Category: News

Adnan Adams Mohammed After intense pressure was mounted on the government by importers, traders and consumers, it has directed the Ghana Revenue Authority (GRA) to suspend the implementation of the reversal of the benchmark value discounts until further notice. A statement issued by GRA, last week, said the indefinite suspension is to enable further engagements with all relevant stakeholders. This is the third time government had to suspend the implementation of the policy to reverse the 50% benchmark value discount introduced in 2019 to cushion importers and its resultant effect on the ordinary Ghanaian consumers of those importers goods. The implementation of the policy was expected to take effect from, Tuesday, January 4, 2022, but was initially postponed to January 6, 2022 and later President Nana Akufo-Addo on January 8, 2022, ordered the suspension of the implementation for further consultations that should have been concluded on January 17, 2022. But, after the first stakeholder meeting, the policy has been suspended indefinitely. “Following the outcome of a meeting held on Wednesday 12th January 2022, the Customs Division of GRA has been directed to suspend the implementation of the government’s policy directive on the removal or reduction of values of imports on selected items until further notice to enable more engagements with all the relevant stakeholders,” a portion of the statement said. The benchmark value, which is the amount taxable on imports, was reduced by 50 percent for some goods. And the import value for cars was also reduced by 30 percent. The government’s hope was that easing the import regime would make Ghana’s ports competitive by increasing the volume of transactions and increasing revenue generated at the ports. But as the government pushed its industrialisation drive, critics like the Association of Ghana Industries, also called for a review of the benchmark value reduction policy. It argued that imports that compete with locally manufactured products must be exempted from the policy as part of a cushion for local products. The Ghana Union of Traders Associations, GUTA, had earlier called on its members to oppose the reversal. The union argued that importers had to contend with increases in exchange rates, the cost of freight, among others.

By Elorm Desewu The government, through the Bank of Ghana, (BoG) plans to raise an amount of GH¢24.500 billion from the domestic money market for the first quarter of 2022, by issuing Treasury Bills, Notes and Bonds. The government plans to issue a gross amount of GH¢24.500 billion, of which GH¢20.714 billion is to rollover debt maturities. The remaining GH¢3.785 million would be a fresh issuance to meet government’s financing requirements. For the first quarter of 2022, the government will issue GHC11.3 billion worth of 91 Day, GHC3billion worth of 182 Day Treasury Bill, GHC 2.15 billion worth of 364 Day Treasury Bill, GHC 1.4 billion worth of Two year Note, GHC 1.650 billion worth of Three year note, GHC1 billion worth of Five year bond, GHC2 billion worth of Six year bond, GHC 1.2 billion worth of Seven year bond, GHC 800 million worth of 10 year bond, Per the debt calendar, the government aims to build benchmark bonds through the issuance of instruments as follows: the 91-day and 182-day will be issued weekly; the 364-day bill will be issued bi-weekly also through the primary auction with settlement being the transaction date plus one working day; securities of 2-year up to 10-year will be issued through the book-building method; and consistent with the MTDS, Government may announce tap-ins/reopening of other existing instruments depending on market conditions. The government expects that this January to March 2022 Calendar meets the requirements of market participants. The Calendar is developed based on the revised Net Domestic Financing provided in the 2022 Mid-Year Budget, the 2022 domestic maturities, the 2022 Annual Borrowing and Recovery Plan and the Medium Term Debt Strategy. It depicts the securities that are intended to be issued in respect of Government’s Public Sector Borrowing Requirements for the period January to March 2022. The Calendar takes into consideration the government’s liability management programme, market developments (both domestic and international) and the Treasury & Debt Management objective of lengthening the maturity profile of the public debt. The Medium-Term Debt Management Strategy proposes appropriate financing for the period 2022 – 2025 which sets out to achieve the following objectives: meet government’s funding needs on a timely basis and at a relatively lower cost subject to prudent levels of risk; promote the development of efficient primary and secondary markets; and pursue any other action considered to impact positively on the public debt stock.

The Ghanaian-German Centre (GGC), which is implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Government, is partnering with the Ministry of Employment and Labour relations to provide job opportunities through the pilot “Graduate Work and Salary Top-Up Programme”. This programme serves a dual objective. Firstly, it aims to cushion reputable Small and Medium Enterprises’ (SMEs) post-COVID recovery by supporting their wage bill as they seek to recruit fresh hands to spur growth from the effects of the COVID pandemic. On a threshold of 1,500cedis, the GGC pays 60% of employee’s salary for 6months and 40% for the subsequent 4months. The programme therefore supports SMEs by leveraging their wage bill for growth, whilst promoting employment, improving skills, and entrepreneurship among the youth, through their 10months corporate experience that serves as a springboard from retention or alternate employment opportunities. The newly hired staff, who must be given a contract that includes their training plan, acquire valuable on-the-job learning to augment their work experience, sharpen their skills, develop their career goals, and establish corporate networks that may prove valuable throughout their careers. The motivated individuals with rounded skills bring fresh thinking and innovation to their workplaces, as the organisations benefit from the savings off their wage bill and create more jobs.

