Economist and Director of the Institute of Statistical Social and Economic Research (ISSER), Prof. Peter Quartey, is pushing for the removal of certain taxes in the mid-year budget review.
He believes that this move will encourage growth in the private sector, which has been significantly affected by the challenging economic conditions in the country.
According to Prof. Quartey, businesses are currently struggling under the International Monetary Fund (IMF) programme with Ghana, which has led to drastic economic policies such as debt restructuring.
He cautioned that introducing new taxes in the mid-year budget review will hinder private sector growth, stating, “We do not want to see new taxes. It is certainly going to kill the private sector.”
He emphasized that there are already enough taxes that could be effectively coordinated and implemented to generate the necessary revenue.
Prof. Quartey urged the government to refrain from imposing higher taxes and instead focus on designing measures to make existing levies work.
“Government must heed to the call not to introduce higher taxes but design measures to make the existing levies work”.
Additionally, he recommended incorporating some of the innovative ideas proposed by Vice President Dr Mahamudu Bawumia in the mid-year budget review to provide relief to businesses.
He noted that these policies should not be solely reserved for campaign purposes and urged their implementation before the 2024 elections.
“We have seen some statements from the Vice President and the flagbearer of the New Patriotic Party (NPP). I believe they can work in the budget”.
The Finance Minister, Dr. Mohammed Amin-Adam is expected to present the Mid-year budget later this month.
