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 iSpace Code School Opens Applications for Python and Java Training

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Code school, an iSpace initiative that has impacted lives over the period of four years, has opened applications to train people in Python and Java programming languages.

The program which has seen many participants benefit from it over the years will once again offer all the needed skills one needs in Python and Java for a successful coding school this year.

iSpace, a tech hub and non-governmental organization known for a great deal of tech related activities, is the only indigenous owned tech hub in Ghana. It has over the years provided the platform to train both Ghanaians and foreigners in the field of capacity building, instrumental and technical programs such as the Unlocking Women and Technology project, Phoenix kids and others.

The Programs Manager of iSpace, Nma Favour Ozichukwu, announcing the opening, stated that: “it is one of iSpace’s aim to bridge the gap when it comes to the world of tech in this country. Code school has come to stay and as usual we have created the platform for all code enthusiasts to apply for the beginners’ class and subsequently join us on this amazing ride”.

The deadline for applications is Tuesday, the 28th of November, 2017 as classes will begin on the 4th of December, 2017. Interested individuals can find out more about code school by visiting www.ispacegh.com or call 050 655 6614 for further details.

Vodafone amends writ in GRA showdown

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Vodafone Ghana has amended its writ before the Accra High Court in the matter it sued the Ghana Revenue Authority (GRA) over a contentious transfer pricing tax assessment.

The company in September filed a motion at the High Court of Justice, Commercial Division in Accra, against the GRA disputing tax assessments of over GH¢160 million.

GRA, per its regulations, asked Vodafone to pay 30 percent of the stated assessment while negotiations continued, but Vodafone refused to pay, requesting a waiver from the Commissioner-General, who promptly refused to use his discretionary powers granted by the law.

This action seems to have angered Vodafone which amended its writ, contesting the Commissioner-General’s decision among other things.

According to the amended writ,  “Take Notice that this Honourable Court will be moved by counsel for the Applicant/Applicant (“Applicant”) herein for an order granting leave to: vary/modify the reliefs sought in this suit to read as follows: An order of certiorari, bringing up and quashing the decision of the Respondent dated 4th October 2017 refusing the Applicant’s request for a waiver of the payment of the 30 per cent of the disputed assessment pending the objection determination, on the grounds that the decision resulted from an improper exercise of the discretion vested in the Respondent by section 42 (6) of the Revenue Administration Act, 2016 (Act 915) and in contravention of article 296(a) and 9b) of the Constitution, 1992.”

Background

The Transfer Pricing Unit of the GRA conducted a Transfer Pricing audit of Vodafone Ghana for the 2012 – 2016 years of assessment.

But Vodafone disagreed with the GRA’s use of the Technology Transfer Regulations, 1992 (L.I. 1547) instead of the Transfer Pricing Regulations, 2012 (L.I. 2188,) in the audit exercise.

During exchanges, the GRA opposed Vodafone’s assertions by arguing that after subjecting the company’s transactions to the Technology Transfer Regulation 1992, (L.I. 1547), it established that the transactions do not meet the Arm’s Length Test.

Following several meetings to resolve the matter, the GRA asked Vodafone to submit its grievances in writing which was done through its consultants, KPMG.

But according to Vodafone, while it was waiting for a response from the GRA, it instead received an audit report with a tax assessment of GH¢162,468,361.90 from the Transfer Pricing Unit of the GRA, which demanded that the stated assessment should be paid within 14 days, something Vodafone objected to.

GH¢2.1 billion transfer

In an affidavit to the court in response to Vodafone’s writ, the GRA, among other things, pointed out that between 2012 and 2016, Vodafone Ghana remitted GH¢2.1 billion to its parent company outside Ghana.

According to the GRA, the amount is about 30 percent of the telecoms provider’s turnover, adding that the company has not paid corporate income tax for six years.

Vodafone officials however insist that they have been paying corporate income taxes in the last six years because the company hasn’t made any profit since it took over Ghana Telecoms in 2009.

