Category: General

The Volta Regional Directorate of the Ghana Water Company Limited (GWCL) in collaboration with its Head Office has donated relief items to flood victims of the Akosombo Dam spillage in South Tongu and Anloga districts of the Volta Region.

The Company presented 1,000 bags of sachet water and 50 packs of bottled water to each of the districts to help the victims have access to quality drinking water to remain healthy.

The items were received by the District Chief Executives of the two districts on behalf of the affected persons, for onward distribution to the victims.

Mr Francis Lamptey, Volta Regional Chief Manager of the Company, who presented the items said the gesture formed part of the Company’s corporate social responsibility.

He disclosed to the Ghana News Agency that the items were produced by a subsidiary of the Ghana Water Company Limited called G-WATER and that they were of high quality.

Mr Lamptey said the victims were their customers and it was the customers that kept them in business, so it
was important that the Company empathize with them and support them to alleviate their pain.

‘We are in business because of customers, so when our customers are suffering, we have to support them, because we survive as a Company because of our customers,’ he said.

He disclosed that to be sure that water delivered to the customers in the affected districts was not contaminated, the Company took samples from those districts and conducted a quality test.

The Director said the test result was positive and there was no contamination as no pathogen was found in the water but was quick to add that the Company would continue the testing.

Mr Seth Kwasi Agbi, South Tongu District Chief Executive expressed appreciation to the Company for the gesture.

He said about 30 communities were affected within the area and that the donation would go a long way to alleviate the plight of the victims.

Mr Seth Yormewu, the District Chief Executive for Anloga also thanked GWCL for coming to the aid of the affected persons as wat
er was an important commodity in the life of human beings.

The DCE disclosed that a team from the Head Office of the GWCL led by the District Director of the Company were in the district to do assessment regarding the water that the people were drinking.

Source: Ghana News Agency

The Monetary Policy Committee (MPC) of the Bank of Ghana on Monday maintained the policy rate at 30.0 per cent for two successive meetings.

Dr Ernest Addison, the Governor of the Central Bank, said the Committee noted that tighter financing conditions, slower growth in the manufacturing and services sectors, and China’s slower recovery were exerting some moderating influence on global economic activity.

The Governor was speaking at a press briefing after the 115th MPC meetings in Accra.

The Committee deliberated on global and domestic macroeconomic developments, including the implementation of the IMF-supported Extended Credit Facility programme for the first six months of 2023 and assessed risks to the inflation outlook.

He said earlier aggressive policy tightening by advanced economies’ Central Banks had contributed to the dampening of inflationary pressures with headline inflation decelerating in many of the economies.

He said this had led to a pause in the tightening cycle, but core inflation remain
ed high and was declining slowly due to strong labour markets.

The Governor said Central Banks were expected to maintain policy rates at high levels for much longer periods to contain the still-elevated inflation levels relative to targets.

He said the prevailing higher policy rates, long-term bond yields, and renewed strength of the US dollar could continue to keep global financing conditions tight with consequences for Emerging Market and Developing Economies.

‘Furthermore, rising geopolitical tensions is creating uncertainty about crude oil prices and full crystallization of this risk could undermine the disinflation process in many economies, including Ghana,’ he added.

On the domestic macroeconomic environment, the Committee observed the broad improvements in the economy, reflecting stable exchange rates, the sustained disinflation process, and increased accumulation of foreign exchange reserves.

These developments reflect improvements in underlying policies, including fiscal consolidation, zero fin
ancing of the budget by the central bank, and relatively favourable external conditions.

He said the improvements would be sustained by the continued maintenance of tight Central Bank monetary conditions, sustained fiscal consolidation, and continued reserve accumulation supported through the Gold for Reserves programme.

On growth, domestic economic activity continues to recover, evidenced by the steady improvement in the Bank’s high frequency economic indicators.

The Governor said the CIEA was recovering from negative territory and was likely to turn positive by year end, showing a more solid rebound in economic activities.

He said the private sector credit growth, however, remained dampened due to risk aversion by banks amid tightened policy conditions and rising credit risk.

Dr Addison said with continued improvement in the macroeconomic conditions supported by declining inflation, credit conditions are expected to improve with a turnaround in credit extension to support growth.

He said the external
payment position was expected to improve, underpinned by continuous implementation of the IMF-supported programme, and the Gold for Reserves programme, among others.

He said the early completion and settlement of favourable agreement terms with bilateral creditors and commercial bondholders would help boost confidence and trigger resource flows to the economy.

