News Categories: Business

12 Sep
By: Richard Sumah 2

11th Sanganai Tourism Expo records impressive turnout

The 11th Sanganai /Hlanganani Travel Expo has ended in Bulawayo with impressive participation.

The three-day exhibition brought together exhibitors, international buyers, policy makers and Media together to discuss about the sector and also close deals during the event.

The well-organized event began with the Joshua Nkomo Heritage Tourism trails with a procession in the principal street of Bulawayo and ended at the city Centre. The heritage trail was an addition by the Zimbabwe Tourism Authority as a tourism offering to the country’s already rich product and to celebrate one of the Founding Fathers of Zimbabwe, Joshua Nkomo.

The exhibition began with pre familiarization tours for International buyers and media to some of the country’s tourism hotspots. These were part of the Authority’s strategy to offer trade knowledge to their key source markets. The tours took participants to Matopo National park, Hwange National Park, the magnificent Victoria falls among others.

The Vice President of Zimbabwe Dr Chiwenga opened the exhibition and assured the Ministry of Tourism and Hospitality and the Zimbabwe Tourism Authority (ZTA) of Government’s commitment towards making Tourism the leading employer of the economy. He however challenged the Authority to deploy strategies to grow arrival numbers from source markets especially South Africa.

Addressing the media after a very successful event, the Chief Executive Officer of the Zimbabwe Tourism Authority (ZTA) Dr Karigoka Kaseke scored the event as the best Sanganai ever. He said they have been very impressed with this year’s edition especially with the speed networking session which allowed buyers and exhibitors to conduct business in two hours.

He stressed that, buyers and exhibitors expressed utmost satisfaction with the speed networking session and the ZTA will increase the hours of the session from 2 to 4 per day for next year’s event.

Dr Kaseke was confident the Sanganai would restore the once vibrant tourism economy of Bulawayo.

“Sanganai/Hlanganani will remain in Bulawayo for some time until we are very satisfied that the tourism economy of the city is equal to Victoria Falls,” said Dr Kaseke. We call Bulawayo the City of Kings and Queens, a city we should all respect. The tourism economy of this city was once upon a time very vibrant.”

Dr Kaseke however bemoaned the low patronage of the public days and they have already taken measures to ensure that next year’s public day will be swamped with people and also introduce exciting activities to get the numbers.

Group of the SADC Tourism Ministers Round Table discussion

The Ministerial round table according to the ZTA Boss was another event that earned high marks with five Southern African Development Community (SADC) ministers South Africa, Malawi, and host Minister of Zimbabwe deliberating on the digital innovation in the development of the tourism in the region.

Rounding up his presser, the CEO thanked the media for the support during the event and urged them to continue telling the wonderful Zimbabwe story to the world

This year’s exhibition had 325 companies, 226 international buyers and media from 23 countries

Countries included Ghana, South Africa, Kenya, Malawi, Mauritius, Namibia, GCC, Angola, Zambia, Tanzania, Nigeria, Botswana and the Gulf Corporation Council (GCC)

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06 Aug
By: Richard Sumah 0


The leadership of the Ghana hotels association, have put together its maiden open dialogue platform to discuss issues of mutual interest  to stakeholders within the industry, the maiden event which took place at the multi choice head office in Abelemkpe with several key resource persons from labor union and labor law expects as well as many renowned tourism practitioners to discuss  and dialogue on issues relating to employer and employee relationship on the THEME: “ENSURING HARMONY BETWEEN EMPLOYERS AND EMPLOYEES IN THE HOTEL SECTOR, THE ROLE OF COLLECTIVE BARGAINING AGREEMENT’’

Ghatof president and other stakeholders

The president of the Ghana hotels association Dr. Ackah Nyamekye indicated in his opening remarks that the purpose of the dialogue is to congregate ideas from industry players and experts to ensure harmony between employers and employees which he believes contribute significantly to the performance of the hotel industry in Ghana.

According to him, since he assume office as the president with the new executives of the association this year they have paid series of courtesy calls on various stakeholders and it came up that there are various issues concerning a collective bargaining agreement which is hampering performance of the hotels since the employees plays a major role in sustaining the performance and growth of the industry.

Based on these concerns, the leadership thought it prudent to organize this dialogue section in order to identify common grounds to ensure a cordial working relationship between the employers and employees.

The collective bargaining agreement is a contract which contains the terms of employment and conditions of service as agreed by employers and employees during negotiation. The 1992  constitution and labor act 2003 governs  collective bargaining in Ghana, it is expected that employers and employees will make reasonable effort to reach an agreement and it’s expected that this agreement will serve as the guiding principle in determining what is befitting of an employee at all times and must also be in the interest of the  employers.

other participants at the maiden forum

Mr. John Aboradze Hayfron, director of the professional and managerial staff union of the industrial and commercial workers union (ICU) said “the collective bargaining agreement can also be considered the lifeblood of the trade unionism and it is the main purpose for which workers from a union” He is of the view that bargaining on the workers side should be done by an elected committee which can act as a contracting party representing the interest of all union members.

