The Ghana Union of Traders’ Associations (GUTA) has urged the government to implement significant reforms in the 2025 Budget to reduce the cost of doing business.
Welcoming the government’s pledge to streamline taxes, GUTA emphasized the need to eliminate “nuisance taxes” and simplify the Value Added Tax (VAT) system to make compliance easier and more affordable.
The association also called for a stable foreign exchange system, proposing that the Bank of Ghana fix the dollar rate for import duty calculations quarterly instead of frequent adjustments that disrupt business planning.
Additionally, GUTA is advocating for a tax amnesty programme to encourage more businesses to enter the tax net without penalties and for stronger enforcement of fair tax practices.
Traders are eager to see the government fulfil its promise of a fixed duty system for spare parts, which could eventually extend to other imports to stabilize costs.
Beyond taxation, GUTA stressed the need for policies that stabilize the local currency, curb inflation, and reduce interest rates.
The Association also urged the government to ensure prudent public spending, emphasizing that tax revenue must translate into meaningful national development.
“A stable business environment is key to growth, and this budget presents a crucial opportunity to address longstanding challenges,” GUTA President Dr. Joseph Obeng, noted in a statement.
Read full statement:
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