On May 28, 1998, Strive Masiyiwa shared his invaluable business lessons in an interview. Born in Zimbabwe, Masiyiwa is a renowned entrepreneur and philanthropist, best known as the founder and executive chairman of Econet Wireless, a leading telecommunications company in Africa.

During the interview, Masiyiwa emphasized the importance of perseverance and innovation in the business world. He discussed how he navigated challenges and setbacks throughout his entrepreneurial journey, highlighting the need to adapt to changing circumstances and seize opportunities.

Masiyiwa also underscored the significance of ethical business practices and integrity, emphasizing the long-term benefits of maintaining honesty and transparency in all dealings. He spoke about his commitment to corporate social responsibility and giving back to the community, outlining how businesses can have a positive impact on society beyond profit-making.

Moreover, Masiyiwa shared insights into the telecommunications industry and the role of technology in driving economic development in Africa. He discussed the potential for mobile technology to empower individuals and transform lives, particularly in underserved communities.

Overall, Masiyiwa’s interview provided valuable lessons for aspiring entrepreneurs, emphasizing resilience, integrity, and the power of innovation in building successful businesses with a positive societal impact.

Christian FellowsSend your news, stories or articles to info@chrife.com.gh or via WhatsApp +233550144803

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The Mediterranean business paradise that is Cyprus, has been increasingly deemed as an idyllic destination for investment and starting up a business in recent years. From its strategic location, favourable tax regime and thriving business ecosystem, with numerous successful startups by Cypriot intellectuals taking the world by storm on a yearly basis, Cyprus has emerged as a hotspot for entrepreneurs seeking to turn their visions into reality. 

Whether you’re a local entrepreneur with deep roots in the Cypriot community, or an expatriate eager to tap into the island’s blooming business spirit, the more you are equipped with the right kind of knowledge, tools and inspiration, the more you will be able to thrive in Cyprus’s dynamic business landscape, or any other business capital around the world.

“It’s All Greek To Me (A Guide To How Business Really Works)” by Peter Petrou

Peter Petrou’s insightful guide, ‘It’s All Greek To Me ( A Guide To How Business Really Works)’ looks at the soft white underbelly of startup businesses and explores the most common pitfalls and mistakes that aspiring entrepreneurs face when trying to make their abstract ideas into profitable business ventures. With a smart, punny title, Petrou’s book implies that entrepreneurs will be able to uncover and decipher invaluable wisdom on understanding the nuances of business operations, from managing relationships with local shareholders to leveraging cultural insights for a strategic advantage.

“Entrepreneurship in Small And Medium-Sized Enterprises” by Andreas Masouras

Andreas Masouras’s profound exploration of entrepreneurship in SMEs, called ‘Entrepreneurship in Small And Medium-Sized Enterprises’, provides a reliable guidebook within the context of Cyprus’s business landscape. Masouras tackles the complex issues associated with starting a business through the lens of young entrepreneurship and innovation in SMEs, with a focus on significant questions and assumptions, as well as their importance in fostering innovation. Through meticulous methodology grounded in both qualitative and quantitative approaches, Masouras offers valuable insights that resonate with the realities faced by Cypriot entrepreneurs striving to thrive in a competitive market environment.

“Zero to One: Notes on Startups, or How to Build the Future” by Peter Thiel with Blake Masters

In “Zero to One”, Peter Thiel, co-founder of PayPal and an early investor in Facebook, discusses the concept of innovation and the mindset required to create something entirely new. The book challenges conventional wisdom on entrepreneurship and is a must-read for anyone looking to start a technology company. From identifying untapped opportunities to cultivating a culture of innovation, Thiel and Masters offer a roadmap for startups looking to build something from scratch. In Cypriot terms, the book will allow young entrepreneurs with the principles they need to defy convention, challenge the status quo and chart a course towards unprecedented success within the already dynamic Cypriot business landscape.

