Category: Business

The Parliamentary Committee investigating the petition by some customers of Blackshield Capital Limited, formerly Gold Coast Management, concerning government’s alleged failure to pay the customers, has begun its public hearing.

Parliament established the committee on December 6, 2023, upon the submission of a Petition to Parliament, dated 17th November, 2023, by Mr Mahama Ayariga, Counsel for some of the aggrieved customers.

Mr Joe Ghartey, the Member of Parliament (MP) for Essikado-Ketan, is the Chairman of the Committee.

Other members are Mr Edwin Nii Lantey Vanderpuye, MP for Odododiodio; Dr Benjamin Yeboah Sekyere, MP for Tano South, Mrs Gizella Tetteh-Agbotui, Awutu Senya West; and Mr Kwasi Ameyaw-Cheremeh, Sunyani East.

Two experts: Dr Theophilus Acheampong and Mr Antonio Kesse are the technical persons assisting the Committee.

Mr Ghartey, in his opening remarks, noted that the Committee held its maiden meeting on 21st December, 2023, to formulate the modalities for investigating the Petition.

He
said in the spirit of openness and transparency, the Committee unanimously agreed that its evidence-taking proceedings would be generally held in public.

Members of the public and the media would be permitted to be present throughout the proceedings unless the Committee otherwise orders.

He said the Committee had written to the Petitioners and relevant institutions such as Securities and Exchange Commission (SEC) – Regulator, the Ministry of Finance, Price Waterhouse Coopers (PWC), and the Registrar of Companies – the Official Liquidator.

Mr Ghartey said the Committee continued to engage with all those institutions and if necessary, would invite some or all of them to give evidence.

‘This Committee shall do its best to complete hearing on the matter before the end of the First Meeting of the Fourth Session of the Eighth Parliament, which ends on March 22, 2024,’ he said.

‘We shall endeavour to use the recess to prepare the report and subject to the Speaker and the approval of the Business Committee.’

‘T
his Committee shall endeavour to submit the report by the end of the Second Week of the Second Meeting, which starts after the Easter Recess.’

The Gold Coast Fund Management was a duly registered and accredited fund management company regulated by the Securities and Exchange Commission of Ghana.

According to the Petition, the funds of the petitioners was locked up in the defunct Gold Coast Fund Management following the decision of the Government to carry out a financial sector cleanup exercise initiated in 2018.

Following the cleanup, the petitioners successfully submitted and validated their claims through the Price Waterhouse and Coopers.

The Regulator (SEC) budgeted an amount of Ghc8 billion for total payment of the customers of all the 47 defunct fund management companies.

Parliament approved the funds for the Financial Sector Cleanup Exercise and the Finance Minister publicly reported that he had completed the exercise and had expended GHS25 billion in that regard.

Government’s accounting showed th
at the sum included the GHS8.6 billion meant to pay claims of investors in the 47 defunct fund management companies including Gold Coast Fund Management.

Unfortunately, individual members of the petitioners’ association, whose investment exceeded GHS50,000.00 had not been paid their monies since 2018.

Source: Ghana News Agency

Some 170,000 jobs have been created by companies under the government’s ‘One District, One Factory’ (1D1F) Programme, President Akufo-Addo has said.

Delivering his seventh State of the Nation Address in Accra on Tuesday, he said the policy had led to the development of 321 1D1F projects.

The number, he said, comprised projects by 211 new medium to large-scale factories and support for 110 existing companies to expand production.

He said the government, between 2019 and 2020, had approved a number of incentives and duty exemptions to selected companies to support the implementation of the 1D1F Programme.

‘In 2019 and 2020, thirty-seven (37) 1D1F companies were granted 25 exemptions approval by this August House (Parliament). However, from 2021 to date, no exemptions have been granted.’

The President, therefore, urged Parliament to ‘consider and approve all outstanding exemption applications as a matter of urgency to send positive signals to the business community.’

He said the 1D1F programme was the ‘cor
nerstone’ towards the country’s industrial transformation and ‘demonstrates how government can stimulate and incentivise the private sector to expand and diversify manufacturing across the country.’

‘It is significant to note that, within the relatively short span of six years, the Government has directly intervened to stimulate interest in and support many private sector business promoters to make significant investments in manufacturing under the One-District-One-Factory Programme.

‘…These business promoters have so far invested in one hundred and forty-two (142) districts across the country, across all sixteen (16) regions, and achieving 54% district coverage. The aspiration is to bring a 1D1F project to every district,’ he stated.

Source: Ghana News Agency

Urban, semi urban and interuban transportation costs have been harmonized by the government of Cameroon.

In a decision signed by the Minister of trade, Luc Magloire Mbarga Atangana on Monday February 26, 2024, semi urban and interuban transport fares by cars and buses will be calculated per distance covered.

