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Minority is right to accept reduction of the e-levy – Andy Kankam

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Many small businesses struggle in this area due to time constraints, limited expertise, or a lack of systems. However, proper record-keeping should never be overlooked. It supports internal decision-making, strengthens external credibility, and improves your ability to respond to opportunities or risks. Business owners can start by gaining basic knowledge of accounting principles and tools. Training employees in simple record-keeping practices also helps to build internal capacity. In some cases, it may be worthwhile to engage professionals who can help you put the right systems in place and prepare essential reports at a cost that makes sense for your business. 3. Choose a Banking Partner Aligned with Your Goals The right banking relationship can make a real difference to your business. A bank like Absa Bank is more than a place to keep your funds. It is a partner that can support your operations, guide your financial planning, and help you take advantage of growth opportunities. Begin by understanding your business needs. These might include working capital support, payments and collections services, or trade finance. Once your needs are clear, assess whether your bank offers the right mix of services, accessibility, and expertise. Your banking partner should make it easier to run your business, not harder. They should share your ambition to grow, be responsive to your concerns, and provide solutions that are tailored to the stage your business is in. A strong banking relationship will give you confidence and peace of mind as you build your enterprise. 4. Deploy Effective Payment Solutions Revenue is the foundation of every business and the way you go about collecting it is key. In today’s economy, customers expect fast, simple, and secure payment options. If your business only accepts cash, you may be turning away potential sales without realising it. Providing customers with flexible payment options is no longer a luxury. It is a necessity for growth and long-term relevance in a digital economy. Offer customers alternatives such as instant bank transfers, mobile money, card payments through point-of-sale devices, or more innovative solutions like Absa Mobi Tap to improve your customer experience and increase your reach. These methods reduce delays, enhance transaction security, and demonstrate professionalism. 5. Meet Statutory Obligations Promptly Every business has legal and regulatory responsibilities. These include filing and paying taxes, submitting Social Security and National Insurance Trust contributions, and meeting other sector-specific requirements. Complying with these obligations on time helps you avoid penalties and disruptions. It also builds your business’s reputation and improves your standing with financial institutions and regulators. To stay compliant, you should adopt a legal structure that suits your business model and goals. You may also wish to seek legal or tax advice at key points in your journey. Planning ahead for obligations such as annual tax payments or quarterly filings ensures that you are not caught off guard. Meeting your statutory responsibilities consistently is a mark of a well-run business. 6. Manage Your Risks Running any business involves risk. These risks may include delayed payments from customers, unexpected costs, economic downturns, or even natural disasters. For small businesses operating with limited resources, such events can be difficult to absorb. This is why risk management must be part of your financial routine. Start by identifying the main risks that could affect your business. Put in place basic measures to protect your operations. This could mean setting aside emergency reserves, purchasing insurance, or diversifying your income streams. Being proactive about risk does not eliminate uncertainty, but it helps you stay in control when challenges arise. It also signals to lenders, partners, and customers that your business is prepared and resilient. 7. Separate Business and Personal Finances It may be tempting to treat your business account as your personal wallet, especially in the early stages. However, failing to separate your business and personal finances can lead to confusion, tax problems, and credibility issues. As a business owner, you should pay yourself a fixed salary. Avoid withdrawing funds at random or covering personal expenses with business income. If you invest personal funds in the business, document it properly as a loan or equity contribution. Keeping your finances separate helps you maintain clear records, assess business performance accurately, and present your enterprise in a more professional light to partners, banks, and regulators. At Absa Bank, we believe that strong financial habits form the backbone of every successful enterprise. Our commitment is to walk with our clients and customers at each stage of their journey, providing guidance, tools, and solutions that help SMEs grow sustainably and with purpose.

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Minority is right to accept reduction of the e-levy – Andy Kankam

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Editor of the Informer Newspaper, Andy Kankam, has applauded the Minority caucus of Parliament for agreeing to a reduction of the e-levy tax from 1.75% to 1%.

He believes an attempt to sabotage and render the 2022 budget void will hinder the development of the country.

He suggested the budget needed to be approved at all cost but certain critical aspects in the budget had to be reasonably deliberated on by Members of Parliament (MP), rather than power showboating and playing party politics.

During the Editor’s Take edition on the Happy Morning Show, he told Samuel Eshun, “It shouldn’t be lost on us that, any attempt to sabotage and render our budget statement and financial policies of the government for the year 2022 next year void, would mean government business would come to a halt. That is why most of us from day one side with the Minority when they signaled red flags on some financial statements in the budget and pleading for a consensus while the other side displayed sheer arrogance and ignored the opinion of others. We’ve all been taught that the key factor for policy formulation is stakeholder engagement and needful assessment. That is why I’ve always maintained that the scrapping of the toll booths was very unnecessary and a knee-jerk reaction.”

He again echoed that the processes and events that led to the final decision of the approval of the budget betray the honor and integrity of the country.

Mr. Kankam advised leaders of the country to welcome opinions and criticisms from the Minority and other opposition leaders to promote consensus and cohesion in the Parliament.

“You only notice some MPs only when there’s a disagreement and conflict in the floor of Parliament, then they’ll decide to assume the violent posture. To the extent that people where moving to destroy the authority of the very house they belong. It’s sad because they serve as role models to the entire country. I think that when there is a disagreement, it’s not about violence but about maturity, dialoguing and reaching a consensus so that you proceed with the business of the house. All that we want is for our MPs to show leadership, build consensus, engage more so that together we build a better Ghana,” he added.

However, the Minority side have issued a statement to indicate their disapproval of the reduction of the rate on e-levy to 1% which contradicts the words of its leader Haruna Iddrisu who announced that, the Minority side have agreed for the e-levy to be reduced.

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By: Jude Tackie

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