AmCham Ghana Statement On Excise Duty (Amendment) Bill 2022 Before Parliament

The American Chamber of Commerce, Ghana, has always appreciated the government’s efforts to raise more revenue domestically. But as I have indicated in my new year statement, it is imperative that the government consider the impact these proposed measures will have on the cost of production, distribution, and sale of products. Some of the rate increments in the Excise Duty (Amendment) Act 2022 will hurt businesses.

For instance, the proposed 20% rate on mineral water from the previous 17.5% will lead to an increase in the cost of production, which the companies will ultimately pass on to the consumer, which could lead to a decline in sales.

Also, the proposed imposition of excise duty (20 per centum of the ex-factory price)- ‘sugar tax’ on sweetened beverages in addition to the already existing 17.5% (to be increased to 20% per the amendment) on non-alcoholic beverages will inversely impact the business of companies operating in that sector. This will lead to an astronomical increase in the cost of production, especially for companies producing both mineral water and sweetened beverages.

These increments, coupled with the country’s current economic situation, will overburden companies leading to some businesses having to make the difficult decision of laying off some workers.

We accept that the government must increase revenue and improve the health of the citizenry, but it is also in the interest of the government to protect jobs as well.

The Chamber is making this humble call before Parliament resumes sitting to allow for broader consultation with industry and other stakeholders to resolve pertinent issues before the bill is passed.

I will plead with the Parliament of Ghana and the Ministry of Finance, for a downward revision of these excise duty rates to boost investor interest, protect jobs, and ensure constant and steady revenue flows to the government.

AmCham Ghana members have significant investments and provide thousands of jobs across several sectors, and the Chamber is ready to engage authorities to find a middle ground on these issues to ensure Ghana remains a favorite destination for investors.

Statement On The Inauguration Of The Independent Tax Appeals Board

The American Chamber of Commerce, Ghana, commends the government of Ghana on inaugurating the Independent Tax Appeals Board (ITAB). We believe this is a notable milestone in creating a business-friendly environment and will go a long way to significantly improve the country’s ease of doing business.

The Independent Tax Appeals Board established by the Revenue Administration (Amendment) Act, 2020, Act 1029 shall hear and determine appeals against the ‘tax decisions’ of the Commissioner-General of the Ghana Revenue Authority (GRA) concerning objections to tax decisions and assessments.

This Alternative Dispute Resolution (ADR) measure will ensure speedy and cost-effective interventions to tax-related disputes. I will encourage members to consider the ITAB a first point of approach in dealing with tax disputes.

An appeal against the decision of the Commissioner-General must be filed with the Executive Secretary of the Appeals Board within thirty (30) days of the decision, and I would recommend that members who seek further clarification and assistance contact reputable tax advisory firms within the AmCham network, namely PwC, KPMG, and Morrison and Associates.

I will reiterate AmCham Ghana’s commitment to seeing businesses thrive, and we remain resolute in ensuring an investor-friendly environment to ensure success.

Please, Click Here to read more on the Act establishing the Independent Tax Appeals Board.

Entravision 365 Digital Ghana Limited Joins AmCham Ghana

The American Chamber of Commerce, Ghana, is pleased to welcome our new #GoldMember, Entravision 365 Digital Ghana Limited to our community of progressive businesses.

Entravision 365 Digital is an African online media and ad-technology business with a rich heritage in the African advertising industry. For 21 years the business has represented the largest publishers and platforms in Africa and have helped global brands reach connected consumers and drive business impact.

With a mission to connect publishers to brands, and brands to consumers, 365 Digital helps brands reach audiences at scale through its exclusive partnership with leading platforms like TikTok, Anzu, Boomplay, Triton Digital, and many more.

Entravision 365 Digital is a business unit of Entravision, a leading global advertising, media, and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers.

Learn More

 

Contact

Accra, Ghana

Address: Liberation Road, Atlantic Towers, Airport City, Accra, Ghana.

Phone: +233 059-692-1226

Email: ghana@entravision.com /hellometaghana(@)entravision.com

AmCham Ghana And United Airlines Set For More Collaborations In 2023 And Beyond

AmCham Ghana, on Thursday, January 19, 2023, hosted executives from United Airlines at the Chamber’s secretariat in Accra.

The meeting was to interact with the Chamber’s Executive Secretary, Simon Madjie, to identify possible avenues for collaboration in advancing the mutual interest of United Airlines and the American Chamber of Commerce, Ghana.

