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Business and trade associations urged to use dialogue to resolve issues.

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The Asantehene, Otumfuo Osei-Tutu II, has urged businesses and trade associations to use dialogue and negotiations to resolve issues with government, regulators and other policy makers involved in their business operations.

This, he said, was in line with the tenets of the country’s democratic dispensation and demands of the 21st century, which called for innovative partnership models in policy engagement.

Otumfuo Osei-Tutu said this in an address read for him at the inauguration of the Trucks and Spare Parts Importers Association (TRUSPIA) in Kumasi.

He said building partnerships and cooperation for policy and compliance instead of antagonism, mistrust and extortions, were crucial to ensuring the state derived the required resources from industry to promote national development.

He commended the TRUSPIA for the initiative to become a formidable force to gain the necessary recognition and influence policies that would be beneficial to their business operations.

The Asantehene said choosing the path of partnership with the Government, the Customs Division of the Ghana Revenue Authority and all relevant regulatory and enforcement agencies to build cooperation and compliance to improve the trucks and spare parts trade was a good step by the Association’s leadership.

He appealed to the Government and other key stakeholders in the truck and spare parts trade to respond favourably to ensure a win-win situation to define a new regime of cooperation as partners in national development.

Mr Adade Mensah, the Chairman of the Association, said the trucks and spare parts industry, aside the revenues and employment generated in the country, was the pivot of the transport sector, which also drove all other sectors of the Ghanaian economy.

He said the inauguration of the Association signalled a new relationship with the state, regulators and enforcement agencies as it shifted its policy philosophy from that of confrontational to cooperation, dialogue and partnerships with policy makers and other relevant agencies.

Mr Mensah said the Association was going to institute an annual policy week to dialogue with all relevant government agencies involved in their business operations on all issues that might be affecting their business operations.

It would also be used as a platform to engage political parties to interact and factor into their manifestoes issues confronting businesses in the trucks and spare parts industry.

Source: www.ghananewsagency.org

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Business

HIPC Is Behind Us – Finance Minister

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The Minister of Finance, Ken Ofori-Atta, has indicated that there is no going back to the Highly Indebted Poor Countries (HIPC) Programme of the International Monetary Fund (IMF) as far as the Government of Ghana is concerned.

He made this known on Wednesday, October 28, 2020, as he presented the 2021 expenditure in advance of appropriation.

According to him, “HIPC is behind us. Economic mismanagement is behind us.”

He recounted that “in 2001, Ghana had no choice but to swallow her pride and to sign up to the HIPC initiative, a legacy left by the outgoing NDC government.”

“Thankfully, President J.A. Kufuor got us to completion point in record time and came out of HIPC. By 2014, barely 2 years in office, President Mahama’s ‘homegrown’ economic policy had failed and Ghana signed up once again onto an IMF programme.”

“The Akufo-Addo Govt took Ghana out of the IMF Programme in record time. Ironically, those who mismanage the economy for us to come and fix it are the one’s wishing Ghana ill. My message to them is this; there is no turning back.”

He stated that the economy is stronger today than it was four years ago, and will continue to grow stronger and stronger with four more years to do more for the people of Ghana, with God’s help.

He urged that “we must be careful as a nation to reject those who return from the Promised Land, with a bad report to subvert the spirit of our people and to reject leaders who would take us back to Egypt.”

“In our quest to stabilize the economy, we have also lowered the rate of debt accumulation, re-profiled our debt, and, implemented a number of structural reforms in a transparent manner for an efficient and effective management of public debt.

11.Mr. Speaker, these significant macro-fiscal gains were achieved in spite of having:

i. paid GH¢12 billion in excess energy capacity charges which we inherited in 2017, and have kept the lights on;

ii. settled substantial part of the GH¢11 billion

outstanding arrears bequeathed to us;

iii. abolished 17 unproductive taxes to boost productivity of the private sector;

iv. spent GH¢ 21.6 billion to clean-up a collapsing financial sector and protected 4.6 million depositors and 81,700 investors.”

“That is the competent governance, hard work and God’s hand that has delivered us.”

“for fair-minded observers, the above economic indicators are clear evidence of the sharp and stark difference between a competent Akufo-Addo-led Government and others.”

“these gains have not been at the expense of our promise to improve the welfare of fellow Ghanaians. In fact, the issue of welfare is very dear to President Akufo-Addo and his government. For this reason, we invested in excess of GH¢15.7 billion on key flagship programmes.”

The NDC had claimed that President Akufo-Addo has returned Ghana to HIPC.

However, the IMF says NDC’s claim was “deceptive.”

 

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Ghana Government to buy Airtel-Tigo for $25Million

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Discussions for the transfer of AirtelTigo shares to the government of Ghana along with all customers, assets and agreed liabilities are in its advanced stages.

The transaction will be concluded by the execution of definitive agreements shortly.

The government of Ghana through this transaction, will temporarily operate the national asset in the best interest of the nation, and ensure the protection of the interests of all employees, customers and stakeholders, and a continuation of the digital transformation in Ghana, a statement issued on the move has said.

Given the multiplier impact the telecommunications sector has on the economy and various related industries, the Government of Ghana has entered into this agreement to ensure that thousands of Ghanaian jobs are safe guarded, the statement added.

It is of critical importance that the telecommunications sector remains healthy, dynamic, vibrant, and most importantly, competitive, the statement added.

The board of Bharti Airtel in a statement issued to the Bombay Stock Exchange on Tuesday evening [October 27, 2020] announced that the board has cleared the sale of its Ghana joint venture – Airtel Tigo – to the Ghana government.

It is taking an impairment charge of about $25million for the transaction.

“The parties are in advance stages of discussions for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the government of Ghana,” Airtel said in the statement to the Bombay Stock Exchange in India.

The proposed deal would result in the government of Ghana acquiring 100% shares of Airtel Ghana Limited, also known as AirtelTigo, along with all its customers, assets and agreed liabilities.

“Accordingly, Airtel is voluntarily taking an impairment charge of Rs 1,841 million (Rs 184 crore),” the statement added.

AirtelTigo is a joint venture between ‘Airtel’ and ‘Millicom’ wherein Airtel holds a non-controlling 49.95% share in AirtelTigo.

Source: Graphic.com.gh

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Elubo to Get New Ultra-Modern Market – Mahama

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The Presidential Candidate of the National Democratic Congress (NDC) John Dramani Mahama, has announced the next NDC administration will construct an ultra-modern market in the border town of Elubo in the Western Region to the size of the Kejetia market.

He has therefore, asked Ghanaians to vote for him and the NDC in the upcoming general elections.

He asked Ghanains to have an introspection into their lives and determine whether or not their standard of living under the current administration has improved.

He expressed optimism that Ghanaians will vote against the governing New Patriotic Party (NPP) to give the NDC the chance to form the next government.

On Friday October 23, his Vice Presidential candidate, Professor Jane Naana Opoku- Agyemang also assured market women that the next government of the NDC will ensure that befitting spaces are provided to them to carry out their trade.

A decent market space will indicate that the women are being respected for the kind of profession they have chosen, she said.

“Market women need more decent market spaces to trade,” Prof Opoku-Agyemang said during the ‘Women in a Conversation with Naana’ event.

She added “We need markets that look like Kotokuraba market in Cape Coast and such interventions show respect for our women because the market place is the office of the market woman.”

– 3news.com

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