The initiative therefore contributes towards achieving the Sustainable Development Goal No. 8 by promoting inclusive and sustainable economic growth, productive employment, and decent work for the youth. The GGC is partnering with TDI Global Limited to bring its internationally top-rated approach to building capacity of workforce and enterprises in a structured manner. Through the TDI’s My3D Programme (Discover, Develop and Deploy), beneficiaries are taken through a well-structured self-discovery and self-mastery programme that enable them to understand their skills strengths and gaps. They are then provided career guidance, counseling, mentorship, and training that develop and optimize their skills before and during their period of internship. TDI collaborates with the employers to determine their specific skills need and then equips the youth (My3D Scholars) with the right work skills, digital skills, leadership, and entrepreneurship skills that enable them to bring fresh thinking and innovation to the organizations, improve productivity and growth and enable the organizations to become internationally competitive. According to the World Bank report of September 2020, Ghana is faced with 12% unemployment and more than 50% underemployment among the youth, both higher than overall unemployment and underemployment rates in Sub-Saharan Africa. For further enquiries please reach out to Kwaku Yeboah, Technical Advisor at the GGC through michael.yeboah@giz.de or +233 55 675 8518 or reach out to TDI Global Limited through Theresa Akomah +233 24 250 7678 or training@tdi-global.com Notes to Editors About the Ghanaian-German Centre (GGC) The Global Programme “Migration for Development” is commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and is implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ). The objective of programme is to create and provide advice on prospects for returning migrants in Ghana as well as for potential migrants and to address irregular migration by providing information on legal ways of labour migration. In Ghana, the Programme has established a structure for migration and reintegration advice, through the Ghanaian-German Centre (GGC) which became operational in December 2017. GGC is set up in collaboration with the Ministry for Employment and Labour Relations (MELR) of Ghana. It aims to provide counselling services to the local populace, returning and potential migrants. The focus lies on reintegration support for returning Ghanaian migrants, as well providing the youth employment and educational perspectives in Ghana. Further, the Centre provides information on legal migration to Germany. The project has since inception trained over 27,700 individuals in Entrepreneurship and Employability Skills, 3,700 have found jobs; with majority (92%) being self-employment, 4,299 have received business start-up support, with about 1300 receiving technical/vocational short-term skills training. About GIZ As a provider of international cooperation services for sustainable development and international education work, GIZ is dedicated to building a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security. The diverse expertise of our federal enterprise is in demand around the globe, with the German Government, European Union institutions, the United Nations, the private sector, and governments of other countries all benefiting from our services. We work with businesses, civil society actors and research institutions, fostering successful interaction between development policy and other policy fields and areas of activity. The German Federal Ministry for Economic Cooperation and Development (BMZ) is our main commissioning party. Currently, GIZ promotes sustainable development in Ghana via about 50 programmes and projects. GIZ is boosting Ghana’s potential by focusing its projects on three priority areas: Responsibility for our planet – climate and energy, Training and sustainable growth for decent jobs as well as Peaceful and inclusive societies. Additionally, our portfolio extends to other areas such as environment, peace and security. Another focus of GIZ’s work is linking business interests with development-policy goals. Most of the programmes and projects we support in Ghana have successfully brought together national and international private companies, the public sector, and civil society groups to collaborate on development initiatives. For more information, please visit www.giz.de/ghana

REMARKS BY GJA PRESIDENT AFFAIL MONNEY AT OPENING OF MEDIA CAPACITY ENHANCEMENT PROGRAM AT MANHYIA PALACE ON JANUARY 10, 2022 Your Royal Majesty , Otumfuo Osei Tutu 11, the Asantehene, Hon Minister of Information, Chairman of the National Media Commission, Rector of GIJ, Presidents of PRINPAG and GIBA,National Public Affairs Director of GJA, Mary Tawiah Mensah, GJA Regional Chairpersons , Director of News, Ghana News Agency, Mrs Beatrice Asamani -Savage, resource persons, participants, distinguished ladies and gentlemen. At long last, what was perceived as a distant dream or dismissed as an inflated rhetoric is unfolding into historic reality. Accordingly, GJA is profoundly grateful to the government of Ghana, as an indispensable stakeholder in the media, for its staggering sponsorship package. The Planning Committee led by GIJ Rector, Professor Kwansah- Aidoo, and the resource persons also deserve the highest commendation for lending their maximum support for the Media Capacity Enhancement Programme. While at the pinnacle of gold, and in the precinct of the Golden Stool, permit me, Your Royal Majesty, to sprinkle a gold dust of appreciation on our sector Minister, Hon Kojo Oppong Nkrumah, for his singular vision and tenacious commitment to professional excellence , culminating in the series of training programmes and marriage between industry and academia. The twin Initiative, without doubt, is unprecedented in scope , and unparalleled in depths since 1822 when journalism began in the then Gold Coast , now Ghana. A dazzling journalist as he was, and a budding politician as he is, Hon Nkrumah’s place in the history of journalism in Ghana is definitely assured. If today, touch wood, the President decides to reshuffle him, he will leave with his chest out and his head high because he has something