At a time when the domestic revenue from the traditional tax sources is fast dwindling, governments in the last two decades have made some attempts to focus on what many have described as ‘low hanging fruit’, property taxes, to shore up domestic revenue.

At a time when the domestic revenue from the traditional tax sources is fast dwindling, governments in the last two decades have made some attempts to focus on what many have described as ‘low hanging fruit’, property taxes, to shore up domestic revenue.

There have been many projections made and experts believe that considering the number and nature of properties littered across the country, particularly those in prime areas such as East Legon, Cantonments, Ridge, Adentan, Airport residential, all in Accra, and other parts in the Ashanti, Western and Northern regions, there is the need for the government to seriously up its game to collect more property taxes, at least, from the affluent.

There have been many projections made and experts believe that considering the number and nature of properties littered across the country, particularly those in prime areas such as East Legon, Cantonments, Ridge, Adentan, Airport residential, all in Accra, and other parts in the Ashanti, Western and Northern regions, there is the need for the government to seriously up its game to collect more property taxes, at least, from the affluent.

Some estimate that property tax collections can contribute between 10 and 15 per cent of the total domestic revenue raised per annum and this is enough to shore up overall domestic revenue.

In Ghana, property taxes are governed by the Local Government Act, of 1993 and collected by MMDAs. All property owners are required to pay property tax, with some exceptions.

While Ghana’s property tax system aims to be progressive, gaps in administration constrain full effectiveness. Meanwhile, there is a strong belief that by streamlining collection processes, revenue from that source will improve.

An opinion piece shared on the International Monetary Fund (IMF) blog, titled, ‘How property taxes can help low-income countries develop’, painted a picture of what countries such as Ghana, an emerging market, can do to turn around their financial fortunes.

The report said the world’s governments must raise an additional $3 trillion to achieve sustainable and inclusive economic growth goals this decade.

The cost in emerging markets equals four per cent of gross domestic product—and 16 per cent for low-income countries. 

As to how countries can finance such staggering price tags, it said large cities such as Delhi and Lagos had shown the way forward.

It was observed that taxing property more efficiently could play a meaningful role in raising revenue at the local level, allowing countries to invest more in their people, a new IMF analysis shows. 

Previous IMF research has shown that countries have ample potential to raise more domestic tax revenue if they need it—up to five percentage points of gross domestic product (GDP) over two decades. 

Of course, the political challenges of such reforms are far from trivial, as recent events in several countries suggest that raising taxes can create social unrest. 

It was clear from the report that, more efficient real estate taxes have an advantage in this regard: by being locally collected and spent, they may be politically less challenging than increases in broad-base national taxes.

Recurrent taxes on immovable property could help local governments capture the wealth generated through construction-intensive urbanisation. 

Generating such revenue fairly is especially important given the difficulty in developing countries of taxing income and wealth, which can be highly mobile.

The appeal of property taxes is clear when compared to revenue raised in advanced economies: more than one per cent of GDP on average in OECD countries, and nearly three per cent in some advanced economies. 

By contrast, they raise only around 0.1 per cent of GDP in emerging Asia and Africa. 

Achieving such a large growth requires improving property-tax coverage and addressing the capacity challenges in valuing real estate as ways to reverse the current revenue underperformance. 

New property identification technologies and simplified valuation methods have become widely available. 

With policy reforms and better technology, recurrent property tax revenues in developing countries should be at least 10 times higher than current levels.

Local revenue and spending

When well-designed, property taxes become a reliable and progressive form of municipal financing. 

They enhance the accountability of local governments since proceeds can be used to fund better local public services and tax the increase in wealth of those who own real estate that has been appreciated due to urbanisation and associated public infrastructure development. 

The tight link at the local level between revenue and spending shields property taxes from national politics and imposes higher accountability standards on local councils for the effective use of the resources.  

National legislation should regulate how much property taxes can differ across a country, limiting divergences in the level of local public services funded by this source. 

Municipalities should limit exemptions to a narrow range of public organisations, and forgone revenues should be regularly reported.

The impact on “asset-rich but cash-poor” households such as pensioners can be softened by deferring taxes until the property is sold, at which point full payment is due.

Satellites and drones

It’s best to take a gradual approach to property tax reforms, using modern technology to broaden the coverage of area-based taxes (expressed as a fixed rate per square metre). 

The goal should be to transition to full value-based property taxes in coming years as countries gain experience in implementation and market price information is meticulously recorded for periodic property valuation. 

Modern mapping technology, such as satellite imagery and aerial photography by drones, can be used to fast-track the expansion and coverage of property taxes to all parcels that ought to be included in the fiscal register.

Indian officials in Delhi and the greater Bangalore metropolitan area have started using satellite imagery to map properties in a geographic information system. In Africa, several municipalities have made impressive strides. Lagos increased tax collection fivefold to more than $1 billion in 2011 by broadening the base of its property tax, coupled with better enforcement.

The increased precision of satellite images enables the accurate measuring of surface areas and the development of fiscal register maps that depict buildings and their alterations. This allows the fast roll-out of an area-based property tax until valuation capacity has advanced to migrate toward a market value-based property-tax system that can raise more revenue.

Demand for capacity development from the IMF in this area indicates that many countries are seeing the benefits from this combination of the right policies and technology enablers. It makes property tax reform effective and politically appealing, especially when its objectives are communicated properly to the public.

Way forward

It is also imperative to note that, for the assemblies to collect property taxes more effectively, the appointment of a Chief Executive Officer must not just be based on political popularity and favours, but purely on grounds of competence in all aspects.

The MMDEC must be capable of bringing innovative ideas and must also be well-versed in financial management.
Governments must do away with nuisance taxes in the country’s tax structure to pave the way for residents and property owners to have the edge in paying property taxes.

Based on international practice, Ghana also needs to allow the monies collected by the assemblies to be used directly on development projects such as proper access roads, and security among other things within their respective metropolitan, municipality and districts. Only a small percentage should be allowed into the consolidated fund.

To say that satellites, drones, and the right policies can help countries increase revenue by up to 10 times at the local level, cannot be over-emphasised.

Property taxes can be a game changer. The potential is there but it will take more positive actions to make it work in the best interest of the country.

Source: Graphic Business

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JOHANNESBURG (miningweekly.com) – Why is it that gold equities are continuing to underperform the gold price? That is a question Mining Weekly put to Barrick president and CEO Dr Mark Bristow after he noted the lag of gold equities during the presentation of the third-quarter results of his New York- and Toronto-listed gold and copper mining company.

The gold equity underperformance comes amid demand for physical gold putting upward pressure on the gold price as de-dollarisation within the central bank reserve balances takes place.

“So, you’re effectively seeing a switching of dollars for gold in the central banks, particularly the emerging market central banks,” Bristow outlined in an interview with Mining Weekly.

The two biggest owners of treasury bonds are China and Japan. Then, again, even retail physical gold sales at Costco have been evident. Interestingly, the Western world playing in the gold space was not that apparent until two months ago.

“Over the last two months we’ve seen an increased inflow of ETF gold, and that’s Western investors investing in gold. When you look at it, one can interpret that investment in physical gold is the ultimate hedge against risk.