Transportation will be free for children aged 0-7 years. Those aged 8-10 years and persons with reduced mobility will be charged FCFA 8 per kilometer while passengers aged 11-21 years will be charged FCFA 10 per kilometer. For those above 21, they will be charged FCFA 16 per kilometer.

The decision is part of a series of measures taken to absorb the impact of fuel prices increased at the start of the month of February by the government.

Concerning urban transport fares, passengers will have to pay FCFA 350 during the day and FCFA 400 at night.

Source: Cameroon News Agency

To facilitate the importation of 190,000 tons of rice from India this coming March and April 2024, the Cameroon Government has offered a special incentive to importers with approved quotas.

The information relayed by the communication unit of the Ministry of trade, indicates that 5% import duty will be exempted from the Indian rice. This follows a consultation meeting held on February 21, 2024, in Yaounde, between the Minister of Trade, Luc Magloire Mbarga Atangana, and the concerned economic operators.

This reduction on import duty by the government which was initially set at 20%, will not only ensure the availability of this staple but will also control its price on the local market amid escalating inflation.

According to the General Directorate of Taxation at the Ministry of Finance, through fiscal measures such as tax reductions, the government forgoes around FCFA 52 billion annually to ensure a steady supply of rice at affordable prices.

However, in recent years, there has been governmental discourse
on reducing or even eliminating fiscal expenditures on mass consumption products like rice, fish and wheat. These products have led to significant revenue losses, becoming unbearable for the public treasury.

Regardless of how, the government’s decision to exempt 190,000 tons of Indian rice from import duty raises worry as It exacerbates state revenue losses on a product already under-taxed in a context where the government is striving to increase its non-oil revenues; and the exemption is applied to a specific cargo rather than all rice imports, potentially creating unfair market competition.

Rice is a preponderant item on the menu of most Cameroonians. In 2022 for instance, Cameroon spent above FCFA 147 billion to purchase 496,700 tons of rice from India. That is a total of 55% of rice imported by the country according to official figures reported by the National Institute of Statistics (INS).

Source: Cameroon News Agency

To facilitate the importation of 190,000 tons of rice from India this coming March and April 2024, the Cameroon Government has offered a special incentive to importers with approved quotas.

The information relayed by the communication unit of the Ministry of trade, indicates that 5% import duty will be exempted from the Indian rice. This follows a consultation meeting held on February 21, 2024, in Yaounde, between the Minister of Trade, Luc Magloire Mbarga Atangana, and the concerned economic operators.

This reduction on import duty by the government which was initially set at 20%, will not only ensure the availability of this staple but will also control its price on the local market amid escalating inflation.

According to the General Directorate of Taxation at the Ministry of Finance, through fiscal measures such as tax reductions, the government forgoes around FCFA 52 billion annually to ensure a steady supply of rice at affordable prices.

However, in recent years, there has been governmental discourse
on reducing or even eliminating fiscal expenditures on mass consumption products like rice, fish and wheat. These products have led to significant revenue losses, becoming unbearable for the public treasury.

Regardless of how, the government’s decision to exempt 190,000 tons of Indian rice from import duty raises worry as It exacerbates state revenue losses on a product already under-taxed in a context where the government is striving to increase its non-oil revenues; and the exemption is applied to a specific cargo rather than all rice imports, potentially creating unfair market competition.

Rice is a preponderant item on the menu of most Cameroonians. In 2022 for instance, Cameroon spent above FCFA 147 billion to purchase 496,700 tons of rice from India. That is a total of 55% of rice imported by the country according to official figures reported by the National Institute of Statistics (INS).

Source: Cameroon News Agency

The Canoe and Fishing Gear Owners Association of Ghana (CaFGOAG) has said members will look forward to the implementation of the various investments President Nana Addo Dankwa Akufo-Addo mentioned in his State of the Nation Address (SONA).

The President presenting the SONA to Parliament on Tuesday said the Jamestown fishing harbour would be commissioned this year, and that the remaining 250 of the 300 automated premix fuel dispensers would also be installed by September, to help address the diversion and hoarding of the commodity.

Nana Kweigyah, the President of CaFGOAG, reacting to the SONA, told the Ghana News Agency (GNA) that the funding of fisheries infrastructure, including the harbours, landing sites, and premix fuel automated dispensers, were very good investments.

He said that even though the initiatives were good, the Association looked forward to their expansion to other fishing communities.

Touching on premix fuel, he said it was important for the government to address the erratic supply to fi
shing communities, which was the source of all the problems associated with the product.

On the implementation of the closed season as a measure to replenish Ghana’s fish stock, Nana Kweigyah said a significant number of fishers disagreed with the intervention.

