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Genevive Ocansey Writes: The Mining Sector During Economic Challenges -Ghana and Emerging Markets

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Ghana was called the Gold Coast prior to independence because of its rich deposits of gold and other minerals. Till date those rich natural resources deposits in gold, bauxite and other minerals are present and in 2019, the World Bank reported that gold was included in Ghana’s top three main export commodities.

Mineral and mining activities in Ghana is not only beneficial to the nation but also to investors and stakeholders in the mining industry. The economic challenges faced globally due to the recent health pandemic has negatively impacted many sectors, However, while there are restructuring and plans for recovery for these challenges globally, price and production of gold and other minerals appear to be steadily climbing back to normal trends.

The Ghana Chamber of Mines reported that in 2019, mining and quarrying were products that attributed to the increased GDP for the country and that the shipment of manganese and Bauxite increased in 2019 due to operational improvement.

Investors can be assured that mining production and revenue in Ghana is on target to continue to provide revenue and profit for their investment. As the leading exporter of gold production in Africa (after overtaking South Africa in 2018), Ghana is expected to continue its dominance in Africa after the Ashanti Gold Obuasi mines bounced back in January 2020 after nearly two years of being non-operational. It is also worth noting the importance of small-scale mining, which is reserved for nationals as contributors to mineral production and revenue for Ghana’s mineral sector.

Legal and Fiscal Regime Contributions

In Ghana, the mining industry is regulated by the Ministry of Lands and Natural Resources. The implementation and administration of policies that govern the industry is the responsibility of the Minerals Commission.

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For a foreign investor interested in conducting business in the Mining industry, they must first comply with the Ghana Investment Promotion Center,(GIPC) Act 2013 (Act 865), thereafter the main legislations are the Ghana Minerals and Mining Act 2006 (Act 703) as amended by Minerals and Mining Amendment Act (Act 900), and the Minerals and Mining Regulations LI 2167 (2012).

These legal frameworks provide great incentives to investors and additionally protects small-scale mining. These laws have provided investors with the stability that a country needs to attract investors, thus despite the challenges that other sectors have had to grapple with, the mining sector will continue to perform and have a positive impact on the GDP and economic growth.

With African countries relying heavily on their natural resources for economic development, an attractive fiscal regime is key for foreign investment.

Equatorial Guinea, one of the top oil-producing countries in Africa, has recently granted mining concessions to foreign companies to begin the prospection and exploration of minerals following the country’s successful first mining bidding round held last year. It’s a legal framework, the Mining Law of Equatorial Guinea (2006) and recently published a new regulatory framework is focused on providing investors with the fiscal environment they seek before investing in a developing country.

Foreign Investors must ensure prudent procedure and due process is adhered to when making the choice to invest in Africa, for example in Ghana Article 268(1) of the 1992 Constitution requires that Parliament must ratify any mining lease granted to a mining company. Ghana’s Supreme Court in the case of Republic v High Court, Accra Ex parte Exton Cubic Group Ltd J5/40/2018 (unreported), recently affirmed this, thus resulting in a purported mining lease to Exton Cubic being declared invalid.

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To the extent that mining has resultant environment considerations, a holder of a license or lease before undertaking any mining activity must additionally obtain the necessary permits and approvals from the Forestry Commission, the Environmental Protection Agency (which ensures environmental health and safety standards are adhered to), and the Water Resources Commission.

Mining companies are subject to fiscal regimes such as corporate tax of 35%, capital gains tax of 15%, a withholding tax of 15% and a capital allowance of 20% for 5 years. The ground rents, property rates and mineral right fees are payable as prescribed by Regulations. Royalties of 3-6% of mining revenue obtained are also payable.

Mining Companies are given exemptions from paying customs duty, Value Added Tax (VAT) and National Health Insurance Levy (NHIL) on plant, machinery, equipment and accessories imported specifically and exclusively for the mineral operation. The staff of mining companies may be granted exemption from income tax payment if their furnished accommodation is provided at the mine site and expatriate employees may also be exempted from tax payable on money transferred outside Ghana.

