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.
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.
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
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
How to Apply for Tax Identification Number (TIN) Online in Ghana
As part of their efforts to digitize Ghana’s economy, President Akufo Addo and his administration introduced a new taxation system known as TIN. It promises to revolutionize how taxes are collected in Ghana. This post shall teach you how to apply for tax identification number (TIN) online in Ghana. The Ghana Revenue Authority (GRA) has its motto like “little drops of taxes make a mighty nation”. A smart tagline indeed!
The Government has explained that apart from serving as a medium for tax collection, the new TIN will find uses in many spheres of our lives. Apparently, without a TIN, you can’t register a business, clear goods at the ports, create a bank account — just to name a few. This means it’s important for all Ghanaian taxpayers and would-be taxpayers to acquire their TINs to avoid getting stranded in the last-minute.
An online application for your Tax Identification Number will spare you the inconvenience involved in going to the GRA offices to register for your TIN. In the online application process, you are supposed to scan your ID card and fill some online forms.
TIN is a unique ID number assigned to Ghanaian taxpayers. Launched somewhere in the 2019/2020 academic year, the idea was originally conceived by the Akufo-Addo’s government who mandated the Ghana Revenue Authority to issue the TIN cards to Ghanaians.
What’s TIN Required for?
You will need a TIN number to access services offered by the following public institutions.
- GRA (Ghana Revenue Authority)
- District Assemblies
- Controller & Accountant General Department
- Registrar General Department
- All government institutions prescribed by legislative instruments.
How to Use TIN in Ghana
Believe it or not, the tax ID number is becoming a must-have document for even the ordinary Ghanaians. So, Who Qualifies to Apply for TIN?
The Ghana Revenue Authority has declared that the following people are all qualified to register for TIN in Ghana.
- Income-earning Ghanaians with taxable income
- Ghanaians who usually clear goods at the ports & factories
- People seeking to register land titles
- Ghanaians looking for tax clearance certificates
- Entrepreneurs seeking to register their companies
- Those who require permits from their district assemblies.
- Those who receive their payments from the Controller & Accountant-General Department
- Customers who want to open new bank accounts
- Passport applicants
Requirements for Online TIN Registration in Ghana
- Full Name
- Email Address
- Scanned Color copy of your valid ID card such as a Driver’s license and a Voter ID. File formats supported — .PDF, . jpeg, .jpg. The file size should not exceed 1 MB.
NB: there is no need for a Ghana Passport
How to Apply for Your TIN Online in Ghana
- Visit the GRA registration portal
- Input your personal details and create a strong password
- Click on the “Add” button to upload your scanned ID
- Click on “Register”. A registration request will be sent to your email
- Check your mail to confirm the request and proceed with the registration
- After the system has verified your email and ID document, you can choose to print a copy of your registration details
- Next, you will receive an email which explains extra info about the registration. Click on the link in the email to continue with the registration.
- Enter your email and the password used earlier. Click on “Register”.
- A page will open up for you to fill in your personal details, contact info, address, ID info, tax info, and an individual summary. Remember to save the details on each tab.
- Once you finish that, click to submit your form. Assuming it all goes well, you should receive your within TIN two weeks or even less.
- Congratulations! You have just signed up for TIN in Ghana.
Things to Note About TIN Registration in Ghana
- If you use your Ghana Card to sign up for TIN, you may get your TIN number with immediate effect. However, it may take a longer time for the GRA to verify other ID documents before issuing you a TIN.
- You can also apply by downloading the TIN form. Next, fill and submit it manually to a nearby Domestic Tax Revenue Office. Or, send it as an email attachment to email@example.com
- For support services, contact the GRA by sending a mail to firstname.lastname@example.org or through telephone number 0302904546.
As long as you are a Ghanaian, it’s better you get a TIN. After all, you can’t predict when and where you will need it.
Following the outbreak of Covid-19 in Ghana, the government listed TIN as a requirement for people seeking to benefit from the Coronavirus relief fund. That tells you that you need to know how to apply for tax identification number (TIN) online in Ghana. Use the steps discussed here, and you’ll get your TIN right away.
Genevive Ocansey Writes: The Mining Sector During Economic Challenges -Ghana and Emerging Markets
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.
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.
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.
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.
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.
(Managing Partner; G&G and Associates)
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