Objective
To test the candidate’s ability to:

a) Understand the principleof government finance, sources of public revenue, objects of publicexpenditures, problems of fiscal administration, and applicaiotn of fiscal policies in stabilizing the national economny.

b) Apply the principles, concepts, theories ans techniques of public sector economics and finance to current economic as well as financial issues and problems.

The syllabus
The role and size of the public sector

• Views of government
• The constitutional madate for public finance
• Welfare economics: pareto optimality and the efficiency of competitive markets
• Consumer and producer surpluses

 

Public exemptditure plicy

• Causes of market failure
• Exteralities
• Public goods and private goods
• Resource allocation mechanism of public goods
• Government failure
• Public choice theory
• Public expenditure analysis and growth

 

Public resource mobilization

• The role of taxation in the national economy
• Attributes of a goog tax system
• Kinds of taxes
• Major criteria for a good tax structure
• Categories of equity
• Tax inincidence analysis
• Theory of income and consumption taxation
• Taxation and work effort
• Taxation, savings and risk-taking
• Alternative sources of revenue to government

 

Tax policy

• Optimimal design of direct and indirect taxation
• Tax evasion and avoidance
• Tax structure
• Tax reform

 

Fiscal policy analysis

• Keynesian perspective on fiscal policy
• Fiscal policy with a deflationary gap
• Fiscal policy with an inflationary gap
• Supply-side view on fiscal policy
• Policy lags

 

Public debt analysis

• Domestic borrowing
• Foreign borrowing/external indeptedness
• Debpt service capacity
• The dept burden and inter-generaltonal equity
• Effect of domestic debpt on capital formation

 

Intergovernmental fiscal relations

• Fiscal disparity
• The theory of grants

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OBJECTIVE
To test student’s ability to:

Understand the principles of income tax

Prepare tax returns and compute income taxes

Understand the Internal Revenue Act and Regulations and apply them to practical issues.

THE SYLLABUS

Imposition of Tax

• The imposition of income tax on the income of resident or non-resident persons from business, employment and investment accruing in, derived from, brought into or received in Ghana
• Distinction between chargeable and assessable income. Calculation of chargeable and assessable income
• Deduction allowed and not allowed. Meaning of “Wholly, exclusively and necessarily incurred”. Distinction between “Capital expenditure” and “Revenue expenditure”. Exempt income. Industry concessions. Treatment of losses. Donations.
• Provisional and self-assessments.
• Capital allowances, other reliefs.

 

Taxation of Employment Income

• The definition of employment income: Primary, consecutive primary and secondary employments
• Tax reliefs; tax relief cards. Substantiated retirement contributions. Returns by employer. Deemed employee assessments. Returns of income of individual with two or more employments
• Withholding of tax by employers; PAYE System; Calculation of employee’s employment tax liability
• The meaning and treatment of qualifying cash payments. Perquisites of office.
• The treatment of retirement fund savings and contribution to a retirement fund

 

Taxation Of Individuals, Partnerships And Partners

• Principle of taxation for individuals, partnerships and partners
• Ascertainment and computation of chargeable and assessable income
• Reliefs and reductions. Capital allowances 
• Partnership obligations
• Reduction of income for life insurance premiums paid.
• Taxation of Companies, Shareholder, Bodies of Persons and Owners

 

Principles Of Taxation For Companies

• Ascertainment and computation of chargeable and assessable income
• Taxation of insurance companies; short-term insurance business; reserve for unexpired risks; rules relating to Life Insurance business.
• Taxation of petroleum and mining companies; computation of mineral royalties.
• Taxation of all other companies such as banks, non-banking financial institutions, manufacturing companies, trading companies and other service companies.
• Capital allowances and rules relating to leases. Other reliefs.

 

Taxation Of Capital Gain

• The definition, ascertainment and computation of capital gain
• The meaning of cost base
• Realization of asset; chargeable asset
• Exemptions from capital gain tax
• Computation of capital gain tax.

 

Taxation Of Gifts

• The definition and ascertainment of taxable gifts
• The valuation of taxable gifts
• Computation of gift tax
• Exemptions from gift tax.

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OBJECTIVE
To test the candidate’s ability to:
a) Apply accounting principles, concepts and techniques to financial accounting practices
b) Prepare and interpret financial accounting reports and apply the principles of taxation to them
c) Understand the significance and limitations of the financial statements and their tax implications
d) Manage financial resources and appraise investment opportunities of an organization.

THE SYLLABUS

Preparation Of Financial Statements For

• Partnerships including
• Amalgamation of firms
• Dissolution of partnerships
• Admission of a new partner and the consequences of death of a partner
• Conversion of partnership into Limited Liability Company
• Limited liability companies within the companies code and the regulatory frameworks including
• Simple consolidated accounts of group of companies
• Joint ventures
• Associated businesses

 

Interpretation Of Financial Statements

• Identification of users of financial statements and be conversant with the uses of the information within
• Objectives of financial statements
• Analyse and interpret financial statements by ratio analysis or other methods for performance.

