GNCCI appeals to Government for taxation relief in mid-year budget review
The Ghana National Chamber of Commerce and Industries (GNCCI) has issued a heartfelt plea to the government, urging them to address the concerns raised by the business community regarding taxation during the upcoming Mid-Year Budget Review. The Chamber emphasizes that while some tax policies are being implemented as per International Monetary Fund (IMF) conditionalities, reconsideration of these measures would provide much-needed relief to struggling businesses.
Speaking at the Graphic Business and Stanbic Bank Breakfast Meeting in Accra, under the theme “The Current Economic Situation and You,” Mark Badu Aboagye, Chief Executive Officer of the Ghana National Chamber of Commerce and Industry, expressed his appeal to the economic policymakers. Aboagye stressed the significance of the comprehensive budget review, the first of its kind, and called upon the government to implement measures that would alleviate the challenges faced by businesses in the country, as the entire sector is currently grappling with severe difficulties.
Aboagye further emphasized that maintaining a rigid tax regime would not be an effective strategy to address revenue shortfalls. He highlighted the urgent need for the government to adopt a more flexible approach, given the mounting number of businesses on the verge of collapse and the increasing trend of relocation to neighboring countries.
In light of the impending mid-year budget review, Aboagye made a humble appeal to the economic managers, urging them to prioritize the interests of businesses and implement measures that would provide relief from the burdensome tax policies. The business community’s plea reflects the dire economic situation faced by many enterprises and underscores the need for immediate action to prevent further damage.
The GNCCI’s call for tax reforms aligns with the growing concern within the business community, where enterprises are desperately seeking a lifeline to overcome the current challenges. The Mid-Year Budget Review now stands as a crucial opportunity for the government to address these concerns and pave the way for a more favorable business environment.
As the Ghanaian government prepares for the comprehensive budget review, all eyes are on their response to the business community’s appeal. The outcome of this review will have a significant impact on the economic landscape, determining the country’s ability to navigate the turbulent times ahead and provide the necessary support for businesses to recover and thrive once again.