Present at the meeting were Robin Schoug, Regional Sales Manager EMEAI at United Airlines, Luc Geerts, United’s Regional Sales Director of Northern Europe, Oluwatomi Bola-Sadipe, Country Sales Manager Nigeria and Ghana, United Airlines, Geert Lemmen, Country Manager Ghana/ Africa at Brussels Airlines, Matilda Hammond, Sales Account Manager at Brussels Airlines, and Jane Okyere-Aduachie, Membership, External Relations, and Project Manager at AmCham Ghana.

The Chamber, in the past, has collaborated with United to host events, including the launch of the SelectUSA recruitment program.

The Chamber’s Executive Secretary said it would be an honor to continue with the AmCham-United collaborations. “United is an important strategic partner for us, not only in connecting business to business but people to people and expanding the U.S. – Ghana culture.”

“All the connections that matter for human beings are made possible by the travels you offer. Your presence has contributed to advancing the strategic objectives of businesses,” Mr. Madjie added.

United re-launched its services to Ghana in May 2021 and has since provided reliable flights at competitive prices for travelers. The airline recently offered a 5-10% discount on airfares to Ghana for the holiday season.

United has eight hubs, with Chicago–O’Hare being its largest in terms of passengers carried and the number of departures. They are also a founding member of the Star Alliance, the world’s largest airline alliance with a total of 28 member airlines.

Ghana’s Ambassador To The United States Visits Bunge Loders Croklaan

Ghana’s Ambassador to the United States, H.E. Hajia  Alima Mahama, on Tuesday, January 24, 2023, paid a courtesy visit to the shea processing plant of AmCham Ghana member  Bunge Loders Croklaan, in the company of AmCham Ghana Executive Secretary, Simon Madjie, and the Chief Commercial Officer and Head of the One District One Factory (1D1F) Initiative at the Ministry of Trade and Industry, Kofi Addo.

The Ambassador’s visit was to engage with management and acquaint herself with their operations. H.E. Mahama interacted with the General Manager of Bunge Loders Croklaan, Santanu Bhuyan, and other unit managers. She was taken through a presentation outlining Bunge’s operations and their remarkable sustainability efforts at ensuring the well-being of the people and the communities where they source their raw materials.

Ambassador Mahama was also given a tour of Bunge’s ultra-modern shea processing plant, one of the best in the world in terms of efficiency and quality, according to Bunge’s General Manager, Santanu Bhuyan.

Bunge Loders Croklaan has successfully established one of the most reliable sourcing networks over 10 years, with 500,000 thousand women collectors and over 1500 employees servicing 10 factories.

Bunge believes empowering women and future generations creates socio-economic value at the origin, which conserves and protects the shea landscape. The company has helped establish shea cooperatives and has supported them through training, providing equipment to improve their operations, building warehouses, Schools, and granting incentives to encourage best practices.

For almost two centuries, Bunge has expanded its focus, but at heart, it remains a business built on transporting and adding value to agricultural commodities. Bunge Loders Croklaan has worked with customers and partners to develop product innovations and breakthrough systems that have revolutionized the food industry.

H.E. Hajia Alima Mahama was impressed by what the company has achieved and was enthused by Bunge’s deliberate efforts at employing and empowering locals and ensuring gender balance at the processing facility.

AmCham Ghana Meets With Newmont Regional Senior Vice President

David Thornton, Regional Senior Vice President at Newmont Africa, on Thursday, January 12, 2023, paid a courtesy call to the American Chamber of Commerce, Ghana, to meet with the Chamber’s President, Ayesha Bedwei-Ibe, and Executive Secretary, Simon Madjie.

This was Mr. Thornton’s first visit to the Chamber and was accompanied by Newmont’s Vice President for Sustainability & External Relations, Adiki Ayitevie.

Among other issues discussed were Newmont’s operations in Ghana, plans for the future, and how the Chamber can assist in advocating for an improved business environment to streamline the gold company’s operations in the country.

Newmont Ghana is one of the leading gold mining companies in Ghana, employing thousands of Ghanaians. The company has invested several millions of dollars in production and corporate social responsibilities to improve livelihoods in host communities. Newmont is also one of the substantial contributors to Ghana’s public finances through taxes.

