TIG Post

Tag: Businesses

  • Local businesses will be contracted to provide free pads to female students in schools – Trade Minister

    Local businesses will be contracted to provide free pads to female students in schools – Trade Minister

    The government has reaffirmed its commitment to supporting local industries by ensuring that the production of sanitary pads for its free distribution initiative will be sourced from Ghanaian manufacturers.

    Minister for Trade and Agro Business, Elizabeth Ofosu-Agyare, emphasized this approach while addressing the economic impact of the policy. Her comments come in response to the GH₵292.4 million allocation announced by Finance Minister Dr. Cassiel Ato Forson in the 2025 budget, aimed at providing free sanitary pads to female students in primary and secondary schools.

    Speaking in an interview with The Independent Ghana, Minister Ofosu-Agyare underscored the initiative’s broader economic significance beyond menstrual health support.

    “This is a good budget,” she stated. “It is good in the sense that there is something in it for everybody. And let me tell you one thing—free pads are not just for the benefit of the girl child. No. This policy is also beneficial to the industry because His Excellency John Dramani Mahama has made it clear that the government will use its purchasing power to support locally made products. That means nearly GH₵300 million will remain in the economy to benefit the private sector since we will source all the pads from Ghana.”

    She further highlighted how the policy will contribute to job creation and economic stability by reducing dependency on imports.

    “We are going to create more jobs. It means we will stabilize our cedi because we won’t have to exchange money to import pads. And when local manufacturers profit, they will expand and even export more,” she explained.

    In addition to prioritizing local production, the budget includes measures to strengthen collaboration between the government and private businesses, particularly in addressing industry concerns regarding taxation and financial regulations.

    “One of the challenges industries have raised is access to the Finance Ministry and GRA,” the minister noted. “Now, the minister has stated that there will be quarterly meetings between the GRA, the Finance Ministry, and the private sector. Guess what? I will always be there to champion the cause of the private sector.”

    She assured businesses that these engagements would create a more transparent and supportive regulatory environment.

    “This will give a lot of confidence to businesses operating in Ghana. They will have direct access to the Ministry of Finance and GRA so that tax issues affecting their sectors can be resolved quickly,” she added.

    The minister reaffirmed that the government’s push for industrial growth extends beyond sanitary pad production, emphasizing its long-term commitment to strengthening local manufacturing.

    “We have set the tone well, and the resetting agenda has begun. Ghana is ready for business,” she concluded.

    The decision to support local manufacturers aligns with ongoing advocacy efforts to make menstrual hygiene products more accessible. In September 2023, a private member’s bill was introduced in Parliament to amend the VAT (Amendment) Act, 2022 (Act 1082), seeking the removal of the 15% Value Added Tax (VAT) on sanitary pads and tampons.

  • We will provide a secure financial system that will aid growth of businesses – BoG Governor

    We will provide a secure financial system that will aid growth of businesses – BoG Governor

    Newly sworn-in Governor of the Bank of Ghana, Dr. Johnson Asiama, has pledged to strengthen public confidence in Ghana’s financial sector by promoting stability, transparency, and innovation.

    Speaking at his swearing-in ceremony on Tuesday, February 25, Dr. Asiama outlined his commitment to steering the nation’s economy toward a future-ready and stable financial system through responsible governance, digital transformation, and sound economic policies.

    Emphasizing the importance of rebuilding trust, he stated, “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

    Highlighting the Bank’s renewed focus, he added that this “reset path” was more than just a pledge—it represented tangible actions aimed at restoring public trust in the financial sector.

    Dr. Asiama also assured Ghanaians of his dedication to serving with fairness and integrity. “As I take this oath of office, I do so with a solemn promise to the people of Ghana. That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana,” he affirmed.

    He appealed for the cooperation and trust of all stakeholders, emphasizing that the success of this new chapter would depend on collective effort. “We seek the support, partnership, and trust of the people of Ghana as we embark on this journey to foster growth and opportunity for our country,” he said.

    Dr. Asiama’s appointment follows the early departure of outgoing Governor Dr. Ernest Addison, who is set to retire on March 31, 2025, after officially requesting to proceed on leave.

    Bringing extensive experience to the role, Dr. Asiama previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017. His return to the institution signals a renewed focus on financial stability and economic resilience.

  • Ability to generate wealth depends on one’s attitude – McDan

    Ability to generate wealth depends on one’s attitude – McDan

    Chairman of the McDan Group of Companies, Dr. Daniel McKorley, has emphasized that an individual’s attitude plays a crucial role in their ability to generate wealth.

    Speaking on JoyFM’s Super Morning Show, Dr. McKorley underscored the importance of fostering a mindset of hard work, self-reliance, and entrepreneurship, especially among the youth.

    “There is no specific formula for making money. Rather, the ability to generate wealth depends largely on an individual’s attitude,” he stated. Dr. McKorley elaborated that many businesses, often overlooked or underestimated, can generate significant income in ways that may not be immediately obvious.

    To illustrate his point, he shared a story about a woman who received an interest-free loan of 10,000 cedis to expand her kenkey and fried fish business. Despite initial doubts, the woman achieved sales of 6,000 cedis within three months, demonstrating the impact of a determined mindset in business.

    Job creation, Dr. McKorley noted, is a cause close to his heart. He lamented that many people feel their social status or education level limits their potential in business. “Regardless of whether you are literate or not, anyone can bring their business ideas forward,” he explained. “You don’t need formal schooling to present a business idea, and we are ready to coach and support you.”

    He emphasized that the primary objective of his company’s business challenge isn’t just about prize money, but about fostering strong individuals behind business ideas. “The goal is to create champions, create jobs, and change the mindset and mentality of the youth out there,” he said.

