January 2022

The human was born free and has been free to do business to make a living. However, during this process, society expects compliance with certain standards and regulations to ensure the smooth flow of usual activities and socio-economic norms. The society also expects a certain kickback from the people because of their existence and usage of social space. Taxation is one of the most prominent examples of these kickbacks. Understanding Tax Basics Taxation is one of the social and legal obligations on people executing a profit-making process. However, the money raised through taxes is aimed to be used for public utility services and has been an effective tool to manage the cultural and socio-economic aspects of our community. Taxes are compulsory. Usually, when money leaves your pocket, you are exchanging it for a specific good or service. However, taxes are unrequited. This means that they are not paid in exchange for a specific public service or sale or purchase of public property. Nonetheless, sometimes there is some kind of connection between the taxes you pay and a particular service you enjoy from the government. For instance, paying road toll levies to help maintain the road network or paying taxes on motor fuel to help finance the construction of new roads or maintenance of old roads. The Government aims to collect taxes to enhance the socio-cultural and economic environment. This revenue is used to finance public welfare works like schools, colleges, hospitals, construction & infrastructure works, security & defence, and other projects to support life in our region. Countries around the globe have developed different regulations to collect taxes from individuals and corporations. Applicable Rules and regulations change with the change of country. For instance, tax-related laws in Ghana are different from applicable tax laws in the United States in terms of compliance and practical application. However, tax is generally calculated on profit, salary, capital gain, interest, dividend, etc. The taxpayer is required to take out a certain percentage from their earnings and submit it to the Government. The amount of tax one pays generally increases with an increase in earnings. There are different types of taxes: income tax, payroll tax, corporate tax, sales tax, property tax, tariff, estate tax, etc. These taxes can largely be described as being either direct or indirect. Direct taxes are charged on incomes and profits and paid by an individual or organisation directly to the Government. Its payment can’t be shifted to another person and must be borne by the individual or organisation, e.g. income tax and corporate tax. It’s difficult for the government to collect this unless it’s at the source. Indirect taxes are levied on products and services and can be transferred to the end-user or consumer. The Government charges these on manufacturers and suppliers for the import, sale and purchase of goods who in turn pass on this cost to the final consumer. An example of this is the Value Added Tax (VAT) and tariffs. The taxation system varies from nation to nation, and individuals/corporations need to thoroughly understand the taxation system and ensure they comply. From an African perspective, tax is progressive, which means that your tax liability increases with your increase of income. African Tax History The roots of taxation in Africa can be traced back to the Colonial days. Time has witnessed different rulers taking the power of tribes and introducing their own governance and tax collection system. One of the interesting instances from the pages of history is the introduction of the “Hut Tax” that Britain introduced in Africa, derived from its payment on a “per hut basis”. The hut tax was payable in the form of labour, grains, money or stock, and the tax collected was used to manage operational and strategic matters of an empire. Similarly, a poll tax was introduced by Britain in Africa somewhere in the 19th century where a fixed sum per head was charged from each citizen; it was also called “Head Tax”. This was charged usually on able-bodied men without recourse to their income levels. The purpose of this tax collection kept changing from time to time and included combinations of the following. The poll tax was effective in its conceptual simplicity. However, the problem with this system was the ignorance around the collection and that everyone was required to pay an equal amount irrespective of their earnings level. So there were improvements in the overall system of collection and rules from time to time that has resulted in modern-day taxation. Advantages of the taxation system Following are some of the advantages associated with taxation. Disadvantages of the Taxation System Following are some of the disadvantages associated with taxation. Understanding Free Market A free market is when traders are free to conduct economic activities without the Government’s intervention. The price of goods is merely based on supply and demand because of no Government’s stake in taxes, subsidies, and price regulations. Although, no market in the world is completely free. That is why economists have studied the degree of market freedom and economic well-being and the conclusion was a positive correlation between these concepts. Still, there is a need to analyse if the free market always brings economic well-being and if a country can survive without a tax collection system. To the extent of well-being, it can be considered to add certain value in the economic system by efficient allocation of resources, setting competitive prices, invention, innovation, better quality product, higher economies of scale, and help reduce domestic monopoly. Nonetheless, the problem falls in the area of Government interest to finance social projects and ensure the well-being of the society overall; this is not possible without a robust system of tax collection. On the other hand, the supporters of the free-market claim taxes to have a negative impact on economic activities by reducing the individual incentive to work hard and produce more and that the overall national output is expected to decrease with implementing higher taxes in the national economy. Advantages of