AmCham Ghana Executive Secretary, Simon Madjie, noted the importance of having companies such as Newmont do business in the country, reiterating its enormous benefits to the socioeconomic development of host communities and the entire country at large, as well the Chamber.

“Newmont has been an iconic and credible American company, setting good examples for all of us to follow, and it’s a good module to preach to all those who are looking to invest in Ghana, from engagement with stakeholders, the community, to the closeness with agencies and organizations such as ours, so we look forward to continuing that relationship,” Mr. Madjie added.

AmCham Ghana President, Ayesha Bedwei-Ibe, reiterated the Chamber’s commitment to seeing business prosper and assured Mr. Thornton that all the concerns will be raised at the appropriate quarters and is hopeful that they will be addressed to improve the company’s ease of doing business in Ghana.

Sustineri Attorneys PRUC Joins AmCham Ghana

The American Chamber of Commerce, Ghana, is pleased to announce Sustineri Attorneys PRUC as a new Member of our association of progressive businesses.

About Sustineri Attorneys:

We are Ghana’s foremost Start-up focused law firm, committed to providing differentiated legal services by leveraging our experience as proven entrepreneurs, business managers, and business lawyers – allowing us to think like entrepreneurs, business owners, and managers in the design of legal solutions.

As a team of young legal practitioners, SUSTINERI ATTORNEYS PRUC takes pride in acting with integrity, avoiding conflicts, and working with clients to design innovative legal solutions that meet their specific needs.

At SUSTINERI ATTORNEYS PRUC, every client’s brief is an opportunity to use our sound understanding of Ghana’s business, commercial and legal environment, professional experience, and sound commercial knowledge to provide solutions that do not only address immediate legal needs but also anticipate future challenges and opportunities.

Our pride as Ghana’s foremost Start-up focused law firm stems not only from our belief in the ideas of many young people but also from the difference our network of resources and experience can make when working closely with founders/entrepreneurs. To this end, we operate a 24-hour policy urging our clients to reach out to us at any time and on any issue.

We strive for excellence, ensuring that our solutions provide sustainable paths for our clients’ businesses by adopting a common-sense and practical approach in our value-added legal service delivery – and employing our problem-solving skills.

Our goal is to help businesses to become commercially sound and viable, as well as regulatory compliant, by engaging in beneficial transactions to promote their business competitiveness for sustained operations and investments.

And as our name implies, our top priority is to always use legal means to promote the sustainability (long-term viability) of our clients’ businesses.

 

Contacts:

info@sustineriattorneys.com

+233(0)302553892 | +233(0)243717144

https://sustineriattorneys.com/

2nd Floor, Yellow Building
Passion Hill Street
Ogbojo Accra
Digital Address GM-025-1883
P.O.Box MD 2540
Madina

Season’s Greetings From The Executive Secretary

It is that time of the year again, and the American Chamber of Commerce is grateful for all the blessings, support, and contributions of all members and associates to what we are proud to call a successful year despite all the challenges and uncertainties.

2022 might not go down as we envisaged at the beginning when things seem to be reverting to normalcy. But when factors beyond our control truncated optimistic projections for the medium term, we remained steadfast, kept our heads down, and sailed through the turbulent waters. Now that we are here, as a Chamber, we are proud of all your achievements and believe the coming years will improve.

Despite the challenges, AmCham Ghana has been able to host several events to present investment opportunities, advocate for an improved business environment and further strengthen the economic ties between Ghana and the United States.

Notable among these events was the 2022 U.S. – Ghana Business Forum which was attended by high-level U.S. and Ghanaian government officials, executives from our parent organization, the U.S. Chamber of Commerce, top corporate executive, institutional head, and other important stakeholders, to chart a new course in building a sustainable and mutually beneficial trade relations between our two countries.

We also hosted a visiting U.S. Congressional Delegation, the U.S. Ambassador to Ghana, Virginia E. Palmer, and Executives of AmCham Ghana member companies to discuss issues of sustainability and environmental protection in the extractive industry. The Chamber also hosted trade delegations from the U.S. state of Minnesota and the city of Memphis.

AmCham Ghana collaborated with member companies and associates, such as Johnson & Johnson, Delta Air Lines, PwC Ghana, VX Technologies, Webster University Ghana Campus, U.S. Embassy in Ghana, GARIA, and the Ghana Investment Promotion Centre, to undertake several engagements aimed at bridging the funding gap to sustain optimal treatment in mental health, create breast cancer awareness, provide insight into what global CEOs make of the business year, introduce blockchain technology, celebrate black excellence, share valuable insight on investing in the United States through the SelectUSA Program, discuss the new Office of the Registrar of Companies, and embark on a diaspora roadshow to make an investment case for Ghana in the United States.

