Ghana's Trading Hub News

From the monthly archives: November 2018

We are pleased to present below all posts archived in 'November 2018'. If you still can't find what you are looking for, try using the search box.

Industry lauds Paperless Port system

The industrial sector has lauded the improved clearance processes at the Tema and Takoradi ports, occasioned by the Paperless Port Clearance System, that have ensured that raw materials are available at the right time for production. The Association of Ghana Industries (AGI) in its annual report released to the media, said the ongoing reforms has helped reduce the cost and time of port transactions. “Reducing the number of regulatory bodies at our ports to three is laudable as this will help reduce the cost and time of port transactions”, it said.The Association commended government for instituting the World Trade Organization (WTO) trade facilitation measures and reforms at the port to ease doing business.

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President Akufo-Addo gets thumbs up for success in paperless ports system

The leadership of CVM has commended President Akufo-Addo for the great success chalked in the paperless port goods clearing systems under his leadership.CVM is happy that the verifiable data and statistics from the Ghana Revenue Authority, Ministry of Finance, Ministry of Trade and Customs Excise and Preventive Service shows that the introduction of the paperless clearing system has upped revenue by almost GH¢2billion within the fiscal year and likely to reach GH¢13 billion by end of year, a great improvement on the GH¢11.43 billion of revenue collected in 2017."We the members of CVM are happy that the near GH¢ 2billion did not end up in the pockets of individuals. The decision of Nana Akufo-Addo led government to commence a paperless clearing system at Ghana’s ports has proved to be a key factor in fighting corruption at the country’s revenue collection points, a major anti-corruption success story".

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Paperless Port Pushes Revenue To Record High …GHC13bn expected by Dec 31.

Total import revenue realized by the Ghana Revenue Authority (GRA) is nearing the GHC13 billion target projected by the Authority for the 2018 fiscal year.This will represent nearly a GHC2billion increase over the 11. 43 billion of revenue collected in 2017 by the GRA from importers.For the first half of this year, about GHC5.8 billion was collected for the state from importers. As at October, about 11.5 billion have been collected from importers for government, according to data from GRA released to the paper. This follows impressive gains over the last two years.

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Stakeholders hail paperless port system one year after implementation

One year after the implementation of the paperless port system, stakeholders in ports and harbours value chain say it has indeed improved efficiency and raked in more revenue at the ports.Speaking at a forum on the paperless port project, Chief Executive Officer of the Ghana Shippers Authority, Benonita Bismarck, called on stakeholders to contribute suggestions on how best the system can be made more efficient.“In view of the multiple stakeholders connected to it and the intensity of the nationwide shipper sensitization required, the Shippers Authority in consultation with key industry stakeholders preferred a comprehensive review of the system after its first year of implementation."

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GRA interdicts officers over $3.5 financial loss

The Customs Division of the Ghana Revenue Authority (GRA) has interdicted some of its officers for conspiring with three companies to deprive the country of revenue amounting to $3.5 million.According to a statement released by the Authority and signed by the Commissioner General, Kofi Nti, the three companies, Hendrick Shipping, Springfield Shipping, and Christerl Shipping were caught in acts of diversion of re-exportation of goods at the Akanu Border Post.
The matter has been referred to the Economic and Organised Crimes Office for further investigation.

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Paperless system to be extended to other areas – Minister

Mr Daniel Nii Kwartei Titus-Glover, Deputy Minister for Transport has hinted that the Paperless Port System will be extended to other areas within the customs division to ensure its holistic implementation.This, he said, would also promote integrity and transparency in the Country, thereby, helping to reduce corruption as well as promote Ghana’s growth.The Deputy Minister said this at a forum on the Paperless Port Project held in Accra on Wednesday to mark its one year anniversary.The programme was under the auspices of Ghana Shippers Authority (GSA) dubbed: “One Year of Paperless Port System: Review of Achievements, Challenges and Way Forward”.

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ACHAG trains members on trade facilitation and revenue generation interventions

The Association of Custom House Agents of Ghana (ACHAG) has organized a training seminar for its members to educate them on standard practices in freight forwarding and new policies introduced by government.ACHAG, with the help of research experts from Customs and West Blue, trained members in new government programs rolled out for trade facilitation and revenue generation interventions such as the CTN, the ECOWAS tariffs, and the use of HS Code.The President of ACHAG, Yaw Kyei, said some members are not up to speed with technicalities of new conventions, therefore it was important to organize such a seminar so as to aid the performance of their duties.

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Port reforms et al draw investors

More investors are choosing to do business in Ghana as opposed to other regional rivals Nigeria, Cote d’Ivoire and Senegal, as the country implements various reforms at its sea ports, construction permits acquisition, and business registration processes. Last year, the Ghana Investment Promotion Centre (GIPC) recorded US$4.91 billion in foreign direct inflows. For the 2018 financial year, the Centre expects to record US$10billion in investments. The increased interest in the country over the past few years, has been aided by the country’s rankings on the World Bank’s Ease of Doing Business Report for 2019.

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Turkey has $516m investments in Ghana - Ambassador Bayazit

Turkish investments in Ghana currently amount to around US$516 million, the Ambassador of Turkey to Ghana, Madam Nesrin Bayazit, has announced.She said there were over 150 Turkish companies and businesses registered in Ghana, some of which were conducting exemplary projects in various fields.In 2017, she said their trade volume reached US$353 million and they were targeting US$1 billion in the near future.The ambassador was delivering her address at a reception to mark the 95th anniversary of the foundation of the Republic of Turkey as well as the 60th anniversary of the establishment of diplomatic relations between Turkey and Ghana.

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Ghana moves up six spots on 2019 World Bank Doing Business ranking

Ghana has improved in the ranking on the ease of doing business rank, according to the World Bank Group 2019 Doing Business Report. The report, titled, ‘Training for Reform’ was released Wednesday. In the latest report, Ghana has improved its ranking to 114 out of 190 economies up six places from 120 in the 2018 Doing Business Report. Ghana’s ease of doing business score formerly called distance to the frontier has increased by 2.06 to 59.22.

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