Business24 Newspaper 8 February 23

Parliament wants Ofori-Atta summoned over Debt Exchange Programme

Speaker of Parliament Alban Bagbin has directed the Business Committee to “urgently” schedule, next Tuesday, the Minister of Finance to brief Parliament on the state of a airs including updates on domestic debt exchange programme (DDE).

It follows a statement by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, who prayed on the speaker to summon the nance minister to explain to the house the step the government has taken to ensure successful implementation of the programme.

“This is a matter of great concern and we cannot pretend, our constituents and even some of us have been a ected. We need to be briefed, the minister for nance must appear before us and we must debate and agree the nature of this DDE -who should be exempted and what are the implications and full rami cations on the Ghanaian economy and the a ected citizens,” he said on the oor of parliament on Tuesday when parliament resumed from recess.

Minority Leader, Dr. Ato Forson indicated that millions of Ghanaians are currently having sleepless nights because of the possibility of losing their livelihood under the

hurriedly and poorly designed Debt Restructuring Program which is a consequence of 6years of gross economic mismanagement and incompetence.

“Ghana’s nancial sector including banks and insurance companies risk collapse as a result of the Domestic Debt Exchange, yet parliament is unaware of the government Debt Exchange Programme,” he added.

A Deputy Finance Minister, Abena Osei Asare, stated that pension funds are not part of the exercise being done and added that the ministry will come before the House to brief parliament on the status of the DDE and the steps taken.

“In the budget of 2023, we sounded that we were going to come up with a domestic debt exchange and based on the budget that was approved, parliament gave us permission to spend compensation to a certain level, and capital expenditure and goods and services. And for my friends [on the other side] to say we are now going to borrow; these are funds that were approved for us to utilize previously and government is saying, I am engaging with you to make sure that, due to conditions in which I nd myself now, I will not be able to discharge what

initially I had agreed with you. And [Mr. Speaker] let me put this on record that the pension funds are not part of this exercise that we doing. All these various bondholders we have been able to engage them. And we mentioned when we met leadership that we will come and engage Parliament, so my brothers and sisters are jumping the gun. The Minister of Finance will come to parliament to brief the House appropriately,” she said.

Government launched this debt swap plan at the start of December as part of a plan to redress a spiraling economic crisis blighting the gold, cocoa and oil producer.

Days later, the International Monetary Fund reached a sta -level agreement with Ghana for a $3 billion rescue package that will only be approved with comprehensive debt restructuring.

Government has struggled to convince bondholders to register for the debt exchange programme, in part due to lack of clarity over its terms and concerns about pro tability. In mid-January, Ghana extended the deadline to Jan. 31.

Several associations representing banks, insurers and capital market operators agreed new participation terms with the government last week.

Hon. Ken O ori atta

State of the Nation Address, 61 bills to be presented as parliament resumes

are Ghana Shipping and Logistics Bill, 2023, Internal Audit Service Bill, 2023, National Petroleum Authority Bill,2023, National Fiscal Stabilisation Levy (Repeal) Bill,2023.

18 bills are currently at the committee level, 13 of them are public bills and 5 are private member bills.

Among these are Interstate Succession Bill,2022 (Committee on Constitutional, Legal and Parliamentary A airs), Citizen (Amendment)Bill,2021 (Committee on Constitutional, Legal and Parliamentary A airs), Citizenship (Amendment)

The Constitution of the Republic. of Ghana(Amendment) Bill,2021 (referred to the Council of State ) is the only bill that has returned from the Council of State.

There are also Instruments at various stages to be presented before this House. The Speaker will admit papers, petitions, motions for debates and questions to be answered by sector ministers during this meeting.

The third session of the eighth parliament commenced yesterday with the high point being the presentation of the address on the State of the Nation by the President, Nana Akufo-Addo.

A total of 61 Bills are expected to be presented before the House, these include A rmation Action Bill, 2023, Consumer Protection

Bill,2023, Ghana Health Service and Teaching Hospitals Bill, 2023, Small Scale Mining Bill,2023.

This was contained in a press statement signed by the Director, Public A airs, Kate Addo.

According to the statement, there are also 26 Indicative bills to be presented before the House. Among these

Bill,2021 (Committee on Constitutional, Legal and Parliamentary A airs), Excise Duty (Amendment) Bill,2022 (Finance Committee).

Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill,2021 (Committee on Constitutional, Legal and Parliamentary A airs).

Criminal O ences (Amendment)Bill,2022 (Committee on Constitutional ,Legal and Parliamentary A airs)

This year marks 30 years of uninterrupted Parliamentary democracy and consequently various programmes will be outlined for the celebration of the milestone, all Members of Parliament are entreated to take note and attend upon the house timeously.

Parliament went on recess for the Christmas celebrations on December 22, 2022, after approving two loan agreements; a 30 million Euros loan to Finance the “Government Goes Solar Project” and another 116 million Euros to nance the 330kv Accra-Kumasi Transmission Line Project.

Business confidence improves in 2022- report

The UK- Ghana Chamber of Commerce (UKGCC), a memberbased trade association that promotes trade between the UK and Ghana, has released the 4th edition of its annual Ghana Business Environment and Competitive Survey Report for the year 2022.

Over 300 companies from 16 industries, ranging from small to large companies, participated in the survey. The survey results indicate that most businesses perceive the business environment in 2022 has improved over 2021. However, they continue to be held back by challenges such as corruption, Ghana's taxation system, the price of land and power, and present additional economic obstacles. Businesses continue to list the cost of gasoline as their highest operating expense; followed by cost of power, cost of machinery, and cost of technology. These factors, it was indicated, strain their already limited nancial resources. These notwithstanding, businesses highlighted several factors positively a ecting their performance in Ghana. According to the respondents, hiring competent labour has been among the least expensive expenses their companies have ever had to deal with. Local marketing costs, certi cation and quality control charges, as well as cost of locally obtained raw materials are also perceived as being low.

