Category: Industry

Mr Felix Owusu Gyimah, the Municipal Chief Executive (MCE), Nkwanta South, said the Assembly’s collection of revenue has taken a dip due to the ethnic misunderstanding in the enclave.

He said revenue collectors had not met targets for its Internally Generated Fund (IGF) for some time now resulting from the current security issues in the Municipality.

The MCE said Nkwanta South used to be a bustling business centre in the Oti Region, where mobilisation of the Assembly’s revenue was an easy task for the collectors but due to the shooting incidents that rocked the enclave revenue collection had been in limbo.

Misunderstanding broke between Akyodes, Challas and Adeles leading to shooting incident that took the lives of some 16 people last October, with subsequent insecurity issues and placement of curfew in the area.

Mr Owusu Gyimah said all developmental projects were also in limbo as the Assembly had failed to generate the necessary IGF.

He, however, called on all stakeholders, opinion leaders, youth leade
rs and citizens to think about the betterment of the area and allow peace to reign.

He said the Assembly could not execute any developmental plans due to the security issues and urged all to burry their differences to ensure growth of the municipality.

Source: Ghana News Agency

The 2024 ECOWAS Investment Forum (EIF) has called for the pooling of resources to deal with Africa’s infrastructure deficit for sustainable development across the continent.

Participants at this year’s forum, organised by the ECOWAS Bank for Investment and Development (EBID) in partnership with the Togolese Government and the Government of India through Exim Bank India in Lome, Togo, said the continent’s infrastructure gap was a significant barrier to its economic growth and social development.

The 2024 Forum, on the theme: ‘Transforming ECOWAS Communities in a Challenging Environment,’ focused on stimulating economic growth, creating sustainable jobs, and building resilience in the face of global challenges.

To promote investment opportunities in key sectors of the ECOWAS member states, stimulate economic growth, create sustainable jobs, and build resilience in the face of global challenges such as food insecurity, infrastructure development, and climate change, the EIF 2024 had over 700 participants join
ing physically and some 400 others joining virtually.

The participants, including representatives from various ECOWAS member states, officials from the ECOWAS Commission, industry experts, managing directors and CEOs of financial institutions, said to unlock Africa’s full potential, there was the need to address the glaring deficit in infrastructure through robust resource mobilisation strategies.

Mrs. Kanayo Awani, Executive Vice President, African Export-Import Bank (AFREXIM Bank), speaking on ‘Infrastructure Deficit: Pooling Resources Towards the Development of Sustainable Infrastructure’ said due to its abundant resources and strategic position in global trade and maritime security, Africa continued to play a crucial role.

She said Africa’s young population offered significant potential for labour and the development of innovative projects.

The Executive Vice President said there was a persistent infrastructure deficit, critical for trade and connectivity between various economic stakeholders.

The im
pact of the deficit, Mrs Awani said amounted to between $130 and $170 billion per year, or two per cent of the Gross Domestic Product each year for Africa.

She said the inadequacy of energy infrastructure affects African consumption, with only 30 per cent having access to electricity, leading to a productivity loss of 40 per cent.

‘This leaves 600 million Africans without electricity,’ she added, and expressed optimism that there were solutions such as innovative financing mechanisms, strong regulatory frameworks that encouraged collaboration among others to be explored.

To facilitate investments, Mrs Awani said AFREXIM Bank had established effective guarantee programmes to drive strategic sectors, including infrastructure.

Mr Christopher Balliet Bleziri, Resident Representative, International Finance Corporation, Togo, said there was a need to demystify the concept of infrastructure and focus more on government development and job creation.

He highlighted their role in assisting governments in developme
nt and deployment, particularly in adhering to international standards, and ensuring proper risk allocation.

The International Finance Corporation, he said, had implemented hybrid models that financed viability deficits and another combining the public and private sectors on the same project.

The hybrid models, Shri G. Balasubramanian, High Commissioner of India to Nigeria, said had a significant impact in India, building 280 kilometers in Western India, both the private and public sectors were involved.

‘The viability gap funding is funded 40% by the Indian government. Gold monetization in banks through bond sales has also been implemented in the country,’ he explained.

Mr Siengui Appolinaire KI, Secretary-General, West African Power Pool (WAPP), said regional electricity infrastructure development faced challenges, particularly in finding public-private partnerships.

According to him, it was important to implement Public-Private Partnerships (PPPs) with investments and collaborations, while including s
trong government involvement to provide guarantees, generating profits to pay the private sector, and ensuring robust regulation with contracts benefiting all parties to prevent fraud.

Source: Ghana News Agency

Dr. Ngozi Okonjo Iweala, Director General, World Trade Organization (WTO), has urged African countries to strengthen regional integration through the transformative potential of the African Continental Free Trade Area (AfCFTA).

She said with evolving global trade dynamics, AfCFTA was significant as a catalyst for economic growth and development across Africa through regional trade.