    After winners are selected and awarded prize money, Dr. McKorley’s team continues to guide and monitor their progress to ensure sustainable success. “We don’t just give money and walk away,” he explained. “We follow the individual, visit their business, engage with them, and ensure they are properly supported as they grow their enterprise.”

    Dr. McKorley expressed his strong belief that a positive attitude, self-reliance, and hard work are essential qualities for the next generation of entrepreneurs. By encouraging these traits, he hopes to inspire a wave of innovation and job creation across the country.

  • Ghanaian businesses are struggling to work in an unpredictable economy – Economist

    Ghanaian businesses are struggling to work in an unpredictable economy – Economist

    Economist Dr. Ishmael Yamson addressed escalating economic crisis in the country, calling it the toughest period for businesses in decades.

    In a time of engagement with the media, he shared that the ongoing economic decline is troubling him deeply, keeping him awake at night as he wonders, “What went wrong?”

    “It has been tumultuous…the last six months have been quite unsettling, volatile, and difficult for our business. I can say with certainty that I’ve never seen anything like this in the past 40 years,” he said on Thursday.

    The former Unilever Ghana boss continued, “Look at the depreciation of the cedi, which hit an all-time high last month. I thought we might see some improvement, but it continues to depreciate.

    “This period is the most difficult time that Ghanaian businesses have faced. You need a predictable economy, but we currently have a completely unpredictable economy.

    “The most difficult aspect is that there doesn’t seem to be a real effort from the government or anyone else to change direction, and I can’t see anything indicating that the economy is improving.

    He remarked that the sharp decline of the local currency against major international currencies, the inflation rate, and other economic indicators are not aligning as expected.

    “If you are a businessman in this economy today, you probably sleep with nightmares. You wake up the next morning not knowing what will hit you next, and it’s been especially tough for manufacturers.

    “Having spent 30 years with the multinational company Unilever, I can really sense their frustrations in the current crisis.

    “This is because you don’t have control over your costs, absolutely no control. All your costs are determined by factors outside your control as a business.

    “If anybody asks me what keeps me awake at night, I will tell you it is the Ghanaian economy.”

  • Give your properties to my siblings when you die – Ken Agyapong Jr. tells father

    Give your properties to my siblings when you die – Ken Agyapong Jr. tells father

    Entrepreneur and son of Member of Parliament Kennedy Agyapong, Kennedy Agyapong Jr. aims to exceed his father’s wealth.

    Speaking on Asaase Radio, he credited his parents for laying a strong financial foundation.

    Kennedy Jr. is focused on expanding his legacy, stating, “I’m confident I can achieve this goal. I’ve been fortunate not to start from scratch.”

    He plans to support his siblings financially if needed, emphasizing his involvement in businesses such as shea butter sales and fashion design.

    Kennedy Jr. emphasized the importance of personal effort, saying, “I can’t rely solely on my father’s name. It’s time to push forward.”


    “I think I can do it; you have to set a goal because I have the opportunity to not start from zero. I always tell my dad, God forbid, if he dies, he doesn’t have to leave me with anything. He should give everything to the rest of my siblings because I am the second oldest.

    “And I have been working with him for a long time so I should be the one to take care of my siblings if he’s not there. He started from zero; now he’s at one, I should be at two, then my other siblings and children should add on to it,” Kennedy Agyapong Jr. said in a report on asaaseradio.com.

    Kennedy Agyapong Jr., who is also a co-founder of the Afrofuture Festival, revealed that he has started a chain of businesses.

    “I do a lot of things, like selling shea butter and making clothes as well. I can’t just rely on the fact that my father is Kennedy Agyapong, so this is not the time to relax.”

  • 92% of women-led businesses in Ghana have never exported – Survey

    92% of women-led businesses in Ghana have never exported – Survey

    A research conducted by the Oxford Africa Women Leadership Institute (OAWLI) reveals that 92% of women-led businesses in Ghana have never engaged in exporting.

    Of the respondents surveyed, only 9.0% (31 out of 386) have exported their products, with 13 out of the 31 lacking export certificates.

    Nearly half of those who exported did so through informal channels like family and friends.

    Alarmingly, 92% (355 out of 386) of respondents without export experience were asked if they were aware of the necessary certifications for future exports, with only 20% (71 out of 355) indicating awareness.

    Furthermore, 78% (260 out of 355) were found to be completely unaware of the required certifications, while 6% (22 out of 355) were uncertain.

    The report underscores the necessity to enhance export readiness among women-led Small and Medium Enterprises (SMEs) and stresses the importance of determining export readiness accurately.

    Women entrepreneurs are encouraged to proactively seek information to become export-ready.

    In conclusion, the report advocates for support mechanisms to assist businesses in obtaining export certifications.

  • US bans Sudanese businesses for supplying arms to violence

    US bans Sudanese businesses for supplying arms to violence

    The United States government stopped three companies in Sudan from getting money because they are supporting the harmful war in the country.

    The Alkhaleej Bank and Al-Fakher Advanced Works, which are controlled by the paramilitary Rapid Support Forces (RSF), have been sanctioned.

    Zadna International, the third company, is connected to the Sudanese army, said the US Treasury Department on Wednesday.

    The statement said that all three groups have made Sudan less peaceful and safe by either moving money around illegally or making money from selling gold.

    The sanctions are being used to try to stop the war that has been going on for nine months.

    More than 12,000 people have died and almost eight million people have left their homes because of the fighting, says the UN.

    On Tuesday, the leader of the Sudanese army called for a big attack against the RSF.

    He said he didn’t want to talk because it was a waste of time.

    The US government and other civil rights groups say both the army and RSF did bad things in the war, but they say they didn’t.

  • YouStart: Over 26,000 people received assistance with their businesses

    YouStart: Over 26,000 people received assistance with their businesses

    The government’s YouStart initiative has benefited 26,626 people nationwide since it began last year, according to the Finance Minister, Ken Ofori-Atta.