These indicators have shown consistency in their ranking of lower costs of doing business in Ghana over prior year’s survey report. To improve ease of doing business, respondents suggested several reforms. Top of the list is safety and security of investment, followed by lower corruption and improved transparency.

It was observed that for businesses to prosper over time, the government must support successful regulatory reform and guarantee a stable macroeconomic environment. Respondents were also of the view that improved bureaucracy and quicker approvals would promote ease of doing business.

Regarding readiness for the African Continental Free Trade Area (AfCFTA), sampled businesses believe that the development of appropriate quality standards, and the expansion of their capital base, are the two most important steps they need to take to increase their competitiveness and optimise the full bene ts of the AfCFTA.

Anthony Pile MBE, UKGCC Executive Council Chairman, noted that “despite the current turbulent circumstances, there is an encouraging, yet cautious optimism for the future. It is, therefore, important for all business environment stakeholders, especially Government policy makers, and businesses to plan for the risks and uncertainties and build

the resilience to withstand any unanticipated shocks in 2023”.

Commenting on the report, Vish Ashiagbor, Country Senior Partner of PwC, a UKGCC member company and consultants/advisors for the report, commended the government for improving perception of cost of land, availability of logistic partners, and access to land from the 2021 survey results. He, however, bemoaned the worsening problem of corruption and its adverse impact on businesses.

“This year, majority of the respon dents voted corruption to be the most worrisome business component despite government's drive to kick out corruption. Inasmuch as some improvements were recorded last year, the regulatory framework, avail ability of power and legal system have all declined. In PwC Ghana’s view these setbacks are well within Government’s reach to improve, and should, therefore, remain high on the agendas of advocacy groups like business chambers, he added”. About the Survey The annual Business Climate Survey was rst launched in 2019 and has been conducted every year since then.

The main purpose of the survey is to increase the understanding of oppor tunities and challenges that the Ghanaian market presents for UKGCC members and businesses generally, whether large or small, new or old, and across all sectors.

The survey provides a platform for

businesses to provide key feedback on the health, con dence, intentions, and issues of businesses in Ghana and therefore, serves as the foundation for the UKGCC’s advocacy work. The 2022 edition provides a comprehensive analysis of several important indications of the current business climate, as perceived by businesses, o ering a data-driven look at the trends shaping the business landscape.

Zeepay secures Mobile Money License in Gambia

Zeepay, the African ntech leader and game-changer in the mobile money space, has once again demonstrated its commitment to expanding access to nancial services across the continent.

The company has received regulatory approval to bring its revolutionary mobile money services to Gambia, making it the fourth country, alongside Ghana, Zambia, and Ivory Coast. This marks another signi cant milestone, as it continues to disrupt the traditional nancial services sector and bring innovative and accessible nancial solutions to Africa.

At a time when Africa is focusing on the integration of the African Continental Free Trade Agreement and nancial inclusion, Zeepay's entry into the Gambian market is a welcome development. With its award-winning ntech platform, Zeepay is transforming the way Gambians send and receive money, both domestically and internationally.

The company's partnership with MoneyGram, a global provider of money transfer and nancial services, will enable Gambians to receive money directly into their Zeepay wallet and send money to over 150 countries, making

cross-border transactions easier and more convenient than ever before.

“Zeepay's mission is to bring nancial services to underserved communities, and we are thrilled to bring our cutting-edge mobile money solutions to Gambia and further drive nancial inclusion for all,” said Andrew Takyi-Appiah, founder of Zeepay. “Our innovative ntech platform opens up the local market and creates interoperability between wallet-to-bank and bank-to-wallet transactions, making nancial services accessible to everyone.”

The rapid growth of Zeepay is a testament to the company's innovative partnerships and the tenacity of its founder, Andrew Takyi-Appiah. Despite global economic challenges, Zeepay remains focused on its mission of bringing nancial services to communities that have been left behind by traditional nancial institutions. “We are moving forward,” Mr.Kwesi Yankey, Board Chairman, said.

“And we look forward to entering even more markets in 2023.”

Zeepay

Zeepay is the fastest growing mobile nancial services company across Africa with operations in

Ghana and the United Kingdom and terminating to 20 countries across Africa with termination agreements in over 90 jurisdictions globally. We specialize in remittance termina tion into mobile wallets and are completely network and partner agnostic.

We are a wholly owned Ghanaian company and regulated in the UK by Financial Conduct Authori ty-FCA # 592538 and in Ghana by Bank of Ghana- #00001. Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay.com for more information.

MoneyGram

MoneyGram provides money trans fer and other nancial services around the globe with both digital platforms and retail locations. Consumers can send money inter nationally to friends and family, pay bills and more with a ordable fees and great exchange rates. MoneyGram is trusted by 150+ million consumers who can choose how they send money - online, in our highly-rated mobile app or at one of 380,000+ locations.

2022 tax news from the lens of a tax consultant (Part II)

In our previous edition, we recapped tax measures put in place during the rst two quarters of 2022. In this edition, we will highlight the tax issues that happened in the third and nal quarters of 2022.

Quarter 3 (July, August, September) In July, the Exemptions Bill, 2022 which had earlier been withdrawn was relaid in Parliament and passed on 22 July 2022 awaiting Presidential assent into law. The law was assented to by the President and gazetted on 12 September 2022.

The Minister of Finance also presented the Mid-year Fiscal Policy Review of the Budget Statement and Economic Policy of the Government of Ghana for 2022 to Parliament on 25 July 2022. There were some proposed tax and administrative revenue enhancement measures worth mentioning. These included an introduction of the Electronic VAT Invoicing System (e-VAT) towards enhancing revenue assurance and mobilisation, upfront payment of VAT by importers not registered with VAT, implementation of the common platform for property rate collection and accountability, extension of Penalty and Interest Waiver to December 2022 for tax debts

accrued to the 2020 calendar year and amendment of the tax laws on e-commerce, betting and gaming to align them to current trends.