Collective bargaining provides voice to the workers and in doing so has the potential to enhance working conditions, increase productivity, reduce in equality and help minimize industrial conflict he added.

Other speakers and dignitaries at the event were Mr. Samson Shivalu Marshal general manger Alisa Hotel, Mr. Kinsley Amuah of Ghana employers association, Mr. Kofi Adinkrah, as well as Prof. Kwaku Boakye head of department  hospitality and tourism department university of Cape Coast who facilitated the discussion.

The hotels association intends to organize series of this dialogue section in their determination to seek the interest of both employees and employers within the sector to enhance growth and productivity.



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06 Jun
By: Richard Sumah 0

Expect prices of foodstuff to go up – Ghanaian farmers

Farmers across the country have resolved to adjust upwards, prices of foodstuff to reflect the 10 per cent increment in transport fares announced by transport operators on Monday following the upward review of petroleum prices.

Persistent increment in prices of petroleum products in the country since the beginning of the year culminated in a 10 per cent increment in transport fares.

According to the Chamber of Agribusiness Ghana, the increase in transport fares “will also heavily affect the cost of transportation of farm produce from the hinterlands and farm gates to the Urban and market centres”.

In a statement Tuesday, the Chamber said as farmers, they expected the government to have introduced some form of “cushion” to protect the consumer and the poor farmers at the same time but that has not been done.

“Government’s inability to introduce some interventions leaves the farmers with no choice than to also increase prices across board otherwise, their purchasing power and standard of living will be eroded and their quality of life reduced,” the statement explained.The chamber said since petroleum prices are often the precipitations for general price hikes resulting in higher cost of living, farmers will have no option than to also “increase prices of their produce by a commensurate margin.

The increment of foodstuff, it explained, would enable farmers cope with the general price rise including input cost and cost of living.

Though it did not say when consumers are to expect the increment, Chief Executive of the Chamber, Anthony S.K. Morrisson told 3News “in the coming days”.

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21 Apr
By: Ghatof 0

Increase in taxes at ports counter productive-Economist

Economist, and CEO at the Institute of Certified Economists Ghana, Gideon Amissah has charged government to consider new ways of generating revenue at the ports since the imposition of high taxes will be counterproductive.

He warned that imposing taxes at the ports without engaging the main stakeholders could rather cause government to lose a lot of money.

His complains come after stakeholders at the ports raised alarm on increases in import duties.

He stated that it appears there are some attempts to increase taxes at the ports without the consultation of stakeholders.

“Though we were giving some assurance, the economy will be built on production or productivity. It appears that currently, government is relying on taxation to mobilize revenue. We don’t think that going forward, we would have to be depending so much on taxation to expand revenue” he said.

Already, key stakeholders at ports have pointed out that, a cursory observation of taxes at the ports in recent times, indicate a jump in the charges.

Meanwhile, the Poultry Farmers Association, Mobile Phone Dealers Association, as well as the Electrical Dealers Association have all in recent times complained about a 17.5 percent and 20 percent VAT increase at the ports without notification from government.

Mr. Amissah warned that the decision to increases taxes at the ports may not yield the needed results if the key stakeholders are not engaged.

“It is about time maybe government would have to consider non tax revenue as a way of expanding the revenue base” he stressed.

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09 Mar
By: Ghatof 0

Government scraps VAT on 64 commodities

The government has announced that it has since March 1, 2018 scrapped VAT on 64 commodities after consultation with the various stakeholders.

A statement issued on Wednesday March 21, 2018, signed by Information Minister, Dr Mustapha Abdul-Hamid and sighted by, directed that the Ghana Revenue Authority (GRA) suspends with immediate effect the charging of Import VAT on the 64 commodity groups including; Mobile Phones, Electoral Transformers, Tractors for Agricultural Purposes, Solar Cells, Musical Instruments, Outboard Motors, Concrete Mortar Mixers and Day-Old Chicks among others.

The statement added that the decision was arrived at after extensive consultation between Government and various stakeholders.
Find the full text of release below;

Government scraps VAT on 64 commodities by GhanaWeb Editorial on Scribd

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09 Mar
By: Ghatof 0

No more bank takeovers expected – BoG

The Bank of Ghana says it does not expect any more banks to become so distressed to require its intervention for the remaining part of the year.

Second Deputy Governor, Elsie Awadzi in an interview on Joy Fm’s Super Morning Show said as far as the regulator is concerned, all banks are in a good standing and should remain so.

“As far as our information goes, all the banks that are open for business are fine. The outlook is fine and we expect that these banks will continue to run and will continue to be strong and be viable,” she said.