“The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers” by Ben Horowitz

Written by one of Silicon Valley’s most respected and experienced entrepreneurs, the book ‘The Hard Thing About Hard Things Building a Business when there are no Easy Answers ’ offers essential advice on building and running a startup in a complex world. Horowitz shares insights from his own experiences and lessons learned from various historical and contemporary figures, without ever sugarcoating any of the harsh realities of entrepreneurship. Instead, he dives deep into the challenges that confront business leaders on the daily, by offering valuable insights on decision-making, leadership and resilience. Horowitz’s advice is peppered with humour and humility, something that will resonate with entrepreneurs in navigating the unpredictable terrain of startup life. In the Cypriot market, where entrepreneurship is thriving amidst economic growth and innovation, Horowitz’s lessons on resilience and adaptability will be particularly pertinent.

“The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses” by Eric Ries

This modern classic by Eric Ries, ‘The Lean Startup’, offers readers a blueprint for success in an era of uncertainty and rapid change. Ries challenges the conventional wisdom that elaborate business plans are essential for success, by advocating instead for a lean and agile approach that prioritises validated learning and rapid experimentation. By emphasising real progress over vanity metrics and encouraging continuous adaptation, this book empowers entrepreneurs to navigate the murray waters of startup life with confidence and resilience. Considering the uncertain times that we have experienced in recent years, Cyprus has managed to maintain a stably profitable economic landscape that has been inviting for many foreign investors looking for a destination to either expand or set off their business, and along with Ries’ modern interpretation of entrepreneurship, could be a winning formula for success.

“Think Big, Act Bigger: The Rewards of Being Relentless” by Jeffrey W. Hayzlett

‘Think Big, Act Bigger: The Rewards of Being Relentless’comes from global business celebrity and prime-time Bloomberg television host, Jeffrey W. Hayzlett, and is a great guidebook, inspired by his own real-life experiences, for any aspiring business leader seeking to transcend the status quo and achieve unprecedented success. Through a combination of personal anecdotes and personal insights, including his tenure as CMO at Kodak, Hayzlett challenges readers to break free from conventions and embrace a mindset of relentless pursuit. He distils ten core lessons that encourage leaders to boldly assert their vision, defy limitations and overcome obstacles with determination. In the context of the Cypriot business landscape, Hayzlett’s message resonate deeply, as the island continues to position itself as a hub for startups and emerging businesses, with aspiring entrepreneurs having a lot to learn for the author’s relentless approach and examples of seizing any opportunity that arises.

“Will It Fly? How to Know if Your New Business Idea Has Wings … Before You Take the Leap” by Thomas K. McKnight

As a practical and intuitive tool and with its author Thomas K. McKnight, having helped hundreds of businesses to launch throughout the years, the book “Will It Fly? How to Know if Your New Business Idea Has Wings … Before You Take the Leap”has long provided a comprehensive checklist that has allowed businesses to thrive. With a focus on addressing 44 key elements of success as gathered from over 200 business launches, McKnight provides readers with a fast, confidential and reliable method for refining their concepts and maximising their chances of success. By using this invaluable resource, entrepreneurs can protect themselves and their investors from unnecessary risks, quickly evaluate multiple options and significantly improve their odds of building a successful venture. Business ideas must be sustainable and well-positioned to thrive, with Cyprus’s favourable business climate, tax regulations and legal conditions, providing an ideal starting point for businesses to embark on their journey to success.

Each of these books provides a unique perspective on the different aspects of starting and running a business. From practical advice on the day-to-day workings of a startup to philosophical insights on leadership and growth, these books are must-reads for any aspiring entrepreneur, as they will not only prepare you for the challenges ahead but also inspire you to innovate and lead effectively. By immersing themselves in these resources, entrepreneurs can also harness the entrepreneurial spirit of Cyprus, as a rising innovation hub for startups and global businesses, in order to seize opportunities, overcome obstacles and ultimately build thriving businesses that contribute to the economic growth and prosperity of the island.

Related videos:

Source: Fast-forward.com.cy

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This follows recent reforms implemented by the Central Bank of Nigeria, which have resulted in increased liquidity within the Nigerian foreign exchange market.