“As the gold price has moved up, one would expect that there would be more and more interest in gearing that gold movement, and the best way to do that is with equities. But at the same time, there’s been a redemption within most of the gold specialist funds, as people take profits, and people are trying to position themselves, I guess, for the next phase in investment opportunities. It sounds contrary, but we were a bunch of investors and there’s a logic to the fact that at a high gold price, you start seeing people taking their money out of gold funds.

“So, it’s a complex situation. It’s people wrestling with risk and to complicate it, you’ve seen the equities reach. You know, more and more eyes, although the gold price itself has outperformed the S&P, and I think the gold industry and the mining industry in general is at a place where there’s a shortage of optionality. The mining industry, apart from Barrick, hasn’t invested in exploration, which brings optionality into the stock.

“That’s the traditional driver of premiums in the gold industry, we haven’t seen that. What we’ve seen rather is fund managers and investors demanding short-term gratification, instant gratification, from equity, and as you know, the mining business is a long game with long-term capital. So, it’s a complicated situation, and, that’s what I’m managing in Barrick. I’ve always created value over the long term. It’s my driver. It’s the very foundation of our Randgold DNA, which is now Barrick’s DNA and that doesn’t always fit neatly with short-termism.

“Physical gold investment is a long-term hedge against global risk. But everyone has become very short term on equity, and that’s driving most of the equities. But gold has not performed as well as some of the other equities, and that’s where the generalists are right now. They’re in IT stocks and the big global innovation stocks; that makes sense,” Bristow pointed out.

What is Barrick planning to do to increase gold equity demand, or increase demand for Barrick equity?

We don’t need to raise money in the market. We’re effectively independent of the market and so what we need is patient, long-term investors. You would have seen that our net earnings were up 33%, cash flow up 27%. We bought back some more stock because we don’t believe that we’re optimally priced and we also reduced debt. We want a strong balance sheet so that we can remain independent given our big growth projects that we will start building next year. There were many years that we built that value foundation in Randgold before the market recognised the real value that Randgold brought in, and we’re building that in Barrick. Already, if you look at our business, we’re pointing to 30% organic growth. We don’t need other people’s money to deliver on those objectives. We’re building that optionality within our stock price enabling investors to buy something that’s got the upside such as Barrick. That’s our focus.

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How is Barrick ensuring that it closes its non-operating tailings storage facilities safely and in an environment-friendly manner?

These tailings are liabilities that were bought in North America in that over-exuberant period when Barrick ran around buying everything, and in many cases, they bought more liabilities than they even understood, and that’s a risk associated with M&A at the top of the market, which we’ve witnessed in the last few quarters. The mining industry today is growing its closure liability, and we’re shrinking it. We’ve reduced our closure liability by 36% since the beginning of the merger with Randgold.

Why aren’t you first recovering the gold from the tailings and then closing them?

We’ve done that with some of our mines and Morila was a very good example. Remember, the tailings dam mining in South Africa is often associated with very old mines that had inefficient processing facilities and super high grades. When you’re mining and processing 20 g/t, or even 10 g/t, and you’re getting 90% out, still one to two grams is in the tailings dam, and that’s a great business at these gold prices. But a lot of the tailings dams that we are dealing with, legacy dams, are a product of much lower-grade processes. We check all these tailings dams for viability as far as reprocessing goes. It’s part of the closure.

You spoke about skills being in short supply in the US and you are planning to automate. In what respect will you automate?

Labour is expensive in the US and if there’s one model for where automation may pay real returns is when you have expensive labour, and then not a lot of it. We’ve invested heavily in Nevada. There’s always labour turnover in a developed economy when it comes to hard work. We feel that if we’re going to pioneer a viable automation integration, America is a good place to start. But having said that, we have just completed our first one-mine proof-of-concept, which is a fully integrated, digitalised mine in Kibali. Now that we’ve got it working, we’re also rolling that out across the organisation. That’s really pulling together all the data nodes that sit on our process controls and machine optimisation software. People are very quick to refer to AI, but it’s a little bit different because we’re not intelligent yet. We’re very smart in data processing, and that’s what we are using to further optimise our capital base, particularly in processing. We do it in new, modern big trucks and underground equipment. They all have enormous data points, which you can use to monitor and manage machine efficiency and planned maintenance, et cetera. So, Barrick is moving towards that integrated real-time data and ability to process it for many aspects.

Is the whole of Kibali digitised or just a section of it?

It’s the whole of Kibali as part of the one-mine policy. We have one mine so we can see the whole mine, whether it’s the underground production or the processing throughput or the recoveries, or whatever. Kibali is one of our most automated mines, and so we used it as our proof-of-concept and based on that, we can now look to roll it out, and we’re busy doing that across the group.

How long did it take to digitise Kibali?

About 10 to 12 months. It’s quite fast. We introduced digitisation as a group initiative, so we’ve all watched it and been part of it, and now we’re educating the different regions to be able to roll out digitalisation across their mines as well.

It’s interesting that it’s coming out of Africa.

That’s where the real leverage sits and what we’re using to put Barrick back on the map.

You said it’s a mystery why Reko Diq isn’t recognised for the contribution it has the potential to make. Why do you think Reko Diq is failing to be recognised?

Perception brings a lot of prejudice in emerging markets. When we acquired Moto mines to build Kibali, there was lots of apprehension about whether it was doable and Kibali has been a fantastic investment. We brought in AngloGold Ashanti just to share the risk but I think there’s nobody in our register who would argue against the fact that maybe we should have done the whole lot. But we are 50:50 in Reka Diq as well.

POSITIONED TO COPE WITH CYCLES

Barrick’s continuing investment in its future and its ability to uncover and unlock the value opportunities embedded in its global asset portfolio position it to capitalise on the current market fundamentals as well as to continue strongly throughout the future cycles, which are inevitable.

The business is built on growing profitably without the need for mergers or acquisitions.

While 2024 has been a challenging year in many ways, Barrick’s quarter-three performance arrows point in the right direction, and the company believes a foundation has been laid for a strong fourth quarter, which should enable it to end the year at the lower end of its group gold and copper production guidance range.

The higher margins in its gold operations, driven by the higher gold price and cost discipline, are in addition to the ongoing investments in infrastructure in Nevada gold mines in the US, ongoing plant ramp-up at the flagship growth project, Pueblo Viejo, in Dominican Republic, and the progress being made with Lumwana and Reko Diq. 

Source: Engineering News

Castle Minerals Limited, an Australian-based mining company with substantial project areas across Ghana, has received a significant boost from Ghana’s Minerals Income Investment Fund (MIIF). 

In an announcement today, Castle Minerals said the MIIF has committed a US$2 million investment to support Castle’s gold exploration initiatives and the Kambale Graphite Project in northern Ghana.

This strategic investment, formalised in a non-binding term sheet, includes a US$500,000 share investment in Castle Minerals and a US$1.5 million stake in its Ghanaian subsidiary, Kambale Graphite Limited (KGL), which owns the Kambale Graphite Project. The deal is expected to advance the graphite project through to a pre-feasibility study, with plans to produce specialist graphite concentrates essential for lithium-ion battery anode manufacturing.

Castle’s Executive Chairman, Stephen Stone, expressed enthusiasm for the partnership, describing it as “transformational” for Castle’s operations in Ghana. 

