Bussiness
ZEN Petroleum ranked among Africa’s fastest growing companies for 2022
ZEN Petroleum, a wholly-owned Ghanaian Oil Marketing Company (OMC), has been named one of the 75 Fastest Growing Companies in Africa for 2022.
The inaugural Financial Times (FT) annual ranking, which ranked ZEN Petroleum in the 28th position of Africa’s Fastest-Growing Companies provides a snapshot of the corporate landscape on a continent where technology, fintech and support-service businesses have had to adapt to a radically altered environment.
According to the FT ranking, the Ghanaian energy company recorded an absolute growth rate of 159.6%, while its Compound Annual Growth Rate (CAGR) stood at 37.4% as against the 7.99% minimum CAGR required to be included in this year’s ranking.
The inaugural FT list was compiled with Statista, a research company, and ranks African companies by their CAGR in revenue, between 2017 and 2020. One of the areas ZEN Petroleum ranked high is strong revenue performance.
The company recorded significant revenues of $418.8 million in 2020 compared with $207.5 million in 2017.
The ranking lists 75 companies, ordered by the highest CAGR in revenues between 2017 and 2020, based on the criteria including revenue of at least $100,000 generated in 2017; revenue of at least $1.5 million generated in 2020; being an independent company (not a subsidiary or branch office of any kind), and a company with operational headquarters located in one of the African countries.
The calculation of company growth rates is based on the revenue figures submitted by the companies in their respective national currencies. The revenue figures were then converted into US dollars for better comparability in the ranking. According to the FT ranking, the average exchange rate for the financial year indicated by the company was used for this purpose.
The project
Additionally, the project was advertised online and in print, allowing all eligible companies to register online via Statista or the Financial Times between October 6, 2021, and February 15, 2022.
The process required submitted revenue figures to be certified by the chief executive, chief financial officer or an executive committee member of the company.
Following the application phase, Statista examined the officially stated revenue data of about 900 public companies in Africa. High-profile companies that met the criteria for inclusion were added to the list (27 in total).
The data were collected through research using official sources, such as publicly available earning presentations, investor relations websites, or annual reports.
About ZEN Petroleum Limited
ZEN is a wholly-owned Ghanaian Oil Marketing Company (OMC) that within ten years has established itself as the market leader in supplying Fuel and Lubricants to mines in Ghana.
ZEN has consistently proven to be a reliable, safe, and valuable partner in supplying high-quality hydrocarbon products to the industrial and retail sectors in Ghana and continues to innovate towards establishing a growing, world-class retail network, driven by a diverse local team of passionate experts.
ZEN is committed to locally-driven business solutions, respecting local customs, and adhering to our core values, while maintaining a global outlook, international standards and the provision of quality products and services. For more information, please visit www.zenpetroleum.com
Source: Starrfm.com.gh
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
