Business

GOIL Company Limited has categorically denied claims that the company failed to pay to the State, taxes and levies on petroleum products it lifted between 2013 and 2018.

The company indicated that it has fulfilled all its tax obligations to the state, and described the claims as “unfounded” on the basis that it was premised on erroneous information by the Ghana Revenue Authority (GRA)

The 2018 Auditor-General’s report claimed GOIL defaulted in the payment of excise duties, taxes and levies amounting to 27,688,978.98 cedis and MGO liftings amounting to 497,490 cedis.

But the GOIL management in a statement insisted it does “not owe the GRA” contrary to what has been published in the 2018 Auditor General’s report.

It explained the declarations listed by the GRA, which was captured in the GCNet system, were based on errors which operators of the system promised to expunge when their attention was drawn to the issue.

GOIL explained that in August 2018 it received a letter from the Commissioner of Customs Divisions in connection with the recovery of taxes and levies for petroleum lifting for the period January 2013 to December 2017 amounting to 19,921,401,62 cedis.

“GOIL promptly responded by communicating to the GRA using our analyzed schedule to point out that all taxes and levies had been paid for the period in question,” the statement said.

The company said it specifically pointed out that the declarations listed by the GRA in their letter had errors in them which could not be corrected via the GCNet system, and that new declarations had to be made to replace them.

In line with that, GOIL submitted new declarations for the same volume of products lifted for the period and effected payments for the new declarations.

“Subsequent to GOIL submitting new declaration it was realized that the old declaration was still on the GCNet system which obviously created a duplication of GOIL’s declarations on the GCNet,” the company explained.

GOIL said it was “reliably informed” by the GCNet that the erroneous declarations would be expunged from the records after a month from the date of declaration.

The company said it however found it strange that despite the clarifications in a letter dated September 21, 2018 which had all supporting documents, issues have been raised in the 2018 Auditor General’s Report.

“It appears the erroneous duplication on the GCNet system was not resolved,” GOIL said in the statement, indicating that would have formed the basis for the “unfounded allegations of default of taxes and levies” payment.

“GOIL categorically states that its records, copies of which GRA has received, and that of GRA confirm that GOIL had paid for all petroleum products lifted during the period in question,” it added.

The company mentioned the 2017 Over-All Best Taxpayer (Customs Divisions) award it received from GRA as further proof of its non-liability in 2018.

Meanwhile, GOIL said it has again communicated to the GRA and the Auditor-General’s office for them to correct the error “to reflect our current tax position, and in particular, clarify any misconceptions raised as a result of the publication of the Auditor-General’s report”.

It insisted that it has been a law-abiding corporate entity and has always paid its taxes promptly and regularly and will never renege on its obligations towards the State.

Source: 3news.com

The Executive Vice-President of Tullow Ghana, Mr Kweku Awotwi, has said the company is currently in active discussions with the Government of Ghana over new opportunities for Tullow to expand its production.

He explained that there were more opportunities for the company to expand its production base in Ghana and the company would continue to explore that.

He told journalists a two-day media training programme organized by Tullow Ghana, in collaboration with the Rigworld Training Centre that: “When you look at Jubilee and the Tweneboa Enyera and Ntomme (TEN) Fields, we have over a billion barrels of resources that we now have to bring into reserve, so there is a lot of opportunity.

“There are a number of areas within what we call our development and producing area (DPA) that we do not have rights to, so we are actually in active discussions with the government on how we can bring them on through the things we are doing. Even within the Plan of Development (PoD) that was approved long ago, there are other targets,” he said.

Touching on the performance of the company, Mr Awotwi said performance in exploration had slowly been stabilising over time.

“I think the idea is to be able to increase that even further. I think the idea really is to continually look for improvement and that is what it is. This year we expect to do better than last year,” he said.

He also mentioned that Tullow Ghana had committed US$10 million over the next five years to support the building of infrastructure as part of the government’s flagship Free Senior High School (SHS) programme.