He noted, “The proposed transformational funding arrangement with Ghana’s sovereign wealth fund…establishes a de-risking platform for the offtake of a major proportion of graphite production and the provision of development capital.” Stone added that the support aligns with Ghana’s ambition to develop Sub-Saharan Africa’s first lithium-ion battery manufacturing hub, supported by domestic sources of critical minerals like graphite and lithium.

The investment provides MIIF with substantial privileges, including preferential rights for additional capital during Kambale’s development and an option to purchase up to 50% of the graphite produced locally. MIIF will also secure representation on Castle’s and KGL’s boards, furthering Ghana’s role in the project’s governance.

MIIF CEO Edward Nana Yaw Koranteng highlighted the importance of the investment in advancing Ghana’s critical minerals sector, stating, “The Minerals Income Investment Fund of Ghana…fully aligns with the Government of Ghana’s critical minerals policy and its aspiration to establish Sub-Sahara’s first lithium-ion battery manufacturing facility.” This investment follows MIIF’s recent alliance with Atlantic Lithium’s Ewoyaa lithium project, reflecting Ghana’s growing role in the global supply chain for electric vehicle batteries and energy storage.

The Kambale Graphite Project, strategically located near the Upper West region’s capital of Wa, boasts a high-grade 22.4 million tonne resource with 8.6% graphitic carbon, meeting specifications essential for battery-grade anode production. Recent test work confirms Kambale’s graphite can achieve the stringent purity levels required for anode material in electric vehicles.

Source: Graphic Business

The World Bank has committed $9 billion in agribusiness investments, calling for the creation of a comprehensive global ecosystem as food demand is set to increase by up to 60 per cent. 

The call follows the Bank’s observation of four emerging shifts that could reshape the agribusiness landscape such as improving productivity, climate resilience, and providing job security for the world’s 1.2 billion young people in the next decade. 

The President of World Bank Group, Ajay Banga, echoed the need for world leaders and development partners to ensure that the opportunities in the agribusiness sector were harnessed for the good of all. 

He was speaking on “Agriculture and food as an engine for sustainable growth and jobs,” on Wednesday, at the 2024 International Monetary Fund (IMF)/WBG Annual Meetings in Washington, DC (USA). 

The four pivotal shifts – climate finance, private capital flow, advancements in digitalisation, and the linkage between smallholder farmers and large food companies and traders, he said, presented opportunities for reshaping agribusiness. 

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“We are combining a new way of working with a new level of investment – doubling our agri-finance and agribusiness commitments to $9 billion annually by 2030.Taking advantage of this opportunity will not happen without a new approach. For us, that change begins today to create a comprehensive ecosystem for agribusiness,” he said. 

Mr Banga noted that the Bank had for the past 16 months examined the challenges from every angle – how to increase food production, boost productivity, and resolve issues around water scarcity, fertilizers, infrastructure, and financing. 

“It moves us beyond fragmented efforts to a constellation of solutions that includes everything from warehousing to logistics to production, but with smallholder farmers and producer organizations at the centre,” he added. 

He stated that with the Bank’s newly simplified Guarantee Platform, there would be a boost in agric and agribusiness transformation, making it easier to deliver tailored solutions to meet the diverse demands of various partners. 

“The effort to transform agribusiness is not only about securing the food systems of tomorrow—it is fundamentally a jobs initiative… delivering quality of life and job opportunities,” Mr Banga said. 

The provision of jobs, he said had become necessary as in the next 10 years, 1.2 billion young people in developing countries would enter the workforce, with only 420 million jobs projected to be available, leaving nearly 800 million without a clear path to employment. 

“We stand at a crossroads, and the path we choose today will determine the future. By transforming agriculture and agribusiness, we can create the food system of tomorrow, raise living standards, and create jobs,” he stated. 

“The increase in agricultural productivity—and incomes—will help create jobs, boost revenues, and improve the quality of food and nutrition.

Climate-smart production practices will mean fewer emissions and cleaner air and water. Overall, a better quality of life,” the World Bank President said. 

Source: Graphic Business

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Thousands of international students expected to study at three Ontario colleges are missing the fall semester, after Ottawa announced it would further tighten Canada’s study permit system.

Some school officials are attributing the dramatic enrollment decline to a chilling effect created by the federal government’s policy, and to visa delays that have resulted from a stricter approach.

Glenn Vollebregt, the president of St. Lawrence College in Kingston, Ont., said his college was expecting 1,600 new international students this fall, but only 775 are enrolled in courses.

“This is not normal,” said Vollebregt, who confirmed many of the students had trouble getting their visas on time, and the college has approved deferral requests for about one-third of the students.

“This is … a direct result of some of the federal policy decisions that we’ve seen take place.”

Last month, Immigration Minister Marc Miller announced he would lower the cap by another 10 per cent, meaning some 300,000 fewer permits would be issued over the next few years. Canada plans a limit of 437,000 study permits in 2025 and 2026.

Vollebregt said the policy means Canada’s brand as an education destination has taken a hit. “Essentially it’s Canada saying we’re closed for business,” he said.

Michael McDonald, director of government relations and policy for Colleges and Institutes Canada, said colleges have expressed deep concerns about a drop in international student enrolments this fall.

“We are expecting sizable declines across our membership,” he said.

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McDonald said he thinks the federal changes have brought uncertainty — both for schools, which rely heavily on international students’ tuition fees, and for potential students, who are deciding whether to come to Canada to continue their studies.

“We think that kind of uncertainty further depresses … enrolments and puts into question a lot of the recruitment efforts,” he said.

Ottawa insists a cap on international students is necessary to bring stability to the country’s ballooning population of temporary residents.

“The annual growth in the number of international students couldn’t be sustained while ensuring students receive the support they need,” said Michelle Carbert, an Immigration Department spokesperson.

“International students are not responsible for the challenges that communities are facing, but the recent skyrocketing growth of this population puts significant pressure on services.”

Carbert said foreign students are encouraged to apply for visas as soon as they get a letter of acceptance from learning institutions to avoid delays.

Mohawk College, which has several campuses in different Ontario cities, welcomed close to 1,500 students from other countries this fall — about 38 per cent fewer than last year, said Katie Burrows, its vice-president for international students.

“This is significant, and it is completely out of the norm,” she said.

She added there is a financial hit that comes from not seeing the expected fees come in. “This year, we can manage it. Going forward, it’s going to be more difficult,” she said.

The college just opened a new 300-bed student residence in downtown Hamilton in anticipation of welcoming more international students, Burrows said — but only 60 students are living there.

She attributed the decrease to several factors, including concerns foreign students have about their future in Canada because of government policy.

Another of the federal changes would affect the availability of work permits for college graduates, which were widely available in the past but will now be restricted to areas that have labour-market shortages in Canada. The change will affect students who apply for permits after Nov. 1.

That has seemingly been the case at Conestoga College, too, which said 1,400 international students deferred their fall programs to the winter semester.

“These deferrals may be the result of visa delays,” said Brenda Bereczki, the executive director of corporate communications at the college.

Brian-Paul Welsh, an immigration consultant at Northern Education Consultants, agreed with the school officials that there are two main factors at play — foreign students rethinking their destinations and “significant” visa delays.

Welsh said Immigration, Refugees and Citizenship Canada had previously come under fire for not reviewing visa applications as carefully as it should have.