Dr Iweala was speaking virtually at the 2024 ECOWAS Investment Forum (EIF) which took place in Lome, Togo, on April 4th and 5th 2024 in Lome, Togo on the theme: ‘Transforming ECOWAS Communities in a Challenging Environment.’

This year’s forum focused on stimulating economic growth, creating sustainable jobs, and building resilience in the face of global challenges.

To promote investment opportunities in key sectors of the ECOWAS member states, stimulate economic growth, create sustainable jobs, and build resilience in the face of global challenges such as food security, infrastructure development, and climate change, the EIF 20
24 had over 700 participants joining physically and some 400 others joining remotely.

The participants, including representatives from various ECOWAS member states, officials from the ECOWAS Commission, industry experts, managing directors and CEOs of financial institutions, said to unlock Africa’s full potential, there was the need to address the glaring deficit in infrastructure through robust resource mobilisation strategies.

Dr Okonjo Iweala said to boost investments, African countries needed to consider demographics, driven by youth as the workforce and the market of the future while enhancing regional integration through the African Continental Free Trade Area (AfCFTA) and growing the importance of commercial services digitally.

She said AfCFTA represented a historic milestone in Africa’s quest for greater integration and economic empowerment.

The WTO Director General said West Africa and the African continent continued to attract investors through trade to stimulate economic growth and create emplo
yment.

According to her, despite challenges such as the COVID-19 pandemic and the war in Ukraine, international trade had rebounded and progressed steadily.

She said in the last quarter of 2023, the volume of goods exchanged was 6.3 per cent higher than the peak reached before the pandemic in the third quarter of 2019, and 19.1 per cent higher than the 2015 average.

Commercial services trade, she noted, grew by 21 per cent in US dollar value from 2019 to 2023.

‘To continue development despite various challenges, the strategy has been to decentralize and diversify supply chains. At the WTO, we refer to this process as ‘reglobalisation’ with the aim of bringing more regions out of marginality into the global arena, while stimulating job creation,’ she said.

She explained that ECOWAS countries accounted for 0.7 per cent of global trade, mainly focused on exporting raw materials, while Africa accounted for three per cent of global trade.

To achieve globalization, Dr Iweala suggested that governments must wo
rk on reducing commercial costs within ECOWAS and improving physical and digital infrastructure.

She said, ‘Customs duty codes have been improved, facilitating the movement of goods at borders. Processes have been modernized with electronic tools and the digitization of other procedures.’

The Director General said the Investment Facilitation Agreement for Development, finalized by 166 members at our 13th ministerial conference in Abu Dhabi, could facilitate access to long-term financing by streamlining approval processes and avoiding bureaucratic obstacles.

‘With ECOWAS facing an investment deficit of around $12 million, this agreement is welcome. Thirteen out of fifteen members have signed, and we hope the remaining two will follow suit.,’ she stated.

Other projects are underway, such as collaboration between the WTO and local banks to facilitate digital access for businesses, especially women-led projects (particularly in exports). The digital economy presents an opportunity to seize,’ Dr Iweala said.

Mr Yao Kouassi, Managing Director, Vista Bank, said West Africa stood out as one of the most promising and attractive markets for investors due to numerous untapped sectors with vast potential for

innovation, such as renewable energy.

He said with Africa currently representing 16 per cent of the global population and projected to reach 25 per cent by 2050, there was significant opportunity to tap into a skilled workforce and create new avenues for growth.

Source: Ghana News Agency

Green Butterfly, an eco-friendly Ghanaian company, Saturday held the ‘1st Saturday Market’ at the Department of Parks and Gardens in Accra.

Participating companies showcased their products which ranged from locally manufactured textiles, footwears, and clothing, crockeries and cook wares, jewelries, foods and drinks skin and hair products, decorative artifacts among a host of other Ghana-made wares and services.

Madam Yasmeen Helwani, Director of Green Butterfly, in an interview with the Ghana News Agency (GNA), said the reason for bringing together such a huge pool of businesses was to promote an eco-friendly culture via the patronage of naturally Ghanaian made products.

The exhibition, she also said, was a platform to help grow the country’s economy by showing what indigenous Ghanaian companies had to offer to the consuming market.

‘It is important that we preserve our local environment and economy hence the need to support our artisans both in Ghana and across Africa. That is, small scale businesses es
pecially those owned by women. we started this green butterfly market every third Saturday of each month to help the marginalised but talented artisans who don’t have shops to also get the needed patronage, ‘she said.

She said the event, held for 14 years, would help mitigate capital flight from the country and continent in general because it promoted the patronage of locally manufactured products and services only.

‘…We are encouraging our monies to stay local instead of sending them outside to purchase goods in that case we are strengthening our local economy,’ she said.

Harriet Akosua Yeboah, the CEO of Ahwremia Gallery – an art and craft company, said the Green Butterfly’s exhibition programme offered an opportunity for her to showcase her creative abilities.