“We have already identified up to 20 schools across the country, probably a lot of them are in the Western Region for obvious reasons, but we have made sure that there are schools in every single region of the country that we will support.

The training workshop was to help build the capacity of the media to be able to understand issues and effectively report on happenings in the sector. It was also to help build capacity to effectively interrogate issues in the oil and gas industry.

“We recognise that the oil and gas industry is quite young, and quite technical; but the more people like yourself understand the business, ask questions and appreciate the complexities of the business, the more we think we can have a better conversation about oil and gas and the industry,” he said.

Source: landbusiness.com

The Securities and Exchange Commission has assured the investing public that there is no need for public withdrawals as it introduces regulatory measures to help ensure a stable, efficient, transparent and fair marketplace where investors’ funds are protected.

It, however, advised dissatisfied customers to lodge written complaints with the Commission.

The Commission in a Public Notice said it is committed to regulating and promoting the growth and development of an efficient, fair and transparent securities market in which both investors and the integrity of the market are protected.

“The Commission is engaging with stakeholders on efforts to improve liquidity in the industry. The Commission has and continues to introduce regulatory measures to help ensure a stable, efficient, transparent and fair marketplace where investors’ funds are protected,” the statement said.

Some of these measures include:

Holding AMCs/FMs accountable for honouring their obligations to their clients
The introduction and enforcement of corporate governance guidelines for operators in the industry including AMCs/FMs, Higher minimum capital/liquidity requirements for AMCs/FMs and other operators,
Stringent licensing requirements.

Investment guidelines including restrictions on related party investments/guaranteed investment, streamlining of the Commission’s internal processes including through automation of processes to promote efficiency.

The Commission said it was also aware that certain investors were unable to access their matured investments from some licensed Asset Management Companies (AMCs) and Fund Managers (FMs) due to some liquidity challenges.

It said it had instructed all AMCs/FMs to put in place mechanisms to meet their obligations as they fall due to their clients, consistent with the terms and conditions of the investment contracts signed with them.

Source: Graphic.com

The Minister of Fisheries and Aquaculture Development, Madam Elizabeth Afoley Quaye, has refuted claims that she had purportedly encouraged a group of fishermen to undertake illegal fishing activity popularly known as “saiko”.

In October last year, reports emerged that the Minister in a closed-door meeting with some selected fishermen had given the green light for them to engage in the illegal practice.

However, reacting to the reports almost a year later, the sector Minister debunked the reports and called for better training for media practitioners on fishing to equip them with the right skills to enhance their reportage on the sector.

Speaking at a close session of a three-day National Conference on Fisheries and Coastal Environment in Accra, Madam Afoley Quaye said: “My focus has always been to ensure that there is a revamp of stocks, and there is sanitization of the fishery sector.

“But being accused of going to talk to fishermen to go back and do saiko when I know that it is the juvenile fishes that they are harvesting which is also causing the dwindling of our stocks, I couldn’t have done that,” she stated.

She, therefore, called for collaborative efforts between stakeholders and urged fishermen to police each other to help regulate the sector and flush out illegal fisher folks.

She said the public should commend the Ministry for the policies it had initiated to ensure a revamp of the sector.

Madam Afoley Quaye said for 17 years after the passage of the Fisheries Act, the Closed Season was never implemented, especially for all fleets; a situation she noted had had an immense adverse effect on the dwindling of fish stock and the industry at large.

“It was not until 2016 that the trawler sector started implementing their closed season. But this year by the vision and focus of the Ministry of Fisheries we have been able to get the artisanal sector to also do a Closed Season and I think this is worth applauding by the media that the vision of government has been very clear for the fishery sector”.

While applauding sector partners, Madam Afoley Quaye said programmes such as the Sustainable Fisheries Management Project (SFMP), led by the University of Rhode and the Coastal Resources Centre, had contributed over the years to the building of local stakeholder institutions.

