Traders accused government of buying 2023 V8s when it is supposed to ensure fiscal discipline

The General Secretary of the Traders Advocacy Group Ghana (TAGG), Emmanuel Nana Opoku Acheampong, has accused the government of importing state-of-the-art vehicles for the use of its appointees in face of an economic crisis.

According to him, the government has imported some 2023 models of V8s when it is expected to ensure fiscal discipline.

This government, he said, lacks fiscal discipline and is only interested in pilling up taxes on the people.

He said the government has not shown good faith to Ghanaians importing some of these luxury vehicles at a time many well-meaning citizens are calling on the government to cut down on frivolous expenditures.

He said the country cannot pay its debts which has resulted in the decision to give some bondholders a haircut.

Meanwhile, he bemoaned, the government, thinking about the luxury of its appointees, has introduced three new revenue mobilisation taxes without consulting the business community.

He noted that the three taxes which were passed by parliament for the country to secure a US$3 billion bailout from the International Monetary are detrimental to the growth of businesses in the country.

He explained the taxes will not spur growth for the country.

Mr Opoku Acheampong made this accusation while discussing the repercussions of the introduction of three new revenue taxes on businesses while speaking on Accra-based Asempa FM on Wednesday, April 5, 2023.

Parliament has passed three revenue mobilisation bills that are critical for Ghana’s bid to secure a Board-level agreement from the International Monetary Fund regarding a $3-billion extended credit facility to bailout the ailing economy.

They are the Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, the Ghana Revenue Authority Bill 2022 and the Income Tax Amendment Bill 2022. Even though the minority caucus had indicated its opposition to the bills and threatened to vote against passed all three on Friday, 31 March 2023.

Ahead of last Friday’s vote, both the Governor of the Bank of Ghana, Dr Ernest Addison and Minister of Information, Mr Kojo Oppong Nkrumah, had, separately urged parliament to pass the bills quickly to help salvage the economy.

Mr Nkrumah warned that Ghana's already-imperilled economy will take a further tumble if the bills were not passed.

“If we don’t do what we have to do for the country, we will have major challenges", he noted, indicating that the bills are "a set of measures we must ensure is worth passing".

"This is a major bridge we have to cross in closing this revenue gap and ensuring that there is more liquidity", Mr Oppong Nkrumah told Accra-based Citi TV.

Mr Oppong Nkrumah said the economic situation is dire and needs urgent salvaging.

“We are not in a good place because we don’t have access to the international capital market", he explained.