 

Valuation Of Business And Income Measurement

• The preparation and presentation of accounts and reports relating to offer for sale, rights issue and profit forecast
• Methods of valuing the whole undertaking; majority and minority holdings as a going concern, for purposes of a merger; or total or partial liquidation
• The theory of accounting in relation to income measurement; capital maintenance
• Problems of profit measurement and alternative approaches.

 

Accounting For Specialized Transactions

• Hire purchase and Leases
• Branch accounts
• Foreign currency transactions

 

Financial Management

• The nature, purpose, and scope of financial management.
• Sources of finance. Equity and Debt Finance. Venture Capital. Capital Markets; Issue of
• Shares; Rights Issues; Bonus Issues; Reduction of Capital. Stock Market Ratios and Stock Market Analysis. 
• Gearing. Impact of gearing on business. Relevance of gearing to investors
• Working Capital management. Main components of working capital. Methods for the control of investment in cash, trade debtors and stock
• Investment Appraisal. Appraising techniques. Lease or buy decisions. Sale and leaseback decisions
• The effect of taxation and inflation on investment decisions
• Preparation of forecast financial statements and interpret their significance
• Methods of dealing with risks and uncertainties in financial management.

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OBJECTIVE
To test the students’ ability to
Understand the principles of indirect taxes
Prepare tax returns and compute indirect taxes
Understand indirect tax laws and regulations and apply them to practical issues.

THE SYLLABUS
Introduction

• Sources of indirect taxes to  government
• The incidence and impact of indirect taxation
• Bases of indirect taxation
• The principle of ‘no consumption no duty payment’
• The principle of ‘payment of duty once on goods’
• Determination of quantity in containers, packages and space

 

Value Added Tax

• Jurisdictional principles of VAT: destination based taxation and origin based taxation
• The effects of cross border transaction on taxation of goods and services
• Concepts of consumption determination of place of consumption

 

Taxable Persons And Taxable Value

• Definition of a taxable person
• Registration and De-registration
• Definition of a taxable value: meaning of consideration
• Determination of taxable value for gifts, for own use and for supply of goods.
• The meaning of tax point: activities that create tax points

 

Taxable Supply

• Definition and concept of taxable supply
• Gifts or loans of goods and services
• The leasing or letting of goods on hire
• Goods for personal use or consumption by the taxable person or any other person
• The sale transfer assignment or licensing of patents, copyrights, trademarks, computer software and other intellectual properties.
• Export of non-traditional products
• Place of supply rules
• Supply of goods and services: mixed supply by agents, taxable supply; exempts and zero-rated supplies; relief supply; time and place of supply rules

 

Valuation Of Taxable Supply

• The definition of imported services or exported service: tax treatment or exported service: the reverse charge mechanism
• Concept of consumption determination of place of consumption

 

VAT Accounting and Records

• VAT accounting for input and output tax
• VAT refund procedure
• Special VAT schemes: computer generated invoice, VAT relief purchase order, upfront relief or import VAT and retail schemes
• The tax treatment of bad debts
• VAT accounting for acquisitions and disposals of capital goods
• The treatment of import VAT

 

Communication Services Tax

• Meaning of communication
• Persons liable to communication services tax
• Computation and accounting for communication services tax

 

Customs, Excise, Duties, Controls And Special Taxes

• Export and Import Controls and Regulations
• Customs warehousing: bonds and securities; assessment of rent at state and government warehouse
• Methods of delivery of goods
• Reliefs from import duties
• Valuation of goods for custom purposes in accordance with world trade organization concept and customs law
• Deferment arrangement
• Origin rules: Documentary proof of origin
• Personal import reliefs
• Prohibited and restricted goods; returned goods
• Tariff classification
• Preventive controls and regulation
• The Postal traffic: legal basis of control; authorized posts: declaration; parcel post depots; functions and responsibilities of post office officials
• Free zones: definition; types of free zones
•  Passengers, Exporters and Importers rights and obligations under customs Laws and Regulations
• The drawback regime
• Excise manufacturing: the principles of excise control; the excise field; computation and accounting of excise on manufacturing; protection of the excise tax; right of access
  Smuggling and powers of custom officials

 

The National Pension Fund

• The different tiers of the scheme: basic national social security schemes; occupational pension schemes; provident fund and personal pension schemes; contributions
• Types of benefits; computation of pensions and benefit

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OBJECTIVE
To test the student’s ability to:
a) Understand the principles underlying the existence of companies
b) Understand the management, administration and finances of companies
c) Understand the management and administration of partnerships and joint ventures
d) Understand financial laws and their application to practical issues.

