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Import limitations legislation is critical for debt sustainability and currency management – AGI

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Mosquito coils, insecticides, soaps and detergents, automobiles, iron and steel, cement, polymers (plastics and plastic goods), fish, sugar, textiles and apparel, biscuits, and canned tomatoes round out the list. According to the government, the purpose of this action is to reduce the influx of these items, with the goal of striking a balance between helping local sectors, preserving foreign money, and eventually building economic resilience. While the Ghana Union of Traders Association (GUTA) and the Federation of Freight Forwarders have spoken out against the law, expressing worries about potential corruption, the AGI has remained supportive.

The Association of Ghanaian Industries (AGI) has endorsed the proposed import limits law, describing it as a critical step towards establishing economic stability.

The AGI, which represents a diverse variety of companies in Ghana, thinks that passage of the measure by Parliament will improve Ghana’s debt sustainability efforts and strengthen control over foreign exchange reserves.

The Ministry of Food and Agriculture has introduced legislation in Parliament outlining the government’s intention to restrict imports of 22 specific commodities, including poultry, animal and vegetable oil, margarine, fruit drinks, soft drinks, mineral water, noodles and pasta, ceramic tiles, corrugated paper, and paperboard.

Mosquito coils, insecticides, soaps and detergents, automobiles, iron and steel, cement, polymers (plastics and plastic goods), fish, sugar, textiles and apparel, biscuits, and canned tomatoes round out the list.

According to the government, the purpose of this action is to reduce the influx of these items, with the goal of striking a balance between helping local sectors, preserving foreign money, and eventually building economic resilience.

While the Ghana Union of Traders Association (GUTA) and the Federation of Freight Forwarders have spoken out against the law, expressing worries about potential corruption, the AGI has remained supportive.

Dr Humphrey Ayim-Darke, President of AGI, stated on the Citi Breakfast Show that the law is a reaction to the need to repair Ghana’s weak economy.

“Our view is that the bill is in the right direction, it is a positive development. Once you realise that it is coming at the back of a fragile economy with an IMF intervention that seeks to bring sustainability and the purpose of the IMF stability is on the balance of payment and the forex reserve challenges that we have.

“So it is a transitional programme to help the economy. If the government believe that there are some products that are giving us difficulties in terms of our BOP and forex and by virtue of that seeks to bring intervention in that space that is how we seek to create a sustainable forex and a BOP according to our budget and need”.

Dr Ayim-Darke further emphasised the need for a private member to lead the committee to supervise the bill’s implementation.

“Our position is that it is purposeful to use this bill to control the forex. That is why we are proposing that because this will have more impact on the private sector, let the private sector chair it”.

Dr. Ayim-Darke, on the other hand, emphasised the importance of broad stakeholder input on import limits in order to avoid unforeseen repercussions.

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We’ve not been paid GH¢1 billion; KPMG’s assertion is false – SML

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SML further stated that KPMG's inability to mention that 31.5 percent of the total GH¢1,061,054,778.00 taken as taxes provides a very uneven "impression of the relationship between the compensation, investment, and other related costs." "SML believes that KPMG's failure to include GRA taxes of 31.5% taken before payment, interest payments of 32% plus SML's investment repayment, and other taxes/duties over the period creates an unbalanced impression of the relationship between compensation and investment and other related costs. This omission is really deceptive.

Strategic Mobilisation Ghana Ltd (SML) denied receiving GH¢1,061,054,778.00 for a revenue mobilisation contract with the Ghana Revenue Authority (GRA).

President Akufo-Addo ordered KPMG to audit the contract between the GRA and SML on January 2. KPMG’s findings revealed that SML received a total of GH¢1,061,054,778.00 from 2018 to date.

However, Strategic Mobilisation Ghana Ltd responded by denying the charges, noting that KPMG reported the amount “without reference to the investments made and the taxes paid” during the review period.

“KPMG quotes a figure as compensation to SML. It is interesting to note that this figure is quoted without reference to the investments made and the taxes paid by SML over the period within the consolidated contract

“The compensation of GH¢1,061,054,778.00 stated by KPMG is inaccurate.”

