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    CEOs divided over impact of financial sector clean-up —Oxford Business Group survey

    High interest rates stifling economic growth – Akufo-Addo

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

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    CEOs divided over impact of financial sector clean-up —Oxford Business Group survey

    High interest rates stifling economic growth – Akufo-Addo

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

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    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    Bawumia outdoors project to allow instant verification of motor insurance

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

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    Svein Jakob Liknes

    Aker Energy appoints Svein Liknes as new CEO

    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

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    New report attributes rising e-commerce to expanding middle-class, tech savvy young people

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    CEOs divided over impact of financial sector clean-up —Oxford Business Group survey

    High interest rates stifling economic growth – Akufo-Addo

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    CEOs divided over impact of financial sector clean-up —Oxford Business Group survey

    High interest rates stifling economic growth – Akufo-Addo

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

  • Telecoms/Technology
    • All
    • Technology
    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    Bawumia outdoors project to allow instant verification of motor insurance

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

    How major tech companies exploit tax laws: a focus on Ghana and Nigeria

    Virtual Security Africa installs modern CCTV System for University of Ghana

    Huawei Y9s available after initial sell-out in 4 hours of release

    The Business of Customer Engagement and the Kirusa Konnect Solution

    Experience the all-new Huawei Y9s with super high-end features

    NCA sanctions against MTN over data bundle challenges not enough – Group

  • World
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US
    Svein Jakob Liknes

    Aker Energy appoints Svein Liknes as new CEO

    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

    Uber loses licence to operate in London

    Nigerian entrepreneur wins maiden Netpreneur award organized in Ghana

    West African CFA-Franc nations plan to move reserves from France

    WhatsApp and Instagram to undergo a Facebook face-lift

    McDonald’s boss Steve Easterbrook fired after dating employee

    Dr. Joseph Obeng - President, GUTA

    Allow Ghanaian traders stuck in Nigeria to move out — GUTA

    MTN reveals revenue growth despite drop in subscribers

    New report attributes rising e-commerce to expanding middle-class, tech savvy young people

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Cedi stability, cost of clearing top concerns for businesses ahead of 2020 budget – KPMG report

by Pius Amihere Eduku
October 28, 2019
2 min read
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The stability of the cedi, cost of clearing at the ports as well as Ghana’s tax systems have emerged as key concerns for businesses ahead of the presentation of the 2020 budget and economic policy of the government.

A survey by auditing firm, KPMG has shown that the ability of the government to address these issues should propel the growth of businesses and their contribution to the economy.

The study interviewed thirty-five (35) businesses spanning industry and manufacturing, agribusiness, banking, media, oil and gas, amongst others.

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It looked at the perception of the businesses on the impact of fiscal measures, support from the government as well as key expectations from the 2020 budget.

It emerged that the stability of the cedi ranked number one concerning priority attention businesses seek from the government.

This is backed by the fact that 64.7% of the businesses surveyed cited the exchange rate stability as the single most important item which needs attention from the government.

Again, on the support businesses require from the government, the clearing of goods at the port topped the list. This was followed by retraining and upskilling talent as well as the need for the tax laws in the midyear budget review to be changed.

Meanwhile, businesses which were claiming NHIL and GETFund levies as part of their cost of production want the government to restore the system. The cancellation of the claims followed the conversion of the two levies into straight ones in July 2018.

“34% of respondents felt they were significantly impacted by the reduction in VAT/NHIL input rate from 17.5% to 12.5%. Analysis of survey responses provided evidence for a largely negative view of the VAT/NHIL input rate reduction, with businesses indicating it added to their cost of production,” the survey noted.

In addition, businesses want issues of cost and access to credit as well as cost and quality of utility services to be critically addressed.

“If the cost of clearing is reduced, it helps to sell at cheaper prices to increase sale turnover,” one respondent remarked.

The Finance Minister, Ken Ofori Atta is expected to present the budget to Parliament on November 14.

Amongst others, the minister will outline key expenditure and revenue targets for next year.

As the country prepares for the general elections next year, the government has been encouraged to regulate its expenditure so as not to overrun its budget. This, the KPMG also believes could help stabilize the cedi.

Tags: 2020 budgetcedi stabilityKen Ofori AttaKPMGNHIL

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