In order to realize the full benefits from the mining sector, the Minerals Income Investment Fund (MIIF) Act, 2018 (Act 978) (the “Fund Act”) was passed. The Act was passed to hold and manage the mining company equity interests of the Republic, receive mineral royalty revenues due from mining operations, and provide for the management and investment of the assets of the MIIF.

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In 2019, the Ghana Integrated Aluminium Development Corporation (GIADEC) was established. GIADEC commenced a three Round Investor engagement process aimed at identifying strategic investors for the three main sectors of the Aluminium industry namely, mining, refining, and smelting. This is to enhance private sector participation in the sub-sector and revamp the entire Aluminium value chain in the country.

Local Content is prevalent in the mining industry. Excluding foreign participation in small-scale mining provides great opportunities for indigenous Ghanaians and that has served as a guaranteed employment source in these critical times. Ghanaian companies are also given preference in the supply of goods and provide services to the mining companies.

Conclusion

Social Responsibility is a very important and critical role of Mining companies. Mining Companies must not only ensure compliance of all regulations, they must be involved in the responsibility of developing the communities they operate in and should participate in the funding of projects in their communities.

Ghana continues to play an important role in the global production of minerals and mining and one expects nothing less in 2020 despite the challenges from the pandemic. Investors can be assured of a robust and stable environment to operate.

-Genevive Ocansey

(Managing Partner; G&G and Associates)

Phone : +233 302 96 1036 | +233302 78 8334

Email: info@ggassociateslegal.com

Website: www.ggassociateslegal.com

Business

How to Make Money with Google AdSense Account in Ghana 2020

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How to Make Money with Google AdSense Account in Ghana 2020

If you are a Ghanaian blogger or a YouTuber, it’s high time you learned how to make money with Google AdSense account in Ghana 2020. The blogosphere is a huge industry on its own. 

Popular Ghanaian bloggers such as Zion Felix, Ameyaw Debrah, and Jet Sanza, are making it big full-time blogging jobs in ghana. The internet has free money for everyone, but if you don’t know how to look for your money, your money will not look for you. 

That said, there are minor glitches to be faced once you make up your mind to make money online. It turns out blogging is a highly competitive industry. Penetrating through this competition barrier requires a lot of effort. 

But once your digital content is all set up, and your traffic is beginning to take form, monetizing your blog or channel is a witty idea. After all, you invest so much time, money, and skills to create your content.

Welcome to the show! I’m a great writer, a tech-geek, a digital fanatic, and above all — an experienced blogger who is here to guide you on how to make money with Google AdSense account In Ghana 2020. 

Before we explore that, let’s first understand what Google AdSense is all about.

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What is a Google AdSense Account?

In summary, Google AdSense is an advertising network owned and managed by Google Inc — the tech giant behind the Google Search Engine.

Though it’s not the only ad network for monetizing blogs, Google AdSense is comfortably leading the other ad networks, thanks to Google’s fame and name.

The Google AdSense program was created to provide monetization opportunities for online content creators (website publishers) who want targeted adverts to be shown on their websites. 

When your visitors (audience) click/view the adverts displayed on your website, you make some small money on each ad. 

If your website has a huge web traffic, more people will be clicking on the ad links, meaning that more money will flow into your bank account.

The Google AdSense teams manage and control the ads featured on your website. But for the most part, the type of ads shown will depend on the type of content you create. Overall, your niche will also influence your AdSense earnings.

How to Apply for a Google AdSense Account Ghana

You don’t need to pay any money to Google Inc before you can apply for an AdSense account in Ghana; it’s free. To apply for a Google AdSense account in Ghana, you need a gmail address and any of the following: a website (blog), YouTube channel,  and Google Play Store app.

How Does Google AdSense Account Work in Ghana?