of monumental value to show the present and future generations of journalists. We recall with utmost pride that in 2015, the Otumfuor journeyed by road from Kumasi to Accra to address the GJA awards . The observations he made and recommendations he gave are still a reference point for the media. Today, we are profusely grateful to the veritable friend of the GJA and unwavering supporter of the media , for his gracious act of condescension which has made it possible , once again, to drink from the fountain of his Solomonic wisdom . It is trite knowledge that the Enhancement Programme is happeningn at a time when confidence in the media is on the in wane , and perpetration of mediocrity, on the rise. In terms of professional standards, many journalists are stuffed to the gills, others are rotten to the core. While some display innovative spark and distinctive qualities, many operate in stagnant pools which reflect hackneyed styles and immanent output. The finest opportunity, therefore , beckons to move the paradigm and change the narrative of journalism practice in Ghana. More specifically, the training series is expected to sharpen the reportorial flair, editorial craftsmanship, analytical power, and creative thinking of the participants so that they will not only operate to make a living , they will also be living to make a difference. Research shows that the average engineer loses twenty percent of his or her knowledge every year, if it not updated. Journalists are not immune from this reality. The logical response , therefore, is to train and retrain all journalists as resources would allow. This should be complemented by heuristic means to achieve an overall quality in media output. Ann Landers teaches us that the naked truth , is better than a well dressed lie. And the naked truth is that most media houses and individual journalists are too financially disabled to meet their critical training or self- development needs. Like the signature SHS programme, we hope the free Media Capacity Enhancement Programme has come to stay to help fix the capacity deficit and hone the professional skills of beneficiaries. This will eventually chrystalize into a system which will be a crucible for media credibility, media responsibility and media accountability. Before the programme is extensively rolled out, we hasten to urge that the practice of journalism in its rawrest form must stop. This relates to unprintable insults, indecent dictions, inelegant comments and unnecessary noise which make some practitioners and their outlets trend for wrong reasons. The experts tell us anything without humour is almost inhuman. And good humour is a mark of high intelligence. Indeed, we love programmes spiced with humour and enjoy discussions leavened with proverbs. However, this point can hardly be articulated- excessive injection of jocularity and proverbization in news in particular, and other serious programming , is problematic. Such breezy ethical breaches add tinder to the anger of media critics, and make forgiveness for our professional sins hellishly difficult. Furthermore, the GJA wants the media to promote civility in public discourse and champion healthy debates of national issues , bearing in mind that debates are the lifeblood of liberal democracy such as ours. In the process, the media should tone down their partisan slant and blatant spin and tone up their independent streak and objective bent. This approach will help meet an ethical imperative of feeding the public with free, fair, balanced and comprehensive information with which they will make reasoned decisions. It goes without saying the Media Capacity Enhancement Programme , presents an iconic turning point in journalism practice in Ghana. In a wider context, the GJA proposes that this programme be executed in tandem with pragmatic steps to improve the working conditions of journalists. Dwindling revenue steam and swingering expenditure cuts , induced by Covid , have conspired to make an already bad situation worse , for majority of the media houses and their workers. While public sector workers fight for premium salaries, the minimum wage is a luxury for a countless number of journalists who have even not be paid for months.. The International Federation of Journalists ( IFJ) reminds us poignantly that “there can be no press freedom if journalists live in conditions of poverty , fear and corruption.” The causal nexus between flip- flop poverty and below par performance in certain media circles underlines the need to address the salary issue of journalists with urgent promptitude. Your Royal Majesty, Hon Information Minister, senior media practitioners, learned resource persons, esteemed participants, distinguished ladies and gentlemen. Indeed, our media houses are varied. Our orientation is different. And our backgrounds are diverse. However , our journey from far and near, and our willingness to sit in and learn, presupposes our commitment to be bound by a single strand woven around the desire to use journalism to promote the economic upswing, social uplift , democratic upsurge and developmental upgrade of our dear nation Ghana. This is a charge to keep. The Sovereign Lord is our helper. Thank you for your attention. Afehyia pa .

Adnan Adams Mohammed The government through its revenue collecting agency, Ghana Revenue Authority (GRA), has for the second time deferred the implementation of the reversal of reduction of values of imports (known as Benchmark Values) on selected items, to next week. This is to allow government and maritime trade stakeholders, basically importers, to have much understanding of each other on the implementation of the revised benchmark values of some imported items. GRA further explains that, the postponement which it term as ‘transitional arrangements’ will ensure a smooth implementation. It is also to allow a storage free period for vessels that discharged on 31st December 2021 to go through clearance without being affected by the reversal of the policy. A press release issued last week by the Authority noted that, effective Monday, 17th January 2022, any Bill of Entry (BOE) presented without payment of duty and other taxes or deposit of security (where it is a suspense cargo) will be affected by the policy. A bill of entry