According to Bloomberg’s findings, major Nigerian companies such as MTN Nigeria Communications Plc, BUA Foods Plc, and Cadbury Schweppes Overseas Limited’s Nigerian arm have confirmed their ability to procure dollars for fulfilling their foreign currency obligations.

This, according to the report, marks a notable shift from the previous scenario, where the scarcity of US dollars had hindered their ability to repatriate profits or settle payments to foreign suppliers.

Bloomberg reports that dollar liquidity surged by 90% to $160.8 million on Tuesday compared to the previous day, as noted in an emailed statement from Chapel Hill Denham on Wednesday.

The apex bank is also selling dollars to money traders to boost distribution to retail users.

Despite the increased liquidity, the naira depreciated by 1.2% to 1,416 against the dollar on Tuesday.

MTN Nigeria, the country’s largest mobile operator, capitalised on the enhanced liquidity within the foreign exchange market.

Chief Financial Officer, Modupe Kadiri, revealed during an investors conference call last week that MTN Nigeria managed to decrease its letters of credit obligations by 41.6%, reducing them from $416.6 million in December to $243.4 million.

Taking advantage of the enhanced dollar liquidity, BUA Foods, Nigeria’s largest food and beverage company, reduced its debts by approximately 6% in the first quarter of this year, according to Managing Director Ayodele Abioye.

He expressed optimism about the future, stating, “Dollar availability will no doubt have a positive impact going forward and we are optimistic of better performance for half-year 2024,” he said.

Likewise, Cadbury Nigeria has been able to access all its dollar needs from the official market since the start of the year, Finance Director Ogaga Ologe told Bloomberg by phone.

“Our local-currency cash has dropped because of us being able to buy foreign exchange in advance for the materials we need,” he said.

“The increased dollar liquidity is providing a respite for companies to pay down debts and cushion the effect of the devaluation,” Adetilewa Adebajo, economist and chief executive at Lagos-based CFG Advisory, said in a phone conversation with Bloomberg.

Adebajo emphasised that while liquidity has improved, it must be sustained over the next year to facilitate the desired turnaround for companies.

“Authorities need to make sure real rates are positive, that the interest rate is matching inflation and fiscal responsibility in terms of government spending is in check,” he said.

Bloomberg highlights that the Central Bank of Nigeria has implemented several measures since the start of the year to enhance liquidity within the economy.

These measures include increasing its benchmark rate by 600 basis points to incentivise capital inflows and removing the currency’s peg, allowing the market to determine the exchange rate of the naira.

The financial news publication said these actions have been taken in response to years of unconventional currency management practices which have discouraged investors and resulted in a scarcity of US dollars.

“Portfolio flows have responded positively to reforms with increased FX turnover,” Tatonga Rusike, sub-Saharan Africa economist at Bank of America Corp., said in an investment note.

“The average daily FX turnover has more than doubled from 2023 lows,” Rusike stated.

Source:Punchng.com, Author: Okiki Adeduyite

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Looking for a bigger salary so you can support yourself and your family comfortably in the middle of inflation? Then you should look no further than these seven must-have skills, as identified by Coursera in its “7 High-Income Skills Worth Learning In 2024” report.

It’s no secret that learning new skills can set you at a greater advantage for your career—not only when seeking to secure a new job, but also when launching your own business venture as a freelancer or when building your side hustle.

But learning a high-income skill is even better.

What Is A High-Income Skill?

Compared to other skill sets (soft skills and technical skills included), high-income skills are a set of soft and technical skills that are in high demand within the workplace, and within certain industries and markets.

Consequently, employers (or clients if you are a freelancer), are willing to pay a premium for talent who possess these skills because they are a rare breed (as least for now until this article and the Coursera report gets popular). They are also willing to pay higher salaries because they know just how crucial these skills are to the successful running of their business operations.

To give a rather obvious example, a CEO is generally paid much more than any other executive, manager, or employee for that matter, in part because there are less professionals with CEO capabilities and potential to fill that particular role than there are middle managers or other employees, and also because the CEO is absolutely indispensable to the needs of the business, to drive it forward.