That has changed recently, and now every application is being reviewed “quite thoroughly to ensure that they meet the criteria before they give them a successful decision,” he said.

Another layer of bureaucracy could be adding to the time it takes, he said. Ottawa announced in January it would require provinces to issue attestation letters for international students, without which students couldn’t apply for a visa.

Still, Welsh said the larger issue may be the federal government’s policy direction.

Students may be holding back while they wait and see whether the possibility of becoming a permanent resident after their studies is still in the cards, he said.

“The potential benefits might not outweigh what they know it would actually cost,” he said.

Source: GlobalNews

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Navigating complex tax regulations: GroConsult’s experts stay up-to-date with the ever-changing tax laws and regulations in Ghana, simplifying the complexities for businesses. They break down intricate tax rules into easily understandable terms, enabling effective compliance.

Ensuring accurate and timely tax filings: By outsourcing tax compliance to GroConsult, businesses can be confident that their tax returns are filed accurately and on time, minimizing the risk of penalties and fines.

Optimizing tax efficiency: GroConsult provides guidance on maximizing tax efficiency while maintaining full compliance. Their expertise helps businesses fulfill tax obligations in a cost-effective manner.

Avoiding penalties and fines: Failure to adhere to tax regulations can result in severe financial penalties and legal repercussions. GroConsult’s services proactively manage tax obligations, protecting businesses from costly penalties.

Freeing up resources: By outsourcing tax compliance, businesses can redirect their time and resources towards core operations and strategic initiatives, driving growth in Ghana’s competitive business landscape.

Staying updated: GroConsult’s tax compliance services keep businesses informed about the latest tax laws, regulations, and reporting requirements, ensuring they remain compliant as the landscape evolves.

GroConsult’s tax compliance services simplify the complexities, optimize efficiency, and protect businesses from penalties, allowing them to focus on growth while meeting their tax obligations effectively.

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GroConsult stays updated with changing tax laws in Ghana through a combination of proactive strategies and resources.

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Additionally, GroConsult leverages reputable sources of information, such as the Ghana Revenue Authority (GRA) and established accounting firms like PwC, which provide regular updates and alerts on new tax laws and amendments. By subscribing to newsletters and alerts from these organizations, GroConsult ensures that it is informed about the latest tax developments, including significant changes like the recent amendments to the Income Tax Act and the introduction of new levies.

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(Bloomberg) — UK business groups warned the country’s new Labour government against raising a key tax on employers after Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves both signaled a hike is being considered at the budget later this month.

Executives on Tuesday warned that raising the payroll tax — known as national insurance — would hurt economic activity, with a particular impact on the retail and hospitality sectors. That came after both Starmer and Reeves suggested their electoral promise not to raise NI applied only to the component paid by workers, and not to the rate levied on employers.

“It would be a really damaging way to raise the money,” Neil Carberry, chief executive officer of the Recruitment and Employment Confederation, told Bloomberg Radio. “National Insurance isn’t a tax on profits. It’s a tax on activity. It falls most heavily on labor-intensive firms. Those tend to be retailers, hospitality, health firms, consumer-facing businesses,” he added, describing the proposal as a “real challenge” for high streets.

The push-back illustrates the difficult decisions Reeves faces as she seeks to use her budget to plug what she’s called a £22 billion ($29 billion) void in the public finances this year, without holding back growth or breaking election manifesto commitments ruling out rises on “working people” to income tax, national insurance and value-added tax — the Treasury’s main revenue-raisers.

While Labour could expect to face claims from the opposition Tories that doing so would contradict its manifesto wording, government officials argue the document left enough leeway to raise the payroll tax for businesses. Moreover, the Tories attacked Labour during the campaign for not ruling out a rise in NI for employers.

Reeves has said that tax rises are coming at her Oct. 30 budget, and she and Starmer this week have given their strongest indication yet that they are considering increasing the business component of the payroll tax.

“We were very clear in the manifesto that we wouldn’t be increasing tax on working people,” the premier told BBC TV on Tuesday, when asked if the election commitment on national insurance applied to employers as well as employees.

The premier’s language was a repeat of what Reeves told reporters at an international investment summit hosted in London on Monday, and will be seen as a clear hint that the government is considering the move.

Lifting the main employer rate of national insurance by one percentage point would raise £8.45 billion in the 2025-26 financial year, according to estimates published by His Majesty’s Revenue and Customs.

“If we see a rise in national insurance contributions paid by employers, that’s going to increase the cost of taking someone on, of creating a job, and that will make it more difficult for businesses,” Rain Newton-Smith, director-general of the Confederation of British Industry, told BBC radio on Tuesday. She said such a rise would in particular affect firms “who are creating a lot of jobs across our hospitality sector, our hotels, our pubs.”

That view was backed up by Kate Nicholls, chief executive of UK Hospitality. “An increase would particularly hammer sectors like hospitality, where staffing costs are the biggest business expense,” she said. “Hospitality businesses are much less able to stomach yet another cost increase, when they’re already managing increases in other areas like wages, food, drink and energy.”

Meanwhile Craig Beaumont, executive director at the Federation of Small Businesses, told Bloomberg that such a tax rise would fall hardest on the UK’s one million small employers.

“It’s these who create local jobs and take on those furthest from the labor market,” Beaumont said. “A hike would mean less growth, an acceleration of the dip in jobs we are seeing in UK small businesses, and downward pressure on pay and pension contributions – all directly hitting working people.”

Newton-Smith also flagged potential consequences for economic growth and the money the Treasury has to fund Britain’s already-stretched public services. “If those overall increases in costs of hiring aren’t matched by higher productivity, then it makes it harder for businesses to create the jobs and the growth that we need to really fund our public services,” she said.

Source: Bloomberg

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Ghana’s import market continues to be dominated by refined petroleum products, with gas oil and motor spirit super accounting for a quarter of the total import bill in the second quarter of the year.

Out of the country’s total import bill of GH¢58.8, gas oil accounted for GH¢7.3 billion, with motor spirit super accounting for GH¢7.2 billion.

Presenting the international trade statistics for the second quarter of 2024, Government Statistician, Professor Samuel Kobina Annim, said the country’s total trade value was GH¢123.0 billion, with exports totaling GH¢64.2 billion and imports totaling GH¢58.8 billion.

This led to a trade surplus of GH₵5.4 billion, marking a reversal from a deficit of GH¢3.1 billion recorded in the same period in 2023.

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Trade partners

He said the data indicated that Asia remains Ghana’s leading trade partner, contributing over half of the country’s imports and nearly half of its exports in the period under review.

“Between the second quarter of 2023 and second quarter of 2024, the share of imports from Europe declined by 7.5 per cent, while imports from Asia increased substantially by 8.5 per cent,” he said.

He said Gold bullion led Ghana’s exports with a value of GH¢37.0 billion, accounting for 57.6 per cent of total exports.

Other major exports included crude petroleum (GH¢12.6 billion) and cashew nuts (GH₵1.2 billion).

Top export destination

The United Arab Emirates (UAE) remained Ghana’s top export destination, accounting for GH¢15.0 billion, representing 23.3 per cent of total exports.