according to the release shall require reprocessing to be affected by the new policy. This will include the following: “Where BOE tax assessment is accepted by declarant but tax bill has not been paid; Where BOE tax assessment is yet to be accepted by declarant; and for any assessed BOE that was affected by the earlier effective dates of 4th or 6th January 2022, a reprocessing will be required to reverse the effect of the policy on duty and taxes”, the GRA statement indicated. However, the Ghana Union of Traders Associations (GUTA) has called on the government to hold on with the implementation of the reversal of the 50% benchmark value on imports, which was expected to take effect from, Tuesday, 4 January 2022. According to the association, times are hard as a result of the COVID-19 pandemic, especially, as it is still prevalent. “World commodity prices are still high and going up, with freight charges being extremely high”, GUTA noted, adding that “the conditions that resulted [in] the introduction of the benchmark value policy are still prevalent and even worse. The association also said the prices of “essential commodities such as food, pharmaceuticals and others will be extremely unbearable for the consuming public, which will also affect turnover and volume of trade in the country, thereby collapse businesses”. “In the fight against the pandemic, prices of food items, pharmaceutical products etc., need to be affordable to the consuming public”, GUTA said. “Our local manufacturers cannot meet the demand of most of the listed items, therefore, we are not self-sufficient as a country, to surcharge the consuming public”, it said. The group also noted that the “lack of competitiveness of our local industries is based on other factors rather than the benchmark value policy of which they (industries) are also beneficiaries.” It continued: “The exchange rate is also going up at this time” while “the competitiveness of the Ghanaian trader within the sub-regional bloc” and cross-border trade “should also be conceded as very necessary and important.” GUTA referred the government to its earlier promise to engage stakeholders through the Economic Management Team on the issue before any decision is taken, emphasising that the engagement is yet to take place. The association further made reference to the press conference by Finance Minister Ken Ofori-Atta, at which “he acknowledged the fact that the reversal of the benchmark value would have an adverse effect on importers and that the government would find a mitigating factor to cushion the effect but this has not yet been done.” Apparently, the Chief Executive Officer (CEO) of the Association of Ghana Industries (AGI), Seth Twum Akwaboah has admitted they lobbied for the reversal of the benchmark value on imports because it was negatively affecting the growth of local industries. The businessman noted that the introduction of the benchmark values reduced the cost of imports with duties being reduced by half, making imported products cheaper than locally manufactured ones. “With this being the case in our markets, local manufacturers were making losses and that is why we lobbied for the reversal of the benchmark value on imports for local manufacturers to progress.” Sharing insights into the plight of local industries with the introduction of the benchmark value, he indicated that local rice manufacturers recorded heavy losses. “Local rice manufacturers had to lay off staff and the few remaining were not even paid as patronage of their goods dwindled. This happened because the benchmark value made imported rice cheaper than the local ones. Oil, poultry and t-roll producers all made losses this Christmas as cheaper imported ones flooded the market.” According to him, the government’s industrialization agenda itself has suffered from the introduction of the benchmark value “and it is right for us to call for the reversal because such policies do not help the local manufacturing sector.” Seth Twum Akwaboah admitted the AGI needs to be inward-looking to become competitive, he also pointed out that both external and internal factors affect them. “The cost of energy and capital is high in Ghana and not favorable for us but we don’t need to focus on that alone to succeed, but we also need fairness. If the cost of imports for our competitors is low and our cost of production is high, how can we be competitive?” He views the decision of the government to reverse the benchmark value as nothing new, “we are only going back to what was formally practiced.” But, the largest opposition party, National Democratic Congress (NDC),has called out the government for the reversal of 50 percent discount on benchmark values of some imported items. The party describe the situation as ‘insensitive and callous decision’ as it believes that prices of the affected items will double in coming days. NDC is thereby calling on Ghanaians, importers and traders to come together as a people irrespective of their social backgrounds or political affiliations to resist these draconian measures of the failed Akufo-Addo/Bawumia/NPP government which will only worsen living conditions should they be allowed to stand. “This terrible decision comes at a time when the national currency is depreciating and world commodity prices are increasing at an alarming rate, with freight charges and port handling charges being extremely high.”, Sammy Gyamfi (Esq), National Communications Officer of NDC said in a press release. “More importantly, the callous decision by government to reverse benchmark value discounts comes at a time Ghanaian businesses, startups, parents and households are reeling under a yoke of excessive taxation, persistent increases in fuel prices and high cost of living never before witnessed in the anals of our country.” In 2019, in accordance with the World Customs Organisation’s policy of regular review of valuation database, the government introduced the benchmark policy. Certain commodities are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics of these commodities under this policy. It also takes into consideration factors such as the protection of health, the environment, and security as well as the protection of local industries.
The benchmark value is the amount taxable on imports.

