Business News of 2014-01-14

Ghanaians express mixed reaction on VAT increment

A cross section of Ghanaians on Monday called on government to be considerate on persistent increase of prices on general goods and services.

They made the call when Ghana News Agency (GNA) interviewed people concerning the current Value Added Tax (VAT) increment.

Mr Tahiru Iddrisu, a staff at Express Life Insurance told the GNA that the increase is appalling since the salary of workers is low coupled with high cost of living as well as the cost of products and services.

He said rather than government engaging in increment galore, it should be working on how to help establish good platform for young talents in the rural areas to promote made in Ghana products to gain revenue.

Mr Iddrisu said there are talented people in the rural areas that need little help from government and stakeholders to boost their initiatives.

However Mr Ahmed Allotey, a student said the increment is in good faith since it would lead to more infrastructural development and the growth of Gross Domestic Product, as well as decrease the balance of deficit payment.

He said problems facing the country have made it necessary for the increment since there is the need to generate revenue internally to avoid borrowing which would affect the economy.

Mr Allotey said this would help stabilise the economy and reduce inflation as stated by the Central Bank.

He however appealed to government to make sure monies accrue from these tax collections are invested wisely for the betterment of the people.

Madam Cecilia Mensah, a bread baker said the increase has affected her greatly and appealed to the authorities to review the VAT increment.

Source: GNA
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