The Ghana Union of Traders’ Associations (GUTA) has expressed optimism in the upcoming 2025 Budget Statement of the new Government. GUTA says they expect the budget to be business-friendly.
In a statement issued by its President Dr Joseph Obeng, GUTA said that the assurance given by the Government to reduce the cost of doing business in the country by streamlining the tax system and effectively reducing taxes, duties and levies is a step in the right direction.
“With this approach, we fervently expect that all nuisance taxes will be scrapped to considerably prune down the number of numerous taxes that impede the growth of business in the country. The Value Added Tax (VAT) will be restructured to be more simplified, affordable and uniform.
“The weekly or biweekly use of the Bank of Ghana Dollar Rate to determine duty payment at the ports should be pegged quarterly or bi-annually for the purpose of clearing goods. We urge the Government to introduce unconditional tax amnesty programmes as a stop-gap measure in its quest to broaden the tax base and to ensure non-tax businesses are enrolled into the tax net and also allow businesses with tax irregularities to normalize their tax obligations to optimize Government revenue mobilization.
“Compliance measures including effective education, monitoring and enforcement would be adapted. The fixed tax system of duty for spare parts as promised in the NDC manifesto is highly expected to be implemented as a pilot scheme for future expansion to all other imported commodities. Above all, the budget should adapt a policy that will ensure stability of the local currency, reduce inflation, interest rates and improve other economic indicators” he added.
“Government expenditure should be properly scrutinized and evaluated to avoid waste and misappropriation of public funds. This will ensure value for money expenditure to make tax payments meaningful.”
The Minister for Finance Dr Cassiel Ato Forson will present his first budget to parliament on Tuesday, March 11, 2024.
The budget will provide a full breakdown of the economy and the government’s policy proposals to reset and facilitate Ghana’s economic transformation agenda in line with Mahama’s vision.
The Minister for Government Communications, Felix Kwakye Ofosu, disclosed this at a media briefing after the government’s first Cabinet meeting.
According to him, the policies to be announced in the budget will be informed by recommendations after the National Economic Dialogue, which will take place a week earlier, on March 3rd and 4th, 2025.