Adnan Adams Mohammed Sections of the public sector workers on government payroll have threaten massive industrial actions against the government to express their disappointment of the seven (7) percent salary increment. The government, through the Employment and Labour Relations Minister, Ignatius Baffour-Awuah, last week, made the announcement to increase the base pay of public sector workers for the year 2022. This is three (3) percent more than the base pay increase of four (4) percent for 2021. This does not sit well with public sector workers including: Ghana National Association of Teachers (GNAT), the Civil and Local Government Staff Association of Ghana (CLOGSAG) and other unions as they describe the pay structure, Single Spine Salary Structure (SSSS), as an apartheid system. They noted that, the public sector worker will only be satisfied with what is contained in the Ntiamoah Committee report, which states that what should be given to Article 71 officeholders should not exceed that of public sector workers. “How good is seven per cent for the public sector worker when strangers (politicians) have entered into our coffers and have taken 80% and they are giving us 7%?”, convener for the Aggrieved Public Sector Workers, Mr Norbert Gborgbortsi, quizzed with disappointment. “We are mobilising from the district level. You’ll see us soon on the streets. We’re planning towards no work at all but we don’t have a date yet.” “They (politicians) come for four years and they leave”. On the other hand, he said: “We work throughout our lifetime, 40, 50, 60 years until we go on retirement; some even die in the course of their jobs and, so, it is unfortunate for them to award us 7% and award themselves 80%.” “This 7% we are talking about, some people may be taking home GHS35 at the end of the month and that GHS35 is being eroded by inflation already, not to talk of the taxes they want to introduce like the mobile money tax and the NHIA levy; and that percentage is subject to your tax before it is being released to you, so, before the money gets to you, it is not even up to that GHS35.” Executive Secretary of CLOGSAG, Isaac Bampoe Addo, reacting to the announcement said, the pay structure which is used to pay public sector workers had resulted in a great disparity between the salary of workers in different classes of the sector. According to him, the payment structure was also not transparent enough. “To us as CLOGSAG, the issue is transparency. This apartheid system of salary administration in the public services must give way to scientific thinking. There are differentials of salaries in the public services, and these are the things they must look at.” “Every year, we hear revenue shortfalls from the ‘Ministry of Expenditure’. Yet, Ghana Revenue Authority will tell us they have exceeded their target every year, so what are you talking about? We must take a look at the single spine salary structure,” he added. Bampoe Addo said it was the view of CLOGSAG that the payment structure showed be reviewed as soon as possible. The Executive Secretary made these remarks in response to government increasing the salary of the public sector workers by 7 percent. Mr Baffour-Awuah speaking at the 6th Quadrennial National Delegates Conference and the 90th-anniversary of the Ghana National Association of Teachers (GNAT) held in Kumasi made the salary increment announcement. He noted the four per cent increase was due to the impact of the COVID-19 pandemic on the economy. He said: “Yes, we endured a difficult time during the period of COVID-19, but, Mr President insisted that under no condition should any Ghanaian worker lose his job during the period of COVID-19. Through that, we were able to safeguard the work of every public sector worker in Ghana including teachers, for which members of GNAT are included. So, we want to express our appreciation to you.” He noted that in return, “Mr President, we had to also negotiate with the leadership of organised labour and in the process, we also agreed that we had to be modest in our request on the national kitty; that is how we ended at the four per cent.” “But Mr President, the beautiful thing is that we are moving on and we have agreed that coming into this current year, the four per cent will no longer exist and that we are going to give workers a seven per cent increase,” he added. The employment and labour relations minister expressed hope and belief that things will begin to work better for the economy “so that we can give our workforce a better remuneration that they can actually be proud of.” Touching on pensions, he applauded the Ghana National Association of Teachers (GNAT) for having what he described as one of the best pension schemes in the country. “I’ll say that on issues of pensions, currently as we speak, GNAT has one of the best occupational pension schemes operating in the country now and I’ll like to thank them for the pioneering role they’ve played together with their other colleague organised labour, in helping us to shape the pension front and, especially giving us one of the best pension schemes, the three-tier pension scheme, which currently is serving the interest of our pensioners,” Mr Baffour-Awuah said.

Adnan Adams Mohammed It is reported of the impressive performance recorded last year by the Ghana Stock Exchange to end the year as Africa’s 2nd best performing stock market, in both dollar and cedi terms. Data analysed showed that, in dollar term, the exchange recorded 38.59% return for investors, whilst investors enjoyed 43.66% gain in local term. Ghana’s stock market came behind the Lusaka Securities Exchange, the best performing stock market in Africa, registering 93.2% gain in dollar and 52.21% in local term for investors. On the other hand, the Malawi Stock Exchange was 3rd, with a return of 32.24% and 40.05% in dollar and local term respectively. The GSE enjoyed one of its best runs in recent times last year, reversing three consecutive years’ losses. During the first nine months of 2021, the Accra Bourse was actually the best performing stock market in Africa, until it was dislodged by the Lusaka Stock Exchange. This was due to the pressure on the local currency – the cedi. Importantly, investor sentiments had sustained the growth of the market as the bond market also witnessed remarkable growth despite the existence of Covid-19. At the end of December 31st last year, the market capitalization had grown significantly to close the year at ¢64.49 billion. According to the trading results, 15 stocks on both the main and SME Market registered gains in their market value, whilst five stocks recorded losses. The best performing stock was Fanmilk (+270.37%), followed by Guinness Ghana Breweries Limited (+100%) and Enterprise Group (+99.29%). However, the worst performing stock was Cocoa Processing Company (-33.33%). It is still selling at 2 pesewas per share. On the continent, the worst performing market was the Botswana Stock Exchange. We at Economy Times encourage the financial sector regulators and the management of GSE to strengthen their collaboration to ensure a favorable and attractive investment environment to deepen and expand the stock market.