    The initiative seeks to offer participants coaching and mentoring services, as well as tools and skills for investment preparation.

    “To equip participants with entrepreneurial skills, investment readiness tools as well as coaching and mentoring services under the YouStart initiative, 26,626 persons nationwide have received business advisory support services since its launch last year,” the minister said as he presented the 2023 mid-year budget review Monday, July 31, 2023.

    The National Entrepreneurship and Innovation Programme has also been active in providing funds to 30 Business and Innovation Hubs to support companies in local areas across the country.

    Each Hub is obliged to help 20 start-ups and can get up to $180,000 USD. The minister also disclosed intentions to assist 15 new Hubs in establishing their presence across the nation in the second part of the year.

    “We will continue to work with Participating Financial Institutions, National Entrepreneurship and Innovation Programme (NEIP) and Ghana Enterprises Agency (GEA) to provide soft loans and managerial skills for the setting-up of youth-led enterprises,” he added.

    In April 2023, the Hubs Acceleration Grant Program was introduced by the National Entrepreneurship and Innovation Programme with assistance from the Ghana Economic Transformation Project (GETP).

  • Government has allocated GHS800m to support 900,000 businesses – GEA

    Government has allocated GHS800m to support 900,000 businesses – GEA

    Since 2017, government dedicated GH¢800 million to foster the growth and progress of micro, small, and medium-scale enterprises (MSMEs) in Ghana.

    Chief Executive Officer of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh, disclosed that over 900,000 businesses have received assistance during this period to enhance their expansion and development.

    The support provided encompasses financial aid, training, capacity-building, and business advisory services, among other forms of assistance. These details were shared during the commemoration of World MSMEs Day in Accra.

    Organised by the GEA, the event was on the theme “Building resilient and sustainable MSMEs to create one million jobs.”

    Mrs Yankey-Ayeh said the supports were designed to equip MSMEs with the right tools that would put them on a trajectory of growth, and help them succeed in the long term.

    The Agency, he noted, had em­barked on several initiatives aimed at fostering an enabling environment for MSMEs to thrive.

    She said, through its partner­ships with institutions including the Food and Drugs Authority (FDA) and other regulatory bodies, the Agency had streamlined bu­reaucratic processes and reduced the constraints MSMEs face in mainstreaming and formalising their businesses.

    In this regard, she noted that more than 1,000 products have been given regulatory approval within the past six years.

    Mrs. Yankey-Ayeh noted that MSMEs exist to drive economy and it was the focus of the Agency to do all it could by providing the necessary support for them to maximise their contributions to national development.

    The celebration of the World MSME Day, she said, provides an opportunity for MSMEs, regula­tors and supportive institutions to take stock of what has been, challenges and how they could be addressed as well as create the plat­form for networks and stronger relationships in creating sustain­able jobs.

    The Deputy Minister of Trade and Industry, Dr Stephen Amoah, advised businesses to ensure proper bookkeeping for effective records of financial transactions.

    This, he said, was critical to the sustainability of the business as well as enabling entrepreneurs to identify new areas of investment.

    “I want to take this opportu­nity to advise business owners to undertake proper bookkeeping at all times. A business can only be successful if records are intact and it is managed like a business.

    There is the need for business­es to set up annual budgets and separate ownership from control. This is a vital factor in making a sustainable business and achieving growth,” Dr. Amoah added.

    The Ministry, he noted, would in the coming months undertake a capacity-building exercise on bookkeeping for trade unions to enhance their skill in that area.

  • Businesses will suffer due to quarterly utility tariff adjustments – Minority

    Businesses will suffer due to quarterly utility tariff adjustments – Minority

    The Minority in Parliament has expressed concerns over the potential negative impact on businesses following the government’s agreement with the International Monetary Fund (IMF) and the quarterly adjustments of utility tariffs.

    The Caucus predicts a bleak outlook for businesses, citing the government’s plan to raise utility tariffs every three months without consulting the Public Utilities Regulatory Commission (PURC).

    They argue that this will exacerbate the already high cost of doing business and worsen the challenging economic conditions.

    During a media address, Isaac Adongo, the Deputy Ranking Member on the Finance Committee of Parliament, emphasized the impending consequences of these tariff increases on the Ghanaian population in the coming days.

    “Every three months, they will increase electricity and water tariffs without due regard to its impacts on individuals, households, and businesses and this will definitely impact badly in the cost of doing business and feed into the current debilitating inflation and suffering being experienced by Ghanaians.

    “Now you go and buy electricity and when you get home, you are afraid to slot the card because the units on the card are not enough, and you will need to go back and buy to top up.”

  • Citizens and businesses entreated to brace themselves for tough times as IMF conditions hit

    Citizens and businesses entreated to brace themselves for tough times as IMF conditions hit

    Economist and Senior Lecturer, Wisconsin University, Rev Dr Samuel Worlanyo Mensah, has entreated Ghanaians and businesses to brace themselves for tough times ahead as IMF conditions hit.

    He said though the implementation of economic programmes under the Extended Credit Facility (ECF) would help Ghana attain macroeconomic stability, the citizenry would experience some hardships until June 2024 before enjoying some relief. 

    Ghana secured a $3 billion IMF bailout last Wednesday, May 17, and on Friday, May 19, the first disbursement of UD$ 600 million hit the country’s account. 

    The credit facility, which had been the 17th since the country’s independence in 1957, sought to put Ghana back on the path of sustainable economic growth.

    The $3 billion loan-support programme aimed at making Ghana return to single-digit inflation and attaining a revenue-to-GDP ratio of 18.5 percent by the end of 2025 as well as cover vulnerable households from the impact of electricity tariff adjustment, among others. 

