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Thursday, March 28, 2024

KPMG, 70 Business Executives Discuss 2017 Budget

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The Chamber of Commerce and Industry France Ghana (CCIFG) has held a Business Breakfast with KPMG, to give an update on the 2017 Budget and its implication on businesses across sectors.

The Business Breakfast, which takes place week Friday and was facilitated by KPMG – leading providers of Audit, Tax and Advisory Services – gave the opportunity for participants to benefit from the information shared, during a comprehensive and interactive presentation.

About 70 business executives from different industries in the country, comprising both CCIFG members and non-members, took part in the meeting. According to a statement released by the Chamber, the main-speaker who facilitated the discussion was Mr Anthony Sarpong, a Partner at KPMG and Head of Audit and Risk Management.

The presentation was given in two parts: Global Themes and Ghana’s Macro Economy; and the 2017 Budget Pillars – its Policy & Initiatives. The Keynote Speaker touched on the global themes that are shaping the economy on an international spectrum, which includes the Brexit referendum, the currency dynamics that arise, and the impact of automation on jobs, as well as the rise of FinTechs.

The facilitator went on to give the Macroeconomics target set in the 2017 budget, which forecasts the 2017 GDP growth at 6.3%, adding that by removing the oil sector, the growth would go down to 4.6%. He shared with participants some key economic themes which will have the highest impact on the economy.

In the second part of his presentation, Mr Sarpong explained the four pillars that the 2017 Budget relies on: Tax incentives; Fiscal discipline; Economic growth; and Job creation.

He highlighted on sector specific fiscal policy through key changes that have seen implementation such as the removal of certain taxes (examples being 17.5% VAT/NHIL on financial services, and the reduction of special petroleum tax rate, from 17.5% to 15%), and also on some tax relief measures that are yet to be implemented (example being the abolition of duty imports on spare parts). The presentation was concluded with focus on the opportunities and constraints that have arisen which affect the private sector.

The Business Breakfast ended with a question & answer session, which gave participants the opportunity to raise issues and concerns that were adequately addressed by KPMG.

CCI France Ghana
The Chamber of Commerce and Industry France Ghana is an association of companies and professionals belonging to different sectors, which aims at supporting, fostering and enhancing bilateral trade and investment relations between French and Ghanaian companies.

With over 20 business sectors represented, the CCIFG acts as a business support system to its members, by providing information through market studies, product-market testing, prospective missions and trade shows.

“To ensure our members receive the most benefits, CCIFG continues to organise business networking events as well as give constant business support.”

The Business Breakfast, organised on the 2017 Budget and its implication on businesses, goes beyond forming part of CCIFG’s efforts to provide this business support to members, but is also a significant contribution to the global rising of France in Ghana’s network activities, so as to enhance the existing bilateral relationship between the two Republics.

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