The government revised the targeted revenue from E-levy down by almost 90% from the initial expected revenue of GH 6.9 billion stated in the 2022 budget. Government’s initial target was revised further downwards to GH 611 million after previously revising it down to GH 4.9 billion following delays in passage of the bill. The High Court also issued a ruling in the case of Maersk Drillship IV Singapore Pte LTD v The Commissioner- General that the company was entitled to enjoy the stability under the ENI petroleum agreement and the Petroleum Income Tax Act (PITL) but was required to pay branch pro t tax.

Another ruling issued by the High Court in the month was in the case of Orica Ghana Limited vs The Commissioner-General where the court ruled on a number of issues. This included a ruling that the company’s service delivery in its manufacturing was part of the manufacturing business as such, entitled to a location incentive.

The Court also ruled that the GRA erred in refusing the company’s

VAT credits from prior years, CIT credits as well as photocopies of VRPOs for which the GRA had already inspected the originals. In August, following passage of the Value Added Tax Amendment Bill, the government indicated that it planned to rake in GH 750 million in VAT.

The Bill sought to introduce the electronic invoicing system, the upfront payment of Value Added Tax by an unregistered importer and the zero-rating of supply of locally produced automobiles. The Bill also extended the reach of the existing VAT rules to embrace electronic commerce.

The Bill was yet to be assented to by the President into law. Also, the government, through the Vice President Dr. Mahamudu Bawumia, also announced that processes have been nalised to automate the issuance of tax clearance certicates (“TCCs”) from October 2022.

The Vice President made these comments during the 10th Annual International Tax Conference in Accra. In September, the GRA indicated that they would commence the arrest and prosecution of business owners who fail to provide customers with VAT invoices.

The GRA indicated that this was in

reaction to the low VAT revenues being generated. On 12 September 2022, the President of Ghana gave his assent to four tax Bills which became law.

These were the Penalty and Interest Waiver Act, 2022 (Act 1081) which extended the waiver of penalties and interest on accumulated tax arrears up to December 2020, from 1 July 2022 to 31 December 2022, and the Value Added Tax (Amendment) Act, 2022 (Act 1082) which provided for the electronic issue of a tax invoice as the default means of issuing invoices.

The law also dealt with the taxation of electronic commerce and the zero-rating of the supply of locally assembled vehicles under the Ghana Automotive Development Programme from 1 September 2022 to 31 December 2023.

The other two Acts are the Exemptions Act, 2022 (Act 1083) and Income Tax (Amendment) Act, 2022 (Act 1084). A key item missing in Act 1084 was the proposed extension of the capital gains exemption on the realisation of securities listed on the Ghana Stock Exchange by 5 years, from 31 December 2021. This meant that the exemption does not apply anymore until the law is amended. Also, in the month of September, taxes withheld on some withholdees were automatically

&

This meant that the exemption does not apply anymore until the law is amended. Also, in the month of September, taxes withheld on some withholdees were automatically credited to the withholdees by the GRA.

The GRA also began a nationwide invigilation exercise of VAT registered businesses to monitor compliance. Finally, as part of the economic decisions of the government, the Ministry of Finance and the Bank of Ghana commenced discussions with the International Monetary Funds (“IMF”) for an IMF-supported programme in September 2022 following the President’s instruction to the Minister of Finance in July 2022.

Quarter 4 (October, November, December) The GRA launched its electronic TCC application system in the month of October. The application runs a compliance check before a TCC is nalised for issue. Some challenges noted included input VAT credits not used to reduce taxpayer liability as well as some payments not re ecting on the portal.

The GRA was also in the news when they shut down some retail outlets including Game and Palace Malls over their failure to integrate their invoicing systems in line with the GRA’s Electronic VAT System. The GRA indicated that the outlets were part of the 50 selected taxpayers that were piloted to integrate their system onto the GRA’s system but had failed to do so.

This month also introduced us to the High Court ruling in The Republic v The Commissioner-General, GRA, Ex Parte: Cereal Investment Company Gh LTD where the court ordered the GRA to put in place the Independent Tax Appeals Board within one month in line with the laid down dispute resolution procedures provided for in the Revenue Administration Act, 2016 (Act 915). In November, the Minister of Employment and Labour Relations announced that the National

Tripartite Committee had concluded negotiations for an increase in the national daily minimum wage from the current GH¢13.53 to GH¢14.88.

This is expected to take e ect from 1 January 2023 and in line with practice, should have an e ect on the personal income tax bands for 2023. The Minister of Finance, on 24 November, presented the 2023 Budget to Parliament.

The budget themed “Restoring and Sustaining Macroeconomic Stability and Resilience through Inclusive Growth and Value Addition” proposed a number of tax measures aimed at generating more revenue for the government. These include an increase in the VAT rate by 2.5%, a reduction in the E-Levy rate from 1.5% to 1% of transaction value with a removal of the daily minimum threshold, withdrawal of the benchmark discount policy and a review of the VAT registration threshold.

The budget further proposed a revision of maximum limit for vehicle bene ts, an introduction of a 35% marginal tax rate for individuals, a conversion of the National Fiscal Stabilisation Levy (“NFSL”) to a Growth and Sustainability Levy (“GSL”) to cover all entities at di erent rates, an increase in the concessionary income tax rate from 1% to 5% and a modi cation of the taxing regime for individuals in respect of capital gains.

Other revenue measures proposed include a freeze on new tax waivers for foreign companies and a review of tax exemptions for free zones and the extractive industries. Also in this month, there was a ruling by the High Court in the case of Coca-Cola Equatorial Africa Limited v The Commissioner-General.

The court ruled, among other things, that for VAT purposes, the consumption of a service happens at where the business of the recipient is located. In December, new Acts were passed into law following

the announced tax changes by the Minister of Finance in the 2023 Budget.

The new taxes that were passed include the Revenue Administration (Amendment) Act, 2022 (1086) which provides for, in addition to other existing penalties, a penalty of 5% on annual gross revenue for a person who refuses to permit the Commissioner-General or a tax o cer physical access to the physical network node or infrastructure system of the person.