    Speaking in an interview with the Ghana News Agency on the conditionality under which the Extended Credit Facility was given, Rev Dr Worlanyo

    Mensah, said tax exemptions had been cancelled and that would impact the balance sheets of companies and industries. 

    The measures, he said, included the removal of value added tax exemptions, reduction of customs exemptions, and reformation of corporate income tax by phasing out tax holidays and exemptions.

    “Increasing progressively in personal income tax is another. That means income tax will be going up,” the Senior Lecturer said. 

    Another policy action would be that Government would limit the rate at which it could increase the salaries of public sector workers with a possibility of not more than 10 percent. 

    Also, the automatical adjustment of fuel levies by exchange rate movement and inflation could adversely impact the poor and vulnerable.

    Quarterly tariff adjustment including electricity and water was another conditionality. 

    Rev Dr Worlanyo Mensah said the Government could employ only 0.5 percent of the current labour force, adding that such employment would be in three key sectors: health, education, and security with reduced quotas. 

    He said the government aimed at attaining a tax-to-GDP ratio of 18 percent before the end of the IMF programme. That he said could result in the introduction of new taxes or an upward review of current taxes 

    He also mentioned that there would likely be a second debt restructuring exercise.

  • Elon Musk appoints new Twitter boss

    Elon Musk appoints new Twitter boss

    Elon Musk claims to have hired a new CEO to lead Twitter.

    On the social media site, which he had just purchased for $44 billion (£35 billion), he made the announcement.

    Mr Musk did not name the site’s new boss but said “she” would start in six weeks, and he would become executive chairman and chief technology officer.

    Reports said the incoming leader would be Linda Yaccarino, head of advertising sales at media giant NBCUniversal, which later confirmed her departure.

    Mr Musk has been under pressure to name someone else to lead the company and focus on his other businesses.

    Last year, after Twitter users voted for him to step down in an online poll, he said: “No one wants the job who can actually keep Twitter alive.”

    However, although Mr Musk had said he would hand over the reins, it was by no means clear when or even if it would happen.

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    Tesla shares rose after the announcement. Mr Musk has previously been accused by shareholders of abandoning Tesla after his takeover of Twitter and damaging the car company’s brand.

    “We ultimately view this as a major step forward with Musk finally reading the room that has been around this Twitter nightmare,” said Dan Ives from investment firm Wedbush Securities.

    “Trying to balance Twitter, Tesla and SpaceX as CEOs [is] an impossible task that needed to change.”

    According to the Wall Street Journal and Variety, NBCUniversal’s Ms Yaccarino was in talks to become Twitter’s chief executive. The speculation surrounding Ms Yaccarino intensified on Friday when NBCUniversal announced she had left the firm.

    Twitter did not comment on the reports.

    It is sometimes difficult to know when the billionaire and owner of Twitter is being serious.

    Last month, when the BBC asked Mr Musk who was going to succeed him as chief executive of the social media company, he said he had made a dog Twitter’s leader.

    https://emp.bbc.com/emp/SMPj/2.49.2/iframe.htmlMedia caption,

    Watch: Elon Musk says his ‘dog is the CEO of Twitter’

    But if Mr Musk has indeed appointed a female executive, it would make her one of the few women to reach the top of a major technology company.

    Women accounted for fewer than 10% of chief executives of tech firms included in America’s 500 biggest companies last year.

    Although Mr Musk has talked about paid subscribers to Twitter Blue, it is advertising that brings in the vast majority of revenue at Twitter.

    The new boss will no doubt seek to improve relationships with advertisers, and smooth their fears over content moderation.

    Mr Musk, a self-proclaimed free speech absolutist, has said he took over Twitter to protect free speech. However, advertisers do not want their content next to misinformation or extremist content.

    He purchased Twitter in October only after a lawsuit forced him to go through with the deal. Upon taking charge, Mr Musk controversially fired thousands of staff in a bid to cut costs at the firm, which has struggled to be profitable.

    In March, Mr Musk said those efforts had paid off and the platform’s finances were improving.

    And last month he told the BBC that most of the advertisers that had abandoned Twitter immediately after the acquisition had returned.

  • Accounting firm EY calls off plans to split firm

    Accounting firm EY calls off plans to split firm

    Accounting firm EY has called off its plan to break up its auditing and consulting divisions.

    The firm, formally known as Ernst & Young, announced it was “stopping work on the project” because its US arm decided to not to move forward.

    The Big Four – Deloitte, EY, KPMG and PwC – dominate the global accounting market share.

    The plan came as regulators called for major industry reforms over conflicts of interest and poor working practices.

    Had the deal – called “Project Everest” internally – gone through, it would have been the biggest shake-up in the accountancy industry for more than two decades.

    EY’s announcement ends a year-long battle to build internal support to split the units.

    “We acknowledge the challenges with separating some of our businesses that have the deepest technical expertise in a way that gives both organisations the capabilities they need to compete in the market effectively,” according to an internal note seen by the BBC.

    “We also recognise that we need more time to make the necessary investments to prepare the businesses for a separation.”

    The project cost the firm more than $100m (£80.3m) according to the Wall Street Journal.

    Earlier this month, Germany’s accounting watchdog fined and banned EY for its handling of audits for Wirecard, the insolvent electronic payment processor.

    The company owes creditors almost $4bn, after admitting large sums never existed on its books as part of a global fraud operation.

    The ban forbids EY from conducting audits on certain companies for two years.

    In 2021, UK regulators called to reduce the dominance of the Big Four after high-profile accounting failures such as Carillion and BHS.

  • It’s expensive and suffocating to do business in Ghana- GUTA

    It’s expensive and suffocating to do business in Ghana- GUTA

    The Ghana Union of Traders Association (GUTA) has called on the Members of the House of Legislature to as a matter of urgency carefully and properly analyse the issue of taxes before imposing any more on the business community, in order to save the country from crisis.

