{"id":409055,"date":"2017-08-04T09:33:34","date_gmt":"2017-08-04T09:33:34","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/08\/04\/rsml-others-projected-to-make-1billion-in-mandatory-tow-contract\/"},"modified":"2017-08-04T09:33:34","modified_gmt":"2017-08-04T09:33:34","slug":"rsml-others-projected-to-make-1billion-in-mandatory-tow-contract","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/08\/04\/rsml-others-projected-to-make-1billion-in-mandatory-tow-contract\/","title":{"rendered":"RSML, others projected to make $1billion in Mandatory tow contract"},"content":{"rendered":"

<\/p>\n

CEO of Jospong Group of Companies, Dr. Joseph Siaw Agyepong<\/p>\n

\n

Road Safety Management Ltd, its allied companies implementing the controversial mandatory towing levy, could bag $1billion by the end of the contract.<\/p>\n

Award-winning social innovator and founder and president of mPedigree<\/span><\/span>\u00a0Bright Simons in an article ‘Towing Tax: The Lowdown<\/b>‘ breaks down the RSML’s 20-year contract with government explained, the company could bag at least $20m annually, in the deal.<\/p>\n

\"Image<\/p>\n

<\/p>\n

But the mandatory towing levy is pitting the government against vocal sections of the public.<\/p>\n

The government has okayed a plan to charge motorists mandatory fees to tow automobiles in case of a break down on the road.<\/p>\n

The move it\u00a0believed, will reduce accidents caused by broken-down vehicles.<\/p>\n

Depending on the tonnage, motorists could pay from GH\u023b10 to GH\u023b200 for both commercial and non-commercial vehicles.<\/p>\n

But critics say the plan is a lazy attempt to fleece motorists and cast doubt on\u00a0the credibility of RSML.<\/p>\n

Weighing in on the controversy, Bright Simmon’s analysis is based on a number of assumptions.<\/p>\n

\"Image<\/p>\n

He assumes total capital expenditure of RSML including the purchase of brand new tow trucks is likely to cost $20m.<\/p>\n

But with 85% of levy proceeds is going to RSML, Bright Simons says the returns on the scheme is “highly lucrative”.<\/p>\n

His projections is also based on 75% of Ghana’s two million vehicle population complying with the payment of the levy.<\/p>\n

Doing what he called “Back of the envelope calculations”, Bright Simons explained that;<\/p>\n

“60% of the vehicles in Ghana are commercial or considered \u2018heavy engine\u2019 (i.e. > 2000cc)”.<\/p>\n

“…..using the advertised levy rates for commercial and private vehicles (from 20 for private cars all the way to 200 GHS for heavy duty trucks), show that RSML could make $50 million dollars a year (ignoring surcharges) should they succeed in ensuring a 75% fee payment compliance rate among motorists”.<\/p>\n

“But even if the returns to RSML end up amounting to no more than $20 million per annum, the total take will be in excess of $1 billion over the lifetime of the contract if increases in the levy merely tracks inflation in insurance premiums over the last decade”.<\/p>\n

The controversial contract is being executed mainly by RSML which sub-contracts the project to six other companies which are expected to also engage\u00a0several sub-contractors.<\/p>\n

\"Towing<\/p>\n

\u00a0<\/p>\n<\/div>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CEO of Jospong Group of Companies, Dr. Joseph Siaw Agyepong Road Safety Management Ltd, its allied companies implementing the controversial mandatory towing levy, could bag $1billion by the end of the contract. Award-winning social innovator and founder and president of mPedigree\u00a0Bright Simons in an article ‘Towing Tax: The Lowdown‘ breaks down the RSML’s 20-year contract […]<\/p>\n","protected":false},"author":0,"featured_media":409056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-409055","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nRSML, others projected to make $1billion in Mandatory tow contract - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/08\/04\/rsml-others-projected-to-make-1billion-in-mandatory-tow-contract\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RSML, others projected to make $1billion in Mandatory tow contract - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"CEO of Jospong Group of Companies, Dr. Joseph Siaw Agyepong Road Safety Management Ltd, its allied companies implementing the controversial mandatory towing levy, could bag $1billion by the end of the contract. 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