The Association of Ghana Industries (AGI) has indicated that although it welcomes the announcement by the Finance Minister, Ken Ofori Atta, the 2024 Budget will address the high cost of doing business in the country, government must be deliberate to streamline the current tax regime to empower local businesses.
According to the Greater Accra Regional Chairman of the Association, Tsonam Akpeloo, this will create room for local manufacturers to thrive and ultimately help in the expansion of the economy and sustain the recent economic recovery.
“We are saying that, we want the current tax regime to be streamlined in order to give room for private local manufacturers to able to thrive and relieve them from all the tax burden”.
Speaking to Joy Business, Mr. Akpeloo however said the issue of taxation is very important to them, and therefore it is expected that will be addressed in the 2024 budget as promised by the finance minister.
“The issue of taxation is very key for us, and we really looking forward for the finance minister to address that. We have had several meetings with him, and we only pray that they would want to implement some of the recommendations for the private sector”.
This follows, assertions by Finance Minister, Ken Ofori-Atta, that the 2024 Budget will outdoor programmes and initiatives that will address the high cost of doing business in the country.
According to him, the budget will also address concerns of “high and many taxes” affecting the private sector.
In terms of Focus, the Finance Minister also disclosed that government will be prioritising how to get the private sector back “into stable” position.
“This is because, government cannot do everything. So the private sector needs to be supported to help managers of the economy to create jobs”, he added.
Ghana’s Financial Administration Act requires Parliament should by December 31 of each financial year consider and approve the Annual Budget for the ensuing financial year.
However, based on this directive, the 2024 Budget should then be presented before the end of November 2023.
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