    This comes on the back of three revenue mobilisation bills that have been laid before the House.

    In a statement issued on Monday, 27 March 2023, and signed by its President Dr Joseph Obeng, GUTA noted that government in “2017, realising the importance of lessening tax burden on businesses, removed what was deemed to be nuisance taxes.

    “As of now, these nuisance taxes are creeping back in various forms and folds seriously suffocating businesses in the country to death.”

    According to GUTA, the “Business Community in the country has done its best in terms of tax payment. Against all odds and challenges in 2022, the government was able to exceed its revenue target.

    “Therefore, if the government wants to increase its revenue base, the best way is to adopt innovative means to capture those businesses outside the tax net, review policies on tax exemptions, warehousing, free zones etc. to curtail the abuses, as well as prune down expenditure.”

    It continued: “Whiles businesses are being overburdened with numerous taxes, high fees, and charges, the interest rate also continues to rise astronomically.

    “As the inflation rate reduces, we expected that the monetary policy rate too will come down, but unfortunately, that is not the case.”

    “Our worst fear is that, if care is not taken to reduce the unbearable tax burden on businesses, it will collapse businesses, increase poverty, and create insecurity in the country,” the association indicated.

    It further indicated that: “Currently, doing business in Ghana is extremely costly and suffocating.”

    The association added: “This makes us irrelevant in the scheme of affairs in the African Continental Free Trade Area (AfCFTA), as well as cross-border trade within our sub-regional bloc.”

  • More than 23 souls claimed away as tornado destroys homes and vehicles

    More than 23 souls claimed away as tornado destroys homes and vehicles

    In Mississippi, a tornado has left 23 people dead and numerous others injured.

    The US state was devastated by the powerful storms that passed over it.

    Due to the tornado, vehicles were left on their sides and buildings were reduced to ruins.

    Many people were compelled to seek refuge in the morning darkness because it struck about 6.20am.

    While the tornado passed through the state, WTVA meteorologist Matt Laubhan was live-blogging the weather.

    Lost for words, he struggled to pull sentences together as he tried to get across the sheer danger it posed.

    ‘Dear Jesus, please help them’, Mr Laubhan added as he put his face in his hands.

    The National Weather Service issued an alert as the storm was hitting that read: ‘To protect your life, TAKE COVER NOW!’

    11901179 At least seven killed by tornado in Sharkey County, MS https://twitter.com/SacharBlake/status/1639477627470618625/photo/2 Horrible damage in Rolling Forks, MS. I can?t put into words the way I am feeling. @TreyceJonesWX and I are okay, we tried to help as many people as we could? #wx #tornado #mswx
    The damage left behind in Sharkey County, Mississippi (Picture: @SacharBlake/Twitter)
    11901179 At least seven killed by tornado in Sharkey County, MS ---A tornado has touched down in Silver City, MS, in Humphreys County. Highway 49W is congested at this time with emergency crews. Please use an alternate route if possible. https://twitter.com/MHPTroopD/status/1639467770558414848
    Homes in the tornado’s path have been destroyed (Picture: @MHPTroopD / Twitter)

    ‘You are in a life-threatening situation,’ it warned.

    ‘Flying debris may be deadly to those caught without shelter. Mobile homes will be destroyed. Considerable damage to homes, businesses, and vehicles is likely and complete destruction is possible.’

    Rural towns such as Silver City and Rolling Fork reported destruction as the tornado swept northeast at 70 mph without weakening, racing towards Alabama through towns including Winona and Amory into the night.

    The damage spans communities over the combined distance of more than 100 miles, authorities say.

    Homes reduced to rubble after deadly tornado tears through Mississippi

    Cornel Knight told The Associated Press that he, his wife and their three-year-old daughter were at a relative’s home in Rolling Fork when the tornado struck.

    He said the sky was dark but ‘you could see the direction from every transformer that blew’.

    He said it was ‘eerily quiet’ as that happened. Mr Knight said he watched from a doorway until the tornado was, he estimated, less than a mile away.

    Then he told everyone in the house to take cover in a hallway.

    Four people remain missing and the death toll is expected to rise following the tornado.

    In a tweet, the Mississippi Emergency Management Agency wrote: ‘We can confirm 23 dead, dozens injured, four missing due to last night’s tornadoes.

    ‘We have numerous local and state search and rescue teams that continue to work this morning. A number of assets are on the ground to assist those that have been impacted.’

    The National Weather Service confirmed a tornado caused damage about 60 miles north-east of Jackson, Mississippi.

    At least 24 reports of tornadoes were issued to the National Weather Service overnight by storm chasers and observers.

    ‘Many in the MS Delta need your prayer and God’s protection tonight,’ Governor Tate Reeve said in a tweet.

    ‘We have activated medical support—surging more ambulances and other emergency assets for those affected. Search and rescue is active.’

  • Unclaimed dividends worrying – Office of Registrar of Companies

    Unclaimed dividends worrying – Office of Registrar of Companies

    The numerous dividends that shareholders have not claimed have alarmed the Office of the Registrar of Companies.

    Thus, it is taking action to make sure businesses having unclaimed profits send the money to the office.

    This is done in an effort to deter businesses from borrowing unclaimed dividends.

    Speaking at an event hosted by the UK Ghana Chamber of Business, the Registrar of Companies, Jemima Oware, revealed that her office has developed an interest-bearing account in both dollars and cedis to manage these earnings.

    “There are quite a number of companies that have actually dividends. The committee of experts saw that instead of these unclaimed dividends sitting in the company’s accounts and then the company borrowing people’s unclaimed dividends, after three months if the shareholders haven’t come for it or those who are supposed to benefit haven’t come for it then you are supposed to transfer these funds to the Office of the Registrar of Companies who have also opened an interest bearing account in both cedis and US dollars”.