 

OmniBank in talks to meet new GH¢400m requirement

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OmniBank, the Small and Medium Enterprises (SMEs)-focused bank, is in talks with local and foreign investors to meet the Central Bank’s new GH¢400million minimum stated capital requirement.

But the increment in the bank’s stated capital will in no way affect its philosophy of supporting SMEs and youth development, but rather better position it to do more for its clients, Philip Oti-Mensah, Managing Director of the bank, has said.

“The board met and we took major decisions. One of them was to appoint a transactional advisor and to ensure that current shareholders maintain ownership or control so that our philosophy of developing SMEs and giving young people in Ghana the opportunities to develop can stay.

We are not considering only one shareholder but about four or five so that the current shareholders can maintain majority. We are having talks. It is a mixture of private equities and development finance institutions and it is generally looking good for us,” he added.

Mr. Oti-Mensah noted that the bank is likely to do more than the GH¢400million but right now “our interest is meeting the current level.”

The Central Bank, two months ago, increased the stated capital of banks from GH¢120million to GH¢400million, with a deadline of December, 2018 for all players to meet the new minimum requirement.

With the aim of strengthening the sector, the BoG is also hopeful that the increment will lead to some mergers and acquisitions in the industry and reduce the number of banks.

Most bankers who spoke to the B&FT believe that they will meet the required capital and have already started presenting their capital plans to the regulator.

With 34 banks operating in the country,  90 percent of which require extra capital to meet the new requirement, the industry could see more than GH¢5billion in fresh capital; especially if all banks seek to survive the increment without mergers or acquisitions.

Mr. Oti-Mensah explained that the investors have a common interest of pursuing retail banking business with OmniBank. “Some have digital banking platforms they want to bring to Africa. These are not investors who have invested in Africa before and they are using Ghana as a hub,” he said.

He added that the new capital will be deployed in the creation of assets and channels. “With our agenda to become a key retail bank in Ghana, this is an opportunity to invest more in channels. Very soon you can do business with your phone and these involve software that cost money.

There will be ATMs and all these things cost money. We are not only serving SMEs but corporates as well. On the personal banking side, we are deploying some of the capital into mortgages. The new product is called OmniHome, which will provide affordable housing denominated in local currency and paid over shorter periods,” he noted.

Airteltigo emerges to douse Orange speculation

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A new entity, Airteltigo, has been announced following the long-awaited merger of the two mobile telecommunication entities, Airtel–operated by Bharti Airtel and Tigo–operated by Millicom Ghana Limited.

Senior management staff of the newly-emerged entity yesterday met employees at a staff durbar to unveil the identity of the new entity and share with the staff the vision of the new company.

Speculations were rife before the unveiling that French telecoms company, Orange, was in pole position to annex the merged entity. But the unveiling done in the presence of workers, senior management members among other key stakeholders, waters down on the speculation of the Orange takeover.

Roshi Motman, former Managing Director of Tigo, who is expected to lead Airteltigo, acknowledged the support of the employees throughout the rather long period of uncertainty–the period between the start of merger talks and to the approval granted by the regulator, National Communications Authority (NCA).

According to her, the new entity, which becomes the second largest mobile telecoms operator in the country after MTN, will rely on the strengths of the workers and abilities of the two former companies to overtake MTN at the top spot.

The staff durbar attended by a majority of workers of the new entity, according to B&FT’s inside sources, was meant to clear clouds of uncertainty that emerge following the commencement of the merger process.

Workers feared that they would be asked to go home as a result of duplication of roles while others left voluntarily to take new opportunities in the midst of the uncertainty. Also, customers of the two entities were largely in the dark over what outcome of the new entity will be and as such yesterday’s event was to assuage the concerns of the customers.

While Airteltigo seems to have hit the ground running, insiders predict Orange or another major telco is not entirely out of the picture and a takeover could still happen in the not-too distant future.

Airteltigo claims second spot

The merger has changed the dynamics of the telecoms landscape – with the new entity becoming the second biggest operator after MTN, which controls almost half of the voice market (47.54 percent).

According to the July 2017, industry data released by the telecoms regulator, Tigo had voice subscribers of 5,360,443 which is about 14.8 percent of the market share whereas Airtel’s 4,236,788, makes up 11.4 percent of the market share.