Adnan Adams Mohammed Read below list of all taxes and levies introduced and increased: A)New taxes introduced by the Akufo-Addo/Bawumia/NPP government during their first term (2017-2020) which Ghanaians are paying till date: 1. 3% VAT FLAT RATE 2. 5% increase in VAT by making the GETFUND levy and NHIL straight taxes. 3. 5% National Fiscal Stabilization levy (extended beyond expiry date of 2017) 4. 2% Special import levy (extended beyond expiry date of 2017) B) First term (2017-2020) taxes that were imposed on Ghanaians, collected and later withdrawn: 5. Luxury vehicle tax (GHS1000 to GHS2,500 depending on engine capacity of vehicle) 6. 50% increase in Communication Service Tax (CST) C) New taxes introduced in 2021 by the wicked Akufo-Addo/Bawumia/NPP government: 7. 1% COVID-19 health recovery levy on the 3% VAT flat rate, making it 4% now. 8. 1% COVID-19 health recovery levy on the 2.5% National Health insurance levy, making it 3.5% now. 9. 5% financial sector clean-up recovery levy. D) NEW TAXES IMPOSED ON FUEL PRICES in 2021: 10. 20 pesewas Energy Sector Recovery Levy on every liter of diesel and petrol 11. 10 pesewas Sanitation levy (“Borla”) tax on every liter of diesel and petrol 12. 18 pesewas energy sector recovery levy on every kilogram of LPG E) INCREASED EXISTING TAXES/LEVIES ON FUEL PRICES FROM 2017 TO DATE: 13. 30% increase in Energy Sector levies (ESLA), extended beyond its original duration of 5 years to now 15 years. 14. About 11% increase in Special Petroleum Tax (from 41 pesewas to 46 pesewas) on every liter of diesel and petrol. 15. 200% increase in BOST MARGIN from 3% to 9%. 16. 67% increase in Fuel Marking Margin (from 3 pesewas to 5 pesewas) per liter of petrol and diesel. 17. 40% increase in Price Stabilization and Recovery Levy on fuel products (from 10 pesewas & 12 pesewas on petrol and diesel respectively, to 14 pesewas and 16 pesewas on diesel and petrol respectively) 18. 25% increase in Primary Distribution margin from 8 pesewas to 10 pesewas. 19. 36% increase in Unified Petroleum Price Fund (UPPF) from 22 pesewas to 30 pesewas. 20. Increase in Road Fund Levy from 46 pesewas to 48 pesewas on every liter of diesel and petrol. F) NEW ‘KILLER’ TAXES IN THE 2022 BUDGET 21. Bawumia (Digital) Tax of 1.75% on all electronic transactions. This includes: * a 1.75% Momo Tax * a 1.75% Bank Transfer Tax * and a 1.75% Inward remittance (“Borga”) Tax. 22. 15% increase in fees and charges of government. This affects all fees paid for government services including: * Company Registration at Registrar General’s Department * Passport fees at the Passport office * Food and Drugs Authority certificate fees * Government Hospitals Fees * Energy Commission fees * Public University fees * DVLA fees (road worthy fees, drivers license fees etc.) * Immigration fees (work permits, residential permit fees) * NCA fees * EPA fees * NPA fees * Birth and Death Registry fees * Airport fees etc. NB: All these fees will go up by 15% upon the approval of the 2022 “Awudie” budget by Parliament. 23. Reversal of 50% and 30% benchmark value discounts on 42 categories of imported goods and vehicles respectively. This simply means that the prices of: vehicles, pharmaceuticals including condoms, sugar, rice, aluminum roofing sheets, toilet paper, facial tissue and towel, chocolate, palm oil, mosquito coils, ceramic tiles, aluminum products, Portland cement, cement paper, clinker, matchet, boxes of paper, water and soft drinks, fruit juices, tomato paste, Ketchup, furniture, toilet soap, laundry bar soap, lubricating oil, alcoholic beverages, biscuits, pasta, spaghetti, noodles, macaroni, indomie, animal products, textile and textile articles, electrical machinery and equipment among others; will go up between 20% to 30% in the coming days. TAXATION TO PRODUCTION INDEED! #BAWUMIATAX #BAWULIAR #SAKAWAGOVERNMENT *NCB-HQ*

Adnan Adams Mohammed The largest opposition party, National Democratic Congress (NDC), has called out the government for the reversal of 50 percent discount on benchmark values of some imported items. The party describe the situation as ‘insensitive and callous decision’ as it believes that prices of the affected items will double in coming days. NDC is thereby calling on Ghanaians, importers and traders to come together as a people irrespective of their social backgrounds or political affiliations to resist these draconian measures of the failed Akufo-Addo/Bawumia/NPP government which will only worsen living conditions should they be allowed to stand. “This terrible decision comes at a time when the national currency is depreciating and world commodity prices are increasing at an alarming rate, with freight charges and port handling charges being extremely high.”, Sammy Gyamfi (Esq), National Communications Officer of NDC said in a press release.

