oleh admin | Mar 24, 2025 | business, economics, government, personal finance taxes, taxes
By Buertey Francis BORYOR
The Head of Accounting at the University of Ghana Business School (UGBS), Professor William Coffie, has advocated for a strategic method to incorporate the nation’s informal sector into the taxation framework.
At the 2025 Post-Budget Forum webinar organized by LIMA Partners, he suggested connecting tax adherence with financial assistance programs to motivate small enterprises to sign up for taxation and meet their obligations.
Coffie proposed utilizing programs such as the Women’s Development Bank and MASLOC to motivate small enterprises to register, maintain records, and fulfill their tax obligations.
We often discuss formalizing the informal sector so they can start paying taxes, yet we rarely mention specific actions being taken. Rather than merely encouraging adherence, we ought to offer incentives instead,” he explained further. “For instance, if tiny enterprises such as salons demonstrate consistent record-keeping and timely tax submissions over three years, they could become eligible for microloans and grants from organizations including MASLOC, GEA, and the Women’s Development Bank.
He says this method has been successful in locations such as the UK, where companies that follow the rules can obtain financial assistance.
Utilizing monetary rewards to enhance tax adherence
Coffie mentioned that numerous informal enterprises evade taxation as they perceive no immediate advantages. He suggested implementing a tax compliance index, which would enable the nation to incentivize firms adhering to reporting and payment criteria.
“Government bodies and financial organizations could establish a framework wherein enterprises that consistently meet their tax obligations receive preferential access to funding. This would encourage voluntary adherence as opposed to depending solely on regulatory measures,” he clarified.
Furthermore, he emphasized that incorporating the informal sector ought to be part of a long-term strategy. “Addressing this issue cannot happen within just one financial year. It requires a well-structured plan spanning the coming three to four years,” he noted.
VAT changes provide respite for companies.
Coffie welcomed the latest VAT reforms, calling them a relief for companies.
“The core idea behind VAT is that the taxes paid on inputs and collected from outputs should offset each other. In theory, whatever amount one pays for inputs would equal the tax they gather from their outputs. However, due to additional charges, companies found themselves paying over 21% on inputs but only recovering 15% through outputs. This situation significantly increased operational costs. Therefore, these reforms come as a significant relief,” he stated.
Although acknowledging that eliminating these charges will enhance the general business climate, he encouraged the government to take additional steps toward making VAT more equitable for companies.
Addressing tax evasion via bonded warehouses
Coffie likewise expressed worries regarding tax avoidance via the improper use of bonded warehouses.
“We should carefully examine the usage of bonded warehouses. Certain companies exploit this system for tax evasion purposes. Enhancing oversight can assist in ensuring that enterprises fulfill their financial obligations,” he asserted.
Agriculture for economic transformation
The economist similarly endorsed the government’s Agriculture for Economic Transformation program, aiming to increase food output and reduce inflation.
“We all understand that food prices play a significant role in driving inflation. By supporting local production, particularly in sectors such as aquaculture, we can decrease our reliance on costly imported goods,” he pointed out.
Strengthening young people through skill-building
Coffie also praised the government for investing in vocational training and employment initiatives such as the National Apprenticeship Program, Adwumawra, and the National Coders Initiative.
“Everyone won’t necessarily move through the conventional educational framework. Such programs offer crucial abilities that render youth capable of securing employment and becoming financially independent. In due course, this could broaden the tax pool as additional individuals join the structured economic sector,” he stated.
The economic setting for the 2025 budget
The nation’s budget for 2025 arrives as it strives to bounce back from financial challenges. Starting in 2023, it has implemented an economic revival strategy backed by the International Monetary Fund (IMF). This initiative aims to fortify the economy post periods of soaring inflation, devalued currency, and escalating debts.
In December 2024, when President John Mahama assumed office, he pledged to revitalize the economy. A key component of his strategy involves eliminating certain taxes to alleviate pressure on enterprises. This approach is evident in the 2025 budget proposal, which aims to strike a balance between reducing taxes and exploring alternative methods for generating governmental income.
Nevertheless, certain specialists argue that the administration needs to discover methods for securing sustained income generation. Professor Coffie proposed that rather than increasing the burden on enterprises which are already contributing taxes, the government ought to concentrate on integrating more individuals into the taxation framework via inducements and fiscal assistance.
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oleh admin | Mar 24, 2025 | banking, business, female empowerment, financial services, women
FirstBank Ghana organized an event at the Makola Market in Accra to commemorate International Women’s Day 2025.
The occasion showcased the fortitude, tenacity, and enterprising nature of women, resonating with this year’s theme, “Accelerate Action,” emphasizing the critical necessity for immediate measures to attain gender parity.
