Government will this year begin the process of streamlining the process of land acquisition, valuation and records consolidation as part of the process of moving Ghana beyond aid, the Vice President Dr Mahamudu Bawumia has announced.
Among other intended measures, plans are far advanced to begin the process of digitizing all land records in the country, a major intervention designed to reduce the turnaround time for land registration and eliminate corruption, while a land reform conference bringing together all stakeholders in the land acquisition and management sector is slated for the end of February 2018.
The Vice President announced when he paid a surprise familiarisation visit to the offices of the Land Registration Division of the Lands Commission in Accra on Tuesday, 13th February 2018, ahead of the Conference slated for February 28, to familiarise himself with their operations and discuss their challenges.
“Ghana will not be able to move beyond aid if we don’t tackle the issue of land title. There is so much land for which people cannot even extract any equity out of it because there is no proper title to it. That cannot and must not continue,” Dr Bawumia underscored.
“We have been living with this problem in Ghana for years but we are not changing it. It is time for us to change the system. We cannot accept the status quo, and the directions of the President are clear: we have to bring change to this whole process of the acquisition of land.
“In many countries land is key in the development of the country [but] in Ghana land is not part of the process in many cases, and that does not allow the development of the mortgage market. So we have come here to familiarise ourselves with the processes, and to discuss some of their challenges.”
Dr Bawumia expressed particular worry at the conditions at the records department of the Land Title Division, and the seemingly disorganised manner of the land management process.
“It is a very scary situation because there’s not enough space there for them to keep the records, and you don’t have these records in digital form so even finding somebody’s file can take you more than a month. Sometimes some of the files – because of misfiling – cannot be found and they will tell you your file has not been found. So we have to change the process and this is why we are taking this whole issue of digitalizing our land documents in Ghana very seriously.
“Thankfully there’s a process that is going to be implemented this year, where we are going to hold a land reform conference and we are going to take some important decisions afterwards to streamline the system.
“The search processes, the consolidation of records, survey department, land title, you have all these records in different places; they are not consolidated. We can’t continue the same way. This is the year we have to consolidate all the records.”
Consolidating all such records, Dr Bawumia added, would facilitate the development of the mortgage market and make it easier to undertake land ownership searches.
“It will allow the mortgage market to develop in this country. There is no modern economy that works without a well-developed mortgage market, and this is where we want to bring change in Ghana. We want all these records across all the land agencies digitalized this year. We are going to put in place the resources and the personnel, such as the Nation Builders Corps. We will provide all these agencies with personnel, all these graduates to help in the digitalization of all these documents.”
Discussions would also be held with the Chief Justice to find ways to address the many conflicting judgments issued in different courts on land issues, the Vice President indicated.
DUSK Capital Unveils Investment Drive #CONQUERYOURFEARS
Leading financial institution, DUSK Capital, has finally unveiled its #ConquerYourFears campaign, aimed at reigniting the spirit of investment in the banked and unbanked public.
At an event held in Accra on Friday, the Ridge-based firm finally debuted what has become a socially progressive initiative on conquering fear when it comes to investment.
The launch crowned months of changing the narrative about fear and what it does to one’s aspirations. The campaign had massive endorsements from leading public figures and ordinary Ghanaians, some of who were present at the launch.
Addressing the gathering, Chief Executive Officer of DUSK Capital, Bernard Osei-Tutu said the campaign became necessary due to the fear most people had with maintaining a resolute investment attitude.
“As an investment bank, we realized that one of the biggest problems among the populace when it comes to investing money is fear. The fear of losing money inhibits many people from investing,” he said.
Osei-Tutu added that: “All of us, whether young or old have one fear or the other that holds us back; that inhibits us from taking that step in accomplishing our full potential…the Fear of failure, the Fear of being rejected, the Fear of being disappointed, the Fear of not living up to the expectation of others, the Fear of not being good enough and the list goes on.
“As a caring brand, we thought to ourselves, how can we provide that motivation, that confidence to help people achieve whatever dream they have? #ConquerYourFears is about confronting fear. It’s about overcoming all fears.
“We at Dusk Capital are excited about helping people to conquer their fears of investing and opening the doors into a brighter future.
“We encourage you to invest in your future by investing with Dusk Capital and enjoying the joy that comes with it.”
