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“E-Levy should not be supported”; it undermines private sector in creating jobs, others – Bokpin



Finance and Economics lecturer, Professor Godfred Bokpin, has expressed worry about the passage of the Electronic Transaction Levy (E-Levy), saying, it will increase the cost of doing business and undermine the private sector ability to create jobs.

According to him, the E-Levy is a lazy way of collecting taxes, adding, there are too many indirect taxes already overburdening businesses and consumers.

Speaking at a roundtable forum organised by the Institute of Economic Affairs on the topic “Ghana’s Current Economic Crisis: Is it Time to go to the IMF or is There an alternative Way Out?, Professor Bokpin said “given the effect of COVID-19 pandemic on the country post COVID-19, the economic reform must embrace a tax structure that is more equitable and progressive. And the reason, the e-levy cannot be supported and should not be supported is because it’s a bit more regressive and doesn’t help and very soon”.

“The litany of indirect taxes contribute to the high productive course-base of doing business in this country and undermines private sector leadership in creating jobs and wealth for Ghanaians. There are more realistic ‘low hanging fruit’ that we can do to close the leakages in our revenue envelope. And studies exist including some done by the IEA that Ghana lose as much as we are able to collect by way of tax revenue; we cannot allow those leakage to continue”, he explained.

“Of course, we have to talk about the exemption bill that needed to be passed, and I’ve been wondering that if we had applied the same energy with which we had passed this E-Levy, we could have made some gains. because in 2019 during the State of the Nation Address, our President [Akufo-Addo} told us that the number one threat to Ghana’s revenue base is not E-Levy, but rather exemptions”, he added.

Professor Bokpin also expressed worry that the country loses about 15 billion annually to tax exemptions. He therefore wants the nation to improve compliance and efficiency in tax collection in order to improve the tax to Gross Domestic Product (GDP) ratio from 13.5 percent to about 16%.

“If you look at the mathematics, even with the current GDP numbers, we are losing between 15 billion and 25 billion. Why would you buy pass all of these and tax peoples savings through E-Levy. I mean the state cannot be hiding somewhere and when it sees that money has passed somewhere, the state will go after it”.

“I mean, the state cannot set up the citizens to fail. If we continue like this there is no way the average Ghanaian can accumulate savings to take advantage of the limited economic opportunities…we can’t continue to do that.

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Dr Issa Anafure appointed Chairman of AIRDC LOC



The Insurance Industry’s stakeholders have unanimously endorsed the appointment of Dr Aaron Issa Anafure by the Commissioner of Insurance, Dr Justice Ofori to steer affairs as the Chairman of the Local Organising Committee of the conference of the Association of Insurance and Reinsurers of Developing Countries (AIRDC).

This conference, originally scheduled to take place in 2020 had to be rescheduled due to the ravaging effects of the Covid-19 pandemic.

The collective decision was taken by the entire industry stakeholders comprising the National Insurance Commission (NIC), the Ghana Insurers Association (GIA), the Insurance Brokers Association of Ghana (IBAG) and the Chartered Insurance Institute of Ghana (CIIG).

The others are Ghana Insurance College (GIC), the Chartered Insurance Ladies Association of Ghana (CILAG), and the National Association of Ghana Insurance Agents (NAGIA). This information has since been communicated to the Headquarters of AIRDC in Manila, Philippines. 

Dr Anafure takes over from Rev. Dr Mrs Elizabeth Wyns-Dogbe, the immediate past Managing Director of SICLife Insurance Company Ltd who is still playing a key role to ensure that the Conference is successfully executed.

He is the Managing Director of Quality Life Assurance Company Ltd and a Chartered Insurer of the CII (UK).

Dr Aaron Issa Anafure holds a Diploma from the West African Insurance Institute (WAII), then in Liberia. He is a Fellow of the West African Insurance Institute, Banjul, The Gambia and a Fellow of the CIIG.

Dr Anafure is also a member of the Chartered Institute of Marketing Ghana (CIMG) and a member of the Institute of Directors (Ghana).

He is the current Vice-President of the GIA and the Chairman of the Life Council of the Association.

Aside from his professional background, Dr Anafure holds a Doctorate in Business Administration from the Swiss Management Centre (SMC), Switzerland, specialising in Management and Corporate Governance.

He obtained his Executive Masters in Business Administration in Finance option from the University of Ghana Business School where he also pursued his Bachelor of Science degree in Business Administration (Marketing Option).

Dr Aaron Issa Anafure was a former Chief Executive Officer of SICLife Insurance having moved from the same position in CDH Life Insurance Company Limited.

He has served as a Director on several Boards which include SIC Life Company Limited, SIC Life Savings and Loans Limited as Board Chair, SIC Financial Services Limited, Merchant Bank (UMB), Ghana Insurers Association (GIA) and a member of WAICA Council, member of Association of Insurance and Reinsurers of Developing Countries (AIRDC) and Chairman of UMB Holdings Limited as well as West African Insurance Institute (WAII) Governing Council Banjul.

