Ghana Covid-19 Fund: Deputy Finance Minister hints worthwhile donations will attract tax benefits

Source: https://www.myjoyonline.com/ | 30 March 2020

The Deputy Finance Minister Charles Adu Boahene has launched the Ghana Covid-19 Private Sector Fund.

The Fund seeks to raise funding from the private sector to support the Ghana government’s effort to address the Covid-19 pandemic.

The initiative, by some business leaders in the private sector, is aimed at partly financing government’s interventions and equipping select health services and supply chain facilities and activities to deal with the coronavirus spread.

Chairman of Fidelity Bank and a trustee explained that the 10 trustees of the fund have each contributed ¢100,000, constituting ¢1 million and will further raise a minimum of ¢100 million from individuals and corporations.

The Minister said, “Part of the Income Tax Act is an allowance for [tax] rebates for donations of worthwhile causes, so we are going to deem this as a worthwhile cause so that you can get some tax deductions for it.”

Mr Adu Boahene also donated three months of his salary to the Covid-19 fund and called on all Ghanaians to support the fight against the pandemic.

Deputy Health Minister Alex Abban commended the “exceptional” initiative by the private sector.

“Now with Covid-19, things aren’t going on as they should. So you may even be waiting to count your losses. That’s very obvious, yet in the midst of all this and probably the imminence of losing some business, you went out of your way to decide that you would show love even when it’s going to cost you some kind of pain.”

CEO of the Chamber of Bulk Oil Distributors Senyo Hosi, also a trustee and moderator of the launch event called for generosity and responsibility from all and sundry to help stem the spread of coronavirus.

“The best way to show love at this time is actually to stay away from people but not your money.  You can’t keep your money from what has to be done.”

Individuals and corporations may contribute towards the fund via cash, online payment, mobile money and swift transfer.

The Covid-19 fund is set up in a way that will ensure transparency and accountability as all donations and disbursements will be published on the fund’s website. All donations may also be made through the website. www.ghanacovid19fund.com

Some of the fund trustees present at the event, Director CH Group, Kweku Bediako, Edward Effah, Chairman Tropical Cable & Conductor, Tony Oteng Gyasi and Senyo Hosi presented the seed fund of GHS 1million to the fund manager and health and finance ministries.

The fund will be administrated by Fidelity Bank Ghana, managed by Stanlib Ghana Ltd., with Ernst & Young as fund auditor, Bentsi Enchill, Letsa & Ankomah as legal partners and Dream Oval as Digital and Digital Marketing partner. The Global Media Alliance will provide all the necessary media support.

The Ghana Covid-19 Private Sector Fund trustees include Chairman Tropical Cable & Conductor Anthony Oteng-Gyasi, Chairman of Fidelity bank Edward Effah, Director CH Group Kwaku Bediako, CEO Woodfield Energy Ltd. John Taylor, Chairman, Wilkins Engineering Ltd. Omane Frimpong, Managing Director of Bamson Group, Kwame Ofosu Bamfo, Group Chairman, Kasapreko, Kwabena Adjei, Charman of Svani Group Ltd., CEO, The Multimedia Group and CEO, Chamber of Bulk Oil Distributors, Senyo Hosi.