SoNA 2023 fell short of our expectations – Importers & Exporters

The Importers and Exporters Association of Ghana has reacted to the State of the Nations Address (SoNA) by President Nana Addo Dankwa Akufo-Addo.

The Association described the address delivered in Parliament on Wednesday, 8 March 2023, as “nothing short of hopelessness to the business community,” contrary to expectations that it will offer some hope and relief for businesses in the country in the midst of the current economic crisis.

In a statement issued by the Importers and Exporters, signed by its Executive Secretary, Samson Asaki Awingobit, following the SoNA, the association noted that: “The Nana Addo-led government has since its assumption of office introduced more taxes on the business community rather than put in place pragmatic measures to bring some sort of relief to the industrial sector.”

According to the association, it is “saddened to have heard the president impressing on Parliament to, as a matter of urgency, speed up the passage of two important bills that we believe will hurt the business community.

“The bills, the Income Tax Amendment Bill, and the Excise Duty Tax, if passed, will lead to a higher increase in the cost of doing business in the country.”

It noted that: “With inflation high and the cedi steadily deprecating, whereas Bank lending rates have become unattractive, coupled with high utility tariffs which have seen Ghanaian producers passing on the cost to the ordinary consumers,” it fears the worse if these two bills are passed by Parliament.

The association was expecting the President to take “advantage of the 2023 SONA to give some hope to the business community and even the ordinary consumers (citizens), however, the Nana Addo-led government once again confirmed our long-standing conviction that they (the government) have lost touch with reality and the sufferings of Ghanaians.”

“We as an association and members of the business community have lost confidence in the Nana Addo-led government and believe it's time the government either chart a new path in restoring the economy or bringing some form of relief to us,” the association continued.

It added: “We can confidently say the president's 2023 state of the Nation Address fell short of our expectations.”