‘The strong build up in reserves have provided cushion against external vulnerabilities, including the delay in the cocoa syndicated loan,’ he added.

He said the reserve build-up will even be stronger by the end of the year on receipt of the cocoa loan and disbursement of the IMF second tranche.

The Governor said sustained fiscal consolidation would be needed to place the economy firmly on the course of disinflation and economic growth.

Dr Addison said the 2024 budget statement was also designed to reinforce the ongoing fiscal consolidation.

He said the headline inflation had continued to decelerate in the past few months consistent with forecasts
, meanwhile the latest Bank forecast indicated that the disinflation process was expected to continue, supported by the current tight monetary policy stance, relatively stable exchange rate, and base drift effects.

The Committee noted that although inflation was decelerating, it remained high relative to target, therefore, there was a need to keep the policy rate tighter-for-longer until inflation is firmly anchored on a downward trajectory towards the medium-term target.

The Committee also made the following changes to unify the currency holding for the Cash Reserve Ratio requirement on foreign currency denominated deposits and domestic currency deposits for banks and the new unified Cash Reserve Ratio for total deposits (cedi and foreign currency) are to be held in cedis and this is therefore being reset to 15 per cent effective November 30, 2023.

This measure is to reinforce the Bank’s liquidity management operations to address excess structural liquidity conditions in the market and provide additional
impetus to the disinflation process.

The Committee will continue to monitor developments in the banking sector and deploy other policy tools, as and when required, to support stability.

Source: Ghana News Agency

Ms Barbara White Nkoala, the Country Director of the Netherlands Development Organisation (SNV), Ghana, has called for continuous support for small and medium scale businesses to ensure growth and sustainability.

She said running a business in the current economic situation was very difficult and complex, hence the need for concerted efforts to support businesses to stay, grow and expand.

‘Businesses need support, running a business is a very complex undertaking.

I have a lot of respect for these young entrepreneurs who are so brave to go out and start a business from the inputs to the marketing,’ she said.

‘There are a lot of challenges that they have to overcome and there is also the investments that are needed to get the power to do the marketing and all of these other aspects and so it is really important they are supported to get on their feet.’

Ms Nkoala, speaking at the close-out ceremony of GrEEn Incubation Programme in Kumasi, said that was the reason the SNV had been working with hubs and gove
rnment departments in Ghana to support individual businesses, which were focused on the green economy.

The Boosting Green Employment and Enterprise Opportunities in Ghana (GrEEn) project is a four-year (2019-2023) action from the European Union, the Embassy of the Kingdom of the Netherlands, SNV Netherlands Development Organisation, and the United Nations Capital Development Fund.

It aimed at creating greater economic and employment opportunities for the youth, women and returning migrants by promoting and supporting sustainable, green businesses and providing employable skills training for youth job seekers in two selected regions in Ghana – Ashanti and Western.

In partnership with the Ministry of Local Government, Decentralization and Rural Development, the GrEEn project was implemented under the European Union Emergency Trust Fund for Africa with a total contribution of EUR 20,600,000.

The Project has, so far, supported over 125 green MSMEs to grow and contribute to Ghana’s green and climate resilient
local economy.

Ms Nkoala, throwing more light on activities under the Incubation Programme, said SNV Ghana had worked with hubs to tailor the programmes according to the most practical business uses.

For instance, for women, it adjusted the programme to suit their busy schedules.

She said the complexity and the comprehensive support provided, through exhibits, greening operations, linking to export markets among others had impacted the business outcomes.

The Incubation Programme included business development training and capacity building, access to markets, access to networks, mentoring by experienced entrepreneurs and experts, as well as access to finance, particularly through the GrEEn Innovation Challenge.

Twenty-seven green entrepreneurs received over GH? 3,000,000.00 matching grants to scale up their businesses.

Awards were presented to some of the SMEs under categories of the most performing SME, innovative green business, best female-led business, most transformed business, rising star and overa
ll best SME.

Mr Emmanuel Amponsah of Harmony Agro Business Services, producers of certified seedlings, emerged the Overall Best SME for the Ashanti Region.

Source: Ghana News Agency

Dubawa, a fact-checking and verification Non-Governmental Organisation (NGO), has held a two-day training to equip non-urban based journalists in the Bono, Ahafo and Bono East regions with skills to identify and address information disorder.

The workshop was to build the capacity of the participants with knowledge and the requisite tools to determine misinformation, disinformation and mal-information, to guard against inappropriate content and temptations of spreading and publishing falsehood.

