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GhIE donates ¢50,000 to Appiatse Support Fund

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Ing. Rev. Prof. Charles Anum Adams – President of GhIE (middle), handing over the cheque to Dr. Mrs. Joyce Aryee, whilst officials from the GhIE look on.

The Ghana Institution of Engineering (GhIE) has presented a cheque for ¢50,000 to the Appiatse Explosion Support Fund.

The presentation was done at the sidelines of the 2022 Engineering Conference and Annual General Meeting held on Thursday, 31st March, 2022 at the Engineers Centre.

Presenting the cheque, the President of the GhIE, Ing. Rev. Professor Charles Anum Adams, said even though the reconstruction of Appiatse Township is directly under engineers, his institution could not sit aloof when the fund-raising support was launched by the government.

He added that the institution is fortunate to have the chairman of the fundraising team for Appiatse to be one of its own Honorary Fellow of GhIE, Rev. Dr. Joyce Aryee, so when the appeal to support Appiatse got to the institution, it became a mere formality and easy to raise this amount from members to support a worthy national cause.

The President also assured that the institution is ready and willing to assist in areas like providing support to artisans, technicians and other engineering practitioners who may have lost their livelihood or career by providing training and mentorship to persons affected by the unfortunate explosion.

Receiving the cheque, Dr. Mrs. Joyce Aryee said the Appiatse fund-raising secretariat is very grateful to receive this amount from the GhIE.

She added as an honorary fellow of the Institution, she is very pleased that the institution has been able to mobilise such a huge amount from members towards this national call to support this unfortunate disaster at Appiatse.

She recognised that the GhIE is already providing technical expertise as member of the reconstruction planning and implementation committee.

She was also glad to hear from the President of the institution on his outfit preparedness to offer any other support needed for the reconstruction of the town, especially towards the engineering practitioners, artisans and technicians in the locality who have been adversely affected by the quagmire of the explosion.

She congratulated the GhIE for a successful 2022 Annual Conference and AGM which began on 28th March through to 1st April, 2022.



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E-levy implementation challenges under control; ignore doomsayers – Ken Ofori-Atta

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Finance Minister, Ken Ofori-Atta, has said that government has been able to resolve the initial challenges that characterised the implementation of the Electronic Transfer Levy (E-Levy).

He explained that the anomalies were promptly identified and mechanisms have already been instituted to enhance the collection process.

“I don’t know of any programme which has technology involved, that would not have teething problems; but certainly, the cataclysmic pronouncements by people on the other side, is not happening.

“I think we pretty much have it under control as much as we can. We started on May 1; we were blessed with that being a period of holidays for three-four days so we saw the issues and began to tackle them,” he said.

Speaking during a press briefing on Thursday, Mr Ofori-Atta assured that any further issues that would arise from the implementation will be adequately taken care of.

He added that concerns raised about regressive taxes have also been taken into due consideration, a reason transactions below GH¢100 are not being charged the Levy.

“We are a country moving really forward…we know our salaries are not that high so truly, most of those that people advocate as regressive taxes are not affected at all; and if you have a GH¢200, I am sure you can do it in two days and therefore there will be a zero impact.

“We are truly excited about this new tax handle to look at issues of curing auction failures, increasing our revenue mobilisation, getting technology and gradually moving into an economy in which, really, people just don’t use cash because it’s much easier to continue with technology,” he added.

The E-Levy was implemented on May 1. Electronic transactions above GH¢100 are now being taxed at a rate of 1.5%.

However, some transactions below the threshold were taxed.

Some of the charging entities later refunded the amounts that were illegitimately charged to affected customers.



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NPRA, SSNIT establish system to ensure workers do not extend retirement age beyond 60yrs

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The National Pensions Regulatory Authority (NPRA) has teamed up with the Social Security and National Insurance Trust (SSNIT) to ensure that workers do not extend their retirement ages beyond 60 years.

This, the regulator believes will ensure that the active work force of the population is maintained, particularly workers on government payroll.

Speaking at the launch of the Negotiated Benefits Company (NBC) Limited, Gold Pension Plan, the Director of Planning, Research and Monitoring at the NPRA, Ernest Amartey-Vondee, announced that SSNIT has established a stringent process to discourage workers from extending their age.

He indicated the practice is a major challenge on government’s budget and the public sector in particular.

“Elsewhere in developed countries, workers look out for early retirement to go on vacation, rest and enjoy their pension contribution. However in Ghana, workers want to rather extend their age to keep working,” he said, asking the rationale behind such acts.

Recounting an incident that happened in one of the public agencies, Mr. Amartey-Vondee stated that the regulator was surprised when a twin brother retired five years after his twin brother retired.

“You know that about six months to your retirement, SSNIT will contact you to begin the documentation for the retirement process. Can you believe that a twin retired while his brother was due for retirement in the next five years,” he said.

He stated that such acts do not only affect productivity but it also blocks the young and the energetic youth from joining the public sector.

Speaking at the launch the Chief Executive Officer of the company, William Asiedu Yeboah, said participation in the private pension sector can be improved through campaign.

He disclosed that currently private pension customers is estimated to be over two million, a figure that could enhanced.



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High inflation rate will dampen investor confidence – GNCCI

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The Ghana National Chamber of Commerce and Industry (GNCCI) has described the April 2022 inflation rate of 23.6% as unacceptable.

According to the Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, the current trajectory will not just make doing business in Ghana unbearable but also dampen investor confidence. 

 “If you have invested in any asset giving you a rate less than 23.6% means you have lost. It means the real interest rate will be negative. Investors will look out for countries where they will get a higher rate which is higher than the national inflation rate, so that their real interest rates will be positive”, he told Joy Business

“So it’s obviously not a good sign for Ghana and we must deal with it now or risk losing investor confidence,” he added. 

 With the inflation rate mirroring the high cost of doing business in Ghana, the boss of the Ghana National Chamber of Commerce and Industry is concerned about the impact on the final consumer.

 “Inflation rate of 23.6%, anywhere is unacceptable. In the end, the cost of production will go up and producers will be forced to push the cost on consumers. This must be averted with inclusive and practical immediate to medium term measures,” he added.

 April 2022 food inflation (26.6%) is higher than both March 2022(22.4%) and the average of the previous 12 months (13.5%).

Food inflation’s contribution to total inflation however, decreased from 51.4% in March 2022 to 50.0% in April 2022

All the 15 food subclasses recorded positive month-on-month inflation with Fruit and Vegetable Juices recording the highest (15.3%).

For Non-Food inflation, year-on-year inflation on average went up again in April 2022 compared to March 2022 (from 17.0% to 21.3%). Only one out of the 12 Non-food Divisions had the 12 months rolling average to be higher than the year-on-year inflation for April 2022 for the divisions.



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