APA – Accra (Ghana)
The passage of three bills by the Parliament on Friday to help rake in GH₵4 billion annually to shore up government’s revenue portfolio dominates the headlines of th Ghanaian press on Monday.
The Ghanaian Times reports that Parliament, by a majority decision, late Friday night passed three tax bills to help rake in GH₵4 billion annually to shore up government’s revenue portfolio.
The passage of the Income Tax Amendment Bill, the Excise Duty Amendment Bill and the Growth and Sustainability Amendment Bill is one of the conditions precedent for Ghana to secure a US$3 billion International Monetary Fund bailout.
The passage of the bills was not without opposition from the Minority who at every point of the legislative process called for a vote on the bills.
In all instances, the caucus lost 136 to 137 votes to the Majority in a long sitting which stretched into Saturday.
According to the government, the new tax measures would improve Ghana’s tax to GDP from about the current 12 per cent to about 18 as Ghana takes steps to meet the sub Saharan average of 20 per cent.
Expressing their opposition to the new taxes, the Minority said the living standard of the Ghanaian would be worse of, if the taxes were approved.
“Any attempt to increase [taxes] will mean that the ordinary Ghanaian is going to suffer.
“Already, disposable incomes have been reduced but what this government intends to do is to impose additional taxes on consumables like water and alcoholic beverages.
“Ghanaians are already going through very difficult times and this is not the time for us to increase the prices of goods and services,” caucus leader, Dr CassielAto Baah Forson, espoused.
In his view government would save GH₵61 billion from the debt exchange programme for the year and that the “insignificant” GH₵4 billion should be given to the people as a form of relief from the worsening economy.
But the Majority said the new taxes have become a necessity to navigate Ghana through the turbulent economic climate and protect the health of the people.
The newspaper says that the Development Bank Ghana (DBG) is to introduce a guarantee product to share the burden of risk with financial institutions the organisation lends to.
Dubbed the Partial Credit Risk Guarantee, which will come into effect before the end of the year, it will allow the banks and Participating Financial Institutions (PFIs) to invest in certain areas such as agribusiness and allow them to share the risk with with DBG.
The Deputy Managing Director of DBG, Michael Mensah Baah, disclosed this at DBG University of Ghana Business School (UGBS) Development Finance Dialogue Series Round Table Meeting held at Legon on Tuesday.
The maiden programme was on the theme “Deepening Development Finance, Knowledge, Innovations and Impact”.
As part of the programme, DBG signed a Memorandum of Understanding with the UGBS to promote research on the programmes of DBG.
Also, under the partnership, DBG would, among others, support students of the UGBS, provide them with internships and provide for MSc students in Development Finance.
Mr Baah said although DBG had access to cheap funding, it did not want to rely only on its funding to intervene in the market.
“DBG wants to encourage the PFIs and the banks to use their own funding to invest,” Mr Baah said.
The Graphic reports that a new shopping mall, Atlantic Mall, has been inaugurated in Accra to give the public more shopping options.
Constructed at a cost of $20 million, the mall is located at the Atomic Junction Roundabout in the North Legon and near the University of Ghana.
Owned by Medco, the mall houses over 40 shops and plays host to a wide range of local and international brands such as The Outlet, Palace, Mabel Kids Shop, among many others.
Inaugurating the mall at the weekend, Director of Medco, Kifle Hampton, said the Atlantic Mall journey began with a simple idea to create a shopping experience unlike any other in Ghana.
“And now, here we stand, with a $20 million investment, a state-of-the-art facility that will serve a wide class of people.”
According to Mr Hampton, the Atlantic Mall is strategically located to provide a wide array of services and an unbeatable shopping experience.
The mall, he added, would provide job opportunities for young people and also contribute to the growth of the Ghanaian economy.
“This mall will provide employment opportunities for hundreds of people, both directly and indirectly.
We believe in the importance of contributing to the local economy, and we are committed to doing our part,” he said.
In a speech read on his behalf, the Minister of Works and Housing, Francis Asenso-Boakye, said the opening of the Atlantic Mall as a hub of commerce would be a catalyst for economic growth in the region.
“The opening of this magnificent shopping mall promises to be a hub of commerce and a catalyst for economic growth in the region.
It represents a significant milestone in the growth and development of Ghana’s retail industry,” Mr Asenso-Boakye said.
The newspaper says that Khosi, the 25-year-old South African journalist emerged the winner of the Big Brother Titans reality show, which ended on Sunday night.
The show brought together 24 Africans – 12 Nigerians and 12 South Africans – under one roof for 72-days and at the end of the show, Khosi Twala was the last one standing and walked away with the US$100,000 winner prize.
She was followed by Nigerian model, Kanaga Jnr as the first runner up.
The 2nd-runner up position went to South Africa, Tsatsii.
For the first time, the franchise reality show paired only Nigerians and South Africans, instead of the larger cast of Africans from East, West and South.
Khosi was born in Nata, Central District of Botswana.
As the winner of Big Brother Titans, Khosi walks home with a grand prize of $100,000 cash prize, including endorsement deals and fame.
She had revealed that she was in the Big Brother Titan house for quick fame and the money as well.
She further added that she is an explosive combo of beauty and brains.
GIK/APA
Press zooms in on 3 newly passed tax bills expected to rake in GH₵4bn annually, others