“More importantly, the callous decision by government to reverse benchmark value discounts comes at a time Ghanaian businesses, startups, parents and households are reeling under a yoke of excessive taxation, persistent increases in fuel prices and high cost of living never before witnessed in the anals of our country.” Read Full Statement below: PRESS STATEMENT 5th January, 2022 INSENSITIVE AKUFO-ADDO/BAWUMIA GOVERNMENT CONTINUES TO PUNISH GHANAIANS FOR THEIR ECONOMIC MISMANAGEMENT AND RECKLESSNESS AS THEY REVERSE DISCOUNTS ON BENCHMARK VALUES OF 44 CATEGORIES OF IMPORTED GOODS. Good afternoon distinguished ladies and gentlemen of the media. On behalf of the National Democratic Congress, I thank you for honoring our invitation at such short notice and welcome you to the National Headquarters of the National Democratic Congress (NDC) for this all-important press conference. Before we proceed further and given the fact that this presser is the first for the year 2022, I wish to on behalf of the leadership of the NDC extend to you, our friends from the media best compliments of the season and wish all those following this event across the length and breadth of Ghana, a very fruitful and prosperous new year. “Yema mo nyinaa afehyiapa”. Distinguished friends from the media, the NDC is utterly appalled by the decision of the insensitive Akufo-Addo/Bawumia government to reverse benchmark value discounts on selected imported goods, effective yesterday, 4th January, 2022. The reversal of benchmark value discounts is a draconian policy which will adversely affect the living conditions of all us irrespective of our social backgrounds and political affiliations. 1. It will be recalled that sometime in April 2019, government through Vice President, Dr. Mahamudu Bawumia announced a 30% and 50% discount on the benchmark values of imported vehicles and general goods respectively. Sadly but unsurprisingly, government has decided to scrap these discounts on 44 categories of imported goods. 2. This terrible decision comes at a time when the national currency is depreciating and world commodity prices are increasing at an alarming rate, with freight charges and port handling charges being extremely high. More importantly, the callous decision by government to reverse benchmark value discounts comes at a time Ghanaian businesses, startups, parents and households are reeling under a yoke of excessive taxation, persistent increases in fuel prices and high cost of living never before witnessed in the anals of our country. 3. Ladies and gentlemen, what the decision to reverse benchmark value discounts effectively means is that, prices of the affected items such as; vehicles and spare parts, machinery, equipment and plants, aluminum finished products (roofing sheets), portland cement, cement paper bags, and clinker, poultry, animal products (meat), fish, rice, sugar, pasta, spaghetti, noodles and macaroni, pharmaceuticals (including drugs such as paracetamol, condoms etc.), toilet paper, facial tissue and towel, chocolate, toffees and chewing gum, palm oil (crude and refined oils), mosquito coils, ceramic tiles, tile cement, machetes, plastics, textile and textile articles, fruit juices, tomato paste and ketchup, furniture and parts, boxes of paper and paperboard cases of corrugated paper, iron steel bars, toilet soap and laundry bar soap, detergents washing powder, lubricating oil, soft drinks and carbonated drinks, biscuits/wafers, among others; will all go up by 30%- 50% in the coming days. 4. These increases which will eventually be passed on to Ghanaians will further escalate prices of general goods and services in the country and exacerbate the severe hardships Ghanaians are already reeling under. This will ultimately increase the cost of doing business in the country, negatively affect turnover of businesses and the volume of trade in the country, and lead to the collapse of many businesses and jobs. 5. In fact, the bitter reality is that, given the many draconian taxes that have been introduced by the callous Akufo-Addo/Bawumia/NPP government since April 2019 and the continuous depreciation of the Ghana Cedi which is already eroding profit margins and the capital of businesses, importers and Ghanaians in general will be worse off as a result of this decision. In short, import duties will be far higher than they were before April 2019 when the benchmark value discounts were introduced, in view of the continuous free fall of the Cedi and the raft of new crippling tax measures that government has introduced since April 2019. 6. Ladies and gentlemen, we wish to make the point, that this catastrophic decision has been occasioned by the self-inflicted economic malaise we presently find ourselves in, with our economy in tatters and government simply unable to find money to do anything. After five (5) years of economic mismanagement and reckless election-driven spending, which have taken the country back to its HIPC days, the Akufo-Addo/Bawumia/NPP government has decided to punish the already-burdened Ghanaian people with more hardships for their own recklessness and mismanagement. This is why all manner of crippling taxes and killer revenue measures such as the reversal of benchmark value discounts are now being imposed on Ghanaians to shore up government’s revenue just to create an artificial picture of a sound economy in order to convince the investor community on more and more borrowing. 7. We in the NDC are left in no doubt whatsoever that this latest decision by Government to reverse discounts on benchmark values of imported goods, further accentuates Dr. Bawumia’s place as the most deceitful Politician in Ghana’s history. It will be recalled that sometime in the year 2019, Dr
. Bawumia was all over the place pontificating that Ghana’s Ports were one of the most expensive in the sub-region and that government had decided to introduce discounted benchmark values in order to facilitate more trade volumes, make our ports more competitive, reduce smuggling and increase government revenues from the Ports. 8. Friends, the question that ought to be asked is, what has changed in just two years to warrant a reversal of that so-called “brilliant economic policy” which was introduced by the once economic messiah of the NPP who has now turned himself into an IT champion? What happened to all the justifications Dr. Bawumia mounted for the introduction of the discounted benchmark values? Is government no longer interested in facilitating more trade volumes and making our Ports competitive? Is government no longer interested in reducing smuggling and increasing national revenue through benchmark value discounts? 9. Furthermore, the reversal of benchmark value discounts on selected imported goods reinforces our long-held view that this Akufo-Addo/Bawumia/NPP government is an insensitive and callous administration which does not have the wellbeing of the Ghanaian people at heart. These are the very people who promised among other things to move this country from taxation to production, but have yet again pulled another deception on Ghanaians relative to import duty and Port charges. Never has a government been this cunning and untruthful to the people in our history as a country. 