APA – Accra (Ghana)
The report that the United Nations (UN) has ranked Ghana seventh out of the 122 contributing countries in peacekeeping as of March this year is one of the leading stories in the Ghanaian press on Tuesday.
The Graphic reports that the United Nations (UN) has ranked Ghana seventh out of the 122 contributing countries in peacekeeping as of March this year.
The total number of peacekeepers deployed globally by the UN as of March this year was 76,712, comprising 70,257 males and 6,455 females.
Out of the total number of 6,455 women deployed, Ghana had 429 of them.
This makes Ghana the fourth highest in the world and second in Africa on women deployment.
In all, Ghana has so far deployed a total of 2,762 peacekeepers to various parts of the world.
The UN Resident Coordinator, Charles Abani, made this known during a flagraising and wreath laying ceremony to commemorate the 75th International Day of UN Peacekeepers on the theme: “Peace begins with me: 75 years of UN Peacekeeping” in Accra yesterday.
The event was organised by the Ministry of Foreign Affairs and Regional Integration (MFARI) at the forecourt of the State House in Accra yesterday.
Men and women who have dedicated their lives to upholding peace and security around the world and also contributed to peacekeeping were rewarded for their various contributions.
Tributes were also paid to fallen heroes who died in the course of peacekeeping operations.
A symbolic tree planting exercise was held to honour fallen peacekeepers globally.
Mr Abani commended Ghana for her unwavering commitment since its first participation in the operations in the 1960s by providing soldiers, police officers and civilian personnel to numerous peacekeeping operations across the globe.
The newspaper says that the central bank kept the benchmark interest rate on hold at 29.50 per cent at the May monetary policy committee (MPC) meeting.
As inflation will continue to moderate over the coming months, we expect that the BoG will hold it again at the next MPC meeting in July.
We anticipate that the BoG will commence a monetary easing cycle in Q423, cutting the policy rate by 200bps to 27.50 per cent by end-2023, as inflation eases towards the 20 per cent mark while economic growth weakens.
Despite that the IMF has stated that the BoG would “continue tightening monetary policy” under the Extended Credit Facility, central bank policymakers kept the benchmark interest rate on hold at 29.50 per cent at the May monetary policy committee (MPC) meeting.
This suggests that the BoG’s tightening cycle – it has raised the policy rate by 1,500 basis points (bps) since late 2021 – has come to an end.
In the press release accompanying the rate decision, the BoG suggested that the current policies are sufficient to “reinforce the disinflation process and reset the economy on the path of recovery”.
The dovish tone has prompted us to revise down our end-of-year policy rate forecast to 27.50 per cent – from 30.50 per cent previously – implying a 200bps cut before end-2023.
We expect that the BoG will keep the policy rate on hold at its next MPC meeting in July.
Consumer price growth, which has been on a disinflation path since January (see charts below), will continue to moderate over the coming months, allowing policymakers to refrain from hiking.
Transport and utility inflation will decelerate thanks to easing global energy prices, while a stronger exchange rate following IMF executive board approval of Ghana’s Extended Credit Facility in May will lower short-term import costs.
Furthermore, high base effects from sharp price increases in 2022 will keep headline inflation on a downward trajectory in the coming months.
The Ghanaian Times reports that Ghana Revenue Authority (GRA) will from June 6 this year impose an upfront 12.5 per cent tax on the value of goods imported by persons who are yet to register for tax with the Authority.
According to the Authority, importers of taxable goods who are not registered with the Authority for tax will in addition to import duties and taxes, pay in advance the Value Added Tax (VAT) on the total value of the goods imported.
The move, Mr Edward Gyambrah, Commissioner of the Domestic Tax Revenue Division of the GRA, said, was in line with the amendment of the VAT Act 2013 (Act 870) which provided for the upfront payment of VAT by unregistered importers.
He was speaking in Accra on Thursday during an engagement with the media on the implementation of the 12.5 per cent upfront payment.
Explaining further, he noted that the law, which was passed in 2020, was to ensure parity in the pricing of goods on the market as well as establish fairness as VAT registered taxpayers charge the tax on their imported goods.
Mr Gyambrah said it would help identify unregistered importers of taxable goods who do not charge VAT on their goods for sale.
Additionally, he stated that, the move would enhance tax compliance as importers of taxable goods would be required to register with the GRA and file their tax returns.
“The upfront 12.5 VAT payment is a compliance tool and not a new tax. We are only asking importers to comply with the law that provides that all importers should register with the GRA before doing business. All businesses that are tax compliance will not be affected,” he added.
The newspaper says that Ghana Hydrological Authority (GHA) has signed a Memorandum of Understanding (MoU) with the Harris County Flood Control District (HCFCD) in Texas, USA to collaborate in information sharing on flood risk management and mitigation strategies.
The signing of the MoU followed an official visit to Houston by officials of the Ministry of Works and Housing and GHA to share ideas on flood risk management strategies in the Harris County and Ghana.
The delegation led by the Minister for Works and Housing, Mr Francis Asenso-Boakye also paid a courtesy call on the Mayor of Houston, Mr Sylvester Turner and met officials of the Harris County Housing Authority to discuss their model of affordable housing provision, among others.
In a brief statement during the signing ceremony, Mr Asenso-Boakye praised the Harris County Flood Control District for blazing the trail in delivering nature-based solutions adding “your approach and technology will be of great assistance to the Ministry and the GHA in our efforts to tackle the perennial flooding challenge in Ghana.”
The Acting Chief Executive Officer of the GHA, Dr John Kissi, noted that Accra and the Harris County shared common flood risk challenges and welcomed the opportunity to collaborate with the HCFCD in the exchange of knowledge related to flood resilience and nature-based solutions.
Executive Director, HCFCD, Dr Tina Petersen expressed her joy over the signing of the MoU and said she had no doubt that it “marks the beginning of an exciting journey of collaboration and learning for our respective institutions.”
The HCFCD is a special-purpose vehicle established in 1937 by the Texas Legislature in response to floods that devastated the Houston area in 1929 and 1936 and had since been undertaking major flood mitigation projects to enhance flood resilience in the Harris County.
GHA, formerly Hydrological Services Department (HSD) was established following the passage of the GHA Bill 2022 by Parliament on July 29, 2022 and subsequent assent to, by the President on September 12, 2022.
GIK/APA
Press spotlights latest ranking of Ghana in peacekeeping operations, others