This assembly assembled an array of female business owners, merchants, and community heads, all converging with the shared objective of enhancing women’s contributions to Ghana’s economic landscape. The central topic this year emphasizes accelerating progress towards dismantling the pervasive obstacles and prejudices faced by women across various aspects of life and work.
Mr. Allen Quaye, the Head of Retail Banking at First Bank, spoke on behalf of the Managing Director to the assembled guests and stated, “Today, as we observe International Women’s Day, we recognize the remarkable contributions of the women at Makola Market and throughout Ghana. Their diligence and commitment play a crucial role in sustaining our nation’s economic success.”
At the core of our economy lie these remarkable women, and we at First Bank Ghana take pride in joining hands with them as they shape their futures.” Mr. Quaye highlighted the crucial part women have in advancing the nation’s economic growth and restated the bank’s dedication to promoting gender-equal programs.
The event similarly emphasized the vital significance of financial inclusion for women. It tackled the barriers that frequently prevent women from obtaining banking services.
First Bank Ghana is working towards closing the gender gap in financial services by offering financial literacy programs and customized banking solutions designed to help women attain financial self-sufficiency and economic prosperity.
In addition, Doris Ahiati, an Associate Member of the Chartered Institute of Securities and Investments UK, addressed the crowd with her insights on “Accelerating Action.” She motivated the women to develop consistent saving practices and highlighted the significance of understanding personal finance.
The purpose of the event was to provide women with hands-on expertise in handling their money, enabling them to make well-thought-out choices, and improving their general financial wellbeing.
Along with educational workshops, Ms. Ahiati presented an array of financial offerings from First Bank Ghana. This included savings plans and loans, digital banking options, and specialized SME-focused services like FirstGem, which was created particularly for female entrepreneurs.
“Today, we join forces with the women of Makola Market, who demonstrate remarkable resilience and an enterprising mindset that is defining Ghana’s economic landscape. At First Bank Ghana, we recognize that financial literacy plays a crucial role in opening up broader economic prospects for women. By providing them with insights into banking services and financial management tools, the bank enables these women to make more informed decisions and expand their enterprises,” said Mrs. Ahiati.
The event orchestrated by First Bank Ghana at Makola Market underscored that International Women’s Day isn’t just a moment to honor women’s accomplishments; it’s also a critical chance to highlight the persistent obstacles they encounter and the progress yet required for complete gender parity.
FirstBank continues to be committed to backing women’s empowerment programs and building a supportive financial ecosystem that helps women excel in both their private and career pursuits.
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oleh admin | Mar 24, 2025 | government, political science, politics, politics and government, politics and law
Kalonzo Musyoka, a prominent figure in the opposition group known as Wiper, has voiced his worries about the transparency and impartiality surrounding the restructuring of the Independent Electoral and Boundaries Commission (IEBC). These concerns arise after an agreement was reached between President William Ruto and ex-Prime Minister Raila Odinga.
At an event held in Kiambu County, Kalonzo revealed that he had sent a letter to Odinga stressing the importance of fair representation when choosing IEBC commissioners.
“I believed Raila would support me consistently from start to finish, but now I’ve reached out to him because we need to clarify matters to avoid any misunderstandings,” Musyoka stated.
He voiced concern that the Ruto-Odinga pact could have negative repercussions for the execution of the National Dialogue Committee (NADCO) report, specifically regarding the restructuring of the IEBC.
“We are awaiting the appropriate moment when the committee choosing the commissioners should ensure an equitable nomination process. During our discussion of the NADCO report with the Kikuyu member of parliament, I advocated for collaboration and agreement,” Musyoka stated.
The leader of the Wipers also expressed his hope for Odinga’s backing in maintaining transparency, noting that he had officially conveyed his worries to avoid any possible misunderstandings.
“As a nation, we have arrived at a point where everyone, especially our leaders, seems uncertain about Kenya’s direction. However, for us, we stand as a devoted opposition of the people,” Kalonzo stated firmly.
The reconstruction of the IEBC has been central to the NADCO talks, with officials from both the government and the opposition urging for prompt action.
National Assembly Majority Leader Kimani Ichung’wah stated that tackling the reform of the IEBC is essential, whereas Kalonzo stressed that prioritizing electoral justice, including an audit of the 2022 presidential vote, should come first.
The NADCO report, which provides suggestions for electoral reforms, has faced hurdles such as legal impediments.
Following objections from a petitioner regarding its content, the High Court in Kiambu halted the execution of the decision. This has led Kalonzo to accuse the Kenya Kwanza administration of trying to obstruct the realization of the report.
