Former Deputy Finance Minister, Cassiel Ato Forson has indicated that Ghanaians will experience hardship in the coming year as he predicts an increment taxes during the mid-year budget review.
According to him, the Akufo- Addo-led administration is currently struggling with revenue mobilization and the energy sector debt so it won’t be surprising if they increase taxes.
“I actually suspect that they are going to increase the energy sector levies act. You see two options; let us change the percentage from specific to ad valorem or actual increase the specific rate. If that is done then clearly what it means is that fuel prices will go up, the driver on the street is going to struggle and if fuel prices goes up then what do you expect, it is going to affect everything that we consume. So I expect some element of hardships come 2020 as this government is known by introducing tax measure during mid-year review,” he said.
The Former Deputy Finance Minister speaking to GhanaWeb ahead of the budget review to be presented in parliament on Monday said that the budget statement must review the NHIS, GETFUND and capital expenditure capping.
“We have raised very serious issues and we expect the ministry of Finance to address some of them a typical one is the fact that NHIS is collapsing as a result of capping, we know that GETFUND is also collapsing as a result of capping, capital expenditure is actually going to an amount of money going into road fund is also struggling also because of capping. So, we expect the minister of finance to review at the minimum NHIS, GETfund, National Road Fund from the capping mechanism because that will at least at the minimum release some money to these three statutory institutions to be able to run effectively.”
The Finance Minister is expected to present the Mid-Year Review of the budget statement and Economic policy of the government of Ghana for the 2019 financial year.
Deputy Minister of Finance Abena Osei Asare has hinted that most concerns of Ghanaians will be addressed in the 2019 mid-year budget review come Monday, 29th July 2019.
Speaking to GhanaWeb ahead of the budget reading, she said that the budget statement will address pertinent issues and concerns of Ghanaians with regards to the economy and expenditure.
She added Ghanaians will be satisfied with the mid-year budget statement.
