CHEQUE BOOKS

–  Sale of cheque leaflet

–  Replacement of Lost Cheque Book

16.   DEBIT CARDS AND CREDIT CARDS

17.    REVOLVING CREDITS

18.   COLLATERAL MANAGEMENT

19.   TRANSFER OF DOCUMENTS TO OTHER BANKS

20.    GUARANTEES/BONDS/TENDER/PERFORMANCE

21.    REQUEST FOR FOREX DRAFTS

22.   OUTWARDS TRANSFER: SWIFT/TELEX

–  Drafts/Money Orders – Customer

23.   TRAVELLERS CHEQUES, DRAFTS

24.   CHEQUE LODGEMENTS – (FOR CORPORATE BODIES AND THIRD PARTIES ONLY)

25.    EVACUATION FEE (CASH-IN-TRANSIT)

26.    UNPAID STANDING ORDER

27.   CLOSURE OF ACCOUNTS

28.    REMOTE BANKING SERVICES

–  Online Banking (Internet)

–  E-statements

–  E-clients

–  Phone banking

–  SMS banking

–  Mobile Banking

–  Monthly subscription

–  Financial Transaction Fee

29.   LENDING FEES

–  Commitment Fee (Arrangement fee, Processing fee, facility fee)

–  Processing Fee

–  Property Valuation Fee (Open market value)

–  Guarantee Commission

–   Bid Security

–  Bank Credit Letter (Letter of Intent)

–  Mobilization Guarantee

–  Retention Guarantee

–  Performance Bond

–  Default or restructured

30.   OTHER LOANS, EXCLUDING SALARY ADVANCE

–  Arrangement Fees

–  New Loans

–  Top-Ups

–  Early Settlement Fees

31.   LETTERS OF CREDIT (IMPORTS)

Establishment Commission

–  Arrangement Fee

* Presentation under L/C Drawings Amendments:

–  Increase in Amount

–  Extention of period

–  Extention of period – another quarter

–  Discrepancy Other amendments:

32.   DOCUMENTARY BILLS FOR COLLECTION (IMPORTS)

Handling charges – customers Negotiation Commission

–  Advice of fate

–  Bills deleted

–  Protest Payment Commission

–  Holding charges (per quarter)

Prior Approval – Customers with:

–  Own Resources

–  Telex/Cable charges

– Swap charge

Customers allocated funds from Bank;

ExchangeTelex / Cable charges

By: Evans Effah/citifmonline.com/Ghana

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