These two factors—the skilled talent shortage and the indispensable nature of the role—are two important priorities to consider and look out for when seeking to retrain or upskill yourself. As a rule of thumb, if you have a high-income skill, your career is more likely to be agile and withstand external pressures such as layoffs or market changes, because these skills can be transferred almost anywhere, so you will be able to bounce if needed.

7 High-Income Skills

On a side note, surprisingly, in Coursera’s analysis, AI (artificial intelligence) did not feature in their list of high-income, in-demand skills to learn in 2024. Might this be because the hype around AI is starting to fizzle out? Are professionals and employers still recognizing the value of integrating AI into their workplaces and implementing AI tools across their workflow? Or do they already have all they need to know? Perhaps that is a question for another time.

However, it is interesting to note that some of the skills listed in the report relate in some way to AI integration and development—such as data analysis and software development, for example.

Back to the point—the seven high-income skills Coursera listed are:

1. Data analysis
2. Software development
3. User experience
4. Web development
5. Project management
6. Account management
7. Content creation and management

7 Free Online Courses (With Certificates)

Here are seven online courses that are not only free (meaning you have no excuses to not start a course today), but also come with certifications and/or badges—which gives you a sense of pride and adds a stamp of validity to all your hard work and studies:

1. Free Data Analysis Courses With Harvard

Harvard University might be viewed as an Ivy League school out of most people’s pocket range, but they do offer a range of free data science and data analysis courses accessible to anyone, that you can study online. While the courses are free, you may need to pay if you want the certificate—but this is much cheaper than paying for an entire course and is well worth it if you wish to prove your skills to employers or business clients.

2. Google For Developers Platform

Google has a platform dedicated to aspiring developers which includes a vast list of developer education, helpful if you wish to be a software developer, especially for Android. While they may not provide a certificate per se, they give you a quiz at the end of their courses and you receive a badge on your developer profile. With parental consent, learners can start as early as 13 years old.

3. Google UX Design Certificate

Google offers a free course and certification via its educational arm, to help aspiring user experience professionals learn the skills they need for the workplace. This UX Design certification is offered via Coursera.

4. HTML, CSS, and Javascript for Web Developers by Johns Hopkins University

Provided by Johns Hopkins University, this introductory course also comes with a free certificate, and its content is available free if you require and are eligible for financial aid.

5. Google Project Management Certificate

When it comes to project management certifications, we often think about industry-leading certificates such as those offered by the PMI (Project Management Institute). But when it comes to the world of free project management certificates, Google’s career certificate in project management tops the rest.

6. Customer Relationship Management Certification by Great Learning

Provided by Great Learning, this CRM course covers the fundamentals of relationship management as a sales professional handling business accounts, and also comes with a free certificate.

7. Digital Marketing Course: Get Certified in Digital Marketing, by HubSpot

HubSpot offers an extensive range of free certifications via its HubSpot Academy, and one of the courses with certificates that it offers for free is its digital marketing certification. It covers topics including SEO and social media.

This list of free courses and certifications proves that anyone can learn a high-income skill. Even if you have no desire to work directly within these fields, you can still learn these skills and apply them to your work function. For example, if you work as a manager, gaining a project management certification may not be necessary, but may help you stand out from other employees, enabling you to be well-recommended for promotions or a pay raise, as you have more niche skills. A skill set within digital marketing can come handy if you’re a freelancer seeking to market your services effectively. Ultimately, not only is it the case that everyone can learn a high-income skill, but everyone should learn a high-income skill if they wish to have a thriving career.

Source: Forbes.com, Author:Rachel Wells

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As corporate earnings season winds down, investors refocused on economic data and the likely path of U.S. rates. Equities have been on a furious rally for weeks, fueled largely by enthusiasm about artificial intelligence-related stocks that lifted the S&P 500 and Dow Jones industrials to record levels while leaving the Nasdaq just short of a new high.

With the latest employment report not due until next week, the spotlight is on Thursday’s January personal consumption expenditures price index (PCE), the Fed’s preferred inflation gauge.

