May 2016 – Newsletter

Shippers Authority advocates removal of VAT on transit trade

The Ghana Shippers’ Authority (GSA) is seeking parliamentary approval for the removal of the value-added tax (VAT) on transit trade, in a move that could reduce cost and bolster the tonnage of transshipment.

The Chief Executive Officer of the GSA, Dr Kofi Mbiah, said currently, the authority was collating views from the various stakeholders and would present a paper to parliament as soon as it was ready. He made this known when the Minister for Transport, Mr Fiifi Kwetey, paid a familiarisation visit to the new office edifice of the GSA.

He said the VAT on transit trade had made the ports of the country unattractive to traders. The declining trend in transit trade through the country’s corridors over the last few years shifted into the first quarter of 2015, when it recorded a further reduction in trade volumes, compared to the previous year’s figure.

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South Africa contributes 36% of Zimbabwe’s import bill

Zimbabwe imported 36 per cent of its US$1.328bn import bill from South Africa, latest figures from Zimbabwe’s Ministry of Finance and Economic Development have shown.

According to the country’s first quarter bulletin, Zimbabwe imported US$1.328 billion worth of goods in the first quarter, an 11 per cent decrease from imports of US$1.493 billion recorded in the corresponding period.

Of the imports, 36 per cent or US$476,098,034 worth of goods and services, which is the biggest contributor, were sourced from South Africa.

Singapore was the second biggest source of imports contributing 25 per cent of the import bill while China came third at nine per cent.

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2016 Annual Potjiekos Competition

The 2016 Annual Potjiekos competition was held in Labone, Accra Ghana on 21st May 2016. It was a fun-filled day with lots of delicious food, ice cold beer, random raffles, lucky draws, kids entertainment and lots of prizes.

Proceeds from this event will be donated to the High Standard Girls High School in Tamale.

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Old Mutual rewards top financial advisors

Old Mutual Ghana recently awarded over 80 Financial Advisors at its annual Sales Gala Award Ceremony held at Labadi Beach Hotel.  Of the eighty financial advisors awarded fifteen of them went on a sponsored trip to Cape Town, South Africa.

They had the opportunity to visit Mutual Park, the headquarters of Old Mutual Group, as well as, the top executives of the company.

The group lead by Mrs. Linda Mariwande, the head of distribution also had the opportunity to visit tourist sites including Robin Island and the table mountains.

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Capital Bank Partners Roverman Productions, dashes cash to patrons

Capital Bank has partnered Roverman productions as sponsor of its quarterly family-oriented drama which begins with the latest play; ‘Dear God Comma’ showing at the National Theatre from June 4, 2016.

As part of the partnership, Capital Bank will give free money vouchers to patrons who attend the Roverman shows to be used to open accounts. Patrons can therefore bring recognized national identification cards and proof of address to open the accounts instantly or open the accounts at any branch of Capital Bank.

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Government on 2016 Africa Day celebration

Africa Day 2016 marks 53 years since the formation of the Organisation of African Unity on 25 May 1963 and the African Union in 2002. South Africa joins the entire continent in celebrating Africa Day with pride. The continent has advanced on many fronts especially in strengthening democracy, peace, stability and socio-economic development. Africa Day is an opportunity to celebrate African identity and heritage.

South Africa was isolated from the rest of the continent for many years because of the apartheid regime. South Africa was embraced by the continent and the international community in 1994 following the dawn of freedom and democracy.

Africa Day celebrations this year are historic as they coincide with a number of significant milestones like the 20 years celebration of the Constitution for South Africa as well as the 22nd anniversary of our democratic government.

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