Dusk Capital is incorporated, duly licensed and regulated by the Securities and Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA) to conduct business in Fund Management, Investment Banking, Private Equity, Corporate Advisory Services and Pension Fund Management. Dusk Capital uses strong product knowledge, innovative financial and capital market power to assist institutions and corporate clients in accessing local and global markets.
SEC’s Minimum Capital Requirement Hike Apt – Dusk Capital CEO
The CEO of Dusk Capital, Bernard Osei Tutu, has described as apt plans by the Securities and Exchange Commission (SEC) to increase the minimum capital requirement of investment banks from ¢100.000.00 to ¢5million.
SEC, Starr Business has gathered, notified all investment banking firms in the country of its intention.
SEC is expected to make an announcement soon and will give timelines for the firms to meet the capital requirement or lose their license.
The proposed increment will be the biggest percentage increment the investment industry has witnessed in more than two decades.
Speaking to Starr Business’ Osei Owusu Amankwaah, Osei-Tutu observed that the move was to ensure that “we [investment bankers] have the right resources because banking or the financial market is not a cheap market.”
“You need to have that financial muscle to be able to do what you are doing well. Hence, the capital requirement is very critical. For any banking institution you need to be very solvent and you need to be very liquid.
“If you don’t have that financial muscle…it is a simple matter, you don’t deserve to be in that industry. It is as simple as that,” he added.
Describing the move as a “good call” the Dusk Capital CEO opined that the increment from ¢100.000.00 to ¢5million was “just to say that if you are not ready and you don’t have the financial muscle to operate in this industry, then you don’t need to be there.”
“…I support that [increment] and we at Dusk Capital are ready to commit all the resources that we have to make sure that on a capital front we are duly capitalised and we are able to meet all insolvency issues that come up across,” stressed Osei-Tutu
Start-Ups To Enjoy A 3-Year Tax Holiday – Awal Mohammed
Start-ups and entrepreneurs operating in the country will soon breathe a sigh of relief with the coming in of a three-year tax holiday.
This initiative, according to the Business Development Minister, Awal Mohammed, forms part of government’s agenda, to support entrepreneurs create jobs to help reduce the unemployment rate.
Challenges that continue to plague entrepreneurs include lack of access to credits, access to markets, the stressful bureaucratic business registration processes among others.
Speaking with Ultimate Business after meeting with entrepreneurs in Kumasi, the Minister explained that with the tax holiday, entrepreneurs “can plough back their profits to expand”.
“We think that start-ups need some space to grow. The essence of all these is to create jobs for our people and improve livelihoods. We want to encourage that when start-ups take off, for the first three years, they need not pay taxes.
“They will plough back their profits, they expand their business and they can employ people. We’ll also help them with markets because there’s no point having a business that you cannot sell,” he said.
He continued that “another policy that we want to look at is that, 10 per cent of public funded projects or businesses should go to start-ups and that already give them the market to grow. It is not yet a policy but something that we’re pursuing.”
The Business Development Minister also revealed that government will from July this year begin disbursing some $10 million to some young entrepreneurs who have undergone training to create businesses.
He further made special mention of the contribution of women and persons living with disability to the business community, thus equally supporting to grow faster.
“We’ve trained close to 10,000 young people across the country and out of them, we are going to select 700 and give them money. The President has already ceded $10 million and that money will go to support young people in various professions. In July/August we will start disbursing this money.”
“Women constitute 52 per cent of this country and are very good business people. You cannot grow an economy without women participation and so this year we’re going to support at least 1,000 women; we’ll train them and we fund them to do business.”
“When we do that, they can expand, employ and improve the lives of people. The President wants to make sure that Ghana grows inclusively to make Ghana a business environment for Africa.”
The Kumasi Entrepreneurs Meet-Up was organized by the Kumasi Hive in collaboration with the Konrad Adenaeur Stiftung, the Ministry of Business Development and the Delegation of German Industry and Commerce in Ghana.
It was held under the theme: Enhancing Ghana’s Entrepreneurs and Start-ups; Elements of a Future Strategy/Policy by the Ghanaian Government.
In attendance were start-ups who are in technology, food and agriculture, energy, health, clothing, communication, education among others.
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