APA – Accra (Ghana)
The call by President Nana Addo Dankwa Akufo-Addo on African leaders to prioritise transportation to boost intra-Africa trade is one of the trending stories in Nigerian newspapers on Friday.
The Ghanaian Times reports that President Nana Addo Dankwa Akufo-Addo yes¬terday called on his fellow African leaders to prioritise the devel¬opment of efficient transportation and logistics infrastructure that will help boost intra-Africa trade.
He said it was only through an efficient transportation and logistics infrastructure, streamlined trade processes and digital technologies that the continent could unlock its trade potential for prosperity for all.
“To unlock the potential of trade for prosperity, let us prioritise the development of efficient transpor¬tation and logistics infrastructure, streamlined trade processes and embrace digital technologies that facilitate cross-border transactions without the need to depend on out-side currency,” he emphasised.
President Akufo-Addo made the call when he opened the three-day Africa Prosperity Dialogue (APD) taking place at Peduase in the Akuapem South Municipality of the Eastern Region.
The event, which is also the second edition, is being organised by the Africa Prosperity Network and is on the theme: ‘Delivering Prosperity in Africa: Produce, Add Value, Trade.’
It is being attended by captains of industry on the continent, policy makers, development partners, financial institutions, traders from across the continent and a number of heads of state.
President Akufo-Addo lamented the low trade among African countries, adding that “intra-African trade is one of the lowest in any region globally and this is largely due to the colonial economic model characterised by small individual economies, fragmented and disconnected regional markets, over-reliance on the export of primary commodities and the presence of low productive capacity, which has been in existence for well over a century.”
He said by fostering intra-Africa trade, the AfCFTA would be able to ensure that it continued to create opportunities for businesses to expand beyond their borders, drive economic growth, and create a more integrated and interconnected continent.
The newspaper says that Trade Union Congress (TUC) has asked the government to withdraw the Value Added Tax (VAT) on electricity on residential customers within seven days.
“We are giving government up to January 31, 2024 to withdraw the letter, if by that time the Minister of Finance has not given the directive to Electricity Company of Ghana (ECG) and Northern Electricity Distribution Company (NEDCO) to stop the implementation of VAT on residential customers, we will advise ourselves.”
The General Secretary of TUC, Dr Yaw Baah stated this at a press conference in Accra, yesterday, on the imposition of VAT on residential customers.
The General Secretary said “our message to government is very simple – we cannot pay VAT on electricity, we will not pay it today, we will not pay it tomorrow.”
He said the TUC sighted a circular from the Ministry of Finance, signed by the sector minister, Ken Ofori Atta, dated December 12, 2023, directing the two main distribution companies, ECG and NEDCO to start the “implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and first schedule (9) of (VAT) Act, 2013, (Act 870)’’ effective January 1, 2024.
He said the measure was part of government’s medium-term revenue strategy and the IMF supported post COVID-19 programme effective January 1, 2024.
The General Secretary stated that the implication for residential customers of ECG and NEDCO were that the cost of electricity would go up by minimum 15 per cent and all residential customers who consume above the lifeline of 30 kilowatts hour would pay the 15 per cent VAT.
The Ghanaian Times also reports that the World Bank yesterday approved a $300 million facility to support Ghana to help strengthen the country’s macroeconomic stability and promote economic growth.
The facility under the Development Policy Operation for Ghana, a concessional loan to support the country’s budget execution, is a contribution by the World Bank’s International Development Association to help Ghana’s economic recovery and enhance inclusive growth.
This bring to $900 million, the amount International Monetary Fund (IMF) and the World Bank approve for Ghana in less than a week, to support the country’s economic recovery and growth.
A statement posted on the website of the World Bank on Tuesday, said the approval of this financing package followed last week’s agreement in principle by the Official Creditors’ Committee under the G20 Common Framework on the key parameters of the proposed debt restructuring for Ghana.
It said the agreement, which was consistent with the Joint World Bank-International Monetary Fund Debt Sustainability Framework, represented a critical milestone toward restoring debt sustainability.
Finance Minister, Ken Ofori-Atta last Friday, during a joint press conference by the Bank of Ghana, Ministry of Finance and International Monetary Fund (IMF), following the approval of the Executive Board of the IMF of the $600 million second tranche under Ghana’s 36-month Extended Credit Facility with the Fund, said the approval of the $600 million by the IMF was also attracting another $300 million from the World Bank for budget support and another $250 million to help establish the Ghana Financial Stability Fund.
The newspaper also says that the International Labour Organisation (ILO), Ghana, has encouraged associations in the fisheries sector to formulate policies on ILO Con-vention 188, to eliminate forced labour and promote decent work.
The Work in Fishing Convention (C188), currently being rati¬fied by Ghana, aims to ensure that fishers have decent work conditions on board fishing vessels with regard to minimum requirements for work on board.
It also touches on accommodation and food; occupational safety and health; medical care and social security and applies to all fishers and fishing vessels engaged in commercial fishing operations.
According to the ILO National Programme Coordinator for the 8.7 Accelerator Lab Programme, Emmanuel Kwame Mensah, the policies, when developed, would aid effective implementation of the provisions outlined in the con¬vention and ensure that fishers had decent conditions of work.
He made the call on Monday when he visited the associations to engage them on the implementation of the C188, find out their plans for the year and present awareness creation materials to them.
The associations included the National Fisheries Association of Ghana (NAFAG), Ghana Industrial Trawlers Association (GITA), National Union of Seamen, Ports and Allied Workers (NUSPAW) and Ghana Tuna Association (GTA).
The 8.7 Accelerator Programme is an initiative of the ILO meant to speed up efforts to meet Target 8.7 of the Sustainable Development Goals (SDGs), to achieve economic growth and decent work for all.
Mr Mensah said the C188 was critical to the human resource in the sector for which reason the ILO would provide technical support for the drafting of the work policies at both company and association levels.
GIK/APA
Ghana: Press focuses on President’s call for Prioritisation of transportation in Africa, others
