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Ghana fears losing transit trade to Abidjan, Lome

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Ghana fears losing transit trade to Abidjan, Lome

Ghana fears losing transit trade to Abidjan, Lome

The GRA and the Ghana Shippers Authority fears the country could lose a significant chunk of its transit trade to Lome, Abidjan, and Cotonou if measures are not adopted to prevent diversion of transit goods before the reach their intended destinations in the various land locked countries that use Ghanaian sea ports.

Available figures indicate that transit trade volumes for much of this decade have accounted for about six percent of the country’s cargo throughput.

A study by the Ghana Shippers Authority shows that an estimated total revenue of US$24 million was accrued to the Ghanaian economy from some quantifiable services provided by various operators involved in the delivery of transit services in that same year.

The amount was derived from payments for services in relation to the handling of transit cargo from both Tema and Takoradi Ports, State Insurance Company (SIC) – the National Guarantor for the bond value, fees to Ghanaian Haulage truckers, operators of the electronic tracking device and for Freight Forwarders services.

At a stakeholder sensitization seminar in Accra last week both the GRA and the Shippers Authority, sought to redefine operational requirements and adopt effective custom control measures to combat transit goods from being diverted into the Ghanaian market.

Instructively, the two institutions have resolved to propound solutions to address key issues including new measures for transit tracking, transit process flow, transit vehicle registration, transit insurance requirements, licensing of Freight Forwarders for transit trade and the implementation of the concept of ‘First Port Duty Rule.’

CEO of the Shippers Authority, Ms. Benonita Bismarck, said, “these interventions are being contemplated as having far reaching implications for the country and it is important that all stakeholders pay keen attention to the issues.”

She explained that specific activities that have engaged the Authority over the years in educating and sensitizing against transit trade include the signing of Memoranda of Understanding (MoU) with neighboring landlocked countries of Burkina Faso, Niger and Mali, Quarterly meetings with representatives of the Shippers Councils of these countries, hosting of E-Platform for addressing Non-Tariff Barriers on the corridor, Sensitization workshops for transit drivers and Transit Shipper Committee (TSC).

Meanwhile, Commissioner of the Customs Division, Ghana Revenue Authority (GRA), Mr Isaac Crentsil, has revealed that the “First Port Rule” an arrangement, that allows customs officials from neighbouring landlocked countries, Burkina Faso and Mali, to set up desks at Ghana’s Ports to collect taxes on transit goods, would become operational by the end of March, this year.

The seminar which was on the theme, “Streamlining processes for the growth of Transit Trade in Ghana”, was attended by officials of GPHA, Freight Forwarder Associations, Representatives of the Shippers Councils from Burkina Faso, Mali and Niger, Motor Traffic and Transport Department (MTTD), SIC Transit Office, National Security, GCNET, Haulage Associations (Owners and Drivers) among others.

Source: goldstreetbusiness.com

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Suame Municipality generates GH¢1.2 million as revenue

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Suame Municipality generates GH¢1.2 million as revenue

The Suame Municipal Assembly in the Ashanti Region raked in a total of GH¢1, 213, 040.54 as revenue for the year 2018.

This represented 85.42 per cent of the targeted revenue of GH¢1, 420, 112.19.

Dr John Osei Bobie Boahin, the Municipal Chief Executive (MCE), who disclosed this said for the first quarter of this year, the Assembly had collected an amount of GH¢625, 179.70 from the various revenue sources.

Addressing the first ordinary meeting of the Second Session of the Assembly at Suame, he indicated that the figure represented 25. 83 per cent of the targeted revenue of GH¢2, 420, 688. 77.

“If the trend proceeds as planned, the Assembly is likely to exceed its revenue target by the end of 2019,” the MCE noted, saying the authorities were determined to mobilize the needed revenue for development purposes.

For that reason, he said, the Assembly had engaged Messrs Heinz Integrated Systems, a private data and revenue collection firm to collect the needed data on all payable properties in the Municipality, using the latest data collection software for effective service delivery.