That law also gives the Commissioner-General powers to establish a monitoring mechanism for revenue assurance purposes and makes provision for persons who realise an asset or liability to submit a separate return.

Another Act passed was the Value Added Tax (Amendment) (No. 2) Act, 2022 (Act 1087) which provided for an increase in the standard VAT rate from 12.5% to 15%, review of when a taxable person could use the Certi ed Invoicing System (E-VAT), exempting VAT on betting and other game of chance, removing of exemptions on imported textbooks, newspapers, etc and also provided for additional administrative penalties on VAT noncompliance. Although the budget had indicated

Electronic Transfer Levy (Amendment) Act, 2022 (Act 1089) which reduced the rate of the E-levy to 1% but maintained the daily minimum threshold which the budget had earlier suggested would be scrapped. There is expected to be additional tax Acts passed including an Act to amend the Income Tax Act.

This was however not made public at the time of this publication. This Act is expected to address matters such as the revision of the PAYE tax bands following the increase in the minimum wage, revise the maximum limit for vehicle bene ts, and introduce the 35% marginal tax rate for individuals.

In addition, an Act for e ectively converting the National Fiscal Stabilisation Levy (“NFSL”) to a Growth and Sustainability Levy (“GSL”) is expected to be introduced.

Bringing it All Together

The government in a bid to revamp the economy has introduced and continues to propose several tax measures and administrative procedures in a bid to realise maximum tax revenue in order to support Government programmes. It is however worth noting that despite the measures introduced in 2022, revenue mobilisation is still below the government targets and the expected tax to GDP ratio. We look forward to the e ects of the government proposed measures in the 2023 budget as well as the e ects of its negotiations with the IMF on the pros-

You can contact me by sending an email to Abeku Gyan-Quansah

Europe at debt’s door

By Hans-Werner Sinn

Hit hard by the COVID-19 pandemic and the war in Ukraine, the European Union needs money. And given that Paolo Gentiloni, the bloc’s economy commissioner, cannot get it directly from the EU’s member states, he wants to borrow it. The purpose does not seem to matter. What matters is that the Commission receives money – lots of it –even if that means amassing a mountain of debt.

In 2020, Gentiloni played a key role in creating NextGenerationEU  (NGEU), the emergency program that enabled the EU to borrow over €800 billion ($858 billion) to deal with the e ects of the COVID-19 pandemic. Last May, he wanted to raise funds to aid Ukraine, and in October he suggested issuing joint debt to help European citizens with their gas bills. Now, amid a wave of common debt issuances, the European Commission plans to compete with US President Joe Biden’s $369 billion In ation Reduction Act, which includes subsidies for clean-energy projects. While the new plan might not

involve new borrowing, it proposes a new “European sovereignty fund” to invest in green technologies.

It is doubtful that the bene ts of these programs will justify their costs. For example, there seems to be no correlation between the distribution of NGEU funds and the severity of local COVID-19 outbreaks. There is, however, a negative correlation  between NGEU aid and GDP per capita, with some of the poorer countries that were less a ected by the virus received staggering amounts of money.

The problem with the Commission’s current borrowing spree is that the EU’s own rules bar it from taking on debt. Article 311 of the Treaty on the Functioning of the European Union clearly states that the EU must nance itself “wholly from own resources.” That is why member states needed to agree unanimously to NGEU’s creation.

Another major problem is the lack of clarity about who will bear the cost of this debt. Politicians and economists often say that the EU’s debt burden will inevitably fall on future generations of taxpayers, who will have to service it. While there is some truth to

this, today’s savers will pay the highest price.

Like most of the developed world, Europe is reeling from the return of stag ation. In a stag ationary environment, unexpected events (like the war in Ukraine or COVID-19) create supply shocks that translate into rising prices due to excess demand. Issuing new debt creates more demand, thus further fueling in ation. While price growth seems to be slowing, eurozone in ation is still at 8.5% – four times higher than the European Central Bank’s 2% target – and could spike again. Even the most recent core in ation rate, which excludes volatile food and energy prices, stood at 6.2%, much higher than anticipated.

During the stag ationary decade of the 1970s, it took a while for a wage-price spiral to take hold. With no end in sight for the war in Ukraine and the steady exit of baby boomers from the work force, high in ation is likely here to stay.

The persistence of high in ation makes pensioners who saved diligently for old age, together with savers who put their money into nominal-value-secured assets such as life insurance, the real victims of Europe’s

indebtedness. The distributional e ects could turn out to be profound, if not disastrous.

In his memoir The World of Yesterday, the Austrian writer Stefan Zweig vividly described how the hyperin ation of the 1920s impoverished and radicalized the petty bourgeoisie. Nothing, he wrote, made the Germans so “hateful and ripe for Hitler” as in ation. The American historian Gerald Feldman corroborated this observation in his seminal 1997 book on German in ation, The Great Disorder. To be sure, today’s in ationary surge is nothing like the hyperin ation crises of the early twentieth century. But every in ationary episode starts small. The trick is to nip it in the bud before it spirals out of control. As the Romans would say, principiis obsta (“resist the beginning”).

The European Commission’s plans to raise billions by issuing long-term EU bonds are legally questionable and economically irresponsible. This borrowing, for which new justi cations are constantly being sought, is clearly in ationary. Moreover, the Commission’s approach could undermine European stability and endanger the single currency.

K.T. Hammond replaces Alan as Trade Minister

The Member of Parliament for Adansi Asokwa, Kobina Tahir Hammond has been nominated as Trade and Industry Minister to replace Alan Kwadwo Kyerematen who resigned in January this year to concentrate on his presidential ambition.

The move is part of four new ministerial nominations, two elevations from deputy minister to Minister of State positions and one deputy ministerial reshu e made by President Nana Addo Dankwa Akufo-Addo.

Also nominated by the president to be deputy minister for the Trade and Industry sector is Dr Stephen Amoah, popularly known as 'Sticker', the Member of Parliament for Nhyiaeso in Kumasi and former CEO of the Microfinance and Small Loans Centre (MASLOC).