Thus, the new entity, based on the July figures, should have a little over 9.7 million voice subscribers (26.2 percent) leaving Vodafone’s 8,773,444 (24 percent) at a near distant third on the ranking of market shares.

On the mobile data market share, however, the new entity clearly trumps Vodafone. The merger will see Airtel and Tigo have a combined market share of more than 5.76 million data subscribers as compared to the 3.64 million users of Vodafone, if figures from the NCA is anything to go by.

Local dollar bond puts temporary pressure on cedi–RMB Research

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Government’s second local dollar bond issuance, which raised a total US$221million for three years at 6.25percent, put the cedi under temporary pressure last week, latest RMB Research has shown

Data from the Central Bank shows that the local currency depreciated by 0.46percent against the US dollar between October 30 and November 10, 2017, a first seen since August, 2017.

The local currency was trading at GH¢4.39 against the greenback as at November 10, up from GH¢4.37 ten days earlier.

“Leading up to the well-subscribed domestic dollar-bond issuance, the Ghanaian cedi weakened against the greenback—a level last seen back in August 2017. This was because the bond was only available to domestic investors; therefore, to participate in the bond, would-be investors would have to purchase dollars, thus placing the cedi under pressure,” the South African-based research firm noted.

The research firm, a subsidiary of Rand Merchant Bank, added that the final pricing on the bond offered a competitive return relative to the current yields on the existing Eurobonds, hence the outsized issuance of US$221m.

“We expect the weakness to be temporary as this bout of weakness would have likely attracted the keen eye of the central bank that has proved ready to thwart any weakness. We expect a recouping of the losses this week,” it added.

The well subscribed bond, according to arrangers, boosts the government’s plans to explore local funding sources. Initial guidance for the bond, the second to be issued by Ghana, was open to only Ghanaian investors.

Ghana is emerging from a fiscal crisis that has left it with high deficits and a steep public debt that forced the government into a credit deal with the International Monetary Fund worth about US$918 million in 2015.

The bond, which will mature in November 2020, was issued through a joint book-building arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities (SAS) and was settled yesterday.

Ghana, last year, issued its debut dollar denominated domestic bond worth US$94.64million in two-year paper with a coupon of 6percent after an initial price range of 5.5-6.5 percent.

The local currency has been fairly stable against the greenback all year. Compared to previous years, the cedi has so far depreciated 4.38percent as against previous years.

Between 2013 and 2016, depreciation was so rampant, many currency analysts and economists described the situation as a precursor to an official dollarization of the economy.

The cedi depreciated by 17.5percent, 15.percent, 26.5percent, 15.7percent and 10percent in 2012, 2013, 2014, 2015 and 2016 respectively. Before experiencing the relative stability in 2017, the currency dropped by almost 10percent in the first quarter before rallying strongly to appreciate by 1percent in late April, 2017.

Analysts opined that, as an import driven economy, the regular depreciation of the currency over the past five years led many businesses to increasingly take refuge in the dollar.

The Central Bank, in 2014, tried, without success, to force businesses, especially hospitality facilities, real estate industry players and importers, to stop pricing in dollars and reduce significantly their dollar withdrawal from banks.

This move, according to analysts worsened the situation and further made businesses and Ghanaians lose confidence in the cedi and this resulted in the cedi depreciating by as much as 40percent in the first half of 2014 before settling at 26.5percent.

But a change of government saw renewed confidence in the economy which has seen the local currency relatively stabilise since the turn of the year. Coupled with some strategic bond sales by government to tune of US$4billion in the first half, the cedi has seen considerable respite.

Leading fertiliser company schools farmers on good agronomic practices

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OCP Africa, a subsidiary of OCP Group – a leading global producer of fertiliser based in Morocco – rolled out one of its several intended projects in the country last week, dubbed the OCP School Lab.

It is a mobile laboratory that moves from community to community, educating farmers in good agricultural practices such as conducting soil analyses on their fields.