Should the PCE reading resemble recent inflation readings on consumer and producer prices, it could compel the Fed to hold rates at current levels longer than the market is anticipating.

On Monday, Kansas City Federal Reserve Bank President Jeffrey Schmid used a debut speech on policy to signal that he remains focused on the threat of high inflation and is in no rush to cut rates.

In addition, Fed Governor Michelle Bowman on Tuesday indicated she is in no hurry to cut rates, given upside risks to inflation that could stall progress or even cause price pressures to resurge.

It’s been toppy, it feels like it is clearly a little bit stretched,” said Ken Polcari, managing partner at Kace Capital Advisors in Boca Raton, Florida.

“The market is getting at least attuned to the fact they are not going to get what they want and so it is backing up. … You’re going to see it fade in a hurry if the PCE number comes in as expected or hotter than expected.”

According to preliminary data, the S&P 500 (.SPX) gained 9.95 points, or 0.20%, to end at 5,079.48 points, while the Nasdaq Composite (.IXIC) gained 59.05 points, or 0.37%, to 16,035.30. The Dow Jones Industrial Average (.DJI)fell 99.18 points, or 0.25%, to 38,970.05.

Expectations for a cut of at least 25 basis points (bps) by the Fed at its June meeting stand at 59.1%, down from the near certainty at the end of January, according to the CME Group’s January, according to the CME Group’s FedWatch tool.

Other data due this week which could help shape expectations from the Fed include the second estimate of gross domestic product, jobless claims and manufacturing activity.

U.S. consumer confidence retreated in February after a three-month gain, and orders for long-lasting U.S. manufactured goods fell more than expected in January, data showed on Tuesday.

Stocks gained some late support from Apple (AAPL.O) which erased earlier declines after Bloomberg News reported the iPhone maker canceled work on its electric car, shifting some employees to its artificial intelligence project.

Viking Therapeutics (VKTX.O) surged after its experimental drug to treat obesity helped patients to achieve “significant” weight loss in a mid-stage study.

In turn, Amgen (AMGN.O), which is also developing a weight-loss drug, dropped as the biggest drag on the Dow.

Norwegian Cruise Line Holdings (NCLH.N) jumped as it forecast first-quarter profit above Wall Street estimates.

source: REUTERS, Author: Chuck Mikolajczak

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About Kaley Chu:
Kaley Chu is not your typical networking guru; she’s a dynamic force making waves in the networking realm. Renowned for her groundbreaking approach to connecting with people, Kaley has graced numerous TV interviews and newspapers. As a TEDx speaker and the author of “100 Lunches with Strangers,” she stands out as the ultimate networker.

Kaley’s Unique Journey:
What sets Kaley apart is her extraordinary journey of having more than 500 lunches with strangers. She understands the profound impact of face-to-face interactions and the art of cultivating authentic connections. Regularly hosting in-person lunch gatherings, Kaley brings individuals from diverse backgrounds together, fostering an environment where meaningful relationships flourish.

Event Details:

Date and Time: Saturday, February 3, 1:00 AM – 2:30 AM GMT
Location: Online
Duration: 1 hour 30 minutes
Ticket: Mobile eTicket
Unlock the Secrets of Successful Networking:
During this masterclass, Kaley Chu will unveil the secrets of successful networking, sharing insights gained from her extensive experience. Learn how to navigate networking events with confidence, initiate conversations with high-profile leaders, and establish connections that transcend traditional boundaries.

Refund Policy:
We understand that plans may change. Contact the organizer to request a refund, keeping in mind that Eventbrite’s fee is nonrefundable.

Conclusion:
Prepare to embark on a journey of networking excellence with Kaley Chu. This masterclass is your opportunity to gain invaluable insights from a true networking trailblazer. Join us online on February 3rd and discover how to build a network that opens doors to opportunities with some of the most influential people in the world. Don’t miss this chance to redefine your approach to networking and unlock the doors to endless possibilities.

Source: Christian Fellows, Author: Bright Agbelengor

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This year’s celebration, on the theme: “Delivering Smart Solutions for Sustainable Food Security and Resilence”, will decorate the best players in the industry at an awards night at the University of Mines and Technology in Tarkwa in the Western region.