He, therefore, urged the government to address the concerns of the fishers, focusing on the short-term cost arising from the temporary loss of food and income and its associated socio-economic consequences.

He reminded the government that it was a serious human rights issue that must be handled immediately, suggesting that consideration could be given to supporting unconditional cash transfers to fishers during the closed season to sustain the intervention.

Source: Ghana News Agency

Mr Clement Boateng, the Vice President of the Ghana Union of Traders Association (GUTA), has encouraged traders and business operators to join the Association to benefit from the facilities available for its members.

‘There are so many things that we have done that have benefited the business community and that is the more reason why we want to extend our base to every part of the country because there is no part of the country where trading does not go on for the benefit of the trader and the consuming public,’ he added.

Mr Boateng said this in Wa during a meeting with members of GUTA in the Upper West Region to assure them of the benefits the members stood to gain from the Association.

He indicated that one’s GUTA membership card was a requirement to benefit from those supports.

‘If you don’t have the GUTA card some of the facilities you cannot enjoy because they will demand and make sure you are part of GUTA before you can enjoy them,’ Mr Boateng explained.

He also encouraged the business operators an
d traders to register their businesses and practice proper documentation and record keeping for them to benefit from GUTA-facilitated financial support such as loans and grants.

He explained that since its inception about three decades ago, GUTA had done a lot for the trading community in the country including negotiating and advocating for a friendly business operation environment for business to thrive.

He identified some of the facilities to include an ‘amplifier third party’ motor insurance for members of GUTA with Enterprise Insurance where members were required to pay GHS580.00 instead of the required GHS480.00 and in times of accident the insurance company would pay GHS5,000.00 to the affected member.

He added that they were also engaging Mobile Telecommunication Network (MTN) to give members a group internet bundle at a discounted rate to aid them in their business activities.

The GUTA Vice President said the Association also facilitated business trips of its members to other countries, including
support in visa acquisition as well as engaged some financial institutions to facilitate access to credit facilities for members to enhance their businesses.

Mr Boateng said GUTA was working to ensure that foreigners abided by the business regulations in the country but blamed some Ghanaians for supporting foreigners to usurp the retail business environment in the country.

Mr Richard Amamoo, the Deputy General Secretary of GUTA, also attributed the challenge in getting foreigners out of the retail business sector to corruption on the part of some state authorities.

He said if those, who were supposed to enforce the laws were not doing it, the citizens had to take up that responsibility to ensure the right thing was done.

‘If you want to stay and work (in a foreign country), there are rules and regulations you have to follow.

This is why we are saying that when they come they must follow our rules and regulations so that if those who are supposed to enforce the law don’t do it, it is your responsibility a
s a citizen … the citizen can also prevent this thing’, he explained.

Madam Pearl Poku of the Women’s Wing of GUTA urged women to take their business activities seriously as they play a crucial role in the business environment.

She also encouraged them to take advantage of government interventions to develop their businesses.

Mr Karim Topie, the Upper West Regional Chairman of GUTA, expressed gratitude to GUTA for extending its branch to the Upper West Region.

He expressed hope that the concerns of traders in the region would be addressed with the assistance of GUTA.

Source: Ghana News Agency

The Sunyani Area of the Northern Electricity Distribution Company (NEDCo) has set a target to recover GhC45 million out of the GhC167 million owed by its customers in the Bono and Ahafo regions, through a comprehensive revenue mobilisation exercise.?

Mr Eugene Odoi Addo, the Sunyani Area Manager of NEDCo, told the media in an interview prior to the commencement of the two-week exercise in the Berekum East Municipality of the Bono Region that officials would visit customers to collect outstanding debts.?

He said the challenge posed by illegal connections in the regions was significant, resulting in huge revenue losses for NEDCo.

He urged individuals and groups engaging in such unpatriotic and criminal activities to stop to avoid imminent legal consequences.?

The NEDCo disconnection team went to the Berekum College of Education on the first day to disconnect power to the female dormitory because of an outstanding debt of about GhC100,000.00?

The team further cut off the power supply to the Happy Hospital,
a private healthcare facility at Berekum, for non-payment of bills.

However, the team did not disconnect the local station of the Ghana National Fire Service because the management in charge requested an additional period to settle its outstanding debt.?

At Domfete, a town in the Berekum West District, power supply to the local Weddi Africa Tomato Processing Factory, a company operating under the One-District, One-Factory initiative, was disconnected for failing to settle an outstanding debt of GhC304,900.00 owed to NEDCo.??

Source: Ghana News Agency

This year’s Women’s Expo Ghana will be held from March 8 to 10 at the Atlantic Mall in Accra, organisers have said.