Country Manager of OCP, Samuel Asare Oduro, at the launch in Asesewa near Somanya in the Eastern Region, said Ghana has huge potential in agriculture as it abounds in large tracts of arable land and favourable agro-climatic conditions, but the potential is largely underutilised as there are deficits in crop production which result in huge importations of food items like rice and vegetables.

It is for this reason that OCP is purposed and poised to reverse this trend, and has accordingly identified some of the challenges facing farmers; and has also designed projects and activities to help address some of those challenges.

Mr. Oduro noted that Ghanaian farmers are hardworking and highly motivated, but what they really need is guidance and support. He stated that OCP Africa was formed in 2015 to focus on African agriculture and get closer to the farmer, identify their needs, and design programmes to address their challenges.

They also support African agriculture by making fertilisers more easily accessible and affordable to the farmers. OCP Africa has sales offices/ subsidiaries in ten (10) African countries, including Ghana.

The pilot projects target 20 communities in the Yilo and Upper Manya districts and will be extended to the rest of the country, Oduro stated.

“OCP is here not only to sell fertilisers, but also help develop the Agriculture sector in Ghana. We are happy to partner the MOFA in implementing the OCP School Lab, and it is our expectation this partnership will grow from strength to strength.”

Veep urges rural banks to take advantage of digitisation programme

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Vice President Dr. Mahamudu Bawumia

Vice President Dr. Mahamudu Bawumia has urged rural banks in the country to take advantage and make adequate use of the digitisation system being established in the country.

He said the National Identification Card and introduction of the digital addressing system will give unique identities to individuals and also assist in locating every area of the country.

“We have 16.1 billion addresses in Ghana and every five square metres of land in Ghana has a unique address, so we will be able to bring everybody into the formal system,” he emphasised.

He advised the rural banks to put in place operational structures such as efficient credit schemes, effective corporate governance practices, and improved technical, managerial and marketing strategies.

Dr. Bawumia said this at the 6th National Rural Banking Week Celebration on the theme ‘Rural Banking-Key to national industrialisation’, at Kpong in the Lower Manya Krobo Municipality of the Eastern Region

The Vice President indicated that the lifeline of many rural banks in Ghana was the deposits and savings of clients, and therefore taking advantage of the digital system will ensure the needed robust macroeconomic environment to stimulate savings.

Dr. Bawumia said the current government inherited a deficit of 9.4 percent of GDP and a growth of 3.7 percent, and is hopeful that by close of the year Ghana’s GDP will have grown from 3.7 percent to 7.8 percent – with focus on the oil and agricultural sectors.

He said the small and medium-scale rural and urban enterprises are a major concern to government in its attempt to industrialise the economy and accelerate growth.

He said government is determined to expand the Planting for Foods and Jobs programme, increase mechanisation as well as irrigation in addition to improving road networks across many rural parts of the country to enhance agriculture production.

The Vice President said government from next year will begin a major programme of road construction – largely in agricultural areas of the country, where 1,600 kilometres of roads will be put together in the next three years to help boost production.

He acknowledged the fact that passage of the Development Authority bill into law by parliament will set up three major authorities: namely Northern-, Middle-belt and Coastal Development Authorities.

“These development authorities are the vehicles through which we are going to be disbursing US$1million dollars to every constituency every year,” he indicated.

Governor of the Bank of Ghana Dr. Ernest Addison said, as a regulator, its major concern is the low capital level of the rural banks; indicating that as at August 11 this year, only 58 Rural and Community Banks (RCB’s) had a paid-up capital of above GH¢1million.

This changing dynamic in the sector he described as low, and said it does not promote enough factors for effective intermediation, adding: “I can assure you that BoG will be flexible in working with you to strengthen the rural banks”.

Dr. Addison said in order to continue playing a critical role in supporting industrialisation, it is critical for RCBs to adopt strategies to better understand the needs of small enterprises in rural areas.

The National President of the Association of Rural Banks Ghana, Dr. Nana Akowuah Boamah, said currently there are in existence 144 Rural and Community Banks, with over 800 agencies spread mainly in rural communities across the country employing over 20,000 Ghanaians.