If you don’t want to end up like Kwaku Frimpong by year’s end, managing your personal finances should be a top priority skill on your to-do list. Personal finance management is about understanding your financial situation, being financially disciplined and taking control of how money comes and goes in your life. An important angle on personal finance management is the path to an effective way to keep your intelligence above emotions while making finance-related decisions. It is equally important to note that personal finance is not about knowledge to control cash movement but a feeling that you are responsible for securing the financial future for you and your family. A people’s financial freedom is largely tied to their individual persons’ financial security. That is why I feel that understanding how to deploy simple skills of personal financial management should be key in discussions on Ghana and Africa’s poverty alleviation goals. Here are some tips that will help you become financially sound and secure. It is necessary to thoroughly observe and understand your spending habits and patterns. Different people have different traits and show varying behaviour with money. So, asking the following questions to yourself can be very helpful: Answering these questions will trigger your financial sense and give you an idea of whether you seriously need to consider overhauling your personal finance management habits. If you find there is a problem, the next tips can be helpful in regaining control of your financial life. Making a budget is a great way to control emotional expenses. It’s a great way to avoid emotional traps and ensure that your spending is controlled, expenses remain on track, and money is saved. Likewise, it can be an effective tool to make better financial decisions, crush prevailing debt, and achieve long term financial goals. However, it’s important to note that the budget only adds value when analysed with the planned approach. Financial mistakes made in one period mustn’t be made in subsequent periods. This makes making a budget the first step towards achieving financial discipline and serves as a building block for effective financial management. Tips to get the most from your personal financial budgeting process: There’s a saying that you don’t need pieces of finance but rather financial peace [I think I just made my first dad joke!]. Paying off debts is important for your financial health and emotional stability. One thing you need to do is ensure that your spending remains under your income. This simple adjustment helps you not enter into debt. However, if you have entered into debt, here are some tips that will help to get rid of it: An important thing to understand is that you need to get rid of debt yourself. It’s true that you’ll need some form of inspiration. However, inspiration comes with an action that motivates your mind to remain financially disciplined to achieve financial peace. Start repaying debts today and make a mind to live debt-free life at any cost! There are two types of assets in the world: depreciable and appreciable. Depreciable assets will always lead to a rise in your list of expenses. So, these should be minimized as much as possible. On the other hand, appreciable assets have the potential to enhance income and build further assets. So, these should be maximized. Let’s understand how appreciable and depreciable assets make a difference. Let’s say you have a car (depreciable asset). For each day you own the car, it gets old and decreases in value. So, it’s a depreciation expense for you. On the other hand, if you own land, its value is expected to increase with inflation and the increasing population. So, it can be a good idea to own appreciable assets rather than depreciable ones from a financial management perspective. Investment is not about being able to put millions and billions into gold, commodities, or financial instruments. Instead, it’s a name given to an attitude that needs to be developed from the very start. Often, people think only the rich and the affluent can invest. However, that’s a myth and not reality. The fact is, one single cedi you have can be invested to generate a return. I think saving money is good. I have nothing against saving. Nonetheless, let’s not mistake putting money in a savings account long-term as “investing”. From a basic mathematical standpoint, it’s not. The rate of inflation in Ghana is expected to be about 10.0% by the end of this quarter. Comparatively, the highest interest rate on a savings account now is around 5.5%, and that’s even on savings above ~GH¢500,000. Do simple subtraction and you’ll quickly realise that there’s effectively a loss of 4.5% (10.0%-5.5%) on that money in your long-term savings account. Do not depreciate the value of your money. If you want to save money long-term, put it into safe and secured investment opportunities, like Treasury Bills. Also, beware of the many Ponzi schemes that promise unrealistically high-interest rates. I asked the team at Maxwell Investments Group what managing personal finances mean to each of them. Our Director for Social Impact & ESG, Mr. Rya G. Kuewor, gave an interesting perspective on “savings”. “Optimising and managing one’s personal finances go all the way back to one’s future goals. Let’s work backwards on this and ask if our present savings lifestyles will create financial space for our future goals. Most of us these days know the colloquial rules of saving, or tithing, or setting aside, but we need to understand that if saving (cash) is not truly personal, I dare say even emotional, you’ll go month to month, and still emerge six pence none-the-richer!” And he’s absolutely right! We, therefore, need to find a personal or emotional reason to save and pay a non-negotiable tithe to ourselves but in a way safely tucked away in a secured set-up. The key here is to hold yourself passionately accountable for the future you. What should be done to achieve personal financial freedom in a nutshell? The science of