THE SYLLABUS
The Revenue Law

• The structure and philosophy of Ghana taxation
• Tax policy and tax reform
• Tax jurisdiction; international dimension
• Income; concepts of income; income from employment, business and capital; statutory extension to income base; deductions-general and specific deduction-substantiation
• Tax avoidance and evasion
• Introduction to income taxation
• General principles of capital gains tax; rates and payment of tax exemption and reliefs

 

Company Law

• Nature and Types of Companies formed under the code. Formation and Registration. Regulations. Promoters.
• Corporate personality; limited and unlimited liability
• Corporate entity theory; Doctrines of Ultra Vires and lifting the veil of incorporation
• Incorporation procedures and restriction on choice of name
• Statutory books, records and returns. Register of shares, charges, directors, and shareholdings.
• Pre-incorporation contracts

 

Equity And Loan Capital

• Flotation; Methods of raising capital; Prospectus; Shares; Classification of shares; Class rights; Transfer, purchase and redemption of shares.
• Secured and unsecured tenders; Floating and Fixed Debentures. Priorities
• Maintenance and alteration of capital Dividends.

 

Directors, Secretaries And Auditors

• Appointment, qualification, disqualification and removal
• Powers of Directors, Secretary and Auditor. Directors and Secretaries as agents
• Duties and rights of directors, secretary and auditor
• Limitations upon management to make contracts
• Meetings and proceedings at meetings
• Division of power between the board of directors and general meetings

 

Corporate Information

• Accounting disclosure requirements and exemptions
• Reports and Returns. Role of the Registrar of Companies.

 

Shareholders

• Majority control and the rights of minorities
• Role of appointing directors, attending meetings and passing resolutions
• Limitation of minority shareholders
• Matters requiring shareholders approval.

 

Liquidation And Capital Reorganization

• Voluntary and compulsory liquidation
• Appointments, rights and duties of liquidators and receivers
• Investigation of officers conduct. Civil and Criminal remedies 
• Proof of debt
• Protection of investors and creditors.
• Re-organization; Dissolution; Reconstruction; Amalgamation; Arrangements and Takeovers.

 

Partnership Law

• Nature of partnership
• Formation of partnership agreement
• Relationship between partnership agreements and rules applicable in the absence of a partnership agreement
• Cessation of Membership of firm; Admission of partner (s)
• Winding up and dissolution of partnerships
• Joint ventures

 

FINANCIAL LAWS

Banking Law

• The requirements for licensing banks; Statutory obligations for operating a bank; The maintenance of a reserve fund; Provisions in respect of declaration or payment of dividend; Granting facilities. The Supervisory and Control roles of Bank of Ghana; Objects and the functions of Bank of Ghana.

Insurance Law

• The objects and functions of the National Insurance Commission; Statutory obligation of Insurers: Registration of insurers, insurance brokers, adjusters, chief agents and agent. Appeals, suspension and cancellation of registration.

Other Financial Law

• Non-banking financial law; Security Industry Law; Ghana Stock Exchange Law; Investment Code.

OBJECTIVE
To test the candidates ability to:

a) Explore in broader and specific context the managerial functions and strategic directions of an organization

b) Understand and appreciate current corporate governance issues and developments.

THE SYLLABUS
Strategic Management

• Nature of Strategic decisions. Strategic management process. Mission. Goal. Objectives
• Strategic Analysis of nations, businesses and organizations. External and internal analysis. SWOT; PEST; 7Ps; Competitors cost analysis; Generic Competitive Strategies. Tools for strategic analysis; Structural analysis (Porter’s forces model); Boston Consulting Group matrix (BCG); Porter’s Value Chain; Product Life Cycle.
• Strategic Development Routes and achievement of Strategic Fits. Internal and External growth strategies. No change strategies. International strategies. Strategies for declining Businesses. Exit Strategies.
• Evaluation of Strategies. Nature of strategic evaluation. Evaluation criteria. Assessment of the
• strategic logic of options. Use of BCG Matrix; Life Cycle analysis; Life Cycle Portfolio Matrix.
  Strategic Plan formulation and implementation. Organizational Culture. Teams and team management. Strategic change. Change and innovation management.

 

Stratgic Operations And Services Management

• Design of Operation system. Estimation of resources and time to accomplish work. Cost of services required
• Operation planning and control. Resource allocation. Time management
• Just-in-time techniques
• Total Quality Management; Techniques of quality control and quality assurance; Quality Circles
• The role and purpose of marketing. Identifying marketing opportunities and competitive advantage. The impact of globalization on the market and operations.

 

Strategic Human Resource Management

• The importance and nature of human resource management
• Human resource planning
• Selection, recruitment and placement
• Performance evaluation. Job evaluation, staff appraisal and performance measurement
• formulsting an effective Compensation mechanism
• Training and developing human resource
• The legal framework of human resource management.

 

Corporate Governance

• The rationale and nature of Corporate Governance
• Composition of the Board of Directors
• Functions of the Board of Directors
• Role of Executive and non-Executive Directors
• Best Practices of Corporate Governance in Ghana and elsewhere, e.g. the King Report of South Africa, the Combined Code of UK, and OECD Principles
• Board Committees
• The role of shareholders and other stakeholders in the practice of good corporate governance
• The implementation and reporting of corporate governance policy. Stakeholders/shareholders expectations; and statutory requirements. Internal reporting mechanism.
• Controls. Developing and implementing control systems. Nature of Internal Controls. The purpose and functions of the Internal Audit Act and Financial Administration Act.
• Ethics and ethical responsibilities of directors. Social responsibility. Managing ethical behaviour.