    Under section 73, 74 of the act, we will manage it [unclaimed dividends] for seven years. So the same bulletin is going to put out names of shareholders who have to come and get their dividends if it’s due, and if after seven years they do not come for it, then the law says that 50% is going to be transferred to the government.

    She added that the other 50% will go to the Office of the Registrar of Companies.

    “We will use it for investor education, research, entrepreneurial development and advanced company law, she explained.

  • Twitter is considering charging companies $1,000 per month to store gold verified checks

    Twitter is considering charging companies $1,000 per month to store gold verified checks

    Businesses would apparently have to pay $1,000 each month to maintain their gold verification check on Twitter, the social media giant’s newest attempt to generate income.

    Initially disclosing the new fee was social media expert Matt Navarra, who also purportedly provided photos of Twitter staff members reportedly charging the fee to companies wishing to become “Verified Organizations.”

    The Information corroborated the news on Friday and said that it is presently unknown when the move would go into effect and when businesses that don’t pay will lose their gold check.

    Twitter currently offers gold checks to verified businesses, and also allows them to place a small, hyperlinked version of their logo next to the gold check of other pages associated with their business. A current example is the SportsCenter account, which has a small ESPN logo next to its name.

    In addition to the $1,000 per month for a business account, Twitter plans to charge $50 each for the affiliated accounts, according to The Information’s Erin Woo.

    According to the screenshots shared by Navarra, the program is called Verified Organizations, which the Twitter Business account first advertised in January, along with an application for early access.

    In addition to the gold check, the program will also include “Tweet Boosting, which will increase the reach and distribution for your organization and its affiliates whenever you tweet,” the message reported by Navarra states.

    The new plan is the latest payment option added to Twitter since the release of the embattled Twitter Blue subscription service, which was suspended shortly after its debut due to the rise of impersonator accounts that came with the new $8 per month blue checks.

    The plan was relaunched in December, when the gold checks were first introduced as an added layer of distinction between verified businesses and individuals who had just paid $8 for the blue check. Last month, Musk also advertised a yet-to-be-released subscription service for Twitter that would allow users to access the site without ads.

    It has been an eventful week for other Twitter services, as Musk tweeted ideas to charge the operators of automated accounts at least $100 per month to remove the influence of “bad bots”

    Twitter did not immediately respond to a request for comment. Musk responded on Friday to a question about verification, claiming that the current “legacy” verification tag given to accounts which were verified before Twitter Blue’s introduction will be removed in the coming months.

  • File yearly reports and renewals or risk losing your business – ORC

    All businesses and entities are required by the Office of Registrar of Companies (ORC) to submit their annual returns to the office no later than December 31. Failing to do so could result in their removal from the Companies Register.

    The directive is a part of the ORC’s effort to uphold correct and trustworthy information on the nation’s firms and to remove dormant and defaulting ones from the register in compliance with the Companies Act 2019 (Act 992).

    More than 110,000 inactive and defaulting firms that hadn’t submitted any annual returns in the five years following their incorporation were included on the ORC’s Register, according to the organization.

    Speaking in an interview with the Ghanaian Times in Accra last week, the Public Relations Officer (PRO) for the ORC, Nicholas Ofori Obeng-Twum, indicated that the clean-up exercise which had entered the second phase would see 2,584 companies and businesses put in state of inactive and eventually struck off begin­ning from January 2023.

    “These dormant and defaulting Companies designated as inactive cannot be electronically searched on in the registrar system and technically connotes that they don’t exist,” he said.

    Mr Obeng-Twum mentioned companies and entities both pri­vate and Limited by Shares, and by Guarantee as Schools, Churches, Associations, Fun Clubs, NGO’s Foreign/Domestic, Foundations, Civil Society Groups (CSOs), Councils, and Charity Groups.

    Sanctions, according to the PRO, the Companies Act 2019 (Act 992), Section 289 (5) implies that “a company can be struck off the register if it fails to file its annual returns on time or fails to notify the Registrar of Companies of a change in its registered of­fice or principal place of business in a timely manner”.

    Meanwhile, the ORC has directed all companies to file the appropriate ‘Suffix or Ending’ for their Companies and adopt a ‘Constitution’ to replace the ‘Regulation’ in accordance with Section 24,25,27 and 301 of the Companies Act 2019 (Act 992) by end December 2022.

    The filing of change of name is necessary to help differentiate between Public and Private Com­panies to halt private companies taking in Public funds and forstall public deceptions and for easy identification of the type of Com­pany and entity they are.

    He advised the public to be vigilant against fraudsters parad­ing themselves as officers of the ORC and directing people to send momo or risk being ‘cancelled’ from the companies register.

  • Trade Minister lauds McDan for pushing frontiers of African Free Trade

    The Minister of Trade and Industry, Alan Kojo Kyeremateng has commended the McDan Group for acquiring cargo planes and sea trade vessels to facilitate trade under the African Continental Free Trade Area (AfCFTA).

    The commendation came at the back of the signing of a Memorandum of Understanding (MoU) between the Chief Executive Officer (CEO) of McDan Group, Daniel McKoley and the AfCFTA Agreement to signify the beginning of a partnership which will facilitate trade among African Countries.

    Speaking at the launch of the AfCFTA Guided Trade Initiative which was held at the McDan Private Jet Terminal in Accra, the Trade and Industry Minister singled out Dr Daniel McKorley for praise for making the long dream of free movement of goods in Africa a reality.

    He expressed the confidence thatthe agreement would enhance the contribution of the private sector in building a robust economy among African Countries.

    “Let me commend one business man who has taken a bold step to make the dream of AfCFTA a reality, Dr Daniel McKorley who tonight signs an agreement with AfCFTA to commence cargo services within Africa.