The Chamber also successfully established the AfCFTA Resource Centre to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian enterprises to take advantage of the trade agreement. The Center signed an MoU with Emory University’s Emory Development Initiative (EDI) to offer virtual and in-person certificated corporate executive training programs granted under Emory University and the EDI on the African Continental Free Trade Agreement.

To help build a profitable franchise ecosystem in Ghana, the Chamber, supported by the  U.S. Commercial Service in Ghana, established the AmCham Ghana Franchise Committee to promote successful franchises and advocate for laws and policies to improve the ease of doing business for franchisees. This success led to the Chamber hosting the first franchise training event on How to Launch a Successful International Franchise Business.

For AmCham to better understand the various issues affecting the businesses of our member companies, we conducted surveys to solicit their views to inform our advocacy in mitigating the impact of these challenges. The surveys included the State of the Economy: Impact on Businesses Survey and the African Continental Free Trade Area Survey 2022.

In collaboration with PwC Ghana, the Chamber successfully conducted the second AmCham Ghana Economic Impact Survey to determine the overall contribution of American companies in Ghana and the direct impact on socio-economic development in the country and encourage collaboration and synergies among key stakeholders from data gathered. This survey is being replicated across the West African sub-region to measure the impact of AmCham member companies in the region.

We will use findings from these surveys to guide us in engaging authorities at different levels to make a case for an improved and sustainable business climate.

We also bid farewell to three Board Members, Vish Ashiagbor, Randi Cruz, and Gbile Adewunmi, and one Ex-Officio Member, Philippe Ayivor. The Chamber is most grateful for their selfless dedication and service. As the four took leave, we welcomed two new members, Ashok Mohinani and Kimathi Kuenyehia, to our Board of Directors.

Kindly take a few minutes to read the Chamber’s Report for a full breakdown of AmCham Ghana’s activities.

The Chamber will like to use the opportunity to extend our sincere gratitude to all member companies that supported and sponsored various Chamber events and activities. We thank all participants, speakers, and stakeholders for their valuable contributions and insights. We are most grateful and look forwards to more collaborations.

As the year ends, the American Chamber of Commerce, Ghana, wishes all members and associates and their families a season of joy.

It’s the most delightful time of the year, and you are the most wonderful partner. We wish you the happiest of holidays.

 

New Year Projections

  • I expect Ghana to get a deal from the International Monetary Fund (IMF) following the conditional Staff-Level Agreement on a $3 billion, three years Extended Credit Facility. 

 

  • The government’s proposed ‘haircut’ on foreign bonds and the suspension of interest rate payments to domestic bondholders will inversely impact the economy.

 

  • Given the government’s quest for domestic revenue mobilization and the projected total revenue and grants of GH¢143,956 million, I believe the Ghana Revenue Authority will act in an aggressive and predaceous manner to support the government’s initiatives.

 

  • We have noted the seeming stability of the Ghana Cedi against other trading currencies. While we wish the trend continues, we remain cautious and will advise members to prepare for the shocks of currency fluctuations in the coming year.

 

  • We project that the coming year will be full of challenges but remain optimistic and believe that these challenges will present new opportunities.

 

 

AmCham Ghana Holds 19th Annual General Meeting Of Members

The American Chamber of Commerce, Ghana, on Thursday, December 8, 2022, held the 19th Annual General Meeting of Members at the Chamber’s secretariat in Accra.

Our President, Ayesha Bedwei Ibe, briefed members on the various AmCham Ghana activities, highlighting the Chamber’s significant efforts at advocating for an improved business and the AmCham Ghana community’s contributions to mitigating the impact of the deadly COVID-19 virus.

The President’s Report also noted the establishment of the AmCham Ghana AfCFTA Resource Centre to serve as an information hub for U.S. businesses and provide a conducive environment for networking and partnership with Ghanaian businesses to take advantage of the trade agreement.

Mrs. Ibe also reiterated the Chamber’s commitment to further strengthening the economic relations between Ghana and the United States, citing the establishment of the AmCham Ghana Franchise Committee, aimed at helping build a profitable franchise ecosystem in Ghana by promoting successful franchises and advocating for laws and policies that will improve the ease of doing business for franchisees.