She said the Ministry was ready to work with all stakeholders by providing leadership in the transformation of the fisheries sector to achieve national food security, create employment and eliminate poverty.

Madam Janean Davis, Acting Deputy Mission Director, USAID-Ghana, on her part called for a sustained political will and stakeholder engagement in the implementation of the closed fishing seasons to ensure that the country reaps its full gains.

She commended the government for the application of scientific data in making informed decisions, strengthening stakeholder engagement and improving policy environment.

Madam Davis expressed the United States’ commitment through collaboration and provision of technical assistance to ensure that the sector was revamped and reinvigorated and to put the country’s fisheries on the path of sustainability and profitability.

The conference was held on the theme: “Fisheries and Coastal Governance in Contemporary times.”

Source: GNA

Former President John Mahama has said a future NDC government will restore the indigenous stake in the banking sector.

Speaking in his first Facebook live address, Mr. Mahama said the Akufo-Addo government has taken a chaotic approach in the banking sector clean up.

“The Policy Working Group on Finance and Economy that I set up recently is studying and analyzing the situation with a view to coming up with pragmatic steps that we can employ, not only to restore the confidence of our people in the banking system, but also ameliorate the suffering imposed on the customers and staff of these financial institutions caused by the poor handling of the crisis by this administration.”

“The group will also come up with plans for restoring the indigenous stake and participation in this all-important sector. We will consider ways to promote greater financial inclusion and innovation, and will consider setting up an appropriate vehicle to regulate microfinance and allied sectors in particular while developing the rural banking system and enhancing the role of the ARB-APEX Bank’s supervisory structure,” he said.

He further noted: “Was the revocation the best option at this circumstance or there was no option? Our central bank chose the chaotic situation with accompanying huge debt where the government has no clue on how to clear it. Revocation of licenses would have been the last resort and not the first resort. No country is immune to crisis in the financial sector,” he said”.

Bank of Ghana on Friday, 16th August 2019, revoked the licenses of 23 savings and loans companies.

This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks.

Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.

Source: citinewsroom

The Securities and Exchange Commission has stated that it is in talks with stakeholders in the securities market to boost liquidity in that sector.

SEC in a statement issued today said it is committed to regulating and promoting the growth and development of an efficient, fair and transparent securities market in which both investors and the integrity of the market are protected.

“We are aware of some level of anxiety among a section of investors because of the recent reforms taking place within the financial system. We wish to reiterate that the objective is to produce sound market operators, stronger financial intermediation and financial inclusion and ultimately a more robust financial sector.

We are also aware that certain investors are unable to access their matured investments from some of our licensed Asset Management Companies (AMCs) or Fund Managers (FMs) due to some liquidity challenges,” the statement said.

According to SEC, it has instructed all AMCs/FMs to put in place mechanisms to meet their obligations as they fall due to their clients, consistent with the terms and conditions of the investment contracts signed with them.

The Commission further urged dissatisfied customers of these AMCs/FMs to lodge written complaints with the Commission.

“The Commission is engaging with stakeholders on efforts to improve liquidity in the industry. The Commission has and continues to introduce regulatory measures to help ensure a stable, efficient, transparent and fair marketplace where investors’ funds are protected,” the statement read. Some of these measures the Commission revealed include:

Holding AMCs/FMs accountable for honoring their obligations to their clients The introduction and enforcement of corporate governance guidelines for operators in the industry including AMCs/FMs,

Higher minimum capital/liquidity requirements for AMCs/FMs and other operators, Stringent licensing requirements,

Investment guidelines including restrictions on related party investments/guaranteed investments and Streamlining of the Commission’s internal processes including through automation of processes to promote efficiency.

“Once again, we wish to reiterate that there is no need for panic withdrawals as the Commission is committed to ensuring a sound, efficient and robust market where investors’ funds are protected.