The Google ads network program works on a cost-per-click (CPC) basis. This means, advertisers pay some amount of money to Google AdSense for each valid click on the ads.  Google then pays you (the web publisher) about 70% the cost-per-click rate offered by the advertiser.

When you apply for an AdSense account and get accepted, you will have to copy a JavaScript code from AdSense, and paste it into the admin panel of your website. Don’t worry! You don’t need to be a programming geek to paste codes.

Google will handle the display of the adverts while you create more content to make your money online from AdSense in Ghana.

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How to Get Your Ghana Google AdSense Account Approved Fast

The Google AdSense team is very strict when it comes to what content can be monetized with their network. Integrity is of the utmost importance to them. 

So, don’t think that you can create inappropriate content and monetize them with AdSense. They manually review all applications before accepting or rejecting them. 

How long does it take to get your AdSense account approved? It can take a few weeks, and sometimes months before you get a response from AdSense.

Here is how to apply for Google Adsense and get quick approval in Ghana.

Make Great Content

Having set up your website, the next thing you want to do is to create useful content. High-quality content will get more people attracted to your website. Your content (videos, or blog posts) should be unique and original; not stolen content.

Want to get your Ghana AdSense account approved fast? It’s advisable to have at least 25 good blog posts of about 500–1000 words each. 

Install a Good Website Theme

The beauty of your website can also determine whether it should be rejected by AdSense or not. A good theme makes navigation around a website easier, and that’s what AdSense wants — professionally designed websites with pages on your “About” , “Privacy Policies” and “Contact Us”.

Fill in Correct User Details (Information)

When signing up for AdSense in Ghana, ensure that you provide correct details for the following:

  1. Website address
  2. Your full name
  3. Business name
  4. Mailing address
  5. Gmail address
  6. Phone number

Submit your application on time

After filling in all the required details, proceed to submit your application as soon as possible. If you’re lucky and nothing is amiss about your website content, Google AdSense can approve your application within 2-3 days after submission.

But if all does not go well, and you get rejected by AdSense, you can reapply 3-4 weeks later, after making the necessary adjustments to your website.

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How to Increase Google AdSense Earnings in Ghana

Here are the steps to follow when you want to make more money with Google AdSense account in Ghana 2020.

  • Position your ad units appropriately (make them visible)
  • Embed ads inside each blog post
  • Use both text and image ads
  • Enlarge your ad sizes
  • Optimize your ad layouts from time to time

How Much Money Can You Make From Google Adsense In Ghana?

As far as I know, there is no limitation on how to make money with Google AdSense account In Ghana 2020. You can make tens of thousands of Us dollars to hundreds of thousands of Ghana cedis.

However, the minimum payout is $100 (about GHC 560). During the application process, you don’t have to submit your bank account details for payment.  

That can be done later when you make your first $10. When you pass through the payment verification process successfully, you can withdraw your AdSense funds in Ghana through checks, bank transfers, Payoneer, etc.

Conclusive Thoughts

If you’re a blogger who is serious about how to make money with Google AdSense account in Ghana 2020, this article has answered your prayers. Making your first GHS 500 from AdSense can be a nightmare. But if you work for it,  you can get it. The rest of your story will see you make tons of money from AdSense to live the rich life.

Before you walk away, here are 4 more important things to note about how to make money with Google AdSense account in Ghana.

  • Resist the temptation to click on your own adverts — the AdSense algorithms are smarter than you.
  • Do not use robots (or fake people) to click on your ads; AdSense will catch you.
  • Let your content be original; not copied and pasted blog posts or videos.
  • Mind your featured images — Google AdSense doesn’t tolerate image copyright violations.
  • AdSense reserves the right to kick you out of their affiliate program anytime. That’s if you keep violating their policies. Always have a plan B (a secondary source of income).

Have a question on how to make money with Google AdSense account in Ghana 2020? Leave a comment below, and I’ll answer you. Thanks for reading. Please stay safe from Covid-19. 