‘These are not stuff we have gone to buy, and we are selling. They are things that we have created with our hands so when we come to Green Butterfly, we get the kind of clients interested in our eco-friendly aspects of our business such as recycl
ing,’ she said.

For Wood Artists such as Isaac Agyei, the event was not only about money, but the exposure.

‘…If you are in your workshop doing stuff and you don’t have a showroom, this platform is another way to exhibit your things to get new clients. That is why I came here to participate’, he said.

Since 2010 when it was founded, Green Butterfly has empowered several indigenous Ghanaian small-scale businesses and their owners in several sectors of the economy to come to the limelight with the aim of helping them grow and spread their tentacles across the country and to other parts of the continent.

The aim is to help create indigenous wealth and much needed employment in the country and beyond.

Source: Ghana News Agency

QNET, a global wellness and lifestyle selling company, has denied involving individuals in fraudulent and illegal activities, including job scams and illegal migration.

This was in response to a recent report from the Western Regional Command of the Ghana Immigration Service (GIS) that about 66 Ivorians who were arrested and repatriated to their home country were living illegally in Ghana.

In the said report, the GIS claimed that the unsuspecting Ivorians, 45 men and 21 women, were recruited under the guise of operating an illegal online business (QNET) at their hide out at Anaji Hills in the Sekondi-Takoradi Metropolis.

However, Biram Fall, Regional Manager for QNET in Sub-Saharan Africa, had firmly denied any involvement in such an incident.

In a statement, he said: ‘We are appalled by the misuse of our brand name in connection with these illegal activities, including job scams and illegal migration.

‘QNET is a law-abiding entity, and those who engage in our direct selling business to promote our produ
cts to others, do not need to travel from one country to another.’

According to the Sub-Saharan Regional Manager for QNET, the company took allegations of illegal and irregular migration or fraudulent activities very seriously and would take strong action against anyone found to be misrepresenting QNET.

He reaffirmed the company’s commitment to upholding ethical business practices, and strongly condemned such deplorable actions.

‘It is important for the public to understand that QNET is not an employment agency and does not make offers of guaranteed income or travel opportunities in exchange for money,’ he added.

Mr Fall, however, said as a legitimate global direct selling company, QNET provided a safe and legitimate business model where Independent Representatives earned an income only by selling its products.

Meanwhile, QNET had taken some significant steps in a bid to clear the misinformation about the company, its business model, and the direct-selling industry in general in the Sub-Saharan Africa re
gion, he said.

‘This includes launching the ‘Say No’ campaign in West Africa, both online and offline, to educate and warn the public about the rise in fraudulent activities conducted under the guise of QNET.’

He said the campaign was part of the company’s ongoing efforts to safeguard the integrity of its brand and protect potential victims from being misled.

The Sub-Saharan Regional Manager for QNET, therefore urged the public to remain vigilant and report any suspicious activities that misrepresented QNET. Individuals could visit www.saynocampaign.org to verify the legitimacy of QNET-related activities or send enquiries to the company’s Compliance Hotline via WhatsApp line +233256630005.

Source:Ghana News Agency

The government has been urged to review the tax law that has roped credit unions into the payment of corporate income tax to ensure financial inclusion and poverty reduction.

Aside from deepening financial inclusion and fighting poverty, which was a core objective of every government, credit unions could also contribute to the realisation of the United Nations Sustainable Development Goals (SDGs) on ending poverty by 2030.

Mr John Kofi Seidu, the Board Chairman of the Wa Community Cooperative Credit Union (WACCU), said this in Wa during the Union’s Annual General Meeting (AGM).

He said there was an urgent need to revert the credit union movement to its status quo regarding the payment of corporate income tax, to enable them to deepen financial literacy, capital formation and financial inclusion, among others.

He appealed to the President, Finance Ministry and the Ghana Revenue Authority (GRA) to consider an immediate review of the tax law that had wrongfully brought credit unions under the tax radar of th
e state.

Mr Seidu said this in relation to an estimated amount of GHS900,000.00 corporate income tax obligation of WACCU for 2023, which he said was the first time WACCU was paying such tax in its 59 years of existence.

He said it was sad that the GRA had been harassing credit unions over the corporate income tax and appealed to the appropriate authorities to take the necessary action including reviewing the law to help save Credit Unions from such harassments.

Mr Seidu reported that WACCU made a profit of GHS2,354,094.23 in 2023 against a profit of GHS1,715,728.26 in 2022 but said the corporate income tax was affecting the Union.

He said within the year under review the Union made a gross revenue of GHS8,495,579.59 against a gross revenue of GHS6,170,701.76 accrued in 2022.

Mr Dramani Natomah Adams, the Upper West Regional Chapter Chairman of the Ghana Co-operative Credit Unions Association (CUA), said credit unions were there to protect the interest of its members.

He urged members to take ownership o
f the Unions and to support their growth, saying, ‘We are not into profit-making.’

He also encouraged the members to verify the information they received about the Union and not to act on rumours as that was detrimental to the growth of the Union.

Source: Ghana News Agency