Twenty journalists attended the training in Sunyani, which was supported by the United States (US) Embassy.

Speaking on the topic: ‘The ABC of Information Disorder,’ Madam Caroline Anipah, the Dubawa Team Lead, implored media houses to adopt smart ways of debunking false information to effectively address information disorder.

Information disorder, she said, had led to misinterpretation, confusion and chaos characterising the information space.

She appealed to individuals, organisations and nations to be alert to
the realities of the spread of information that could harm them.

‘As journalists in the midst of all these nuances, our foremost thought or intent must be to the interest of the public,’ Madam Anipah said.

She advised the journalists to be alert and cautious about impostor content, which occurred when a particular information was attributed to the image of an influential and credible personality, as well as manipulated or fabricated contents or videos.

Both misinformation and disinformation were disorders that took away public trust and could lead to apathy and trust of a news source.

Madam Anipah said some creators of information disorder, particularly disinformation, including originators, amplifiers and opportunists, were mostly motivated by foreign and political influence.

She encouraged participants to design approaches to fight false information and harmful content by fact checking, verifying whether the URL of a particular website was authentic, as well as the source of the information.

Source:
Ghana News Agency

An Accra High Court has quashed Office of the Special Prosecutor (OSP’s) report that accused two former Ghana Revenue Authority (GRA) Commissioners of wrongdoing in the famous Labianca case.

Colonel Kwadwo Damoah, a former Commissioner of GRA (Customs Division) and Joseph Adu- Kyei, a former Deputy Commissioner of GRA (Customs Division), were allegedly accused of using their positions to grant favourable tax treatment to Labianca Company, a frozen food firm owned by Jacqueline Buah Asomah Hinneh, a Council of State Member.

The two Commissioners, last year, dragged the OSP to court contending that the OSP’s report had caused damage to their reputation and same had no merit.

The court presided over by Mr Justice William Boampong at the General Jurisdiction (High Court Division) in its ruling awarded cost of GHC 10,000 against the OSP.

The court held that the OSP exceeded its mandate in making its adverse findings against the two Commissioners.

The court noted that OSP acted ultra vires by purporting to ma
ke adverse findings against the Commissioners and further publishing the adverse report in the public domain thereby subjecting the applicants (the Commissioners) to public opinion trial.

It, therefore, quashed certain aspects of the reports relating to the applicants (the Commissioners) and granted an order restraining the OSP from further investigating the two Commissioners in the matter.

Mr Bob Sanyalah, the applicants lawyer, told journalists that he was elated over the ruling of the High Court.

The two Commissioners had gone to court praying it to dismiss the investigative report of the OSP relating to activities of Labianca Company.

Col. Damoah contended that the OSP’s report was targeted at him in person and same was to ‘bring him down’.

In the case of Adu-Kyei, the OSP’s report cited him for issuing unlawful customs advance ruling leading to the reduction of intended imports between the range of five to 10 percent to Labianca.

The two disagreed with the OSP’s report and proceeded to court to con
test the findings.

GNA Court quashes OSP’s report implicating Col Damoah, another in Labianca Case

By Joyce Danso, GNA

Accra, Nov. 27, GNA- An Accra High Court has quashed the Office of the Special Prosecutor (OSP’s) report that accused two former Ghana Revenue Authority (GRA) Commissioners of wrongdoing in the famous Labianca case.

Colonel Kwadwo Damoah, a former Commissioner of GRA (Customs Division) and Joseph Adu-Kyei, a former Deputy Commissioner of GRA (Customs Division), were allegedly accused of using their positions to grant favourable tax treatment to Labianca Company, a frozen food firm owned by Jacqueline Buah Asomah Hinneh, a Council of State Member.

The two Commissioners, last year, dragged the OSP to court contending that the OSP’s report had caused damage to their reputation and same had no merit.

The court presided over by Mr Justice William Boampong at the General Jurisdiction (High Court Division) in its ruling awarded the cost of GHC 10,000 against the OSP.

The court held that the O
SP exceeded its mandate in making its adverse findings against the two Commissioners.

The court noted that OSP acted ultra vires by purporting to make adverse findings against the Commissioners and further publishing the adverse report in the public domain thereby subjecting the applicants (the Commissioners) to a public opinion trial.

It, therefore, quashed certain aspects of the reports relating to the applicants (the Commissioners) and granted an order restraining the OSP from further investigating the two Commissioners in the matter.