10. As always, it would come as no surprise to us for government’s apologists led by Dr. Bawumia himself to once again canvass the COVID-19 pandemic as a convenient excuse for the decision to reverse benchmark value discounts. These days, the inept and clueless Akufo-Addo/Bawumia/NPP government blames literally every single thing on COVID-19, including when the sun fails to appear. However, it is important to state forcefully that COVID-19 can never be blamed for the reversal of benchmark values. Government exceeded its revenue target for the year 2020 (COVID year) and actually raked in more revenue than they did before COVID struck. For instance, in the year 2019 before the advent of COVID-19, total tax revenue stood at just about GHS43 billion, while total tax revenue for 2020 (covid-year) stood at GHS45.3 billion, thereby exceeding government’s tax revenue target for 2020 by a whopping GHS2.5 billion. Also, whereas government projected a total tax revenue of GHS55 billion for the 2021 fiscal year, our checks show that this revenue target has been exceeded. 11. In addition to this, and by courtesy of the coronavirus pandemic, government has received support of about US$2 billion from the IMF, a US$100 million grant from the World Bank, US$250 million from the Stabilization Fund, about GHS20 billion support from the Central Bank, among others, all of which have been squandered on hyper-inflated consumption-related expenditures. 12. Ladies and gentlemen, it is worthy of note that, several countries in the sub-region such as Togo, Benin, Nigeria, Ivory Coast, among others, have better budget deficit, debt to GDP ratio and other economic indices than Ghana despite being hit by the COVID pandemic. None of these countries have slapped their citizenry with the kind of draconian revenue measures the Ghanaian people are witnessing at the hands of the insensitive Akufo-Addo/Bawumia government. Therefore, COVID-19 can neither be a reasonable justification for the reversal of benchmark discounts on imported products nor the imposition of unprecedented hardships and misery on Ghanaians by this government. On the contrary, it is down to crass economic mismanagement spurred by a toxic combination of unbridled borrowing and reckless spending on misplaced priorities that have brought us here. That is what has created the unprecedented high budget deficit and unsustainable debt hole we presently find ourselves in. 13. Again, we must register our displeasure at the misplaced priorities of this government and the continuous waste of the public purse on the opulent lifestyle of the President and his government of family and friends in this time of economic difficulties. It is important to emphasize that, revenue has never been a problem for the Akufo-Addo/Bawumia/NPP government. Without any argument, this government has been the luckiest and most resourced government in Ghana’s history, with a total resource envelope of over GHS460 billion accruing to them in the last five years. It is a fact that this government has had more taxes than any other government in Ghana’s history (GHS157 billion in four years (2017-2020) as compared to GHS86 billion that accrued to the NDC/Mahama administration in four years- 2013-2016); more oil revenue and more borrowed funds than any government in Ghana’s history. 14. Yet, the chunk of all these unprecedented revenues is spent on consumption-related expenditures such as the rental of hyper-expensive luxurious jets to satisfy the comfort of President Akufo-Addo, while the rest of the meager resources of state are misappropriated through corruption and naked thievery by his appointees and family & friends, as was recently noted by the Catholic Bishops Conference. For instance, the 2020 Auditor General report shows that Ghana lost over GHS32 billion as a result of corruption and financial irregularities in the public sector from 2017-20202. President Akufo-Addo continues to display such insensitivity in this time of economic difficulties and same continues to be emulated by his appointees. 15. Friends from the media, the claim by government that the purpose of the reversal of benchmark value discounts is to address concerns raised by the Association of Ghana Industries (AGI) and promote local production, is mischievous and ridiculous to say the say least. This is because some of the items listed under the 44 categories of imported goods affected by this draconian policy, such as vehicles, spare parts, Plants, Equipment, machinery, sugar, some drugs (pharmaceuticals) are not manufactured in Ghana, while some of the affected items such as Clinker, cement paper, paper etc. are input materials for local production. Even for the few affected products that are produced locally, we do not currently have the local capacity to produce to meet national demand. Hence, any policy that seeks to increase import duties and ultimately the prices of goods, will lead to more hardships in the country. The sensible thing for government to do under the circumstances if they are genuinely minded to support AGI and boost local production is to reduce the cost of doing business and the factors of production by stabilizing the Ghana cedi, reducing the tax burden on businesses and by ensuring that businesses have access to cheaper credit, low utility tariffs and subsidized inputs. This is the the surest and sustainable way of boosting local production without necessarily increasing the level of hardships in the country. 16. In conclusion, we wish to make the point, that Ghanaians have had enough of the deception and callousness of the Akufo-Addo/Bawumia/NPP government. The NDC holds the view, that this is not the time for more taxes and draconian revenue measures such as the reversal of benchmark value discounts. We share in the view expoused by GUTA that the GRA withdraws the statement announcing this measure which will only go a long way to stifle the already burdened businesses in the country. We contend that this is the time for the judicious and efficient use of taxes collected, and the meager resources of state for the benefit of the Ghanaian people. Enough of the wastage and ostentation being displayed by President Akufo-Addo and his government, only to turn around and impose hardship on the Ghanaian people through killer measures such as these. 17. It is about time we came together as a people irrespective of our social backgrounds or political affiliations to resist these draconian measures of the failed Akufo-Addo/Bawumia/NPP government which will only worsen our living conditions should they be allowed to stand. Enough i
s Enough! Signed, Sammy Gyamfi Esq. National Communications Officer, NDC

This is to announce the death of Emmanuel Adam Mahama, a brother of HE John Dramani Mahama, on Friday 31st December 2021 after a period of illness. The family will announce plans for his burial and funeral in due course. ISSUED BY: Joyce Bawah MOGTARI Special Aide to HE John Dramani Mahama Friday December 31, 2021