    This is exemplary and other businessmen on the continent must take a cue from this,” he said.

    On his part,Dr McKorley said the company had acquired two cargo planes and one vessel worth over $100M to facilitate trade among African countries.

    The Secretary-General of AfCFTA, Wamkele Mene encouraged Africans to support small and medium scale enterprise to alleviate poverty in Africa.

    He was optimistic that in 15 years, AfCFTA would succeed in lifting many Africans out of poverty and hence the need for Africans to support indigenous businesses.

  • GRA drags 48 businesses to court over tax evasion

    About 48 businesses are currently undergoing prosecution for evading taxes and failing to issue Value Added Tax (VAT) invoices on purchase of goods and services.

    According to the Commissioner-General of GRA, Rev. Amishaddai Owusu-Amoah, the businesses were put before the Tax Courts for acting in contravention to Section 80 of the Revenue Administration Act 2016 (Act 915).

    Mr Owusu-Amoah (left) interacting with a participant

    He explained that, the prosecution of tax defaulting businesses was one of the strategies adopted by the Authority to promote tax compliance and enforcement.

    He was speaking on Friday during a meeting with editors of the various media organisations in Accra.

    As at the end of September this year, Mr Owusu-Amoah said the GRA had collected GH¢51.6 billion as against a target of GH¢52 billion.

    “We fell short of the target by GH¢466 million. The performance represents nominal growth rate of 29.0 per cent over same period compared to last year’s collection of 26 per cent. Domestic revenue grew nominally by 28.6 per cent while Customs revenue grew nominally by 29.8 per cent,” he added.

    The Authority, he said, was implementing a number of tax policy initiatives including Taxpayers Portal, Electronic VAT Invoicing, Electronic Auction, and Electronic Tax Clearance Certificate to boost revenue generation this year.

    He stated that Taxpayers portal was an online self-service system which allows taxpayers to file returns, initiate payments and access other tax related services such as Tax Clearance Certificates (TCCs), apply for tax reliefs, withholding tax exemptions, refunds and update of taxpayer information.

    The Commissioner-General noted that the Electronic VAT invoicing was introduced to eliminate invoice cloning, carding and non-issuance of invoices and other irregularities which were affecting domestic tax performance.

    “The E-VAT invoicing implementation will be done in phases starting October 1, 2022 and this will help the GRA to monitor the issuance of invoices by taxpayers by certifying all invoices issued for the purpose of accounting and filing of VAT returns,” he stated.

    He said a new Excise Tax Stamp Authenticator had also been developed and would soon be used for scanning stamps on excisable products to ascertain whether the stamps were genuine or not.

    Starting October 15, Mr Owusu-Amoah said the Electronic Auction platform would be piloted to deal with corruption associated with the auction of confiscated goods at the port and simplify the auction process.

    He said the Electronic Tax Clearance Certificate was geared towards automating the process of obtaining Tax Clearance Certificates(TCCs) via the Taxpayers’ portal.

    Additionally, the Authority, he noted, had instituted an Informant Award Scheme to award individuals, entities or organisations who offer confidential information to the GRA leading to the recovery of tax adding that an informant was recently paid GH¢130,000 for helping the Authority to recover tax.

    “We encourage persons or individuals who have such information to call GRA. The information one provides will be treated with utmost confidentiality and where the information leads to the recovery of taxes, the informant will receive cash amounts in line with our Informant Policy,” the Commissioner-General stated.

    Also, to improve the culture and professionalism of staff of GRA, he noted that a new Code of Ethics that defines the expected staff behaviour in line with GRA’s values of integrity had been published.

  • Reality of Ghana’s debt restructuring is on businesses, households

    The rippling effect of Ghana’s debt restructuring will not only be felt by financial institutions but businesses and households.

    This is the “reality” that Ghana finds itself, the Policy Initiative for Economic Development (PIED), an economic policy Think Tank, said as the country looks to restructure its debt with the help of the International Monetary Fund (IMF).

    Ghana is in negotiation with IMF for a $3 billion loan support for its homegrown economic programme, with a Debt Sustainability Analysis (DSI) currently ongoing.

    The loan facility is aimed at easing the country’s economic hardship by restoring and sustaining macroeconomic stability, ensuring a resilient and inclusive growth and promoting social protection.

    The Government is also setting up a five-Member Committee of prominent financial services professionals to lead extensive stakeholder engagements across all the key segments of the financial sector in the debt restructuring process.

    Dr Daniel Abateye Anim-Prempeh, an Economic and Financial Analyst with PIED, told the Ghana News Agency in an interview on Tuesday that financial institutions would be denied the needed access to liquidity through the debt restructuring.

    He noted that in effect, banks, pension funds and insurance companies who the Government borrowed from would find it difficult to mobilise enough money for onward lending, thereby denying businesses the opportunity to borrow for expansion.

    “If businesses are not expanding, it means that they would not be able to increase output. When output is not increased, jobs will not be created, and they cannot make profit and that will also affect the Government’s ability to mobilise revenue through taxation.” Dr Anim-Prempeh explained.

    Mindful of the reduction in the level of public and investor confidence in the economy and, by extension, the financial sector, he urged the Government to ensure that “the debt restructuring is well done and communicated.”

    The Financial Analyst said many Ghanaians would resort to the traditional ways of keeping money in their homes should the debt restructuring reduce public confidence, particularly in the financial sector.

    “People have invested in treasury bills or bonds with the expectation that when it matures, they can get the money with returns, but now it must now be extended. This means that people’s plan and strategy for the use of that money have been frustrated.”

    He also said: “With this, people who have money will resort to other instruments or alternatively. People who have so much money may resort to other markets other than our domestic market.”

