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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Ban on importation of ‘accident’ and 10-yr old used cars starts in Oct. 2020

byNerteley Nettey
May 28, 2020
in Local Economy, Top Stories
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Government says the Customs (Amendment) Bill, 2020, which bans the importation of second hand cars of more than ten years old, as well as salvage cars, locally referred to as ‘accident cars’, will take effect from October, this year.

The Bill, which was opposed by the Minority and vehicle dealers across the country was later passed into law by Parliament.

Also, President Akufo-Addo approved and assented it on April, 30 2020.

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A statement issued by the government said, “the prohibition against the importation of salvage motor vehicles into the country under paragraph(b) of subsection(1) of section 58 shall come into force, six months after the date of the coming into force of this Act.”

It also states that, “the Minister, in consultation with the Minister of Trade may, by legislative instrument, specify the date on which a motor vehicle over ten years shall not be imported into the country. The date specified under subsection (3) shall not be earlier than six months after the first vehicle has been assembled under the Ghana Automotive Manufacturing Development Programme.”

Among other issues, the statement notes that, “The date specified under subsection(1) shall not be earlier than six months after the new motor vehicles manufactured under the Ghana Automotive Manufacturing Development Programme are made available

Also, arrangements have been made for the motor vehicles to be sold in accordance with the investment plans of the automotive manufacturers and assemblers registered under the Ghana Automotive Manufacturing Development Programme.

The Bill

The passage of the bill came after the acceptance and approval of the report of the Joint Committees on Finance, Trade and Industry and Tourism for amendments to be made in the Customs Act, 2015 on March 3, 2020.

The Customs (Amendment) Bill 2020 seeks to provide incentives for automotive manufacturers and assemblers registered under the Ghana Automotive Manufacturing Development Programme (GAMDP).

Background

The government as part of its transformational agenda identified Vehicle Assembly and Automotive Components Manufacturing as a strategic anchor industry that will promote economic development in the country and provide incentives for auto manufacturers.

It thus launched the Ghana Automotive Development Policy, GAMDP, in August 2019 to promote the manufacture of automobiles for both the domestic market and the West African sub-region.

A report by the Joint Committees on Finance, Trade and Industry and Tourism also noted that the Cabinet had approved the Ghana Automotive Development Policy, in which various incentives had been provided for automotive manufacturers and assemblers registered under the GAMDP.

It indicated that the committee was informed that the review in policy, as contained in the bill, would lead to an estimated revenue loss of approximately GH¢802.25 million for the first three years.

Commencement of Operations

In August 2019, Toyota and Suzuki became the latest companies to formally commit to setting up car assembling plants in Ghana.

This was after Volkswagen, Nissan and Sinotruk also major automobile companies expressed an interest in Ghana.

Volkswagen was supposed to start its operation in the first quarter of 2020, Toyota in August 2020, Suzuki before the end of 2020, Nissan in the second quarter of 2020, while discussions pertaining to the operations of Renault, Kia and Hyundai are ongoing.

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