The grand event, to be graced by Vice President Dr. Mahamudu Bawumia, was preceded by a five-day Agricultural Fair within the ministries enclave in Accra.

According to the Ministry of Food and Agriculture, farmers and fishermen would receive awards in 15 categories.

The categories are: Overall National Best Farmer, 1st Runner-Up National Best Farmer, 2nd Runner-Up National Best Farmer, National Best Livestock Farmer, National Best Female Farmer, National Best Physically Challenged Farmer, and Overall National Best Fisher.

The rest are National Best Marine Fisher, National Best Inland Fisher, National Best Fisher Farmer, National Best Fish Processor, National Best Cocoa Farmer, National Best Most Promising Young Cocoa Farmer, National Best Most Enterprising Cocoa and Female Farmer, and National Best Shea Nut Picker. There will be regional and district celebration of Farmers’ Day. Nana Yaw Sarpong Sriboe was the 2022 National Best Farmer.

The First National Farmers’ Day was held in Osino, in the Eastern Region, on Friday, December 6, 1985.

It was institutionalised by government in recognition of the vital role farmers and fishermen play in the economy.

The National Best Farmer Prize in 1985 went to Opanin Appiah Dankwa, who took home one Akasanoma Preset Radio, a pair of Wellington boots, two cutlasses, tuna flakes, oil, and rice, among others.

Source: GNA

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Frank Harrison wasn’t sure what questions were going to be asked. But he wasn’t expecting this.

Interviewed by a business magazine 15 years ago, he was caught flat-footed.

So much so, he still remembers it today.

“The two questions were, ‘What is your purpose?’ and ‘What is the legacy you would like to leave?’” Harrison said.

Chairman and CEO of Coca-Cola’s largest U.S. bottler, Harrison had been successful by most of the world’s standards.

But purpose and legacy? He didn’t have an answer.

“I asked them, ‘Why did you ask me those questions?’ and they said, ‘Because we thought you would give us a good answer,’” Harrison said.

Today, purpose and legacy are the heart of his book, The Transformation Factor, and the essence of his talk on Wednesday afternoon at the Billy Graham Library’s men’s lunch.

“In your company, what are you going to be accountable for? For good? For growth?” Harrison asked. “Ultimately, it’s for God.”

More than 100 men filled the new Billy Kim Hall training room at the Library to hear Harrison’s wisdom, a challenge to live boldly and generously in the workplace, and a simple Gospel message—all over a delicious lunch and, of course, a bottle of Coca-Cola.

“I was recently talking to a friend who turned 90, and I asked him, ‘If you died tomorrow, do you know where you would be?’” Harrison told the crowd. “He said, ‘I have no idea.’”

Harrison shared how to live out your faith at work and closed with an invitation to receive Christ as your personal Savior after the group of men recited John 3:16 in unison.

“This is the boldness that God talks about in the Bible,” said Keinde, who’s originally from London, England, and now lives in Concord, North Carolina. “It’s simple, real talk for real men. What good is your faith if you can’t share it?”

Harrison also spent time talking about the legacy of his son, James, who died at the age of 27 in 2010 of natural causes while serving the Lord in Sudan. James was helping the poor and working with pastors in Africa through a ministry called With Open Eyes. He played a video that captured James’ boldness.

“I was amazed by the purpose and legacy of James,” Keinde said. “A father talking about the legacy of his son that’s no longer here, that’s huge. It’s usually the other way around.”

Harrison finished with a charge to the businessmen in attendance—not just to live boldly, but to think about how God could use them.

“Billy Graham basically said the next revival in America is going to be in the workplace,” Harrison said. “And I believe he’s right.”

Source: billygraham.org Author: Trevor Freeze

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According to him, the International Monetary Fund (IMF) in its Article IV in April 2022 cautioned the government over its unsustainable debt.

“There were reasonable people in this country who started urging the government to go to the IMF. Now if you check Article IV surveillance that the IMF did running to April 2022, we considered that report to be overly diplomatic.”