Traditional medicine, also known as ethnic, indigenous, alternative or complementary medicine, is the first and oldest healthcare system. It is the ancient and cultural means used by humans to deal with diseases. The practice is available and is found in almost every country around the world (Kenu et al., 2021). It is vast and diverse. According to the World Health Organization (W.H.O), Traditional medicine includes “diverse health practices, approaches, knowledge, and beliefs incorporating plant, animal, and or mineral-based medicines, spiritual therapies, manual techniques, and exercises applied singularly or in combination to maintain well-being, as well as to treat, diagnose or prevent illness.”(W.H.O, 2002) Traditional medicine practices denote health medicines and practices that are outside of mainstream conventional medicine. It encompasses a vast range of ancient and modern approaches, including the use of traditional herbs, traditional and spiritual healing to support the prevention, treatment and management of diseases. Studies have shown that Traditional medicine plays a critical role and makes significant contributions to the health care needs of not only those in developing countries but also in some developed countries (Hilbers & Lewis, 2013; Hussain & Malik, 2013). Reports of W.H.O. indicate that the interest in Traditional medicine and its usages, treatments or supplementary treatments of many illnesses are wide and rapidly growing around the world (Qi, Zhang 2013). Over the past few years, in developed countries, there has been an increase in the interest in the use of Traditional medicine, where it is referred to as complementary and alternative medicine. The report also indicates that about eighty percent (80%) of the population in developing countries, especially in Africa, rely on Traditional medicine as a source of primary health care. According to Kasilo & Trapsida (2010), in developing countries, it is the primary source of health care for the majority of the populace; because of its affordability, accessibility, and cultural acceptability. In Ghana, Traditional medicine has been practised for many centuries, even before the colonial era. As indicated by (Elujoba et al., 2005; Gyasi et al., 2017), the activities of missionaries, likewise colonization, resulted in the introduction of mainstream conventional medicine. The orthodox subsequently became recognized and institutionalized as the mainstream health care system in Ghana, resulting in repression of the traditional practices in Ghana to some extent. Moreover, the W.H.O. recognized and acknowledged Traditional medicine’s essence as it encourages its members to formulate policies, regulations, and programs and integrate them into the national health systems. As a member, Ghana recognizes Traditional medicine as an existing healthcare system; likewise, it has in place national policy but yet to fully integrate it into all the aspects of its national health care system (Gyasi et al., 2017). Ghana recognized that the majority of its populace, about 70% depend on Traditional medicine for their primary health care needs. This led to its introduction into the mainstream health care system in several hospitals in the country in 2011, following a policy of herbal medicine practice in 2005. This also subsequently led to the implementation of the W.H.O. strategy of integrating Traditional medicine into the formal healthcare delivery system in 2012 (Gyasi et al., 2017). According to (WHO, 2019) the integration has come to stay and gradually making progress, with about forty centres in the district and regional hospitals where Traditional medicine is being used side by side with conventional therapy. Furthermore, to integrate traditional medicine into the national health care system in Ghana, the Traditional Medicine Practice Council, as the lead institution on the subject matter, was established through the Traditional Medicine Practice Act, 2000 (No. 575), and mandated to promote, control, and regulate Traditional medicine practice in Ghana. Despite the process made so far, Traditional medicine still receives limited consideration from many professionals, especially medical experts demanding more scientific evidence of its safety, quality, and efficacy. There are concerns about the quality, safety, and negative perception of Traditional medicine in Ghana. Despite the importance and the essential role it plays in the health care needs of Ghanaians, there is a paucity of information about the current state of Traditional medicine practices in Ghana. As a result, I found it prudent to consult the body responsible for promoting, controlling and regulating Traditional medicine practices in Ghana, to attain and relay to you, the reader, insight into the current situation. I posed a series of questions to the Traditional Medicine Practice Council concerning the state of Traditional medicine practices in Ghana. Here’s what they had to say. — Answer: The TMPC is on course to ensure appropriate standards of practice among Traditional Medicine Practitioners (TMPs). Answer: The TMPC has registered over 1,000 Practitioners in 2021, it has trained different practice groups and it has controlled the influx of quacks and charlatans while promoting good traditional medicine practice. Answer: Ensuring Standards. Answer: Human Resources, logistical, and financial support. Answer: Extinction of raw plant materials due to low cultivation. Needed support from the State, research to find timely relevant remedies. Answer: Research, development and publicity, cultivation of medicinal plants.   Answer: Over 20,000 registration of Practitioners and premises in total. Answer: The TMPC provides support for graduates from KNUST to undergo a mandatory internship programme after which Professional Qualifying Examination and Interview is conducted to assess candidate’s eligibility for practice as Medical Herbalists. Answer: No. Answer: Very assuring, it is hoped that there shall be full integration, inclusion of medicines into NHIS and patronage will continue. — I hope you enjoyed the read. Hit me up and let’s keep the conversation going! I read all the feedback you send me. Also, feel free to throw at me topics you’d like to read or hear my thoughts on. You can always head to my Calendly to schedule a quick chat by going to calendly.com/maxwellampong. Or connect with me your way through my Linktree: https://linktr.ee/themax. These are all facts. And this has been an opinion piece. Have a blessed week! ♕ —- ♕ —- ♕ —- ♕ —- ♕ —- ♕ —- ♕ —- ♕ —- ♕ References Elujoba, A. A., Odeleye, O. M., & Ogunyemi, C. M. (2005). Traditional medicine development for medical and dental