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Inside July 30, 2018 .qxp_Layout 1 7/28/18 3:09 PM Page 7 27TH JUly 2018 FRIDAY CURRENCY PARIS CODE BUYING SELLING US Dollar USDGHS 4.6902 4.6948 RATES Pound Sterling GBPGHS 6.1671 6.1746 Euro GBPGHS 5.4892 5.4934 10 DAILY HERITAGE MONDAY, JULY 30, 2018 WWW.DAILYHERITAGE.COM.GH Economy growing stronger – BoG BANK OF Ghana (BoG) Governor Dr Ernest Addison, has said the Ghanaian economy is recording strong growth. The economy, he explained, grew with a 6.8 per cent Gross Domestic Product (GDP) in the first quarter of 2018, compared with 6.7 per cent in the same period of 2017. Dr Addison has also assured that the Monetary Policy Committee (MPC) of the BoG will take the appropriate policy measures to promptly address any potential threats to the disinflation path. At the MPC meeting in Accra on 23 July 2018, he said: “Global inflation has picked up in most advanced economies driven mainly by wage dynamics as labour market conditions tighten and crude oil price increases. Core inflation, however, remains benign but may pick up. Inflation pressures in •Dr Ernest Addison, Governor, BoG emerging market economies, on the other hand, are gradually moderating. “The Ghanaian economy continues to record strong growth with a 6.8 per cent GDP growth in the first quarter of 2018, compared with 6.7 per cent in the same period of 2017. Non-oil growth for the first quarter also picked up strongly to 5.4 per cent, from 4.0 per cent in the comparative period of 2017. “The growth pickup is evidenced in a stronger rebound by the services sector, which rose by 5.2 per cent, compared with 3.4 per cent in the same period of 2017. “The Bank’s Composite Index of Economic Activity (CIEA) also showed a strong pickup reflecting increased industrial consumption of electricity, cement sales and exports. The real CIEA recorded an annual growth of 3.2 per cent in May 2018, compared to 2.6 percent in the corresponding period of 2017.” He added: “Given the circumstances, especially with regards to the global outlook, the Committee decided to maintain the Monetary Policy Rate at 17 per cent while closely monitoring developments in the near-term. The Committee stands ready to take the appropriate policy measures to promptly address any potential threats to the disinflation path”. Don’t amend law on foreign retailers; sack them – Pelpuo THE MEMBER of Parliament for Wa Central, Abdul-Rashid Pelpuo, has urged the government of Ghana to turn a blind eye to the request by Nigerians in Ghana for an amendment to Section 27 (1) of the GIPC Law of the GIPC Act, which prohibits foreigners from operating in the retail business sector. According to the former Minister of State in charge of Public- Private Partnership, whose administration failed to enforce the same law, an amendment to that law must only be done at the request of Ghanaian traders, since the law was established to protect them. “They shouldn’t call for the amendment; Ghanaians should call for the amendment. It is not a foreigner who will come to your country and say, amend your laws. … Let’s enforce the existing laws.” “When we see that by enforcing them we’re losing the opportunity of investment, then we are compelled by ourselves to amend the laws to allow inflow; not to compete with the indigenes that are doing business at the retail level but by investing to employ them to create more value.” Mr Pelpuo, who spoke on Citi TV’s Breakfast Daily show last week, further called for strict enforcement of the law for the maximum benefit of every Ghanaian trader. “There are existing laws and regulations about the domestic trade to protect those who are indigenes in the retail business. Quite recently we did another law in the oil industry, downstream operations; that those should be reserved for Ghanaians and yet it doesn’t work.” “In Ghana, we don’t enforce our laws, and if we enforce them, somebody will torpedo the whole thing. Frankly, I don’t think we should even be going there now. It is full of sound and fury. Let’s enforce the law that we have now. Let’s enforce the existing laws.” Marketplace Tensions Per the GIPC Law, Section 27 (1) of the GIPC Act, “a person who is not a citizen or an enterprise which is not wholly-owned by •Abdul-Rashid Pelpuom, MP, Wa Central a citizen shall not invest or participate in the sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place”. But this law has not been enforced, Ghanaian retailers angry. The government has now suspended a decision to implement the law despite giving a deadline to do so. A Deputy Trade and Industry Minister, Carlos Ahenkorah, has told ‘Citi News’ that the foreigners have been making appeals to the government and so they need to be diplomatic about it by sensitizing them enough before they can take action.
Inside July 30, 2018 .qxp_Layout 1 7/28/18 3:09 PM Page 8 WWW.DAILYHERITAGE.COM.GH DAILY HERITAGE MONDAY, JULY 30, 2018 11 Politics Do not mind anything that anyone tells you about anyone else. Judge everyone and everything for yourself —Henry James Privileges C’tee recommends Ken Agyapong’s suspension BY KOBINA WELSING THE PRIVILEGES Committee of Parliament has recommended sanctions against the Assin Central Member of Parliament, Kennedy Agyapong, over his claims that Parliament is cheap. The committee, in its report after the public hearing of the member last week, said: “ The Committee has carefully considered the matter in the light of the totality of the evidence gathered and in accordance with the provisions of the Constitution, the Standing Orders and other relevant enactment, and concluded that the honourable member for Assin Central constituency, Mr Ken Ohene Agyapong, is indeed in contempt of Parliament for the remarks he made that “Parliament is cheap” and “ Parliament is useless”. “Accordingly, the Committee recommends to the House to adopt its report and sanction honourable Ken Ohene Agyapong by suspending him for the rest of this session or reprimand him”. The proposed sanctions by the Committee come despite Mr Agyepong’s denial that he called the House “useless” when he appeared before them. The maverick politician had gone on a radio tirade against the Majority leader of Parliament, Osei Kyei Mensah-Bonsu, and the House after some members called on him to exercise restraint in his outbursts against investigative journalist Anas Armeway Anas following his work on Ghana Football, which resulted in the removal of Kwesi Nyantakyi as President of the Ghana Football Association. Ghana Revenue Authority Integrity. Fairness. Service. •Kennedy Agyapong DOMESTIC TAX REVENUE DIVISION COMPLIANCE WITH VAT/NHIL LAW INSIST ON YOUR VAT/NHIL INVOICE ADAG 074 The Ghana Revenue Authority has noted with serious concern that some Value Added Tax/National Health Insurance Levy (VAT/NHIL) registered businesses: 1. Fail outright to issue VAT invoices 2. Issue own invoices for taxable sales/services 3. Issue VAT/NHIL invoices only to selected customers and on request 4. Understate the amount of sales/services on VAT invoices GRA has also noted with concern that the general public and most customers do not ask for VAT/NHIL invoices when they buy from VAT registered taxpayers. GRA reminds all businesses that it is an offence punishable by law to: fail to issue VAT/NHIL invoices issue own invoices for taxable sales/services issue VAT/NHIL invoices only to selected customers and on request #OurTaxesOurFuture understate the amount of sales/services on VAT/ NHIL invoices Henceforth, GRA will not hesitate to prosecute offenders who violate the law. All VAT registered businesses are therefore urged to comply with the law. The general public is entreated to demand VAT/NHIL invoices from all VAT registered businesses as a civic responsibility. The public is also encouraged to report all instances of failure to issue VAT invoices, issuance of own invoices for taxable sales/services, issuance of VAT/NHIL invoices selectively and understating of VAT/NHIL on invoices. or to info@gra.gov.gh The general public is also informed that informants are eligible for informants’ award from the GRA. INSIST ON YOUR VAT/NHIL INVOICE COMMISSIONER-GENERAL www.gra.gov.gh
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