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From the monthly archives: January 2016

We are pleased to present below all posts archived in 'January 2016'. If you still can't find what you are looking for, try using the search box.

Ghana to implement CET on February 1


All is set for Ghana to fully implement the Common External Tariff (CET) on February 1, 2016.

This follows the successful passage of the CET Act, (Act 905) by Parliament.

The CET is the single tariff rate agreed to by all member states of the Economic Community of West African States (ECOWAS).

The CET regime means that the same tariff will be slapped on an eligible item imported into the ECOWAS sub-region, irrespective of which ECOWAS-member country it lands in.

- See more at: http://www.graphic.com.gh/business/business-news/57301-ghana-to-implement-cet-on-february-1.html#sthash.2z0jdiRS.dpuf

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Ghana: GRA Targets Ghs27 Billion in 2016


The Ghana Revenue Authority (GRA) projects to collect GHS27.59 billion this year (2016), Mr George Blankson, Commissioner General of the Authority, has said.

The Authority exceeded its 2015 target of GHS21.57 billion by GHS620 million at GHS22.17 billion, a 29.3 percent increase over that of 2014.

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Seth Terkper explains why Ghana needs more Taxes


According to him, the time has, therefore, come for government to generate resources from within its internal sources, hence the need for the untaxed segment of the population to be brought into the tax net.

Mr. Terkper pointed out that the nation cannot underestimate the role of taxes in the lives of the people, no matter how unpopular it may sound, adding that taxation is the price people pay to live in civilized societies.

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Ghana to benefit from Chinese economic slowdown

Trade and Industry Minister, Dr Ekow Spio Garbrah has hinted more Chinese firms are expected to relocate to Ghana as result of the economic downturn in that country.

China is currently rated Ghana’s largest import supplier.

The local manufacturing sector is therefore expected to take advantage of the slump by producing more to meet the possible shortfall in Chinese import

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The Success or Failure of the Single Window Cocept in Ghana

Ghana adopted the Pre-Arrival Assessment Reporting System (PAARS) on 1st September, 2015. This is to be complemented by the full adoption of the Single Window environment concept of clearing goods. The adoption of the PAAR System brought about the cessation of operations of the Destination Inspection Companies (DICs); meaning Customs has now taken control of its two core functions of valuation of imports and exports and the proper classification of goods under the Harmonized Commodity Description and Coding System (the HS). - See more at: http://ghanatalksbusiness.com/index.php/news/ghana/item/2915-the-succe#sthash.1AjRhPbi.dpuf

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Ghana's growth to rebound in 2016 - IMF

Accra, Jan. 21, GNA - Mr Joël Touhas-Bernaté, International Monetary Fund (IMF) Mission Chief for Ghana, says Ghana's growth is expected to rebound in 2016, after the slowdown of about four per cent in the last three quarters.

He said the projected growth is expected to be pushed by reforms in the energy sector as well as the coming on stream of new oil production in the second half of 2016.


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Shady importers can’t outsmart us anymore – CEPS

The Customs division of the Ghana Revenue Authority is confident the newly introduced Single Window system will fix the challenges with its item valuation process.The division says there is a rigorous process in place to ascertain the right value of items imported into the country

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GRA Inaugurates Customs Technical Services Bureau

Customs Division of the Ghana Revenue Authority (GRA) has officially opened its Customs Technical Services Bureau at a colourful ceremony in Accra.

Minister for Finance, Seth Terkper, who represented President Mahama, said automation and transformation at Customs Division of the GRA would offer an interface in the revenue mobilization. He said the introduction of the Single Window is a clear and bold statement of intent by government to address some of the challenges of doing business in Ghana, which is of major concern to both government and the private sector. “Our commitment is to simplify customs and other border procedures for the efficient clearance of goods for import and export.

 


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Kotoka Airport Customs Division exceeds target

An Assistant Commissioner of the GRA in charge of the KIA Customs Division, Mr Isaac Desmond Abbey, expressed the belief that the achievements was as a result of the dedication, support and commitment of the officers and men, coupled with well-thought-out policies being implemented by the GRA. “All these catapulted us into this realm of achievements,” he said, adding that in 2014, the authority introduced compliance measures where everything was done electronically to monitor the performance of staff and put them on track if they were lagging behind.

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