The Chief Executive Officer of the Ghana National Chamber of Commerce and Industries (GNCCI) Mark Badu Aboagye is calling on the government to desist from over taxation that is making businesses uncompetitive.
According to him, the negative impact of high taxes and other unfavorable micro economic indications on business operations is visible on the contradiction on industry construction and manufacturing sectors.
Meanwhile these sectors if it is manage well, he believes it has better potentials to drive development growth.
On Wednesday, November 15, the Minister for Finance, Ken Ofori-Atta, will present the 2024 Budget Statement and Economic Policy of the government in Parliament.
This presentation aims to outline the government’s strategies for revenue generation and policies to alleviate the current economic challenges faced by Ghanaians.
Speaker Alban Sumana Kingsford Bagbin, in his announcement on Tuesday, October 31, highlighted the importance of scrutinizing the budget to ensure it addresses the needs of all Ghanaians. He emphasised the need for a consultative and consensus-building approach during the process.
A significant majority of businesses sampled in a survey says they want some key taxes handles reviewed by government.
A study put together by an audit firm KPMG revealed businesses have this year been severely impacted by the cedi depreciation and inflation. This comes on in the wake the finance minister, Ken Ofori Atta is expected to present to parliament the budget estimate for next year.
Businesses sampled in the survey say their operations were significantly impacted by the cedi depreciation, inflation and high interest rate. Notable challenges highlighted include power supply, access to capital and skilled labour. On the tax environment 89% reported adverse impact of tax on their operations. 76% wanted the government to scrap the E¬-levy while 68%want the review of the Covid 19 recovery fund.
A significant 68% also want the review of import tax. The finance minister is expected to appear in parliament to brief the house on the budgetary estimate for the year 2024.