This is among a list of other nominations, which have been sent to Parliament for vetting and approval before presidential appointment.  4 new nominations, 2 elevations and

one deputy ministerial reshu e

It is made up of four new appointments - K.T. Hammond, Dr Stephen Amoah, Bryan Acheampong and Stephen Asamoah Boateng - and two elevations to the position of Minister of State from deputy ministers - O.B. Amoah, MP for Akwapim South and Dr Mohammed Amin Adam, MP for Karaga and one deputy ministerial reshu e - Herbert Krapah from Trade to Energy.

If it continued on its current path, the EU would harm the creditworthiness of European government bonds. When former UK Prime Minister Liz Truss similarly ignored all warnings and sought to increase Britain’s already-elevated national debt with her disastrous tax-cut proposal last year, she spooked investors, crashed the pound, and was quickly shown the door.

Central bankers in Europe and the US have been raising interest rates aggressively over the past 18 months to tame in ation. Following through on Gentiloni’s plans would undermine these e orts. Any new debt is now in ationary and thus potentially devastating for the stability of the euro.

All of this is not to say that policymakers should not pursue worthy causes. But in a stag ationary environment, the way to do so is through taxes or other expenditure cuts – not debt. If the European Commission needs money, it should ask the national parliaments of its member states. And if they refuse, the EU must not borrow it. To do otherwise would put the dream of European uni cation at risk.

IMF bailout: Minority blows alarm over a looming 3million job loss

By Benson Afful

Minority Chief Whip Kwame Governs Agbodza has alleged that the government plans to cancel or suspend some 60 projects as a result of conditionalities in the negotiations for a $3 billion International Monetary Fund (IMF) economic programme.

He also disclosed that the suspension of the said projects would lead to about 3 million job losses hence the need for the government to be transparent about the conditions of the IMF deal.

Addressing a press conference in Accra on Monday, the Adaklu MP questioned why government o cials were negotiating the deal in secrecy.

".......as we sit here, a series of meetings have taken place with a close group of people in the NPP where about sixty projects and programmes are going to either be suspended or cancelled. These projects include the Obetsebi Lamptey road extension, the La and Shama General Hospital projects, the Tema Motorway Road project, and the Adomi Bridge project.”

"Nobody knows what Finance Minister, Ken Ofori-Atta, and the Head of the Economic Management Team Vice President Dr Mahamudu Bawumia is negotiating for," he said.

“You will be surprised this govern-

ment paid some of the developers 15 per cent to 20 per cent mobilization fees and the contractors are sitting in their o ces drinking tea because the government is unable to tell them whether to go ahead because the Finance Minister basically asked them to suspend all those projects and we are currently losing value because the contractors have taken the money and no work is currently going on.”

He also demanded transparency in the selection of these projects for either suspension or cancellation.

“What are the underlying principles of the selection of the projects the NPP wants to cancel, suspend or go ahead with? We all have to have an understanding of this because the lack of understanding creates anxiety.”

Trauma Surgeon Shares Life-Saving Tips for Road Accident Victims on Vodafone Healthline

In the tenth and nal episode of the Vodafone Healthline spin-o show, expert trauma surgeon Dr James Aggrey Orleans shared crucial tips for handling road accident victims. With road accidents being a major public health issue, having the proper skills and tools is essential for saving lives.

The rst step, according to Dr Aggrey, is to assess the safety of the scene, checking for any weapons, re outbreaks, live wires, etc., and then protecting oneself with a face mask or other protective shield. Once the environment is secure, triage is conducted to determine the most severely injured and their

stressed the importance of comforting the patient, assessing the injuries, and controlling bleeding by applying pressure to the wound using a gauze or cloth. The rule of thumb for treating injuries is to start with the head, as it bleeds a lot, then the body, and nally the limbs to prevent excessive bleeding.

In the segment, Dr Aggrey also demonstrated how to make a splint to prevent bone fractures and how to immobilise an injured arm using a scarf or piece of cloth folded into a triangular shape. He stressed the importance of keeping the injured person calm and still while adminis-

and he encouraged everyone to have a rst aid kit in their vehicles in case of emergencies.

In the Myth Busters segment, Dr Aba Folson debunked the myth that pure honey is not sugar.

Host Frema Asiedu explained that honey contains more fructose than glucose, and its sweetness comes from the glucose and fructose not being combined into sucrose like table sugar. While honey has health bene ts like antioxidants and cardio-protective qualities, both Drs Folson and Kweku Yalley agreed that it is still sugar and should be consumed in moderation.

The Jewels in the Kitchen segment

bene ts of okro. Host, Frema Asiedu, highlighted its anti-in ammatory and antioxidant properties and explained how the sliminess of okro protects the gut and helps maintain a healthy mucus layer and blood sugar levels.

The Vodafone Healthline show, which aims to provide free medical education to the public through broadcasts on selected media outlets and social media, aired on UTV on Mondays from 9:30 p.m. to 10:00 p.m. and on DGN on Tuesdays from 6:00 p.m. to 6:30 p.m.

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MTN Ghana reviews tariffs upward

MTN has announced an upward review of the tari s of its products and services e ective February 07, 2023.

The review is as result of two changes. Firstly, the implementation of the 2.5% statutory adjustment of VAT from 12.5% to 15% across all services.

This will impact both Prepaid and Post-paid customers. Secondly, MTN Ghana is proceeding with a 15% average upward review of its mobile data tari s which was originally announced in November 2022 and was subsequently put on hold.

The increase in mobile data tari s will impact both Pay Monthly and Pay-As-You-Go users. The review in mobile data bundle o ers cover products available on the short codes 138 & 170, as well as on purchases through Electronic Voucher Distribution (EVD), MTN Pulse, and Data Zone except for XtraTime. The data tari increases do not apply to Fiber Broadband and Fixed Wireless Access (4G Router / Turbonet) customers.