The 8th edition of the Women’s Expo, intended to mark International Women’s Day (IWD), is on the theme, ‘Elevating Visibility of Businesses of Emerging Women Entrepreneurs and Empowering Women’s Choices in Health’, a statement sent to the Ghana News Agency said.

In the spirit of International Women’s Day, commemorated on March 8 worldwide, the event would place emphasis on celebrating not only the successes of the hard-working women entrepreneurs and women-owned businesses, but also the countless hours of hard work, the sacrifices made, and the challenges they have overcome, it explained.

Women’s Expo Ghana 2024 will be held in partnership with the VTF Programme, Network of Women Entrepreneurs (NETWET) and Invest in Africa (IIA) Ghana.

The partnership is in line with the mission of the organisation to promote Micro, Small and Medium Enterprises (MSMEs) by providing a common platform to sho
wcase their enterprises through trade shows and exhibitions.

The primary objective of the Expo is to afford these emerging women entrepreneurs an opportunity to create awareness and visibility for themselves and their businesses, network, as well as explore other emerging business openings.

Nana Adwoa Kwegyir-Aggrey, the Event Director of Women’s Expo said: ‘We recognise the creativity and determination that have propelled these women to turn their dreams into reality to make a lasting impact on the business landscape. That is why we bring them together to celebrate them on International Women’s Day.’

Ms Linda Agyei, the Executive Director of the VTF Programme, lauded the organisers of the event adding: ‘The VTF Programme considers the event not only as a perfect platform for exposure, confidence building and visibility for our NETWET members but for networking and forming strategic partnerships as well.’

Ms Carol Annang, Country Director of Invest in Africa Ghana (IIA), commended Women’s Expo Ghana for t
heir foresight and continued support for women-owned SMEs.

She underscored the fact that ‘success comes through partnerships.’

Activities outlined for the three-day event include; free health screening and medical review, free family planning and female reproductive health services, the statement said.

Participants will also benefit from Discussion Circles on Selfcare and Women’s Choices in Health, Family Planning and Female Reproductive Health Services, Digital and Social Media Marketing, Customer Service, Insurance for Small Businesses and Pension Planning for Women Entrepreneurs.

This year’s event is supported by Atlantic Mall, Bracebridge Consultancy, Karley Mettle Consult, Ghana Chamber of Commerce and Industry (GNCCI) SSNIT Seed, Lydia, Secure, Ebony Condoms, DrugNet, Ghanaweb, MX24TV, PCGTV, Vibmedia and Nelsik Mall.

Since its inception in 2015, the Women’s Expo Ghana has hosted more than 1,000 women entrepreneurs and about 10,000 visitors.

Source: Ghana News Agency

The Consolidated Bank Ghana Limited (CBG), has opened a new branch in Hohoe in the Volta Region.

The new branch, which is the second in the region, is also to meet the needs of customers across the chain and serve them with dispatch.

Mr Daniel Wilson Addo, Managing Director, CBG, said the opening of the Hohoe Branch was an affirmation of the promise made to customers and stakeholders of bringing banking closer to them.

He said Hohoe was a cosmopolitan city with a lot of businesses, adding that, ‘we are particularly focused on small businesses, so we think it is a matter of course to open this branch here.’

Mr Addo said it was clear to the CBG that the people of Hohoe were expected to see a different kind of banking paradigm than what it had always espoused.

He said the CBG had redefined banking in the country, electronic banking solutions and approach to customer service ethos.

Mr Addo said all had combined to make the CBG, Ghana’s most trusted Bank in its five years of existence with branches spread th
roughout the country to continue bringing banking closer to the people.

He said looking forward, he saw a CBG that continued to lead the way in banking and making all the required innovations to keep them forward.

Madam Maureen Abla Amematekpor, CBG Board Member, assured customers that the CBG was their trusted financial partner.

She said the Bank was committed to understanding customers’ unique needs and providing tailored solutions towards them.

Madam Amematekpor commended the staff’s hard work and commitment to excellence, adding that their dedication to providing exceptional service was instrumental in the Bank’s success.

Togbega Gabusu VII, Paramount Chief of Gbi Traditional Area, called on citizens especially within the Area to take advantage of the services and products of the Bank.

He called on the staff to work hard and exceed the expectations of the customers, adding that the paramountcy would work together with the Bank for its success.

Dr Adwoa Kwegyiriba, Principal of the St Francis Colleg
e of Education, called on the Bank to forge a bigger collaboration with the college to put up a hostel for students to access proper accommodation.

CBG is an indigenous Ghanaian Universal Bank licensed by the Bank of Ghana under the Specialised Deposit Taking Institutions Act, 2016 (Act 930).

The Bank which has been in operations since 2018, operates as a universal Bank with more than 114 branches in 13 regions of Ghana.

It has strong government support, a large SME client network and a pool of diverse talents.

Source: Ghana News Agency