Switzerland followed closely with exports valued at GH¢13.2 billion representing 20.5 per cent, while South Africa ranked third, with exports amounting to GH₵8.3 billion (12.9%).

China remained the primary source of Ghana’s imports, contributing GH¢12.3 billion (20.9% of total imports), followed by the UAE with a value of GH¢9.1 billion (15.4%) and the United Kingdom with an import value of GH¢5.2 billion (8.8%).

Prof Annim said the Export and Import Unit Value Indices (UVIs) revealed price shifts in key commodities, adding that export prices recorded a 40.5 per cent year-on-year increase, driven largely by surging gold prices while import prices increased by 18.9 per cent.

“In the computation of nominal and real trade values, we have denominated it in cedis. The more than doubling of the nominal values were from GH¢46.3 billion around the second quarter of 2021 to the current figure of GH¢123 billion, so we have adjusted for price changes from a cedi-denominated perspective,” he said.

Source: Graphic Business

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By outsourcing HR functions to GroConsult, companies can concentrate on their core business activities rather than getting bogged down by administrative tasks related to employment management. This allows for better resource allocation and strategic focus on growth initiatives.

In a significant development for Africa’s economic future, the African Capacity Building Foundation (ACBF), the leading institution for capacity development in Africa, and the African Tax Administration Forum (ATAF), the continent’s premier authority in tax matters, have signed a Memorandum of Understanding (MoU). 

This MoU marks a critical step towards strengthening Africa’s tax systems by enhancing capacity building initiatives for domestic resource mobilization and supporting sustainable development in Africa.

Under this MOU, ACBF will provide expertise in leadership development, capacity building, and institutional strengthening through its Institutional Accelerator Model (IAM), in support of the public financial management system in Africa, drawing from its extensive experience in building human capital and institutional capacity for Africa’s sustainable development. 

ATAF will provide expertise in tax administration, policy, and legislation, building on its proven track record of enhancing African tax systems.

 “Strengthening domestic resource mobilization is fundamental to any robust global public financial management system. ACBF remains dedicated to collaborating with African nations to support these critical development areas. Our strategic partnership with ATAF, recognized as the leading authority on taxation in Africa, will significantly enhance and complement ACBF’s ongoing efforts to strengthen the capacity of African countries to finance their development priorities.” said Mr. Mamadou Biteye, Executive Secretary of ACBF.

By combining expertise and resources, ACBF and ATAF will support African countries in building robust tax systems, ultimately contributing to improved domestic resource mobilization and sustainable development. This partnership will focus on key initiatives, including capacity building programs for senior tax administration and policy leaders, developing organizational assessment tools, and promoting best tax capacity building practices. Additionally, the collaboration will facilitate research and knowledge sharing on tax policy and administration, ensuring that African countries receive comprehensive support in building effective tax systems. These initiatives will form the backbone of our joint efforts. 

 “This MoU marks a significant step in advancing Africa’s tax systems and supporting the broader mandate of ATAF towards effective and sustainable tax administrations. By combining ATAF’s experience and expertise in tax matters with ACBF’s capacity-building expertise, this partnership will strengthen our collective efforts to enhance domestic resource mobilization and improve fiscal management across the continent. Through this collaboration, we aim to build a more robust tax infrastructure that equips African nations to meet future challenges and support sustainable development.” commented Mr. Logan Wort, ATAF Executive Secretary. 

With this MoU, ACBF and ATAF are committed to a long-term goal of significantly improving the efficiency and effectiveness of Africa’s taxation architecture. This commitment is a testament to our belief in the potential of African leaders and institutions to drive inclusive growth and sustainable development on the continent. We are optimistic about this partnership’s positive impact on increased domestic resource mobilization and sustainable development.

Source: Daily Observer

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The African Union Commission (AUC) and the Global Africa Business Initiative (GABI), an initiative of the United Nations (UN) Global Compact, have renewed their commitment to advancing development across the African continent. 

This follows the signing of letters of intent, marking a significant step towards strengthening the bond and realising the mutual goals of the two institutions. 

The institutions have, over the past two years, been working together, harnessing the continent’s potential by promoting investments in trade and business opportunities. 

The signing of the letters of intent is to, therefore, strengthen collaboration between the two parties and advance mutual goals in the AU 2024 Agenda for education and GABI’s 2024 themes, as well as the broader and longer term partnership towards the achievement of the AU Agenda 2063 and the Sustainable Development Goals (SDG). 

The signing of the letters of intent occurred on the sidelines of the AU Sixth Mid-Year Coordination Meeting, in Accra, over the weekend.

Madam Tolulope Lewis Tamoka, Chief of Intergovernmental Relations and Africa, UN Global Compact, signed on behalf of GABI, while Mr Albert M. Muchanga, Commissioner for Trade and Industry of the AUC, signed on behalf of the Commission.

Present at the signing ceremony were Madam Fatima Kyari Mohammed, AU Permanent Observer Mission to the UN; Dr Benedict Okeychukwu Oramah, President and Chairman of the Board of Directors, African Export–Import Bank (Afreximbank) and Mr Charles Abani, UN Resident Coordinator to Ghana.

Speaking at the event, Madam Fatima Mohammed, AU Permanent Observer Mission to the UN, described the signing of the letters of intent as a significant milestone which would solidify Africa’s “strong working relations with the UN” and also institutionalise the GABI, which had become a huge platform for foreign engagement with the private sector.

She called for deliberative actions in all sectors of the African economy, particularly with the private sector, to ensure the achievement of set out goals.

Madam Fatima noted that the private sector played a crucial role in driving economic growth, creating jobs and fostering innovations across the continent. 

Leveraging opportunities within the sector towards achieving Agenda 2063 and the SDGs, she said, therefore, required strategic and deliberate actions.

“We need to be deliberate in our actions to be inclusive to ensure all sectors of the society benefit in order for growth to be sustainable. We need to be deliberate when it comes to investment and focused in ensuring human capital development for education, and trading as well as investment in healthcare and critical infrastructure.

“We need to be deliberate in strengthening our institutions to ensure a conducive environment for businesses to thrive and we need to be deliberate in our efforts to achieving regional integration, facilitating trade and investment across Africa borders through initiatives such as the Africa Continental Free Trade Area (AfCFTA),” she stressed.

Mr Muchanga, AUC Commissioner of Trade and Industry, expressed excitement about the signing of the letters of intent, saying it would consolidate engagement between the two parties and ensure prosperity for the continent.

He also reaffirmed the Commission’s commitment to collaborating with the UN towards achieving a common goal, adding that it was ready to ensure full implementation of the letters of intent.

“We are committed to implementing the letters of intent that we have signed.” 

Dr Oramah, President and Chairman of the Board of Directors, African Export–Import Bank (Afreximbank), said the Bank was “proud to be firm supporter of the initiative”.

He said as a Bank, it believed in the African global movement, saying “any initiative that brings all of us together is a positive one for the continent of Africa.”

Mr Charles Abani, UN Resident Coordinator to Ghana, also highlighted the importance of the private sector in achieving the AU 2063 agenda and the SDGs.

On the Agenda 2063 of the AU and the SDGs, he identified six areas as critical to achieving the targets.

This include working on food systems; improving accessibility, efficiency and affordability of energy; digital transformation and the opportunities; leveraging the private sector for jobs, creativity and strong social protection; education and addressing climate change.