The Chamber also presented the  Economic Impact Survey Report undertaken by AmCham in collaboration with PwC. The survey, among other things, was to determine the overall contribution of American Companies to the socio-economic development and also find out how AmCham can support its members in doing business in Ghana and the West Africa sub-region.

The 19th AGM also saw three Board Members, Vish Ashiagbor, Randi Cruz, Gbile Adewunmi, and one Ex-Officio Member, Philippe Ayivor, retiring from the Chamber’s Board of Directors. AmCham Ghana appointed new members, Ashok Mohinani and Kimathi Kuenyehia, to its Board of Directors.

[unitegallery 19AGM]

AmCham Ghana Appoints New Members To Its Board Of Directors

The American Chamber of Commerce, Ghana, appointed two new members to its Board of Directors at the 19th Annual General Meeting of Members held on Thursday, December 8, 2022, at the Chamber’s secretariat in Accra.

The new Board Members are Ashok Mohinani, Executive Director of the Mohinani Group, MASCO Foods (KFC Ghana), and Kimathi Kuenyehia, Managing Partner at Kimathi & Partners – CORPORATE ATTORNEYS.

Ashok Ramchand Mohinani is the Executive Director of Mohinani Group, a third-generation family business with over 50 years of experience in multi-sector operations in various industries across the African continent. Ashok Mohinani oversees the operations of all the Ghanaian business units and subsidiaries from the headquarters in Accra.

He joined Mohinani Group in 1984 as Head of Sales for Poly Products & Poly Sacks, Ghana. He then eventually became the Deputy Managing Director of the Poly Group in 1987. From there, he took on the role of Managing Director of Somotex, Nigeria, in 1991. He returned to Ghana in 1998 to assume the position of Executive Director of the Group.

Mr. Mohinani is a Member of the Board of Trustees, Postgraduate Endowment Fund, College of Health Sciences of the University of Ghana. He is also a member of the Economic Affairs Committee of the Association of Ghana Industries. He is a past President of the Indian Association of Ghana and has also served on the board of Ghana International School.

He is also a founding member and past president of the Accra chapter of the Young Presidents Organization (YPO) and a fellow of the African Leadership Initiative West Africa (ALIWA). Mr. Mohinani is the Honorary Consul of Uruguay in Ghana and recently obtained an Executive Diploma on International Diplomatic Law for Honorary Consuls from the United Nations Institute for Training and Research (UNITAR).

Among the several awards Ashok Mohinani has won are the 2015 Industrialist of the Year by the Made in Ghana Awards, the 2016 Excellence in Business Awards by the Entrepreneur Foundation of Ghana, and the 2019 CEO of the Decade Award by the Ghana Business Awards. He was also given a Special Recognition Award —Sanitation Leadership Award in 2019. In 2020, Ashok Mohinani was adjudged Settler of the Year by the EMY Africa Awards and Outstanding Industrialist of the Decade by the Ghana Entrepreneur & Corporate Executive Awards.

 

Kimathi Kuenyehia is an award-winning Harvard-educated transactional lawyer who is ranked by Legal 500 as one of the top 5 leading lawyers in Ghana. He is the Managing Partner of Kimathi & Partners, corporate attorneys; one of the top three leading law firms in Ghana.

Mr. Kuenyehia provides high-end legal services to foreign governments, global multinationals, and Fortune 500 companies with respect to their most challenging legal issues, most significant business transactions, and most critical disputes. He is the first and only African to win the prestigious International Bar Association Outstanding Young Lawyer of the Year for his “professional excellence, innovative approach to legal practice, community service, and reputation for the advancement of legal ethics.”

He is also recognized by IFLR 1000 as “outstanding on all matters.” Described as a lawyer ‘who thinks outside the box.’ Mr. Kuenyehia is the co-author of Mining, Electricity and Oil Regulation in Ghana, published by Getting the Deal Through; and he is writing a book on Corporate Law and Practice in Ghana.

 

About AmCham Ghana

The American Chamber of Commerce, Ghana, is the representative arm of U.S. businesses and subsidiaries voluntarily working to create an environment where business can thrive between Ghanaian and American communities.

The Chamber remains a leading organization at the forefront of advocating for an improved business environment to boost investor confidence and continues to work closely with other institutions to maintain and further strengthen the economic relations between Ghana and the United States.