With this review, voice users will receive less airtime due to the VAT implementation, and mobile data customers will receive less data bundle allocations for the same price purchased before the tari increase was made.

The Chief Commercial O cer for MTN, Mr. Noel Kojo-Ganson, explained the impact by giving an example of how the new pricing will work. He said, following the review, a three cedis airtime purchase before the VAT increase, which previously

gave customers 24.4 minutes will now give customers 23.9 minutes, whilst a three cedis data bundle which previously gave customers 471 MBs will now give customers 401 MBs.

Explaining the reason for the upward review of the Data Bundle prices, Mr. Noel Kojo-Ganson said the review was necessitated by the recent economic shifts leading to increasing cost of operations largely due to continuous increase in in a tion. “These economic shifts have impacted us directly and for us to ensure we have the right balance for sustaining growth and investments into the network, we have had to consider price increases in various segments of our business.”

Mr. Kojo-Ganson added, “MTN recognises that we are in very tough times and would like to assure our customers that we will continue to o er them the convenience and exibility in the purchase of data bundles at their desired price points via the MTN Flexi and Non-Expiry Bundles. Also, customers will continue to enjoy the 50% bonus incentive on mobile data purchases via MyMTN App & MoMo (valid for 7 days) for 4G customers”.

MTN remains committed to invest ing USD1 Billion by 2025 to continue its network expansion and improve the network experience for custom ers. In line with our Ambition 2025 strategy, our purpose is to lead digital solutions for Africa’s prog ress.

Russia's military diplomacy in Africa: High risk, low reward and limited impact

By Eugene Davies

The South African Institute of International A airs, a Johannesburg based foreign policy think tank, has released a special report on Russia-Africa relations. According to the report, Russia has signed military-technical agreements with over 20 African countries and has secured lucrative mining and nuclear energy contracts on the continent.

Russia views Africa as an increasingly important vector of its post-Western foreign policy. It’s support for authoritarian regimes in Africa is readily noticeable, and its soft power has drastically eroded. As suspicions arise that Russia’s growing assertiveness in Africa is a driver of instability, its approach to governance encourages pernicious practices, such as kleptocracy and autocracy in Africa.

Over the years, Russia has fallen short on delivering on its pledges and promises, with various bilateral agreements going undelivered. Heading into the July 2023 Russia-Africa Summit in St Petersburg (unless the proposed date and venue change, again), Russia looks more like a ‘virtual great power’ than a genuine challenger to European, American, and Chinese in uence.

What is particularly interesting relates to the well-researched report by Ovigwe Eguegu, a Nigerian policy analyst at Development Reimagined, a consultancy headquartered in Beijing, China. His report was based on more than 80 media publications dealing with Russia’s military-technical cooperation in Africa. His research focused on the Republic of Mali and the Central African Republic as case studies.

The report, entitled Russia’s Private Military Diplomacy in Africa: High Risk, Low Reward, Limited Impact, argues that Russia’s renewed interest in Africa is driven by a quest for global power status. Few expect Russia’s security engagement to bring peace and development to countries with which it has security partnerships.

While Moscow’s opportunistic use of private military diplomacy has allowed it to successfully gain a strategic foothold in partner countries, the lack of transparency in interactions, the limited scope of impact, and the high nancial and diplomatic costs expose the limitations of the partnership in addressing the peace and development challenges of African host countries, the report says.

Much of the existing literature on Russia’s foreign policy stresses that Moscow’s desire to regain great power status has been pursued largely by exploiting opportunities in weak and fragile states in Africa.

Ovigwe Eguegu’s report focuses on the use of private military companies to carry out ‘military diplomacy’ in African states, and the main research questions were: What impact is Russia’s private military diplomacy in Africa having on host countries’ peace and development? And: Why Russia has chosen military diplomacy as the preferred means to gain a foothold on the continent?

He interrogates whether fragile African states advance their security, diplomatic, and economic interests through a relationship with Russia. Overcoming the multidimensional problems facing Libya, Sudan, Somali, Mali and Central African Republic will require comprehensive peace and development strategies that include con ict resolution and peacebuilding, state-building, security sector reform, and profound political reforms to improve governance and rule of law – not to mention sound economic planning critical for attracting the foreign direct investment needed to spur economic growth.

In the report, Eguegu further looked

at the geopolitical dynamics of Russia’s new interest in Africa. He asserted that during the Cold War, the interests of the Soviet Union and many African states aligned along pragmatic and ideological lines. Many African countries had, after independence, resumed agitation against colonialism, racism, and capitalism throughout the 1970s and 1980s. The clash between communism and capitalism provided ample opportunity to the Soviets to provide support to African countries both in ideological solidarity and as practical opposition to Western European and US in uence in Africa.

Since Soviet’s collapse in 1991, Russia itself has rekindled relationships with African countries for myriad reasons – but these can largely be attributed more to pragmatism rather than ideology. More specically, Russia’s interactions with African states have been multi-dimensional ranging from economic and political to security oriented.

He o ered the example of Moscow’s relationships with Eritrea and Sudan that ultimately provided Russia with some in uence and leeway in the critical Red Sea region, and also to counter the in uence of the US and China. But the main feature of Russia’s policy is mostly ‘elite-based’ and tending to lend support to illegit-

imate or unpopular leaders.

The report also highlighted the myriad socioeconomic and political challenges plaguing a number of African countries. Despite these developments, some have struggled to maintain socioeconomic and political stability. The spread of insecurity has now become more complex across the Sahel region. The crisis is multidimensional, involving the political, socioeconomic, regional and climatic dimensions. Good governance challenges play their own role. Moreover, weak political and judicial institutions have contributed to deep-seated corruption.

Con ict resolution has to be tied to comprehensive improvement of political governance, economic development, and social questions. Some of the fragile and con ict-ridden African countries are keen on economic diversi cation and broader economic development. However, progress is limited by inadequate

access to nance and the delicate security situation.

According to the International Monetary Fund, these fragile states have to diversify their economy and establish connections between the various economic regions and sectors. Poverty caused by years of lackluster economic performance is one of the root causes of insecurity. As such, economic development and growth would form a key part of the solution to regional security problems.