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oleh admin | Mar 24, 2025 | africa, controversies, diplomacy and diplomats, international relations, politics
The former South African ambassador to the United States, Ebrahim Rasool, stated on Sunday that he came back home without any remorse.
After a 32-hour trip from the United States through Qatar, Rasool and his spouse, Rosieda, landed at Cape Town International Airport on Sunday morning. They were greeted warmly by several hundred supporters upon their arrival.
Earlier this month, Rasool was deemed “undesirable” by the United States after making critical comments about President Donald Trump during an online event organized by the Mapungubwe Institute for Strategic Reflection, a South African research organization.
Speaking to approximately 300 supporters at the airport, Rasool said that although he was intended to be embarrassed by being called a persona non grata, the enthusiastic welcome transformed this label into an emblem of pride for him.
“When you come back to a community filled with such warmth and an understanding of Ubuntu (the African concept of ‘I exist through others’), then I’ll embrace being unwelcome as a sign of honor… as proof that we’ve made the correct choice,” Rasool stated, conveying his joy at returning to a place “where Ubuntu holds great value.”
Rasool mentioned that even though efforts were made towards traditional diplomacy, South Africa eventually had to adopt what he referred to as the “Ubuntu-style diplomacy.”
“The diplomacy of Ubuntu does not involve deceiving others for your nation’s sake. Instead, it entails telling the truth with kindness. Ubuntu’s diplomacy doesn’t consist of mere flattery towards your hosts nor ignoring what is incorrect. Rather, it involves thoughtful interaction and convincing your host of a superior approach,” he stated.
Rasool wished that President Cyril Ramaphosa could locate an individual competent enough to repair relations with the United States without compromising South Africa’s principles. “We have to strive for this, yet we should maintain our dignity,” he stated.
In response to queries about the failure of diplomatic efforts, he stated that drawing the notice of both President Donald Trump and U.S. Secretary of State Marco Rubio led to their declaration of him as persona non grata, indicating that his statement had made an impact at the pinnacle of the United States’ governmental hierarchy.
“They were shocked by our description, and they weren’t pleased about it. Therefore, the diplomatic approach of Ubuntu has clearly been effective since we demonstrated the principles of our community,” Rasool stated.
Rubio declared Rasool’s dismissal via social media, characterizing him as a “politician adept at stirring racial tensions, one who harbors hatred towards both America and its leader.” A deadline of 72 hours was set for Rasool to vacate the United States, and he was labeled “persona non grata,” prohibiting his future representation of South Africa in Washington.
Rasool is anticipated to furnish an extensive report on the issue to Ramaphosa. Last Monday, he reaffirmed that South Africa remains dedicated to interacting with Washington, characterizing the expulsion as a slight obstacle in their diplomatic ties.
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oleh admin | Mar 24, 2025 | africa, culture, history, islam, music
Mr. Dar used the initial three letters from “Tanganyika,” which are TAN, and those from “Zanzibar,” ZAN. To these, he appended an ‘I’ derived from his name, Iqbal, along with an additional ‘A’, symbolizing his affiliation with the Ahmadiyya Muslim community.
Mohammed Iqbal Dar, the man who came up with the name “Tanzania,” has died at the age of 80.
He died in Birmingham, United Kingdom, where he had resided since 1965. For almost a decade, he had been in poor health and could not walk during his last few years.
Mr. Dar came into this world on August 8, 1944, in Tanga, Tanzania. His father, Dr. Tufail Ahmad Dar, was an eminent physician with experience across various regions of the nation.
Mr Dar went to school in Tanzania, studying at The Aga Khan School and later at Mzumbe Secondary School.
In 1964, when he was still a student, he noticed an ad in a newspaper requesting individuals to propose a name for the recently established federation between Tanganyika and Zanzibar.
He opted to participate and submitted his proposal. His recommendation of “Tanzania” was selected as the victorious title.
He received a prize of KES 200 (approximately USD 280 in 1964) along with a medal from Sheikh Idris Abdul-Wakil, who was the Minister for Information at that time.
He subsequently shared the story behind how he came up with the name.
As per his statement, he chose the initial three letters from “Tanganyika” (TAN) and “Zanzibar” (ZAN). Next, he incorporated an “I” derived from his name, Iqbal, along with an additional “A” to symbolize his affiliation with the Ahmadiyya Muslim community.
This gave rise to the name “Tanzania.”
Despite relocating to the UK, Mr Dar maintained strong ties with Tanzania. He frequently returned to the country and backed various charitable initiatives, assisting individuals of every walk of life.
He frequently participated in religious gatherings in Tanzania as well.
Agencies/Global South World
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