There are well-run and sound licensed AMCs/FMs and investors can confirm by asking a few questions regarding their governance practices, their track record, staff turnover, any unresolved complaints and regulatory breaches,” the statement concluded.

Source: Citinewsroom

Some 60 applicants of the 2019 edition of the ‘Forty-under-40’ Awards, have been disqualified.

While 14 individuals were disqualified based on eligibility, thus they were not chief executive officers nor co-founders of their companies, 46 more applicants did not meet the first criteria selection process.

According to the Events Director, Richard Abbey Jnr, the selection into shortlisted nominees requires some significant achievements with some degree of evidence from the nominator or the nominee.

The Forty-under-40 Awards, an initiative of Xodus Communications Limited, seeks to identify, honour and celebrate a cross-section of the nation’s most influential and accomplished young business leaders under the age 40. They are persons selected from a wide range of industries, who are committed to business growth, professional excellence and community service and have risen through the ranks of their companies or industries at a relatively young age.

The Award category covers a wide range of all the various sectors ranging from banking and finance, energy, family business, agriculture, theatre and arts, journalism, fashion, law, sports, event management, health, technology and innovation amongst others.

“The Awards put the spotlight on these young achievers not only to celebrate them but also build a strong platform for them by giving a voice and opportunities to the next generation of industry pacesetters while building a positive attitude in our youth to strive for excellence at a tender age,” Mr. Abbey said in a statement.

He added: “The Awarding Board is seeking to celebrate under forty emerging leaders, entrepreneurs, executives, and professionals in the public, private and non-profit sectors and will recognise attributes such as achievements in business, experience and innovation, vision, leadership and community involvement.”

Last year the Awards Gala brought together about 400 guests of which 121 were nominees.

The third edition of the Awards which is slated for October 4 at the Kempinski Gold Coast Hotel, is endorsed by the Ministry of Business Development, National Youth Authority and the National Entrepreneurship and Innovation.

It is under the supervision of an Awarding Board with eminent members of the society comprising; Prof. Atta Peters, Dr. Ken Kwaku, Prof. Essilfie Conduah, Dr. Ato Conduah and Dr Paul Fynn.

Source: myjoyonline

The Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi.

The amount spent includes the actual cost of printing the legal tender, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses.

According to the central bank’s 2018 annual report, the total cost of printing was around GH¢146.7 million while an amount of GH¢2 million was paid as agency fees with more than GH¢4 million spent on other expenses.

The cost incurred last year was 33 percent lower than the GH¢224.7 million cost the Bank of Ghana incurred in 2017 to print the local currency.

Since 2012, the cost of printing the legal tender has moved from GH¢7.4 million to about GH¢146.7 million, representing a more than 1,880 percent growth over the period.

Cumulatively, between that period, the Bank of Ghana has spent in excess of GH¢776.2 million in the actual cost of printing the cedi.

Meanwhile, agency fees paid during the period under review has gone up from GH¢769,000 to about GH¢2 million.

Source: citibusinessnews

The Chief Executive of the Ghana Cocoa Board (COCOBOD), Hon. Joseph Boahen Aidoo has expressed immense confidence that the producer price of cocoa for the next season will come as very good news to cocoa farmers.

Although the price is determined by the Producer Price Review Committee (PPRC) who meet each year to fix the farm gate price, the COCOBOD Boss is optimistic that the committee will settle on a very good price which cocoa farmers will find pleasing.

Hon. Aidoo expressed these thoughts while addressing a rally of cocoa farmers and chiefs at Antoakrom in the Ashanti Region, on the first day of a 3-day working tour of cocoa producing communities.

The tour is to assess the level of farmer participation in the various cocoa productivity enhancement programmes (PEPs) being implemented by COCOBOD. It is also to gathering first-hand knowledge of the challenges facing farmers at different parts of the cocoa-producing areas, and to hold farmer rallies to interact with farmers.