Global Africa Business Initiative, also known as GABI, is the premier private-sector led global platform that galvanises African and global private and public sector leaders to amplify and accelerate Africa’s “unstoppable business, trade and investment opportunities” for Africa and the world.

GABI’s goal is to position Africa as the world’s premier business, trade and investment destination and reshape Africa’s global narrative. 

Source: GNA

The West African country looks to sustain growth based on rising productivity.

Côte d’Ivoire, the world’s top producer of cocoa and third-largest supplier of cashews, enters the new year with optimistic growth expectations. The World Bank projects a GDP growth rate of 6.5% in 2024 and 2025, while the International Monetary Fund (IMF) anticipates similar gains.

The World Bank adds that continued investment in network infrastructure, especially in the digital and transport sectors, as well as recent oil discoveries, alongside prudent macroeconomic policies, will boost business confidence and productivity in the country.

The outlook and expectations for the Ivorian economy in 2024 depend on political stability, economic reforms, and global conditions, according to Stéphane Eholie, founder and CEO of Ivorian transport and logistics company Societe Ivoirienne de Manutention et de Transit (Simat).

“The country is experiencing one of the fastest economic growth rates in sub-Saharan Africa,” he notes. “After the Covid-19 pandemic, the country has returned to strong growth and continues to have an important role as a regional economic hub.” Growth is expected to return to the pre-Covid era, when the economy achieved rates of up to 8%.

Yet, such expectations are subject to significant downside risks, mainly due to the Russia-Ukraine conflict, which has caused currency and inflation fluctuations.

Making Improvements

In a December 8, 2023 statement announcing a $300 million aid package, the World Bank noted that “limited competition in key sectors, such as transport, financial services, and telecom, hinders private sector investment.” The bank also notes a need “to improve service delivery and build human capital, reduce spatial disparities, and address environmental concerns, including coastal erosion and deforestation.”

Investments in infrastructure, increased storage capacity, the acquisition or operation of a terminal by a local company, and the “creation of national champions,” would strengthen the private sector’s confidence and stimulate productivity, says Simat’s Eholie. There must also be “relieved borrowing conditions for our businesses,” he stresses.

This was significantly boosted on December 6, when the board of directors of the African Development Bank (AfDB) approved two loans totaling €165 million (about $181.4 million) for Côte d’Ivoire. “The funding is intended for implementation of the Diversification, Industrial Acceleration, Competitiveness, and Employment Programme created under Côte d’Ivoire’s National Development Plan 2021-2025,” the AfDB said in a statement.

This funding is further intended to support “reforms and investments in the public assets needed to develop the private sector and to de-risk the financing of [small and midsize enterprises] and innovative startups,” AfDB explains.

Côte d’Ivoire is also set to fully join the league of African oil producers such as Nigeria, Angola, and Libya in the new year, as investment into its new Baleine offshore oilfield gathers momentum. The Italian oil company Eni is preparing to invest $10 billion into the Baleine field, which it discovered in 2021. It will develop the field in partnership with the state-owned oil company Petroci. The potential of this field is high, with estimates of its reserves ranging from 1.5 billion to 2.5 billion barrels of crude oil and more than 3,300 billion cubic feet of associated gas.

Until now, Côte d’Ivoire has been a modest producer of hydrocarbons, with around 30,000 barrels per day in 2023. But by 2027, during the third phase of development of the deposit, located in deep waters, Côte d’Ivoire is expected to increase production to around 150,000-200,000 barrels of oil per day.

Fueling Growth

Ivorian authorities have come into the new year with strong backing from the World Bank and the IMF to help implement the country’s strategic plans. The National Development Plan aims to implement strategic reforms to help Côte d’Ivoire attain the status of an upper-middle-income economy by 2030.

Besides the $300 million the World Bank has dedicated to accelerating the country’s economic growth, the IMF also announced immediate access to approximately $495 million under a 40-month extended credit facility and extended fund facility (ECF/EFF) arrangement.

These figures are quite modest compared to the level of activity in that country, according to Ernest Achonu, a Nigerian former staff member of the AfDB, in Abidjan, the Ivorian business capital. “The country may need more. It is a country that can handle more resources, but it is a country that is also cautious in its approach in every way,” he says.

The World Bank explains that the $300 million, its second support in a three-part series, focuses on three major reform areas. First: “fostering competition in critical sectors and boosting domestic revenue mobilization.” The reforms “target improvements in sectoral competition policies and regulatory frameworks, particularly in network sectors.”

Second: “expanding equitable access to health and education services, improving the quality of basic education, addressing skills mismatches in labor markets, and advocating for inclusive health insurance.”

Finally: “promoting sustainable natural resource utilization, encompassing sustainable cocoa production and forest conservation, while reinforcing environmental regulatory frameworks.”

“Continued fiscal consolidation envisaged in the 2024 budget will be underpinned by high-quality and permanent tax policy measures, as well as tax and customs administration reforms. These will support reaching the [West African Economic and Monetary Union] deficit target of 3% of GDP by 2025 and reduce the country’s debt sustainability risks,” says the IMF in its December 4 statement assessing the ECF/EFF arrangement.

Meanwhile, several foreign companies operate in various sectors of the economy. Cargill, the global agricultural industry leader, operates cocoa processing facilities in the country, the largest producer of this commodity. In 2021, it completed a $100 million expansion of cocoa processing facilities in Yopougon.

Olam Group, the international food and agribusiness company, also operates in the country, sourcing cocoa, rubber, cashews, and cotton, among other commodities. TotalEnergies is the nation’s largest retailer of petroleum products. Recently, it acquired an offshore license and has begun exploration and production activities. Similarly, Vivo Energy, a Shell brand, has been in the country since 1927.

Others include Societe Generale, the French multinational investment bank and financial services company; Orange, a French international telecom company; and Unilever, a British global consumer goods company.

Furthering Stability

The country’s political stability has been tested by Jihadist strife in the northern region bordering Burkina Faso, which has led to the displacement of locals and the creation of humanitarian challenges.

In 2025, Côte d’Ivoire returns to the presidential polls, which will test whether the nation can avoid the tumult of the 2020 election, which was boycotted by leading opposition figures.

“There is no problem. Ivorians have had enough of problems,” says Achonu. “With the level of development going on in the country, the people are happy.”

For more information, check out Global Finance’s Côte d’Ivoire GDP data page.

Source: Global Finance

China’s flagship economic cooperation program is making a strong comeback after a slowdown during the global pandemic, with a renewed focus on Africa.

• China’s involvement in Africa remains predominantly extractive and has sparked concerns in European public debates
• Chinese investment in Africa surged by 114% last year, mainly directed towards crucial minerals
• Chinese sovereign lending for Africa’s infrastructure is at its lowest level in two decades

A Reuters analysis of lending, investment, and trade data shows this resurgence.

Chinese leaders have cited the billions of dollars committed to new construction projects and record levels of two-way trade as proof of their dedication to supporting Africa’s modernization and fostering “win-win” cooperation.

However, the data reveals a more complex relationship, one that remains predominantly extractive, and has so far failed to live up to some of Beijing’s rhetoric about the Belt and Road Initiative, an ambitious infrastructure development program seeking to link China with markets and economies across the globe.