    Dr Anim-Prempeh, therefore, recommended to the Government to “devise a very good communication mechanism and a holistic stakeholder engagement to ensure that the debt restructuring is done and still maintain investor confidence in the domestic economy.”

    He asked the Government to fast-track the negotiations with the IMF and be transparent to everyone, noting that, “once the IMF and the facility comes on board, we’ll earn that credibility from external investors.”

    He told the Government to engage captains of industry, including investors and the Association of Ghana Industries (AGI) to incorporate the Planting for Food and Jobs (PFJ) programme to increase value addition and export to anchor economic growth.

    The Financial Analyst cautioned the Government against “diverting the money into consumption like paying of wages and salaries, and also conduct periodic audit into the use of the funds to ensure accountability.”

    Data provided by the Bank of Ghana shows that the country’s total public debt stock has reached GHS393.4 billion in June 2022, 78.3 per cent of Gross Domestic Product (GDP).

    The Central Bank’s Summary of Economic and Financial Data noted that the domestic debt was GHS190.1 billion, and external debt, GHS203.4 billion, and ascribed the increase in debt to exchange rate instability.

    The IMF in its April 2022 Fiscal Monitor predicted that Ghana’s debt to GDP ratio would be 84.6 per cent by the end of 2022 – a debt situation that many economic and financial analysts, and financial institutions have described as “unsustainable.”

  • 11 Illegal tourism businesses closed down

    The Ghana Tourism Authority (GTA) has terminated 11 hospitality businesses in Accra that were operating illegally.

    This was the result of a compliance enforcement initiative the GTA undertook to record all tourism enterprise operators and streamline them as recognized firms within the tourism industry.

    The exercise comes after the authority gave notice on May 30, 2022, requesting that all tourism enterprise operators have their businesses properly registered and licensed by the GTA in accordance with the applicable law, as stated in section 25 (2) of the tourism Act 2011. (Act 817).

    The Act requires all tourism enterprises such as hotels, event centres, pubs, night clubs, movie houses, guest houses and spas, entertainment centres, tour companies, car rentals, travel agencies, etc. to be registered and licensed by the GTA so that it can regulate and standardise the operations of these businesses.

    During its compliance tour last Thursday ,August 25, officials of the GTA found out that some businesses were operating without licences and thus closed and locked those facilities.

    Facilities

    These closed-down tourism facilities include Gold 7 Guest house, Luna Gardens, WoodCote Guest house and Kleine Park Event Centre.

    Others are Akorli’s Inn Restaurant, Akorli’s Hotel, The Catfish Grill, Adziban Fast Food, Eduanipa, The Cencor Venue and Safcal Lodge.

    Illegal operations

    The Director of Corporate Affairs at the GTA, Jones Aruna Nelson, said there were many such enterprise operators who did not have the right documentation to legally operate.

    He explained that the aim of the exercise was to bring all tourism enterprise operators into their records and streamline them as recognised businesses under the tourism industry.

    The authority is mandated to regulate the activities of these enterprises and make sure they are operating within the standards set, conduct inspection as well as register and give licences.

    “We do not intend to destroy their businesses. As much as possible, we operate with the private sector. There is a public-private partnership and so we just want to come together and make sure everyone is working within the standards” Mr Nelson intimated.

    He also indicated that those were steps that would help coordinate the activities of the tourism industry to promote growth and strengthen partnerships.

    In addition to that, all registered enterprises are required to pay a one per cent levy to the GTA.

    Regulation, safety

    Mr Nelson said that was to allow the authority to come to the aid of any enterprise that might find itself in a stifle.

    “If you are operating without our notice and something happens to your client, we will not be able to help you.

    “Once you are recognised in our books as a registered tourism enterprise and paying the one per cent levy alongside your licence fee, we are able to come to your aid in any situation,” he said

    Mr Nelson, therefore, encouraged operators who had not been licensed to visit the GTA head office or the regional offices to have their business registered.

  • China’s Heatwave Cause Economy To Crumble

    China is facing a record-breaking heat wave, and the country sounded off its first national drought alert late Thursday as parts of the Yangtze river have run dry.

    Several regions are battling severe conditions, including mass power outages carried out by authorities, who have also urged businesses and residents to conserve energy.

    These conditions have had a direct effect on the country’s economy. Supplier offices for huge corporations like Toyota and Apple have been ordered shut, as the government has asked most factories to halt production until the end of this week for planned power outages.

    The poultry market in the country has been affected as hens are rejecting their feed and producing fewer eggs due to the extreme weather, a report said, citing AFP. As the grip of these extreme weather situations tightens on China, one of the leading economists from the country foreshadows the economy’s crumble, which could last many months.

    Dan Wang, the chief economist of Hang Seng Bank, said Thursday that China’s heatwave “is a dire situation,” adding it could probably last for the next “two to three months easily,” CNBC’s Squawk Box Asia reported.


    “It will affect those big energy-intensive industries and it will have [a] knock-on effect throughout the economy and even to the global supply chain,” she said. “We already see a slowdown in production in the steel industry, in chemical industry, in fertilizer industry.”

    “Those are very important things when it comes to construction, to agriculture and also to manufacturing in general,” Wang added.

    She also predicted the losses incurred to China’s GDP growth will surpass that caused by 2021’s power outages.

    “Last year, as we have estimated, the power shortage period has caused China about a 0.6% point of GDP growth. This year we think this number will be a lot higher… I would say 1.5% point lower,” Wang said.

    Outlining the predicted full scope of losses, Wang said, “Right now, we are giving 4% of GDP growth for the full year. If the current situation continues, then I have to say the growth rate is probably below [3%]”.

    According to China’s emergency ministry late Thursday, severe weather conditions have caused direct economic losses amounting to $400 million in July alone.

    Source: International Business Times