Dr. Boamah suggested government and the BoG take a second look at the corporate tax paid by the RCBs, which was increased from 8 percent to 25 percent in 2016, as well as the deadline to meet a new minimum capital requirement of GH¢1million by the end of 2017.

According to Dr. Boamah, if nothing is done about the current requirement, it will drive away potential investors and make share capital mobilisation extremely difficult – especially for RCBs that have not been able to pay dividends to shareholders ever since they were established.

The Konor of Manya Klo Traditional Area, Nene Sakite II, urged RCBs to concentrate on the rural economy and develop products that will serve the informal sector appropriately.

He is of the view that rural industralisation will be attainable when there is ample credit availability for farmers, and affordable interest rates.

Gov’t to tax mobile money transactions in 2018 Budget – Minority

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The Minority in Parliament claims that the upcoming 2018 Budget to be presented by the Finance Minister on Wednesday, 15th November,2017 is expected to contain a tax on mobile money transactions.

According to the spokesperson for Minority on Finance, Cassiel Ato Forson, government has the intention to tax mobile money transactions, which he says must be aborted immediately since it constitutes a serious threat to financial inclusion and economic growth in Ghana.

Speaking at the Minority Breakfast Meeting with stakeholders on 2018 Budget and Economic Policy, Mr Forson explained that: “It is also regressive because, compared to the relatively affluent non-core financial services that the NPP removed for the relatively rich, this insensitive [mobile money umbrella tax] will seriously affect millions of Ghanaians who use their telephones to transfer small amounts to relatives.”

The Minister for Finance, Ken Ofori-Atta will be presenting the 2018 budget statement and economic policy of government on November 15,2017 which is expected to focus on Industrialization; Agriculture and consolidation gains made after almost a year in office.

There are strong indications that government may push ahead with some fiscal reforms that could lead to further cuts in tax rates as well as social intervention programs such as Free Senior High School, nurse training allowance would be maintained.

However, the Minority maintains that it is an indirect way of taxing transactions such as transfers of school fees and medical bills.

Mr Forson also added that the NPP must provide some relief to low-income families from “chop money” transfer tax, as it is nothing more than a backdoor move to reintroduce the taxes they removed last year.

On the country’s debt, Ato Forson indicated that the national debt has ballonned alarmingly within 11months that the Akufo- Addo government has been in charge.

At the last reckoning, the public debt had increased from GH₵122.6billion in January,2017 to GH₵138.6billion as of June and is set to increase due to recent developments to 150billion by end of December 2017.

 

 

Newmont pays US$883m tax in 10 years

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…as its capital investments hit US$3.2bn

In the last decade, Newmont Ghana Gold Limited (NGGL) has paid a total of US$883million in taxes, royalties and levies to the state, making it one of the leading taxpayers in the country.

In 2016 alone, the company paid US$78million into government’s coffers (US$36 in million royalties and US$42million in taxes). The Ghana Revenue Authority (GRA) adjudged Newmont the second-Best Taxpayer under the large taxpayer office.

The NGGL started operations in 2002 and has since committed US$3.2billion as capital investments at Ahafo and Akyem Mines, rising from an initial investment of US$500million. Currently, Newmont is the largest gold producer in the country – contributing about 32% of total national gold production.

Newmont Ahafo Mine has so far produced 5.2million ounces, while the Akyem Mine has poured 1.8million ounces. The Ahafo Mine is estimated to produce between 315 to 345 thousand ounces in 2017 (consolidated production), as against output of the Akyem mine projected between 455 and 485 thousand ounces.

The total production of the two Newmont mines in Ghana – Ahafo and Akyem – represents 15% of the estimated global production level of the Newmont Corporation. Currently, NGGL is the only operational mine in Africa; Newmont has a global portfolio of 12 mines in four regions. North America is expected to contribute 41%, Australia 31% and South America 13%.

The figures were released to journalists during a visit to the Newmont Ahafo Mine by members of Journalists for Business Advocacy (JBA).

