Citi Business News<\/strong>, Prof. Omane \u2013Antwi stated that it is important for government to block loopholes that encourage misappropriation of state funds to restore confidence in the economy.<\/p>\n\u201cWe have very good laws on taxes in this country but a lot of the taxes go down the drain. Government must ensure that taxes are collected effectively then it will make people happy tax payers,\u201d he advised.<\/p>\n
According him, people are more likely to evade taxes and cast doubt on the processes if there are loopholes that encourage it.<\/p>\n
Touching some issues that may have \u00a0influenced the views of most CFOs, Prof. Omane-Antwi stated that the economic challenges in 2015 has affected the finances of most companies in Ghana, hence the reflection in the report.<\/p>\n
\u201cThere are challenges in the economy and CFOs are aware of it. We are missing a lot of macroeconomic indicators. We must enhance fiscal discipline and get the power situation stable\u201d, he advised.<\/p>\n
He was however optimistic that Ghana\u2019s programme with the International Monetary Fund(IMF) will provide some relief in the long run for economic growth.<\/p>\n
\u201cWe all hope the programme with the IMF will reduce the challenges and help solve the power challenges. We must solve inflation and all the other indicators. Let\u2019s hope the initiative taken with the IMF will turn things around,\u201d he said.<\/p>\n
CFO report by KPMG<\/strong><\/p>\nOver 60 percent of Chief Financial Officers (CFOs) in Ghana are less optimistic about Ghana\u2019s economic growth prospects in 2016\u2013 the 2015 CFO Survey conducted by leading audit firm, KPMG has revealed.<\/p>\n
According to the report, the general sentiments for growth prospects in 2016 are not encouraging.<\/p>\n
Pointing out specific areas, the report indicated that the most pessimistic responses came from CFOs in the banking, manufacturing, food, beverages and tobacco, as well as oil and gas.<\/p>\n
The rest are power and utilities, transport and logistics, insurance and the non-bank financial institutions.<\/p>\n
From the figures, 85 to 100 percent of respondents in these sectors expected growth prospects for 2016 to remain the same as 2015 or worse.<\/p>\n
In addition, about 80percent of CFOs in real estate, mining and aviation sectors expressed strong pessimism on growth prospects for 2016.<\/p>\n
However, respondents from the public sector, media and entertainment, agriculture, and maritime expressed optimism about growth prospects in 2016.<\/p>\n
On revenue, 64percent of CFOs expressed strong expectations for revenue growth in 2016.<\/p>\n
Meanwhile, most of them pointed out that, reducing costs and improving cash flow are the critical measures needed for business expansion.<\/p>\n
\u2013<\/p>\n
By; Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The president of the Institute of Chartered Accountants Ghana,(ICAG) Professor K.B. Omane-Antwi has urged government to block loopholes in Ghana\u2019s tax system to encourage the payment of taxes and restore confidence in the economy. His comment was in reaction to a recent survey conducted by auditing firm, KPMG, on the views of Chief Financial Officers […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171],"tags":[],"yoast_head":"\n
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