Analysts, however, suggest that Russia utilizes mercenaries and technical cooperation mechanisms to gain and secure access to politically aligned actors and, by extension, economic bene ts like natural resources and trade deals.

It is argued that the adherence to a primarily military approach to insecurity challenges is inadequate and not the correct path for attaining peace and development. Further-

more, fragmented, untransparent and unharmonized peace processes will impede considerably on sustainable solutions to the existing con icts in Africa.

Worse is that Russia’s strengths expressed through military partnerships fall short of what is needed to address the complexities and scale of the problems facing those African countries. Moscow certainly has not shown enough commitment needed for the comprehensive peacebuilding programs, security sector reforms, state-building, and improvement to governance and rule of law.

Surely, African countries have to begin to re-evaluate their relationship with Russia. African leaders should not expect anything tangible from meetings, conferences and summits. Since the rst Russia-Africa summit held in 2019, very little has been achieved. Nevertheless, not everything is perfect. There is some high optimism that e orts might gain

grounds. The comprehensive summit declaration, at least, o ers the clear strategic roadmap for building relations.

At this point, it is even more improbable that Moscow would commit nancial resources to invest in economic sectors, given the stringent sanctions imposed following Putin’s invasion of Ukraine. The impact of sanctions and the toll of the war on the Russian economy are likely to see Moscow redirect its practical attention towards ensuring stability within its borders and in its periphery.

Notwithstanding its aim of working in this emerging new multipolar world with Africa, Russia’s in uence is still comparatively marginal and its policy tools are extremely limited relative to other international actors, including China and Western countries such as France, European Union members, and the United States. *This article was also

Could these two trends save Britain?

Avis-à-vis London.

These data are encouraging for several reasons. Not only have Greater Manchester’s house prices  followed the broader pattern of regional outperformance over London in recent years, but Manchester itself has been a pioneer in the “devolution revolution” (former Chancellor of the Exchequer  George Osborne’s catchphrase for the delegation of greater policymaking power to local governments).

By the summer of 2024, seven (mostly urban) areas in northern England will have adopted the same basic mayoral structure as Greater Manchester. If they can match Greater Manchester’s reformist zeal, they, too, could start to share in these modestly hopeful trends toward greater regional convergence.

Now, as promising as these trends are, it remains to be seen if they will persist. The UK is nowhere close to solving its regional problems. Despite Greater Manchester’s somewhat better outlook, it is still home to some of the country’s most underperforming areas, and its overall productivity remains a whopping 40 percentage points  below London’s. Moreover, if non-London house prices rise too much, that will simply bring new a ordability problems, especially if the higher costs are not accompanied by growth in productivity, real earnings, and living standards.

Still, for now, both trends merit far more attention and study. To be sure, the highest London house prices actually peaked before the 2016 Brexit referendum, because Prime Minister David Cameron’s  government had adopted tax policies designed to discourage  buy-to-rent house purchases (where were generally speculative bets by landlords on London property). But while urban house prices

By Jim O’Neill

in other parts of England had already begun to outperform those in London before the referendum, Brexit reinforced the trend. The top end of the London housing market was hit hard by the break from the European Union, while most other markets were hardly a ected.

Then came COVID-19, which ushered in the new era of remote work and radically increased the attractiveness of more a ordable locations outside London. And that was followed by Prime Minister Liz Truss’s policy ascos, which led to an abrupt spike in UK mortgage rates, making the London market even less a ordable for many aspiring homeowners.

Against this backdrop, a recent issue of The Sunday Times Property section caught my eye with a  story about the number of houses in the UK worth more than £1 million ($1.2 million). It found that, in 2022, the number of such homes in the London metropolitan area grew by less than in any other region (though London still accounts for around 10% of the overall stock). Nor is this story con ned to the high end of the market. Delve deeper into the data and you will nd similar trends across many price ranges.

Notwithstanding the obvious impli cations for lower earners, this trend could point to a positive develop ment in the UK economy. It would be very good for regional produc tivity, social mobility, and the distri bution of wealth if Britons are beginning to recognize that there are more opportunities to succeed in places other than London. That brings us to the second under-noticed trend: the slow and steady success of devolution. Last year, for the rst time ever, the UK O ce of National Statistics reported productivity data at the level of  individual boroughs. As expected,

productivity growth was weak just about everywhere. Between 2004 and 2020, however, productivity rose by about 18% in Manchester, and by 21% in Greater Manchester, compared to just 15% in London. Moreover, if you strip out 2020 – the rst year of the pandemic – while Greater Manchester’s relative outperformance compared to Manchester recedes, it still persists vis-à-vis London. These data are encouraging for several reasons. Not only have Greater Manchester’s house prices followed the broader pattern of regional outperformance over London in recent years, but Manchester itself has been a pioneer in the “devolution revolution” (former Chancellor of the Exchequer  George Osborne’s catchphrase for the delegation of greater policymaking power to local governments).

By the summer of 2024, seven (mostly urban) areas in northern England will

have adopted the same basic mayoral structure as Greater Manchester. If they can match Greater Manchester’s reformist zeal, they, too, could start to share in these modestly hopeful trends toward greater regional convergence.

Now, as promising as these trends are, it remains to be seen if they will persist. The UK is nowhere close to solving its regional problems. Despite Greater Manchester’s somewhat better outlook, it is still home to some of the country’s most underperforming areas, and its overall productivity remains a whopping 40 percentage points below London’s. Moreover, if non-London house prices rise too much, that will simply bring new a ordability problems, especially if the higher costs are not accompanied by growth in productivity, real earnings, and living standards.

Corporate Council on Africa and the Governmentof Botswana Preparing for 15th U.S.-Africa Business Summit

By Eugene Davis

By Kestér Kenn Klomegâh

The Corporate Council on Africa (CCA), the leading U.S. business association that focuses solely on connecting business interests between the United States and Africa, has indicated its strong commitment towards holding the 15th U.S.-Africa Business Summit (USABS) next July in Gaborone, Botswana.

