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Ghana News

Government Imposes Harsh Taxes Despite Industry Protests and Hard Times

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Ghana’s President, Nana Addo Dankwa Akufo-Addo, cannot single-handedly change the three revenue bills that Parliament recently approved, says Vish Ashiagbor, Country Senior Partner at PricewaterhouseCoopers (PwC Ghana). In Ashiagbor’s opinion, if there are any modifications to the bills, they must go through the parliamentary process that originally approved them.

Some stakeholders, such as the Association of Ghana Industries (AGI), have criticized the taxes. Tsonam Akpeloo, an Executive Member of the AGI, has urged the government to reconsider some of its spendings, rather than introducing new taxes on businesses. He stated that in light of current difficulties, the government should reduce its expenses to reflect the current realities.

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The AGI has expressed disappointment with the passage of the three revenue bills, which they claim will have dire consequences for the industry. According to the AGI, Ghana’s tax regime does not encourage local production or formal business operations, and there was no consultation with stakeholders regarding these fiscal policies. The AGI expressed concern that local industries are already under significant pressure due to inflation, VAT, water tariffs, electricity tariffs, and other factors, and the new taxes will exacerbate these difficulties.

The AGI has called on the government to engage in dialogue with them to incentivize local industries and mitigate the negative effects of these policies. The AGI claims that fiscal prudence is necessary, and while the government requires revenue, it should not come at the expense of growth in the industrial sector. The AGI is eager to collaborate with the government to save jobs and explore strategic options for supporting local industries.

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