Mr Bob Sanyalah, the applicants’ lawyer, told journalists that he was elated over the ruling of the High Court.

The two Commissioners had gone to court praying to dismiss the investigative report of the OSP relating to activities of Labianca Company.

Col. Damoah contended that the OSP’s report was targeted at him in person and same was to ‘bring him down’.

In the case of Adu-Kyei, the OSP’s report cited him for issuing unlawful customs advance ruling leading to the redu
ction of intended imports between the range of five to 10 per cent to Labianca.

The two disagreed with the OSP’s report and proceeded to court to contest the findings.

Source: Ghana News Agency

Penplusbytes, a civic tech nonprofit organisation, under its ‘Yen Somu Bi’ (let’s lend a helping hand) project, has held a pitch-and-fund event to connect non-governmental organisations (NGOs) focused on community development, to private donors.

Dubbed; the ‘Pitch for Change’ project, the event, organised in Accra, saw NGOs working in the Education, Economic Empowerment, Water, Sanitation and Health (WASH) sectors across Ghana pitching their ideas and projects to donors.

The donors were mainly drawn from the private sector and the corporate social responsibility (CSR) departments of some state agencies.

In attendance were local philanthropic organisation donors and representatives from Vodafone Ghana Foundation, Pentecost Social Services, Margins ID Group, Ghana National Gas Company, and the National Lottery Authority’s Good Causes Foundation.

The event saw six selected NGOs; the Community Development Alliance (CDA Ghana), Hereafter Ghana, Ark Development Organisation, Resource Link Foundation Ghana, Cel
dar Foundation, and the International Child Development Programme, making presentations to the donors.

The donors, in turn, screened the pitched ideas and projects that aligned with their CSR goals and assured the NGOs of their support and partnership.

Inspiring the participants, Mr Jerry Sam, the Executive Director of Penplusbytes, said; ‘We want to build a relationship between NGOs and the private sector. Penplusbytes believes that through partnerships, such as this, a lot can be achieved.’

‘On the first level, this is a perfect opportunity for NGOs to sell their ideas and projects to donors present, make them aware of some of the community needs, and on the other hand, have donors align their CSR objectives with community issues…’.

He said the STAR Ghana Foundation, a national centre for active citizenship and philanthropy, is partnering Penplusbytes to implement the ‘Yen Somu Bi’ project.

The project ideas presented by the NGOs focused on diverse thematic areas.

The CDA-Ghana, for instance, aims to
construct two delivery rooms for the Konzokala Community in the Upper West Region, whereas My-Here-After Ghana’s project focuses on providing 100 dual desks and learning materials to basic schools in the Tolon District of the Northern Region.

The Ark Development Organisation, whose philanthropic work is centered on health and education in the Eastern Region, seeks to provide marginalised communities with library and ICT units while educating adolescents on their reproductive health.

Research Link Foundation Ghana, on the other hand, appealed to donors to support the construction of a training and processing centre for women in bee keeping.

The International Child Development Programme, Ghana proposed ‘The Future is TVET’ project, aimed at equipping school dropouts in hard-to-reach communities with vocational skills, while the Celdar Foundation is embarking on addressing pregnancy and HIV among teenagers in the Lower Manya Krobo Municipality of the Eastern Region by establishing a Skills Development Hub.

T
he donors expressed excitement at the innovation of the NGOs and promised to support their projects, saying the various projects present a mutually beneficial situation to deliver wholesome projects to community members.

The Yen Somu Bi project seeks to shed light on domestic philanthropic giving, using an innovative research-linked fundraising and advocacy platform.

Penplusbytes is an organisation driving change through innovations in key areas like technology and good governance, climate and well-being, new media and the extractive sector.

STAR Ghana Foundation, on the other hand, is a national centre for active citizenship and philanthropy, working towards the development of a vibrant, well-informed and assertive civil society.

Source: Ghana News Agency

Togbe Dorglo Anumah VI, President of the Avenor Traditional Council and Paramount Chief of Avenor Traditional Area has urged the public to empower the youth through capacity building.

He said the youth are the future leaders, who must be supported to aid in bringing more development and progress to the area.

Togbe Dorglo made the appeal on Saturday, at Akatsi during this year’s grand durbar of ‘Avenor Tutudoza’ which is celebrated by the people of Avenor.

He stated that there was a need to create a different kind of youth with the mentality to contribute to the progress of the Avenor State and country at large through positive re-orientation and empowerment.

