List of drugs to be exempted from VAT under compilation
Central Bank asked to compel commercial banks to cut rates
Ghana Stock Exchange records active trading
Kumasi (Ashanti Region) 08 September 2001 - The Ministry of Health is compiling a list of VAT exempt drugs, Samuel Kofi Otabil, Head of the Kumasi Office of the VAT Service told members of the Ashanti Region Branch of the Ghana Pharmaceutical Society at a meeting in Kumasi on Friday.
Otabil said as soon as the list was finalised and approved by Parliament the VAT Service would implement it to facilitate the operations of those in the pharmaceutical industry.
The meeting was to discuss the relevant sections of the VAT (Amendment) Act 2001 (Act 595) and what was expected of importers and wholesalers of imported finished pharmaceuticals with respect to registration and compliance.
Otabil said it was mandatory for all wholesalers, distributors and importers of pharmaceutical products to fully comply and register with the VAT Service.
He cautioned that it would constitute a serious offence for any one who qualifies to register to fail to do so stressing, "ignorance of the existence of the law is no excuse for you to fail to comply with the law".
Otabil, however, said retailers of imported pharmaceutical products and locally produced finished pharmaceutical products were not to register for VAT.
Kofi Baryeh, Chairman of the Branch, advised pharmacists to co-operate and exercise restraint on since the society was working vigorously to bring their views on the payment of VAT to the attention of the appropriate authorities.
GRi../
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Accra (Greater Accra) 08 September 2001 - The government has directed the Bank of Ghana to compel financial institutions to reduce interest rates.
Charles Nyanor, Minister of State for Private Sector Development, told said on Friday that the government has identified the causes of high interest rates and corrected them.
"In spite of this effort, the financial institutions have failed to reduce their lending rates to the business community and have not taken a cue from the Central Bank's falling treasury bill discount and bank rates."
Nyanor said it was not the policy of the government to go directly into business, adding that the government's role was to create an enabling environment for business.
He criticised banks for not supporting infant businesses until these businesses start making money. "You don't want to take risks, but you want to enjoy when the going is good," he said.
"Our policy of making the private sector the engine of growth will hardly succeed if these problems are not taken seriously."
Nyanor said the government was determined to encourage manufacturers to step up exports adding that genuine exporters would be given incentives.
GRi../
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Accra (Greater Accra) 08 September 2001 - The Accra bourse on Friday recorded one of its most active trading sessions, with trading in 10 equities and more than 2.7 million shares changing hands.
However, the Ghana Stock Exchange (GSE) All-Share Index barely inched up and there was only one price change. The index went up by only 0.04 points at 953.26 points and Pioneer Aluminium Factory (PAF) gained five cedis at 805 cedis.
Two equities, SSB bank and UNIL between them, sold more than 2.6 million shares out of the total of 2,748,600 shares but recorded no price change. UNIL sold the highest of 1,490,600 while SSB sold 1,188,800 shares, as institutional buyers entered the market again.
Market capitalisation was up at 3,858.96 billion cedis from 3,858.87 billion cedis.
Below are the closing prices of the listed equities in cedis:
ABL 630
AGC 18,500
ALW 4,300
BAT 600
CFAO 60
EIC 2,900
FML 1,000
GBL 1,300
GCB 1,550
GGL 900
HFC 952
MGL 240
MLC 130
MOGL 20,000
PAF 805 +5
PBC 450
PZ 700
SCB 21,000
SPPC 356
SSB 2,300
UNIL 2,000
CMLT 430
GRi../
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