Bussiness
Dissolve current board or else. . . – Kejetia New Market traders warn
Traders at the Kejetia New Market have launched a desperate call on authorities to immediately dissolve the current board members of the facility.
The traders, some of whom had threatened a massive demonstration to push for the move, are accusing members of the board of not serving their interests.
Speaking on Akoma FM’s current affairs and political show GhanAkoma Thursday, May 12, Chairman for Federation of Kumasi Traders Nana Akwasi Prempeh told host of the show Aduanaba Kofi Asante Ennin that “anytime we the traders request for something from management they will tell us that the board is yet to give clearance and this ‘stampede’ from the side of the board has been one too many so we have decided as traders that the board is not serving our interest”.
Touching on the issue of electricity meter that has been hanging for almost two years, leadership of the traders explained that “the market board has been adamant to our pleas”.
“We have been pushing them to allow us the traders to have separate meters for each shop but for over one year the situation has been the same so we have come to conclusion that the board doesn’t care about the plight of the traders so we want the board dissolved so we can have new board that will push our agenda to ensure traders welfare to boost our livelihoods.”
Traders at the newly constructed Kejetia market have been complaining of high electricity bills and rampant defects on the facility.
According to them, the over 7,000 shops in the market are connected to one electricity meter, a situation they described as taking a toll on their sales and businesses.
Nana Prempeh, who represented leadership of the market, added that “at least there are over 100,000 traders at the market at every particular time when the market is open, hence we have large constituents so we don’t know why the board doesn’t take us serious.”
“We are giving ourselves one month, if the board doesn’t heed to our request we shall converge and demonstrate against them.”
Source:3news.com
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
