President’s monthly insight – April Edition

May 2, 2019 / Comments (0)

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The Bank of Ghana (BoG) has issued a directive to crack the whip on recalcitrant forex bureau operators who fail to comply with the laws governing forex trading in the country. The clampdown, which is expected to commence by the end of the year, forms part of a major exercise to help stabilise the local currency which has been one of the many issues bothering businesses in the country.

The Bank of Ghana Governor, Dr. Ernest Addison, at the Graphic Business/Stanbic breakfast meeting, has assured the business community of a more stable and improved performance of the Ghana cedi in the short to medium-term. He pointed out that “positive growth projections from the World Bank and International Monetary Fund of 8.8 percent and 7.8 percent respectively for 2019, on the back of positive investor sentiment – coupled with an increase in oil production and good microeconomic factors, portend a bright future for the domestic currency which depreciated by 8 percent against the US dollar between January and end of March this year”.

All these showcase a clear indication that the country is trying its best to create a much conducive environment for businesses to thrive. However, the ability of businesses to succeed in a country goes beyond policies that lead to financial stability; there’s the need for sustainable policies which will be properly coordinated and managed by the appropriate various government institutions. Despite various attempts to streamline land transactions in the country, [Land Administration Projects 1 and 2 sponsored by the World Bank], issues of multiple land sales continue to bedevil the land tenure system in the country. There have been deliberations about amending the tax exemption regime under Ghana Investment Promotions Centre (GIPC) Act, what is the status of discussions in this area? Importantly what role should metropolitan assemblies, including the Accra and Tema Metropolitan Assemblies, play in sanitizing the environment within which businesses operate in the Greater Accra region?  

As part of the Ghanaian German Economic Association’s 20th anniversary celebrations (GGEA@20), you are invited to a business forum under our “Meet the Government Series” on the 29th of May, 2019. This programme will address issues relating to the tax exemption regime under the GIPC act, the role of Land Commission in facilitating problem free land transactions in Ghana, as well as what the Mayors of the Accra and Tema Metropolitan Assemblies are doing to maintain healthy business environments in Accra and Tema.

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