• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, March 22, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

SMEs need to secure registration on ICUMS- Victor Yaw Asante

February 25, 2021
Angeller AshongbyAngeller Ashong
in Vaultz Business, Sub Top Stories1
0
Small, Medium Enterprises have been advised to master the Integrated Customs Management System (ICUMS) of the Ghana Revenue Authority (GRA), a precursor to ensuring their prospects in attracting credit from banks...

Managing Director of FBNBank, Mr. Victor Yaw Asante.

Small, Medium Enterprises (SMEs) have been advised to master the Integrated Customs Management System (ICUMS) of the Ghana Revenue Authority (GRA), a precursor to ensuring their prospects in attracting credit from banks, in order to benefit from the African Continental Free Trade Area’s (AfCFTA) enormous opportunities

According to the Managing Director of FBNBank, Mr. Victor Yaw Asante, he opined that, essentially for the likes of importers and exporters, their knowledge base on the usage of the platform will be crucial to the businesses.

“We have a US$3.4 trillion economy to play in, we have 54 countries to access, we have a continent which has decided to pursue free trade and we must take advantage of it. With the introduction of AfCFTA, the stakes have been raised higher. SMEs in Ghana, most importantly, need to secure their registration on ICUMS in order to ensure efficient import and export of goods”.

 Principal Revenue Officer of the GRA-CD, Mr. Smile Agbemenu, touching on the Business Forum on the AfCFTA Export/Import Procedure in relation to ICUMS, explained the fundamental areas areas of the implementation of AfCFTA including the AfCFTA Agreement Structure, the AfCFTA Key Milestone, Trade in Goods (TiG), AfCFTA TiG Protocol Annexes, AfCFTA Origin Criteria, Export Registration Process, Export and Certificate of Origin (CoD) and Import of Goods under AfCFTA.

RelatedPosts

IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax

GHA Threatens To Picket At The PURC Premises To Demand A Slash In Utility Tariffs

Ghana’s Youth Pivotal In Driving Economy To The Next Level– Dr Opoku-Afari

 “Customs Administrations have the responsibility to implement six out of the nine annexes under the TiG Protocols, specifically Annexes 1, 2, 3, 4, 7 and 8. Critical among these is Annex 2 which deals with Rules of Origin”.

Notably, he highlighted the fact that goods can only be imported or exported once they qualify under the five types of origin criteria.

Mr. Agbemenu further explained the various roles of the Ghana National Chamber for Commerce and Industry (GNCCI), the Ministry of Trade and Industry (MOTI) and the GRA-CD in the Exporter Registration Process by noting that, “exporter registration is online on ICUMS, where it is vetted and approved by GNCCI, GRA-CD and the MOTI. Registration is for a year, so it expires at the end of the calendar year”.

Further expatiating on the registration process on ICUMS, Mr. Akwasi Seinti, Application Support Officer of GLNS said, “ICUMS has been provisioned to simplify the registration process. You engage the services of a declarant or a Customs House Agent. They can register you on the system. It is a very simple form which requires basic information like the location of the company, the authorized representative and the items or products which you intend to trade in under AfCFTA. Once the form has been completed online, you only wait for approval which may be given by the three agencies involved, GNCCI, MOTI and GRA-CD, after they have vetted your application”.

Meanwhile, International Trade Expert and Senior Partner at AB and David, David Ofosu-Dorte has charged private sector players to formalize their business strategies in line with government policies or risk losing out on the benefits of the African Continental Free Trade Agreement. 

According to him, the implementation of the agreement leaves no room for informal operations, hence the need for proper alignment with government policies.

 “This will not be very helpful because you’ll just get carried along, so the strategy has to be formal. Now it need not to be very big but at least, some amount of it [strategy] needs to be formalized; and it is because the formalization helps you to recognize the level and territory within which you’re operating”.

  • SMEs advised to prioritize upgrading for bigger markets
Tags: AfCFTAFBNBankGNCCIICUMS RegistrationSMEs

Related Posts

IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax
Vaultz Business

IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax

March 22, 2023
GHA Threatens To Picket At The PURC Premises To Demand A Slash In Utility Tariffs
Business

GHA Threatens To Picket At The PURC Premises To Demand A Slash In Utility Tariffs

March 22, 2023
Ghana’s youth pivotal in driving economy to the next level– Dr Opoku-Afari
Vaultz Business

Ghana’s Youth Pivotal In Driving Economy To The Next Level– Dr Opoku-Afari

March 22, 2023
BoG Assures Its Close Monitoring Of The Financial Sector As Liquidity Pressure Mounts
Banking

BoG Commits To Preserving Safety And Integrity Of The Payment And Financial Ecosystem Amidst Ghana’s Economic Turbulence

March 21, 2023
Smuggling of Cocoa Advances To The National Capital, COCOBOD Intercepts 1500 Bags Being Smuggled
Business

Smuggling of Cocoa Advances To The National Capital, COCOBOD Intercepts 1500 Bags Being Smuggled

March 20, 2023
Top UK University Partners Innohub to Launch Executive Programme in Entrepreneurial Ecosystem Leadership
Vaultz Business

Top UK University Partners Innohub to Launch Executive Programme in Entrepreneurial Ecosystem Leadership

March 20, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

NIC solidly backs banks and insurance companies with any good bancassurance product

Next Post

Vaccine Fear Will Reduce After Education- Titus Beyuo

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax
Vaultz Business

IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax

by Gifty BansahMarch 22, 2023
SIC Regional Manager Calls on Women to Embrace Insurance and Sign unto SIC Insurance
Insurance

SIC Regional Manager Calls on Women to Embrace Insurance and Sign unto SIC Insurance

by Stephen M.CMarch 22, 2023
MP Criticizes Council Of State For Endorsing Appointment Of Politically Exposed To The EC
General News

You Can Do A Good Thing At The Wrong Time- Political Analyst

by Sam SamMarch 22, 2023
Uganda: Anti-LGBTQ Bill Is A Deeply Troubling Development- UN Rights Chief
Africa

Uganda: Anti-LGBTQ Bill Is A Deeply Troubling Development- UN Rights Chief

by Comfort AmpomaaMarch 22, 2023
I Found Out About Medikal And Sister Deborah’s Collaboration Through A Friend – Wanlov The Kubolor
Entertainment

I Found Out About Medikal And Sister Deborah’s Collaboration Through A Friend – Wanlov The Kubolor

by Esther Korantemaa OffeiMarch 22, 2023
Government’s Proposed Growth and Sustainability Levy Could Trigger Litigation- GUPC Cautions
Business

Government’s Proposed Growth and Sustainability Levy Could Trigger Litigation- GUPC Cautions

by Priscilla Dziedzorm FiakpornuMarch 22, 2023
IEAG Rejects Proposed Income Tax Amendment Bill And Excise Duty Tax
SIC Regional Manager Calls on Women to Embrace Insurance and Sign unto SIC Insurance
MP Criticizes Council Of State For Endorsing Appointment Of Politically Exposed To The EC
Uganda: Anti-LGBTQ Bill Is A Deeply Troubling Development- UN Rights Chief
I Found Out About Medikal And Sister Deborah’s Collaboration Through A Friend – Wanlov The Kubolor
Government’s Proposed Growth and Sustainability Levy Could Trigger Litigation- GUPC Cautions
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In