The PPRC is constituted of representatives from the Ministry of Finance, the Ministry of Agriculture, COCOBOD, cocoa farmer representatives, Licensed Buying Companies (LBCs), among others. The committee meets between August and September each year to review the producer price of cocoa

Hon. Aidoo suggested that the committee’s decision will be officially announced by President Nana Addo Danquah Akufo-Addo at a planned event at Sunyani, in September 2019, to mark the end of the 2018/2019 cocoa season and usher in the next cocoa season.

“You will hear some good news this year and even better news next year,” Hon. Aidoo assured the gathering. “It is important that you all endeavour to do the right thing. Prepare yourselves because the prices which are coming next year hasn’t been heard of before.”

“Although the new trading mechanism jointly negotiated by Ghana and Cote d’Ivoire will be the price at which the two countries will sell their cocoa to international buyers from the 2020/2021 season, you should yet expect good news in terms of pricing for the 2019/2020 season”.

“There are very good days ahead”, he went on to say. Farmers should as such not be tempted to give out their lands to galamsay operators. “It will be a shame to miss out on the good times ahead because you took the bad decision to give out your land for galamsey.”

The government is expected to soon introduce legislation on the implementation of the new trading mechanism and the application of the funds which accrue as a result. As part of the roadmap for the implementation of the new Floor Price mechanism, the two countries (Ghana and Cote d’Ivoire) have agreed that farmers in both countries will be guaranteed a minimum price of 70% of the floor price $2,600 price FOB ($2,700 CIF) per tonne.

When the achieved average Gross FOB price at the end of the Cocoa Season is between the minimum price level of $2,600 ($2,700 CIF) and $2,900 ($3,000 CIF), farmers will be entitled to bonus payments. A stabilisation fund will also be established as part of the mechanism.

Hon. Aidoo also took the opportunity to strongly advice the farmers to desist from child labour practices and from bringing their children to farmers even for mundane tasks that can be misconstrued as child labour. He cautioned particularly against bringing babies and toddlers who could be exposed to farm hazards.

He was equally concerned about encroachments into forest reserves for use as cocoa farms. He asked the farmers to promptly report any such encroachers to authorities.

Hon. Aidoo is being accompanied by some top management officials from COCOBOD.

Source: mynewsgh

The Producer Price Inflation (PPI) in the Mining and Quarrying sub-sector increased by 5.2 percentage points over the June 2019 rate of 22.4 percent to record 27.6 percent in July 2019, the Ghana Statistical Service (GSS), has announced.

The GSS said also that the manufacturing sector of the Ghanaian economy recorded a year-on-year inflation rate of 5.4 percent in the month of July 2019

For all industry, the year-on-year producer inflation recorded 8.8 percent in July 2019; the monthly change rate was 1.9 percent.

A statement issued by the GSS on Wednesday, August 21, 2019, said: “During the month of July 2019, seven out of the sixteen major groups in the manufacturing subsector recorded inflation rates higher than the sector average of 5.4 percent.

“Manufacture of machinery and equipment NEC recorded the highest inflation rate of 24.7 percent, while Tanning and dressing of leather recorded inflation rate of 0.0 percent.”

“The producer price inflation in the Mining and Quarrying sub-sector increased by 5.2 percentage points over the June 2019 rate of 22.4 percent to record 27.6 percent in July 2019. The producer inflation for Manufacturing which constitutes more than two-thirds of total industry increased by 0.1 percentage points to record 5.4 percent.”

“The utilities sub-sector recorded inflation rate of 6.9 percent indicating an increase of 5.8 percentage point over the rate recorded in June 2019.”

It added: “The year-on-year producer inflation for all industry was 8.8 percent in July 2019; the monthly change rate was 1.9 percent.”

The Producer Price Index (PPI) measures the average change over time in the prices received by domestic producers for the production of their goods and services.

The PPI for Ghana reports the producer price indices with reference to September 2006, the base period.

Source: landbusiness.com