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GEXIM to host “Tuesday Market” in Volta Region from September 26-28
The Volta Regional capital, Ho, will in the coming days host the region’s biggest Made-In-Ghana fair to be organized by the Ghana Export – Import Bank (GEXIM). Dubbed the “Volta Weekend Market” or “Teza Mart”, the fair is scheduled to take place at Ho Bankoe (Movie Street) from Thursday September 26 to Saturday September 28, 2024 between 8am and 8pm each day.
“Volta Weekend Market” is a platform created by the Bank for Small and Medium-sized Enterprises (SMEs) across the Volta region and other Ghanaian entrepreneurs in neighboring regions to showcase carefully selected top-quality and uniquely packaged Made-In-Ghana products.
Announcing the “Volta Weekend Market”, the Deputy Chief Executive Officer of GEXIM, responsible for Banking, Ms. Rosemary Beryl Archer expressed the Bank’s appreciation to all relevant stakeholder in the Volta region for their enormous support to make it possible for the Bank to host an SME fair in the region.
“I am happy we are coming to the Volta region at a very important time, during the celebration of the Asogli Yam Festival.
Without a doubt, SMEs play a critical role in national development, and we are excited to place a spotlight on SMEs across the region by promoting them locally and internationally to be patronized. In addition, as part of the fair, we will be building the capacities of the SMEs and engage them to explore avenue for growth,”she added
She further stated that “with the recent launch of the SME Growth and Opportunities Programme by the Ministry of Finance and the follow up sensitization across the regions, the fair presents an opportunity to further engage SMEs in the Volta Region.”
Currently, about hundred Ghanaian entrepreneurs with unique products have been confirmed to participate in the fair. Some of the very unique, and authentic products expected to be exhibited at the fair at unbeatable prices include food and ingredients, beverages, skin and beauty care products, textiles, apparel, garments, leather footwear, slippers, and many others.
On the sidelines of the “Volta Weekend Market”, the Bank will organize a training programme for the SMEs, dubbed “SME Clinic.”
It is aimed at building the capacity of entrepreneurs, exploring solutions to challenges faced by Ghanaian businesses as well as identifying pragmatic approaches to assist SMEs to scale up and become more efficient in their operations.
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Over GH₵80m was collected in betting tax, Amin Adam got it wrong – Finance Minister
Ghana’s Minister for Finance Ato Forson says the claim by former Finance Minister Mohammed Amin Adam that the erstwhile administration never implemented the betting tax is not factual.
Speaking at a new conference on Tuesday, March 11, shortly after the Finance Minister presented the new government’s first budget statement and abolished the e-levy, betting tax among others, the former Finance Minister said the NPP government never enforced the controversial tax on lottery and sports betting winnings.
Dr Amin Adam said it was deceptive for the NDC government to claim to abolish a tax that was never collected although the law was passed in 2023.
“Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”
Responding to the claims in an interview with Evans Mensah on JoyNews’ PM Express on Tuesday night, the Finance Minister said his colleague on the other side appears not to be on top of that issue.
“I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH₵80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented,” he insisted.
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Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