“The IMF concluded that our debt was sustainable, but of course at a high risk. It was the same position Ghana attained in 2014”, he pointed out.

He further said that if the Finance Minister has been proactive “and we had traded off pride, and selfish interest for common good, that was the optimal time to have made the call”.

He added “there would have been no need for Ghana to restructure its debt because the IMF per their own assessment concluded that the debt is sustainable, but at a high risk. It was the same status Ghana attained in 2014 when we applied for the 16^th IMF programme that kicked in from April 3, 2016 to April 2019”.

“The reason I’m drawing this comparison is to let you know that we are in this mess simply by not being proactive, but that has very little underlying economic value. Now, if the problem is largely fiscal, that must inform the extent of the solution and where it must come from”, he continued.

Professor Bokpin concluded that Ghana’s debt ratio in present value terms is more than 100%.

 “If you look at the debt sustainability, our debt ratio in present value terms is more than 100%. We are looking at around 110% of Gross Domestic Product in present value terms.

Source: myjoyonline.com

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This, the Minister said will result in a total of US$66 million over the 5 year contract period.

Additionally, she says unlike the previous contracts, the CP offers real time monitoring of 2.5 billion transactions per day within the telecom sector in the form (e.g. Calls, SMS, Mobile money transactions, etc.) as well as Mobile Money Monitoring as an added component.

Mrs Owusu-Ekuful said this at a press briefing in Accra on Thursday morning. [November 14, 2019].

The government of Ghana commenced the monitoring of telecoms activities based on the establishment of the CP (Common Platform) found in Section 14 of the Communications Services Tax Act 2008 (Act 754), as amended by the Communications Service Tax Act 2013 (Act 864).

The Common Platform has four main components: Fraud Management, Traffic Monitoring, Revenue Assurance and Mobile Money Monitoring.

Touching on the results achieved since the introduction of the CP Mrs Owusu-Ekuful said it has been less costly and more valuable.

The government of Ghana commenced the monitoring of telecoms activities based on the establishment of the CP (Common Platform) found in Section 14 of the Communications Services Tax Act 2008 (Act 754), as amended by the Communications Service Tax Act 2013 (Act 864).

The Common Platform has four main components: Fraud Management, Traffic Monitoring, Revenue Assurance and Mobile Money Monitoring.

Touching on the results achieved since the introduction of the CP Mrs Owusu-Ekuful said it has been less costly and more valuable.

Fraud Management

On the Fraud Management component, the Minister said the CP has from inception to date, made tax savings of over GH¢205.6 million.

“Over the life of the contract, the CP is expected to deliver tax savings of approximately GH¢795.9 million. This comes with a state-of-the-art Fraud Management System known as TELECOP. Through this, the CP originates over 150,000 international calls into Ghana every month to detect fraudulent SIMs automatically,” she said.

On Revenue Assurance, the Minister said the CP has been providing Revenue to the government through the Ghana Revenue Authority (GRA) Top-ups, Measurement of Top-ups per Operator by the CP and Revenue to the Operator measured by the CP (Consumption).

With this, she said the GRA is now able to verify the various revenue streams of the Mobile Network Operators (MNOs), plug revenue leakages and more accurately predict revenue trends from the sector for planning and policy formulation.

For Mobile Money Monitoring, she said the CP has reported an average monthly usage of GH¢29.1 Billion, GH¢195.8 million transactions, with GH¢71 million generated by the Operators in transaction fees, with further breakdowns of transaction types for informed policy decision making.

Under declarations

On Under declarations detected, Mrs Owusu-Ekuful said the introduction of the CP has uncovered that, prior to its introduction, GH¢300 million in taxes was lost from potential under-declarations between 2015 to Q1 of 2017.

She said an estimated GH¢470 million in taxes was saved between Q1 of 2017 to date as a result of the announcement of the implementation of the CP on March 8, 2017 and its actual implementation to date.

She said there would have been a potential loss of a total of GH¢1.5 billion through to the end of the CP contract, had the CP not been implemented.

Source: Grapic.com.gh

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