Bussiness
JICA supports 8 startups with NINJA programme
The cohort in a photograph with stakeholders
Eight young Ghanaian entrepreneurs have successfully graduated after undergoing seven months of incubation under the Next Innovation With Japan NINJA Project organised by Japan International Cooperation Agency (JICA).
This was done in collaboration with the Ghana Enterprise Agency (GEA) and Accra Digital Centre (ADC) together with various key startup ecosystem players.
The Project NINJA programme is JICA’s global initiative to support entrepreneurs and create business innovation in emerging countries and support startups to turn their dreams into reality by uncovering prospective customers’ pain points and nurturing them continuous development.
The project received about 125 applications, which was whittled down to eight applicants who were taken through seven months of incubation to monitor their progress and give them the needed support through mentorship among others.
Each startup was supported with GH₵30,000 to help them achieve their dream and expand their businesses.
Speaking at the demonstration day held at the ADC on Tuesday October 25, 2022, the Chief Representative of JICA Ghana, Araki Yasoumichi commended the GDA, GEA and MDF West Africa for their immense contribution.
Mr.Yasoumichi was optimistic that the support given them would go a long way to expand their startups and solve problems in the society.
According to MDF West Africa’s Programme Manager, Julia Appiah, it was tough cutting down the number because the organisers received a lot of good business modules, but had to prune them down to eight and mentor them.
She said some were just ideas, and through the support today, it has become a reality. She encouraged the entrepreneurs to put whatever they have learnt to good use.
David Ofori of ADC said they have a mandate to be an instigator in the digital space and considering the focus of NINJA, it was a step in the right direction partnering them to nurture future entrepreneurs.
By Edem Mensah-Tsotorme
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
Bussiness
Facebook, Youtube, online trading companies must be taxed – Deputy Finance Minister
The Deputy Finance Minister Dr Alex Ampaabeng, has proposed that online trading companies should be taxed to bolster the economy.
He noted that these companies, both local and international, generate significant revenue from their Ghanaian clients, which underscores the necessity for taxation.
In an interview with Bernard Avle on Channel One TV’s The Point of View, Dr Ampaabeng pointed out various potential revenue sources for Ghana, including online businesses and content creation companies.
He questioned why other national companies operating in Ghana are taxed, but social media platforms like Youtube and Facebook, which run numerous advertisements, are not included in the Ghanaian tax system.
According to him, these social media companies earn profits from the advertisements they display, and online trading companies also generate income from the sale of their products and services.
He mentioned online trading companies such as Jiji, Jumia, and Tonaton, which he believes surpass all physical marketplaces in Ghana in size.
According to him, “I can’t think of a country which has not gotten a digital service tax system of some sort, so Ghana is long overdue. Just to make an example so that people will appreciate where I’m coming from. Go to Youtube and play a video, within one or two minutes, you are going to watch about two, or three adverts.”
“What it tells you is that Facebook or Youtube is making profits right here in Ghana. Go to your Facebook account, and you are going to see a number of adverts on your right, left. What it is telling you is that Facebook is making profits right here in Ghana and not being taxed. Meanwhile, there are companies operating in Ghana, for jurisdiction reasons, of course, that are being taxed,” he said.
The Deputy Minister added that “So then, it comes to the question of the application of our tax laws. Revenues generated in Ghana are subject to taxes. We have Facebook, TikTok and all those players, these are digital platform owners.”
He stressed, “Then we have the digital or market players, here we are talking about individuals who are using the digital platforms. We have Jiji, Jumia, Tonaton, these combined, are bigger than all physical marketplaces in Ghana. And it tells you the volume of transactions, that are going on there.”
He expressed his hope that individuals earning online profits from Ghanaian residents would be taxed.
“There are conversations ongoing, I wouldn’t want to pre-empt anything, maybe in the future, it might not be anytime soon, what I would like to see, is a Ghana where people who are earning all forms of profits in the country are subject to taxes. People who are trading online to Ghanaian residents, people who are generating revenue from Ghana are allowed to pay taxes,” he noted.
Additionally, he proposed a collaboration with the government to curb cybercrime by registering and verifying these online trading companies.
“We can have a system where the government engages these operators, so individuals will submit their Ghana Card and are registered and verified,”he concluded.
Source: Citinewsroom.com