SML further stated that KPMG’s inability to mention that 31.5 per cent of the total GH¢1,061,054,778.00 taken as taxes provides a very uneven “impression of the relationship between the compensation, investment, and other related costs.”

“SML believes that KPMG’s failure to include GRA taxes of 31.5% taken before payment, interest payments of 32% plus SML’s investment repayment, and other taxes/duties over the period creates an unbalanced impression of the relationship between compensation and investment and other related costs. This omission is really deceptive.

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The president needs to show leadership to stop ‘dumsor’ – Agyeman-Duah

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Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns. He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

Professor Baffior Agyeman-Duah, a Governance Expert, has urged President Nana Addo Dankwa Akufo-Addo to show leadership by summoning all major players in the power sector, including the Electricity Company of Ghana (ECG), the Ghana Grid Company Limited (GRDCo), the Volta River Authority (VRA), and the Public Utilities and Regulatory Commission (PURC), and giving them marching orders to resolve the power crisis.

He believes he’ll be astonished if the president hasn’t done so already.

Speaking on the Ghana Tonight broadcast on TV3 on Monday, April 22, Prof Ageyman Duah remarked, “I will be surprised that the president has not called the leadership of the VRA, GRIDCo, ECG, and PURC, to sit them down to give them the marching order that he doesn’t like what they are doing.

“That is leadership, we need the president to be giving the marching orders. As I said, if he has done it privately I don’t know but based on the public pronouncements by these state agencies in charge of the energy sector, it seems like he hasn’t done that.”

Professor Agyeman-Duah also chastised the administration for the slow speed at which it is addressing electricity concerns.

He argues that given the frequency of power outages, the government should have taken a more serious approach to finding long-term solutions, but this has not been the case.

He went on to say “The government hasn’t been too active in seeking solutions to problems”

Prof. Baffour Agyeman-Duah also urged the state power distributor, the ECG, to produce a load-shedding schedule.

This, he believes, will help power consumers arrange their lives more effectively.

“The wise thing to do is to issue a timetable,” Professor Baffour Agyeman-Duah said.

Meanwhile, Richard Ahiagbah, Director of Communications for the New Patriotic Party (NPP), has stated that power shortages in certain areas of the country are annoying.

However, he stated that there is light at the end of the tunnel for the problem.

Mr Ahiagbah ascribed the problem to the Electricity Company of Ghana’s (ECG) maintenance work.

He told us that the job would be done quickly.

“The recent power outages have been understandably frustrating. However, there is an end in sight. The maintenance works are almost complete, and we can soon expect access to an uninterrupted power supply around the clock, as we have become accustomed to under the Akufo-Addo-Bawumia Administration.”

Regarding the criticism that members of the National Democratic Congress (NDC) have made against the administration over the outages, he stated, “The NDC is the last political organization to point fingers because Ghana has not forgotten the hurts of the ‘real dumsor,’ suffered under H.E. Mahama.

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Gomoa Akotsi: Truck collides with a police car, killing one and injuring several others

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It struck a Chinese national's car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction. An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened. "The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

A collision on the road between Gomoa Akramah and Akoti Junction in the Gomoa East District, Central Region, is said to have killed one police officer and badly wounded many others.

According to sources, a KIA Rhino truck (registration number GX 4135-24) had a braking failure and went off track.

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It struck a Chinese national’s car before colliding with a police vehicle stationed on the side of the road near Akotsi Junction.

An eyewitness, Nai Appiah Nortey, told Citi News that several cops were in the parked police car and two more were in the trunk. The police were said to be making purchases nearby when the tragedy happened.

“The vehicle was descending from Gomoa Akramah hills towards the Akotsi junction. But it suddenly lost control, crossed the main road, and collided with a police vehicle sitting on the shoulder of the road. It pulled the police vehicle and then parked in front of a business.

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“There were some police officers in the trunk of the truck, and some even fell out as soon as the collision occurred. “One person has died, and the rest, including the Chinese national, have been rushed to the Trauma and Specialist Hospital in Winneba,” Nai Appiah Nortey said.

The Central East Regional Operations commander and other senior officials came on the spot to evaluate the magnitude of the damage.

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