China’s involvement in Africa has sparked concerns in European public debates and among policymakers.

With a desperate need for raw materials and energy to fuel its expanding manufacturing sector, China has prioritized the continent almost as highly as Shanghai in its business agenda.

Last year, Chinese investment in Africa surged by 114%, as reported by the Griffith Asia Institute at Australia’s Griffith University. However, this investment was predominantly directed towards minerals crucial for the global energy transition and China’s efforts to rejuvenate its struggling economy.

Some $7.8 billion of that went to mining, like Botswana’s Khoemacau copper mine, which China’s MMG Ltd bought for $1.9 billion, and cobalt and lithium mines in countries including Namibia, Zambia and Zimbabwe.

As attempts to increase other imports from Africa, such as agricultural products and manufactured goods, falter, the continent’s trade deficit with China has ballooned. Chinese sovereign lending, once the primary source of financing for Africa’s infrastructure, is now at its lowest level in two decades.

Moreover, public-private partnerships (PPPs), which China has promoted as its new preferred investment model worldwide, have yet to gain traction in Africa.

“This is something late-19th century Britain would recognize,” said Eric Olander, co-founder of the China-Global South Project website and podcast. China rejects such assertions.

“Africa has the right, capacity and wisdom to develop its external relations and choose its partners,” China’s foreign ministry told Reuters.

“China’s practical support for Africa’s path of modernization in accordance with its own characteristics has been welcomed by an increasing number of African countries.”

Source: Business Insider Africa

The fintech landscape in Africa is experiencing a surge in growth opportunities, with South Africa emerging as a key player in this dynamic sector. Despite global challenges, venture capital investment in South Africa remained resilient, marking a 6% increase to reach a notable $620 million in 2023.

Fintech solutions, particularly those addressing payment challenges, continue to dominate innovation and attract significant venture capital interest across the African continent.

According to Antonia Bothner, Endeavor SA’s capital markets lead, the market’s transition from cash presents vast untapped potential, both in South Africa and across the African continent, where up to 75% of transactions are still cash.

Africa provides fertile ground for tech development, offering investors a leapfrogging effect through its young and populous markets with high levels of tech adoption. South Africa is a particularly attractive market to start in, with its first and third-world attributes. It has a developed tech ecosystem, established B2B network, relatively low costs, yet with a mass market, meaning many opportunities for innovation.

In many cases, these solutions are transportable, such as TymeBank expanding to the Philippines and Vietnam, and Entersekt taking locally-developed transaction authentication solutions to the developed markets, as an example.

“The development of fintech solutions tends to revolve around payments which is often the first building block of any tech ecosystem, because it is such a ubiquitous problem to solve,” explains Bothner. “This creates a burgeoning pipeline of opportunities for fintech companies, particularly in payments, remittances, and B2B solutions.”

Despite a global decline in VC investment in 2023, South Africa bucked the trend and several notable regional fundraises continue to underscore the confidence in its potential. These include the SME Fund’s Venture Capital Fund of Funds, Partech Africa II, Norrsken22, Convergence Capital, Al Mada, Knife Capital, Sanari Capital, Quona and Havaic.

Recent investments in payment companies like Stitch and Peach Payments, also highlight the increasing investor interest in fintech ventures. Furthermore, South Africa’s stability amidst currency fluctuations in other African countries, notably Nigeria and Egypt, positions it as an attractive destination for investors seeking a balance in both risk and return.

“There is increased inbound interest and recognition by investors, many of whom felt they were under-allocated in South Africa,” says Bothner. “It represents a market with comparatively lower volatility, bolstered by a robust asset management sector, a keen understanding of value, and enticing investment opportunities in profitable companies run by strong management and affordable talent.” 

These entrepreneurs are attracting investments from companies like Quona Capital, a global fintech investor whose investments include local payments company Yoco. Quona Capital Partner, Johan Bosini says: “There has been a huge influx of foreign capital into the fintech ecosystem, which has built up over several years to create early and late investment opportunities, and evidence of exits, which provides a level of comfort for investors.”

Bosini says fintech has evolved from pure play products into financial infrastructure, lending, banking as a service and banking orchestration. There is also a continuation of embedded finance, where companies are not necessarily starting with a financial service but solving a bigger problem.

Allan Gray, with its strong connection to the entrepreneurial sector, is also an investor in the fintech space. It backed companies like Peach Payments and Onafriq through its venture capital arm, which is now known as 3 Capital Ventures. Sizwe Nxumalo, Managing Partner at 3 Capital Ventures, says: “South Africa is fertile ground for financial innovation, boasting a legacy as the world’s most inventive insurance market with pioneers like Discovery and OUTsurance, alongside ground-breaking banks such as FNB and Capitec. Its market maturity and sophistication create a unique ecosystem where fintechs like Weaver, TYME Bank, Yoco and Retail Capital can not only thrive, but also achieve meaningful scale focusing primarily on this market.” 

There are also significant opportunities for later stage investing. Bothner continues, “at this point in their lifecycle, these companies are relatively agnostic of market cycles and plough ahead on their own trajectory. Once companies find a market fit, they can grow via disruption and/or creating new industries.” 

Endeavor, which runs several VC funds, continues to back high growth high impact entrepreneurs who are passionate and obstinate about the problems they are solving through mentorship and its global networks as well as its co-investment funds both locally via Harvest and globally via Endeavor Catalyst.

“We look for endurance, tenacity and perseverance,” says Bothner. “Being a successful entrepreneur is an art rather than a science and there is a broad spectrum of entrepreneurs with many factors contributing to their success – it is about company leadership, a shared vision, alignment of incentives and a shared focus on what they are building. Strategy and execution is key, yet with an awareness and agility to move and change tack when needed.” 

Endeavor expects this evolution to provide a ripe investment market going forward and one that will benefit the country and its people. Entrepreneurs have been focusing on strategy and growth in the absence of a strong investment market in 2023, underpinning investment potential which is backed by a resilient tech sector and positive longer term funding trend in Africa.

Source; Techtrendske

Emirates will resume services to Nigeria from 1 October 2024, operating a daily service between Lagos and Dubai, and offering customers more choice and connectivity from Nigeria’s largest city to, and through, Dubai.

The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs; the return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day. Tickets can be booked by contacting our associate company; Kharis Hospitality & Logistics (services@mykharisonline.com)

Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer said, “We are excited to resume our services to Nigeria. The Lagos-Dubai service has traditionally been popular with customers in Nigeria and we hope to reconnect leisure and business travellers to Dubai and onwards to our network of over 140 destinations.  We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard.”

With the resumption of operations to Nigeria, Emirates operates to 19 gateways in Africa with 157 flights per week from Dubai, with further reach to an additional 130 regional points in Africa through its codeshare and interline partnerships with South African Airways, Airlink, Royal Air Maroc, Tunis Air, among others.

As a major economic hub in Africa, Nigeria and the UAE have built strong bilateral trade relations over the years, headlined by Lagos as the nation’s commercial centre. With the resumption of daily passenger flights, the airline’s cargo arm, Emirates SkyCargo, will further bolster the trade relationship by offering more than 300 tonnes of bellyhold cargo capacity, in and out of Lagos every week.