The interaction formed part of a familiarisation visit of JBA to the company’s plant site at Kenyasi as well as inspection of some socio-economic development projects within the mine’s operational area.

The Acting General Manager of Newmont Ahafo Mine, Daniel Egya-Mensah, said there are upcoming brown-field projects at Ahafo and Akyem Mines expected to increase its production significantly in the near future, saying: “That is where the excitement is; that is what will take us to the next level”.

He mentioned underground exploration at Akyem, Ahafo Mill expansion, Subika underground, and Ahafo south underground as the brown-field projects.

Currently, Newmont Ahafo Mine only has one operational pit – Subika. The company shut down its three other pits due to economic reasons. The Ahafo Mine Manager, Okyere Yaw Ntrama, explained that economic-wise it was prudent for the company to put on hold mining at the three closed pits – but was quick to add that they have potential and will be explored in future.

He revealed that the mine’s workforce stands at 3,500 including contract staff, of which 43% represents locals while 2-3% are expatriates.

To achieve operational excellence, he noted the company has prioritised other key enablers such as safety.

“We don’t compromise on safety. We are investing in fatality and fatigue risk management as well as collision avoidance technology. The company has developed a health exposure reduction plan to reduce exposure to airborne agents.”

President inaugurates Cargill’s solar plant in Tema

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President Nana Addo Dankwa Akufo-Addo, on Wednesday, November 8, 2107, pulled the symbolic switch to officially inaugurate Cargill’s solar facility at the company’s factory in Tema.

The President in a brief remark congratulated Cargill for the initiative and said the move to host solar powered energy is in line with government’s agenda to find alternative means of power to support industrial production, especially in the cocoa sector.

President Akufo-Addo said: “I am happy about this facility. One of our major challenges in the industrial sector relates to power, and I am always excited about initiatives geared toward renewable and alternative energy. We are committed to supporting such initiatives and, as you know, my government’s main focus is you – the private sector. I congratulate you for this, and wish that it will serve the purpose for which we have commissioned it”.

Speaking for Cargill Ghana Limited, Managing Director Mr. Pieter Reichert said the 565KWh Solar Plant is Cargill’s effort toward entrenching environmentally-friendly ways of generating power in the cocoa sector. He thanked the President for the honour and pledged Cargill’s continued support toward a sustainable cocoa industry in Ghana.

“We are excited to see the President do us the honour of commissioning this project. For us, it speaks to government’s commitment to support the private sector – and especially those of us in the cocoa industry.  Since we began operating this factory in 2008, we have improved our operations by constantly finding innovative ways to enhance safety and also leave less carbon footprints. We strongly believe that this project represents our (both government and private sector) collective efforts at enhancing industrial production in the cocoa sector through safe, responsible, sustainable, energy-efficient means,” Mr. Reichert remarked.

The PV Solar system which was designed, supplied and installed by Dutch & Co. Limited, produces 764MWh of electricity annually to augment energy needs at the Tema Free Zone Enclave and boost Ghana’s renewable energy portfolio. It is also a fully-automated digital system. The performance of the installation is measured and can be monitored on smart phones, tablets, Laptop and PC’s.

The total investment in this PV Solar installation is €720,000.

Cargill has been buying cocoa from Ghana for over 40 years, and in 2008 opened its state-of-the-art cocoa processing facility in Tema. Today, the company has over 400 permanent and contracted employees processing cocoa products to service food and confectionary customers locally and around the world. Additionally, our animal nutrition business provides aqua-feed which is supporting Ghana’s tilapia fish industry. In 2016 we added a licenced buying company (LBC). Our LBC operations bring innovative ways to trade with our farmers, placing emphasis on our sustainability and traceability efforts and building on our long-term commitment to the country and our relationship with government.

About the Cargill Cocoa Promise

The Cargill Cocoa Promise was launched in 2012 to align efforts in origin countries. It is Cargill’s commitment to improving the livelihoods of farmers and communities in a holistic way that will secure a thriving sector for generations to come. The origin-countries include Brazil, Cameroon, Côte d’Ivoire, Ghana and Indonesia.

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