Source: EnewsGhana.com

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The 9 Financial blunders Ghanaian Young Men Commit

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When a young graduate finally lands a job after university, it is such a big deal, even extended family members call to congratulate them.

Many of these men will go on to retire to a life they didn’t really want. Why?

It emanates from a series of blunders:

The Borrowed wedding:
A wedding is such a big deal in our society. The only problem is that most at times, the young man who is yet to himself financially will have to bear all the costs alone. Some can’t afford all the expenses and may be tempted to borrow some money to top up.

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The wedding is done, people come and eat and drink and leave them to service their debt. The wedding gifts normally won’t bail you out.

2. The Borrowed House

After marriage, the young man often realizes his “chamber and hall” apartment is not big enough for his bride, he needs to get a bigger space, once again he borrows some money (say from a credit union)to pay at least two years to rent advance, compounding his debt.

3. The Borrowed Car

Then comes the pregnancy and kids, the young man realizes that a car is an absolute necessity to make life easier for the family. So when he is approached by those beautiful bank ladies for a cool loan deal, he jumps at this and buys that Toyota Corolla. Repayment of the car loan alone can take up to 40% of his net monthly salary, whilst servicing the rent and wedding debts on the side.

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4. The Family Savior Wahala

The young man soon discovers that the reason for the rejoicing of the family members. It is payback time. From siblings, parents, aunties, cousins, in-laws, including the distant relative who helped you cross the village river when you were five years everyone digs in to get their share of the young man’s fortune It is normally small tokens, but when aggregated is a big deal ( about 30% of annual salary)

5. The Seed Eaters Wahala

These are family, colleagues, and friends who borrow money from the young man with no intention to pay. They come up with all those emergency stories with the promise to pay the next month. They never pay. It normally ends in tears and ruined relationships.

6. The “Big Boy” Wahala

The young man would have hopefully made strides in his career at this stage of his life, which comes with more salary, but then the extra disposable income doesn’t go into savings or investments. Seeing themselves as “big boys “ they quickly elevate their spending, renting bigger houses with spare rooms hardly utilized, get bigger cars, family holidays etc.

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7. The Two Masters Wahala

At this point in the man’s life, he would have secured a piece of land and started building his dream house normally with a bank loan whilst paying those huge sums of rent to his landlord on a yearly basis. Being indebted at the same time to the bank and your landlord is like serving two masters. In my view, it is better to serve one master( the bank)

8. The Strangling Wahala

The kids are growing, and so are their fees and other upkeep. Some may be ready to go to college, but Daddy didn’t have an educational investment. He needs to dig deep to sort out the kids’ education. There is still the ever-mounting family financial pressures. At this point in the man’s life, he earns a lot but has equally neck level expenses to match it

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9. Where did it All Go Stage?

At this point, the man is in his mid-fifties, May still have college responsibilities to take care of. He may be putting finishing touches to his dream house( which took decades because of its gargantuan nature. It will later dawn on him that the kids will soon leave home and the six-bedroom dream house is too big for just the wife and himself

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The bells of pension begin to sound louder as the days go by, only to realize that he had worked most of his years:

a. For the banks servicing loans, he could have avoided with a lot more prudence,

b. For landlords, paying unreasonable rent advance year after year for too long a time.

c. Family and friends in his bid to becoming a one-stop solution for all their needs

He has worked for everyone except himself, without any financial plan set out at the beginning of his career, he will be at the mercy of his employer and loved ones at the end of his career.

Many men could enjoy a fulfilled retirement, if they had actively planned, instead they prefer to flow with the tide, unfortunately, some get sunk by the tides of life.

Get a financial plan the moment you start working, allow the power of compound interest to work hard for you, and make sure you enjoy retirement.

Remember that Joseph in the Bible had only 7 years to prepare for another 7 years of drought.

Ask yourself? After working for at least 30 years, If you are to live for another 30 years after your retirement, will you live comfortably financially or be at the mercy of others?

Author: Roland Ofori, Marketing Professional

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