The BoG’s announcement of the takeover of local bank, uniBank on Tuesday has not only created some panic amongst customers of the bank, but also a general sense of uncertainty around the country’s financial institutions.

At a press conference, the Governor of the BoG, Ernest Addison said the decision to take over management of the bank was born by an urgent need to save the bank from collapse.

The BoG said uniBank persistently maintained a capital adequacy ratio below zero, making it technically insolvent.

uniBank, according to the Central Bank, also failed to comply with a directive prohibiting it from granting new loans and incurring new capital expenditures,breaching section 105 of Act 930.

The bank also conducted its credit administration in a manner that has jeopardized the interests of depositors and that of the financial sector as a whole, the BoG said.

This is not the first time a local bank is being forcibly taken over; last year, the GCB Bank took over UT Bank and Capital bank. The takeovers are fueling speculations that many more banks will suffer a similar fate.

But Mrs Awadzi said the Central Bank is putting measures in place to ensure that such incidences do not occur in the future and certainly not this year.

She assured that “We are monitoring every bank everyday…these [remaining] banks are strong. We do not foresee any problems.”

The BoG, she indicated is continuously engaging with stakeholders of the banking sector towards strengthening it.

She said the recent increase in the minimum capital requirement of 400 million cedis for banks, effective December 2018, requires banks to inject new capital thereby strengthening their operations.

The BoG, Mrs Awadzi disclosed, is expecting banks “who want to merge to merge, we are expecting acquisitions, we are expecting interesting developments in the banking sector all towards creating stronger and more robust banks.”

The Central bank is also strengthening its internal controls to allow it better play its supervisory role and regulate the sector even better.

“The idea is that we want to support these banks to do good business and to stay strong and viable,” she added.

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09 Mar
By: Ghatof 1

Video: Quick facts about Unibank takeover

The taken-over Unibank had been on liquidity life support for over a year, a Credit and Financial consultant has said.

Emmanuel Akrong, who is the author of Asset Quality Performance of Banks in Ghana, the book that predicted the collapse of at least eight banks, told Joy News the Bank of Ghana had for the past two years kept Unibank, afloat until Tuesday when it announced its takeover.

The Author said the collapse of three indigenous banks is just a tip of the iceberg.

“The Unibank situation was evident for the past one year,” he said, adding “Unibank was borrowing to finance its loans.”

Watch a video on some quick fact about the takeover.

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09 Mar
By: Ghatof 0

Nothing about merger has come to us officially – NIB

National Investment Bank has ruled out any plan to merge with the Agricultural Development Bank (ADB).

“Nothing about a merger or otherwise has come to us officially,” Board Chairman of NIB, Togbe Afede said.

Speaking to JoyBusiness at the 55th-anniversary celebration of NIB, he said, “What we are aware of is the government’s desire to see NIB return to its core mandate which will mean supporting industry; supporting 1D1F so that our industrial sector can lead the growth of the Ghanaian economy.

We are doing our work with the sole objective of positioning NIB to be a strong bank that will fulfil its original mandate of helping to create industries as a way of promoting an industrial sector growth that will help the growth of the entire economy,” he said.

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09 Mar
By: Ghatof 0

GRA suspends Import VAT on 64 commodities, fumigation levy for shippers.

GRA suspends Import VAT on 64 commodities, fumigation levy for shippers
Ghana Revenue Authority logo

The Ghana Revenue Authority (GRA) has been directed to “immediately” halt the collection of Import VAT on some 64 commodities and also indefinitely suspend the Fumigation Levy for shippers.

The GRA began a monitoring exercise on the compliance of the tax stamp policy on March 1, 2018.

The introduction of the tax stamp was opposed by key business associations in the country including the Ghana Institute of Freight Forwarders and Ghana Union of Traders Association (GUTA) who said they are unable to bear the additional cost the policy was demanding.

The GRA, however, maintained the policy was necessary to stop tax evasion.

But following an extensive consultation between government and various stakeholders, the Economic Management Team (EMT) of government decided to call for the deferment of the exercise.

According to a statement signed by the Information Minister, Mustapha Hamid, the suspension of the Import VAT and the Fumigation Levy has become necessary as a result of the “unintended hike in import charges”.

“The Economic Management Team (EMT) has instructed the following; that the Ghana Revenue Authority (GRA) suspends with immediate effect the charging of Import VAT on the 64 commodity groups which started on March 1, 2018 leading to an unintended hike in import charges.”

The 64 commodity groups include; Mobile phones, electrical transformers, tractors for agricultural purposes, solar cells, musical instruments, outboard motors, concrete, mortar mixers, and day-old chicks.

The statement further explains that the suspension of the Import VAT “is pending an assessment of Harmonized code (HS Codes) for customs which were reviewed effective same date”.

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