Emirates SkyCargo will support Nigerian businesses by exporting their goods via its state-of-the-art hub in Dubai, into key markets such as the UAE, Malaysia, Hong Kong, and Bahrain, among others with key anticipated commodities such as Kola Nuts, food and beverages, and urgent courier material. Emirates SkyCargo will also import vital goods such as pharmaceuticals and electronics as well as general cargo from key markets such as the UAE, India and Hong Kong. Keeping trade flowing seamlessly, these goods will be transported quickly, efficiently, and reliably via the airline’s multi-vertical specialized product portfolio. 

The Emirates Boeing 777-300ER serving Lagos will operate with 8 First Class suites, 42 Business Class seats, and 304 seats in Economy Class. Offering the best experience in the sky, passengers can dine on regionally inspired multi-course menus developed by a team of award-winning chefs complemented by a wide selection of premium beverages. Customers can tune in to over 6,500 channels of global entertainment, including 23 Nigerian movies, in addition to series and other content on ice, Emirates’ award-winning inflight entertainment system.

Source: Emirates

The Arab Africa Trade Bridges Program (AATB) General Secretariat announced the Republic of Cote d’Ivoire as a new member of the program.

This strategic addition marks a significant step towards enhancing trade, economic cooperation, and regional integration between Africa and the Arab world. The AATB program has been very active in promoting economic partnerships between Arab and African nations. The membership of Cote d’Ivoire in this dynamic initiative demonstrates its commitment to strengthening regional ties and advancing its role within the AfCFTA framework.

Arab-Africa Trade Bridges (AATB) Program is a multi-donor, multi-country and multi-organizations program, aiming to promote and increase trade and investment flows between African and Arab member countries; provide and support trade finance and export credit insurance; and enhance existing capacity building tools relating to trade.

Cote d’Ivoire’s participation in the AATB program holds great importance for its aspirations for trade expansion and economic growth. It positions the country very well to leverage on the benefits of increased market access, diversified trade routes, and expanded investment opportunities. By collaborating with AATB member countries, Cote d’Ivoire can enhance its export capabilities, attract foreign investments, and stimulate economic growth.

Eng. Hani SONBOL, the Secretary General of the AATB, expressed enthusiasm about Cote d’Ivoire’s membership, stating, “The membership of Cote d’Ivoire in the Arab Africa Trade Bridges AATB Program strengthens the program’s mission of promoting economic growth and partnership. We believe that this collaboration will not only benefit Cote d’Ivoire but will also significantly contribute to the economic advancement of the Arab and African regions.”

With its strategic geographical location, dynamic economy, and rich cultural diversity, Cote d’Ivoire is well-positioned to play a central role in facilitating trade and collaboration within the Arab and African countries.

Launched by The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank (IsDB) Group, The AATB Program is geared towards increasing economic integration and support sustainable growth across Arab and African countries.

Source: New Business Ethiopia

According to a TASC poll, the majority of Emiratis, or 73.67 percent, are happy with their current occupations.

According to figures released by the Ministry of Human Resources and Human Resources (MoHRE), the number of Emiratis employed in the private sector at the end of 2023 reached approximately 96,000, setting a new historical record. This represents an increase of 170 percent from 2021.

This was declared on Monday during the introduction of the second edition of “Making Emiratization a Success Guide for 2024,” which was organized by the MoHRE and staffing and HR solutions company TASC.

A research by found that 77.65% of UAE citizens use the Nafis initiative to look for work, and 56.64 percent of them believe it has been useful to them in their career journey.

According to the survey, 73.67 percent of Emiratis are happy in their current positions. According to the report, 62.8% of Emiratis place a higher priority on work-life balance, 59% place a higher priority on job stability, and 58.4% place a higher priority on professional advancement.

Additionally, it was discovered that 52.30% of businesses preferred to hire UAE nationals on a permanent basis, while 31.80% were amenable to hiring UAE nationals on a contract basis or in a hybrid manner.

Over 5,500 responses from a variety of businesses were received in the poll, which was done with all three categories representing UAE nationals, employers, and employees.

Additionally, the employers disclosed that while they are concentrating their Emiratization efforts on a range of roles, they are giving particular weight to sales and marketing (42.05 percent) and customer service (42.40%). According to the report, operations roles have drawn a lot of interest, with 33.57% of businesses looking to fill these posts with UAE nationals.

Ahmad Yousuf Al Nasser from MoHRE highlights private sector support for Emiratisation, noting employers’ plans to hire UAE nationals. He emphasizes the strategic recruitment approach, with many companies intending to employ up to 10 Emiratis.

Mahesh Shahdadpuri of TASC Outsourcing underscores additional efforts to integrate Emiratisation into the UAE’s work culture. He mentions a significant willingness among candidates to join both public and private sectors and a high percentage of employers ready to welcome Emirati professionals, indicating growing initiatives for Emiratisation.

News Source: Khaleej Times

The European Union (EU) will limit visas for people from Ethiopia. This is because the Ethiopian government hasn’t been helping take back citizens who stay in the EU illegally.

The EU Council announced this in a statement on Monday. Ethiopians won’t get visas for multiple entries anymore. Also, Ethiopians with diplomatic and service passports won’t have their visa fees waived.

Getting a visa will take longer too. It used to be 15 days, now it will be 45 days, the EU said. Ethiopia hasn’t responded yet.

The EU decided this because they think Ethiopia isn’t doing enough to take back its citizens who stay illegally in the EU.

The EU says these restrictions won’t last forever, but they haven’t said when they’ll end.

The EU is dealing with a lot of people coming in from other countries. Last year, about 380,000 people came into the EU illegally. That’s the most since 2016.

Source: Africanews

The Ghana Revenue Authority (GRA) in collaboration with the Society of Women in Taxation (SWIT) have launched a tax sensitization program at Mallam Atta market, engaging hundreds of women in a conversation about taxation and national development.

The initiative is part of measures to promote tax compliance and empowerment. The intensive education campaign, which took place at the Mallam Atta market, was to sensitize the market women to the importance of prompt tax returns and compliance. It also aimed to educate the women on the benefits of tax payment and the consequences of non-compliance.

Filing taxes promptly 

Commissioner-General of GRA, Julie Essiam, emphasised the need for taxpayers to file their returns promptly to avoid sanctions. She explained that the Income Tax Act 2015 (Act 895) and the Revenue Administration Act 2016 (Act 915) required taxpayers to file their returns within four months of the next year. The Commissioner-General highlighted the benefits of tax payment, including infrastructure development, construction of schools and health facilities, and other government interventions.

She encouraged the women to unite and support each other in understanding tax-related issues for smooth compliance. The women were also educated about an online portal the GRA introduced to make tax payment and filing convenient and easy. Commissioner-General in charge of Domestic Tax Revenue, Edward Apenteng Gyamera, explained that the portal enabled taxpayers to file returns, initiate payments, apply for refunds and perform other transactions without visiting GRA offices.

The President of the Society of Women in Taxation, Esi Sam, noted that the informal sector, which was largely dominated by women, constituted 69.7 per cent of the population, making it essential to encourage tax compliance among women.

The market women expressed appreciation for the initiative and urged the government to utilise tax revenue for its intended purposes. Later, officials of GRA interacted with the women, addressing their concerns and providing guidance on tax-related issues.

Source: GraphicOnline