‘I know much is going on by way of building the capacity of our youth. My message to them is that learning to work with all manner of people with respect and decorum will send them farther than their certificates.

‘A positive attitude can make your dreams come true,’ he added.

Togbe Dorglo urged individuals and business owners to establish business
es in the area which is the fastest-growing Municipality in Southern Volta.

He further explained that the area also has fertile land for Agriculture and agro-business ventures, which would offer the surest way out of poverty and ensure rapid economic development.

Togbe Dorglo also urged the public and the citizens of Avenor to help contribute toward the ongoing construction of an Ultra-Modern Palace and Cultural Centre at Avenorpeme for the progress of the Traditional Council.

‘We worked with all well-meaning people regardless of their background since the Traditional Council believed in friendship and progression, so we are determined to widely cultivate friends without recourse to political sentiment.’

Togbe Dorglo used the opportunity to commiserate with displaced flood victims at Mepe and other areas in the region due to the Akosombo and Kpone Dams spillage.

The colourful fourth Avenor Tutudoza celebration was graced by high-profile dignitaries including Mr John Dramani Mahama, flagbearer of National
Democratic Congress, Chiefs from Avenor and other Traditional Areas, Heads of Institutions, political party representatives, and others.

It was on the theme’ Empowering the Youth of Avenor for holistic Community Development and Transformation.’

Source: Ghana News Agency

An Accra High Court has issued a landmark ruling on the tax assessment of Maersk Drillship IV Singapore, declaring that its income arising from its Ghanaian Permanent Establishment is assessable, rejecting the company’s claim of exemption under the Petroleum Agreement.

The total money involved is a substantial sum of $15.5 million ($15,513,221.16) in tax revenue.

This comprises $12.8 million ($12,805,543.20) in direct taxes and $2.7 ($2,707,607) million in indirect taxes.

Breaking down the figures, GRA has established an official exchange rate of GH?11.5668 to the dollar.

Utilizing this conversion rate, the total tax revenue of $15,513,221.16 transforms into GH?179.4 million (GH?179,438,326.513488).

The court, comprising Justices Mrs Janapare A. Bartels-Kodwo, Alex Poku-Acheampong, and Jerome Noble-Nkrumah, delivered the judgment in response to an appeal filed by Maersk Drillship IV Singapore.

The crucial issues addressed by the court included determining the party whose income was under assessment, th
e assessability of the income, and whether the income was exempt from income tax under Ghanaian law and the Petroleum Agreement.

Maersk Drillship IV Singapore contended that the assessed income was related to its business operations and, therefore, exempt from further taxation, citing provisions in the Petroleum Income Tax Act and the Petroleum Agreement.

However, the Ghana Revenue Authority (GRA) disagreed, arguing that the income in dispute belonged to Maersk Drillship IV Singapore as a distinct entity separate from its Ghanaian registered external company.

After analyzing the facts and applying the law, the High Court determined that the income in question was that of Maersk Drillship IV Singapore, a separate legal entity from its Ghanaian Permanent Establishment.

The court established that this income, remitted by its Ghanaian Permanent Establishment, is assessable under Section 3 of Act 896.

The court further clarified that under Section 3(2) (b) of Act 896, non-resident entities earning income thro
ugh a Ghanaian permanent establishment are subject to Ghanaian income tax.

Since the income in question arose from the Ghanaian permanent establishment of Maersk Drillship IV Singapore, Section 3(2) (b) of Act 896 logically applies, making the income assessable for tax under the Income Tax Act.

Regarding the exemption from taxation, Maersk Drillship IV Singapore argued that, under the Petroleum Agreement, a portion of its business income withheld by its contractor incurs no further tax liabilities.

GRA countered, emphasizing that the shareholders of Maersk Drillship IV Singapore are the ones being assessed, and branch profit taxes do not apply to the company or its shareholders.

The court clarified that the income being taxed does not pertain to Maersk Drillship IV Singapore but to its Ghanaian Permanent Establishment, a separate legal entity.

The ruling explained that the income earned by the Ghanaian Permanent Establishment is not subject to further taxes under the Petroleum Agreement when remitting pr
ofits to its parent company.

However, the court stated that a non-resident entity earning income from a Ghanaian permanent establishment is earning income as contemplated under Section 3(2) (b)(ii) of Act 896, and, therefore, Section 60 of Act 896 applies, making the income of Maersk Drillship IV Singapore from repatriated profits of its Ghanaian Permanent Establishment liable to branch profit tax.

Source: Ghana News Agency