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Business and Economics

Review the nation’s tax regime to save the private sector from collapsing

 

Kumasi, March 19, GNA – Mr Cobby Asmah, Chief Executive Officer of the Type Company Ltd, has challenged the government to, as a matter of urgency, review the nation’s tax regime in order not to collapse industries in the private sector.

 

Kumasi, March 19, GNA – Mr Cobby Asmah, Chief Executive Officer of the Type Company Ltd, has challenged the government to, as a matter of urgency, review the nation’s tax regime in order not to collapse industries in the private sector.
     He said the situation whereby raw materials imported to feed the local industries were taxed heavily but finished products imported to compete with locally manufactured products were not taxed was a great disincentive and could easily collapse the already weak private sector.
     Mr Asmah said this during the closing ceremony of the six-week Entrepreneurship Clinic organized by the Centre for Business Development (CBD) of the Kwame Nkrumah University of Science and Technology (KNUST) in collaboration with the College of Art and Social Sciences  in Kumasi.
     He said although the printing industry stood the chance of turning the nation’s economy round, lack of conducive environment was hindering the operations of the industry and, therefore, called for action to be taken to prevent industries collapsing in the sector.
     He said the issue of capacity building was very crucial in the development of every sector but not much was being done to boost or enhance the capacity of the practitioners and called on the government to support the stakeholders to enhance the capacity of practitioners in the sector.
     The clinic brought together all final year students of KNUST to educate them on opportunities, challenges, characteristics, attitudes and skills for a successful entrepreneurship and venture creation.
     The students learnt, among other things, appreciating the relationship among concepts and principles of entrepreneurship, and small business management and its prospects and challenges.
     The other things learnt are managing and sustaining a business in Ghana, understanding the business environment and opportunities and threats it presents, discovering and utilizing their potentials in life and coping with life after school. It also helped them to understand the business financing systems of Ghana including micro financing.
      Mr Ralph Nyadu-Addo, Head of CBD, commended the managing directors of Airtel Ghana Ltd, HFC Bank, FIO Enterprises ltd, Zoomlion Ghana ltd, Type Ghana Ltd, RLG Electronic ltd, GLICO Insurance, UT Bank Ghana Ltd, KESSBEN, Elikem Nutifafa Kuenyehia and other cerebrated entrepreneurs who were resource persons at the programme.
      Mr Nyadu-Addo, who is also the chairman of the planning committee, urged the students to go out with entrepreneurship and intrapreneurship mind-set to help them to be self-employed.
      He said the CBD would continue to put in place various programmes that could better the lot of the students as they prepared to go into the world to begin life.
      Mr Roland Agambire, Chief Executive Officer of the Rlg Communication Group, called on students to remain focused at all times to enable them to achieve their dreams in life.
      He said since branding played a key role in business, there was the need for all entrepreneurs to have in mind the need to make product branding part of their main life to promote their products.
     Mr Agambire urged the students to find time to study the entrepreneurship skills to enable them to flourish with their businesses.
     He urged the students to take advantage of the Information and Communication Technology (ICT) sector and create new job opportunities for themselves and others.
     “This nation stands the chance of being the hub of ICT in the sub region if all will put their shoulders to the wheel to develop the sector,” he said.
      Mr Agambire urged the students to be more creative in their day-to-day activities to pave way for the creation of avenues for job.
     Professor Williams Otto Ellis, Vice Chancellor of KNUST, who chaired the closing ceremony, commended the CBD for putting in place such a programme to support the development and training of the students for a better life after school.
     He commended graduates from the university, who are working in various capacities in the country and abroad, for their dedication which kept bringing honour to the university and the  country as a whole.
     The Vice Chancellor reminded the students to remain disciplined, honest and show dedication in all their endeavours to enable them to win the heart of people they live or work with at all times.

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