Business News of Wed, 22 Feb 201726
Akufo-Addo must increase VAT from 17.5% – 20% to finance Free SHS
Founder and Leader of the Independent People’s Party (IPP) is calling on President Akufo Adoo to increase Value Added Tax from the current 17.5% to 20% in order to have a sustainable means of funding the much touted free senior high education.
According to Kofi Akpaloo, increasing the VAT is the only reliable way to ensure sustainability of the free Senior High Education promised by the president.
Akpaloo was speaking to host of Abusua Nkommo, Kwame Adinkra in response to yesterday’s State of The Nation’s Address presented by President Akufo Addo.
There has been widespread public debate over the funding for the policy after Senior Minister, Yaw Osafo-Marfo hinted government may fund the program from the Heritage Fund.
But Kofi Akpaloo says, “Kwame, the free S.H.S policy is a wonderful one and I will on any day suggest we increase our VAT to 20% so that we can effectively implement the program.”
Kofi Akpaloo adds, “I am qualified accountant with international exposure in the United Kingdom and I’m saying that if we should copy the U.K system of VAT, implementing the free S.H.S should not be a problem.”
”So yes Kwame, it is a wonderful idea and government must take my suggestion into consideration…it won’t be out of place for Ghanaians to contribute a token towards implementation of a free S.HS,” he added.