“As I speak, progress of work on the data collection exercise is at an advanced stage. The consultant is gradually meeting the deliverables within the framework of the project scope and specifications,” Dr. Osei Bobie Bohin noted.

The MCE stated that collection of the data would enable the Assembly to make appropriate projections and forecast regarding the revenue inflows.

On agriculture, he hinted that the Assembly was facilitating access of farmers and agro-processors to processing machines and equipment produced at Suame Magazine.

This is aimed at reducing the importation of agricultural machinery and equipment to mechanics at the Magazine in order to move Ghana beyond aid.

Source: ghananewsagency.org

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SSNIT engages government on GH¢1bn arrears

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SSNIT engages government on GH¢1bn arrears

The Social Security and National Insurance Trust (SSNIT) says it is confident of accessing claims due it from the government to aid its operations.

As at last year (2018), the outstanding claims that the government was expected to give to the pension management firm, was estimated at one billion cedis.

Some industry watchers have attributed the development to the constraint faced by SSNIT in meeting the needs of its contributors and undertake other investment ventures.

But the Director General of SSNIT, Dr. John Ofori Tenkorang maintains that there are discussions with the Finance Ministry to access the outstanding payments.

He was speaking at a media engagement on the Trust’s operations over the weekend.

“We are engaged with the Ministry of Finance to come up with a solution and that we have agreed would have to involve some kind of cash payments and bonds that are issue…The people in charge of the Trust’s investment portfolio have made a case that there is the need to invest in some fixed incomes and the best issuer of bonds when the yield is right in terms of credit is the government,” he explained.

Dr. Tenkorang added that their ability to redeem the money on time should facilitate the cash flow required for a portfolio of their magnitude.

“So if we get the arrears paid to us in some kind of financial instrument that is acceptable to us, I think it will be okay for us. I am confident that the short term cash flow issues will be resolve and we will get our bonds.”

Meanwhile SSNIT has denied allegations that it is cheating out contributors of their benefits based on the Scheme’s flawed computation system.

A committee of the Trade Unions Congress (TUC) identified gaps in SSNIT’s computation of pension benefits for its contributors.

The Committee reported that SSNIT misinterprets what constitutes annual salary, early retirement reduction factor and annuity factor on lump sum which ultimately affects the contributor.

Though SSNIT admits that there may indeed be a fundamental flaw with the legal regime on pensions, it maintains that the Scheme is not cheating.

“Both parties have acknowledged that and have embarked on a process to correct these and it will probably end up in some list of amendments that we would seek to be legislated so that it governs the way we do things,” Director-General of SSNIT, Dr. John Ofori Tenkorang affirmed in an interview with Citi News.

Source: citibusinessnews.com

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Founder of Angel group ranked among top 100 influential company owners globally

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Founder of Angel group ranked among top 100 influential company owners globally

Founder of Angel group ranked among top 100 influential company owners globally

The President and Founder of the Angel Group of Companies, Dr. Kwaku Oteng has been ranked among the 100 most influential company owners worldwide.

At an event held at Institute of Directors, London by the Achievements Forum, the business mogul was celebrated among the top 100 influential company owners whose activities have affected their countries of origin positively.

Under the auspices of the Europe Business Assembly (EBA) Oxford, UK, Dr Kwaku Oteng was nominated for an award for his influence and contribution to Ghana and the world as a whole.

They were elated for his consistency in growing the Adonko brand within the shortest space of time with other nominees from countries like Canada, USA, UK, Malaysia, Nigeria, India, Philippines, Switzerland, Tanzania, Ivory Coast and China being recognized.

The Achievements Forum is a unique platform for international business and professional communication, sharing of the best practices in managing companies, institutions and cities, as well as promoting goods and services, and the opportunity for a comprehensive improvement of any business processes.

Achievements Forum’ has grown through a combination of international cooperation and positive commercial outcomes. Grounded in, and attracting high profile delegates from the real world of business, the function is a key driver in the development of practical commercial exchanges.

Top executives, business gurus, senior state officials, as well as educational management experts and academic professionals use the motivational opportunity to be present among the figures of their own stature.

Source: mynewsgh.com

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