Dr Aaron Issa Anafure has attended several courses including; Talent Management and Succession Planning, Managerial Leadership, Supervisory Management, Total Customer solutions for Top Management, Strategic Marketing, Comprehensive Technical Life Assurance – India and many more.

During his tenure of office as Chief Executive Officer for SIC Life Insurance Company, he was able to establish SIC Life Shopping Mall which was the first of its kind in the insurance industry. He also established the SIC Life Savings and Loans.

Whilst in SIC Life, he led the company to win the Chartered Institute of Marketing (CIMG) award (Life category) five times and was finally called to the Hall of Fame in 2018.

Dr Aaron Issa Anafure brings a wealth of experience to AIRDC where he had served as a Board Member. The Association headquartered in Manila, Philippines encompasses three Continents – Africa, Asia and Southern America.

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CalBank to pay shareholders 11 pesewas per share dividend for 2021 financial year



CalBank has announced a dividend of 11 pesewas per share to shareholders for the financial year ending December 31st, 2021.

All shareholders registered in the books of the bank at the close of business on Friday June 3, 2022, will however qualify for the final dividend.

In view of the foregoing, the ex-dividend date has been set as Wednesday, June 1st, 2022.

Consequently, an investor purchasing CalBank shares before this date will be entitled to the final dividend.

However, an investor buying CalBank shares on or after Wednesday, June 1, 2022, will not be entitled to the final dividend.

According to the bank, the final dividend will be paid from Thursday, June 30, 2022.

Cal Bank records 3.9% growth in profit to ¢215m in 2021

CalBank recorded a marginal 3.9% year-on-year growth in profit in 2021 to ¢215 million, despite the impact of COVID-19 on the Ghanaian economy, particularly in the first half of the year.

With the exception of interest income which it witnessed a decline in growth, it registered growth in all its income lines – net fees and commission and net trading income.

The drop in interest income from ¢519.6 million in 2020 to ¢465.3 million in 2021 was as result of a high interest expense on the profitability statement.

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Aqua Africa, CWSA conduct community engagement training for rural communities



In support of the Ministry of Sanitation and Water Resources (MSWR) in meeting the government of Ghana’s ‘Water for All’ policy, Aqua Africa and the Community, Water and Sanitation Agency (CWSA) has conducted an in-depth training and orientation programme for 150 rural communities.

This is to ensure the communities were aware, involved and informed prior to the arrival on the implementation teams later this month.

The community engagement training was the first of its kind to be coordinated in conjunction with CWSA and Aqua Africa

The 5-day workshop, arranged by the Aqua Africa Community Engagement team in partnership with the regional Extension Service Specialist (ESS) from CWSA, with the aim to equip the participants with the necessary skill set to guide key stakeholders within the community on the benefits of the Rural Communities and Small Town Water Supply Project (RCSTWSP) which is to be delivered across five of the regions in Ghana.

Each of the 13 participants was taken through the community engagement strategy, detailing the composition of the diverse communities they would be visiting to ensure that key stakeholders within the community were fully informed on the work plans that are due to take place later this year.

The government of Ghana’s vision for the water sector, as enshrined in the Water Sector Strategic Development Plan, is for ‘all people living in Ghana have access to adequate, safe, affordable, reliable and sustainable water services, and practice safe sanitation and hygiene’.

To maintain this, the training also included a visit to a local community within the Eastern Region to allow for hands-on practice, meeting with community chiefs and members.

Rita Ambadire, Community Relations Manager at Aqua Africa said “it was a great occasion for both teams to bond and provided an opportunity for all regional community engagement teams to carry the same message. CWSA and AA expressed their assurance to work harmoniously together to effectively engage and mobilise the project communities for successful project implementation in the five regions.”

The project value of €30 million euros was a 100% structured financed project through by UK Export Finance & HSBC.

Aqua Africa was accredited as the Green Loan water project by UKEF & HSBC providing nano-filtration systems to 150 communities with water quality challenges. The full project will deliver a sustainable project that will alleviate 280,000 people from the plight of daily water poverty.

By providing clean drinking water, contributing to seven of nine sub-goals under the UN Sustainable Development Goal for Water & Sanitation (SDG 6), Aqua Africa is supporting the Government of Ghana by improving water quality & efficiency as well as by adapting the water collection process, impacting the advancement of further SDGs 1, 3, 5, 8 & 9.

The climate-smart solution of installing off-grid solar-panelled systems will apply innovative technology and financing methods that will give access to water in communities with revenue secured through a digitalised ‘pay as you fetch‘ approach.

A percentage of revenue will be allocated for Operations and Maintenance (O&M) to secure community management through maintenance and any future expansion of the water systems.

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