The 15th USABS theme “Enhancing Africa's Value in Global Value Chains” will highlight multi-dimensional issues that was heavily discussed during the business forum held on the second day of the U.S.-Africa leaders summit in Washington. The decision was taken during the last U.S.-African leaders gathering held under the chairmanship of the President Joe Biden. The primary aim is to strengthen and broaden bilateral business and investment across Africa.

During that mid-December meeting, President Biden announced more than $55 billion in new U.S. government programs to support trade, investment and development in Africa along with more than $15 billion in new trade and investment deals made by private sector companies that were in attendance.

The Corporate Council on Africa said that the Gaborone business event would bring together a number of African heads of state, senior U.S. and African government o cials, and top CEO's and senior business executives from the U.S. and Africa spanning major business sectors that are critical to the continent's development. These include infrastructure, ICT /digital, health, energy, mining, agriculture, consumer goods, nance, tourism and creative industries.

In order to set the ball rolling, Corporate Council on Africa (CCA)

visited on o cial working program in Gaborone, the Republic of Botswana. During the early February working visit, Florizelle Liser held talks with Mokgweetsi Masisi, President of the Republic of Botswana, and other key o cials of the relevant ministries in Gaborone where she was given the highest assurance of mobilizing the ministries and to work collaboratively with CCA.

Florizelle Liser with Minister of Investment, Trade and Industry, Mmusi Kgafela agreed that the summit will be held July 11-14 in Gaborone which will attempt highlighting various opportunities for greater collaboration between the U.S. and African private sector. It will also build on and advance those earlier discussions further on deepening U.S.-Africa economic engagement and business ties.

According to Florizelle Liser, the U.S.-Africa Business Summit is an important platform and opportunity to again bring together U.S. and African government and private sector leaders to grow U.S.-Africa trade, business, and mutually benecial gains for the people and businesses of both the United States and Africa.

Minister of Investment, Trade and Industry Mmusi Kgafela said the business gathering would herald a new era of two-way trade and investment between Africa and the United States. "We welcome U.S. private sector businesses to drive investment and technology that can enhance Africa's role in key global value chains, create jobs, and spur economic growth here in Botswana and across the continent," he underlined in remarks.

ber, Secretary of State Antony Blinken said the United States was guided by the principle of close partnership with Africa. "We can’t solve any of the really big challenges we face if we don’t work together. So it’s about what we can do with African countries and its people, and the United States," Blinken said.

That however, the Gaborone high-level business dialogue and interaction will set the scene for reviewing the multi-dimensional opportunities both in public and private sectors, how to strengthen the economic partnership and work on large-scale investments in key sectors for the United States and Africa. The United States investors are prepared to adjust their initiatives and pursue agreements that go beyond African Growth and Opportunity Act (AGOA).

In terms of broadening trade and economic cooperation, according to sources, the potential American investors would examine ways for exploring and leveraging unto the African Continental Free Trade Area (AfCFTA). The AfCFTA aims at creating a single market with an estimated 1.3 billion population, and ultimately requires all kinds of business services and consumable products. Quite challenging though, but there are new legislations that stipulate localizing production and distribution inside Africa.

The United States government and private sector leaders, together with African political and corporate business leaders, have been consistently working over these years to share insights on critical issues and policies in uencing the US-Africa economic partnership. The forthcoming summit will drive billions of dollars of investment in Africa, build new markets for American products and create thousands of jobs for

The 14th US-Africa Business Summit from July 19 - 22 under the theme ‘Building Forward Together’ was held in Marrakech (Morocco) in partnership with the Kingdom of Morocco and Africa50 (the pan-African infrastructure investment platform). The three-day summit included plenaries and panel sessions highlighting key economic recovery strategies and focused on a range of sectors and issues, including health and vaccine access, trade, digital transformation, infrastructure, nancing, small and medium scale enterprises, tourism, women's leadership and investment opportunities in various African countries.

The Corporate Council on Africa was extremely grateful for the excellent partnership of the Kingdom of Morocco as the summit host, and partner Africa50 as well as summit sponsors including Royal Air Maroc (the summit o cial airline), Axxess, Jean Boulle Group, P zer, Visa, USP, Amazon, Gilead, Trimble, IHS Towers, Trade and Development Bank, Acrow Bridge, Trinity Energy, Citi, Flutterwave Inc., P&G, DLA Piper LLP, Attijariwafa Bank, Maroc Telecom, Creative Associates, Google, CrossBoundary and Frontier Bridge.

Corporate Council on Africa uniquely represents a broad cross section of member companies from small and medium size businesses to multinationals as well as U.S. and African rms. As a further major step to strengthen relations, it will be working on comprehensive programs, concrete initiatives and various investment projects in Africa. The White House looks to use the existing opportunities to deepen as many partnerships as possible and to ultimately build con dence with Africa.

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Binance recognized for its innovative

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The Ghana Fintech Awards 2022 had high-level executives, dignitaries, and industry leaders from the private sector, government agencies, and departments in attendance. Among the notable attend-

Advisory services - ensuring that the award selections were based on high-level criteria and transparent evaluation methods.

“At Binance, we believe that nancial services should be accessible to everyone, regardless of their background or location. Our recognition

EDITOR: BENSON AFFUL editor@business24 com gh | +233 545 516 133

on building products that add real value and prioritize user experience and security – two key aspects of the company’s ethos.” He added. Binance aims to make cryptocurrency accessible to everyone by o ering extensive nancial services and the most innovative product suite across

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a growing network while retaining the lowest fees in the industry. The blockchain company is constantly expanding its Web3 o erings beyondlying technology holds immense potential for enhancing services and The Ghana Fintech Awards honors and acknowledges the individuals and organizations leading innovative solutions in the industry. These leaders have greatly contributed to boosting Ghana's ntech competitiveness and creating a robust ntech ecosystem for economic development and nancial inclusion.