Five takeaways from Ghana 2024 budget wey goment present

Finance minister for Ghana Ken Ofori-Atta don present di kontri 2024 budget for parliament on Wednesday as di goment dey try balance di economy wey dey under pressure.

Di minister tok say dem project di value of di economy go bounce from GHC 219.5b ($18b) in 2016 to GHC 1tn ($84b).

For di 48-page budget document, goment allocate GHC 4b to deal wit di wahala wey dey di financial sector.

Opposition members of parliament tok say di budget dey introduce more taxes at a time pipo dey suffer well well.

Di minister announce say goment dey expand di environmental excise duty to cover plastic packaging, industrial emissions and vehicle emissions.

“Goment go review rates and fees and introduce 5% VAT flat rate on commercial properties,” Ken Ofori-Atta tok.

Dis na five key tins wia di minister tok say e dey inside di 2024 budget.

1. Zero VAT on sanitary pad wey dem manufacture am for Ghana

Before di minister go parliament, one group wey dey call for removal of taxes on sanitary pads storm di house wit placards.

One tok tok pesin for di civil society groups and NGOs, Blessilla Aya Kandoh explain say “goment for remove di taxes on di pads and also increase investment for local production of sanitary products.”

“Di goment for also provide sanitary facilities for schools for girls if dey dey dia period.”

Anoda tin di group want be say make di state provide pad banks for schools so say “no girl go miss school especially for di rural areas if dem dey inside dia period.”

Currently, sanitary pads dey attract 20% import duty, 12.5% import VAT and 2.5 % national health insurance levy (NHIL).

But di finance minister announce for di 2024 budget say “goment scrap di VAT for pads wey dem manufacture for di kontri.

Dem also remove import duty on raw materials for di local manufacture of sanitary pads.

One member of parliament wey dey push bill to remove all taxes on sanitary pads and imported materials for di pads say di move by goment be good step.

“Di goment for go further to remove all VAT and import duties for pads wey dem import.”

Francis Xavier Sosu tok say im go continue to “push for law to reclassify sanitary pads from luxury products to essential social goods to prevent future taxation.”

2. flood victims for di kontri go get support

Since di floods for di lower volta basin for di kontri wey displace over 40,000 pipo in more dan 150 communities last month, pressure don dey on goment say make dem support di victims.

Individuals and companies don dey mobilize funds, food and oda relief items for di displaced pipo wia di spillage of di Akosombo and Kpong dams don affect.

Finance Minister Ken Ofori-Attah tok say “goment budget GHC 220m ($18m) to support di victims and communities wey dey affected by di floods.”

3. La general hospital project go start next week

Di whole week, pipo wey dey stay for Labadi for Accra don dey fire di goment say dem no start dey build di hospital wia dem demolish in 2020 .

Di goment demolish di hospital wia dem tok say dem go build new one.

But three years since, dem no build am wia di residents don dey suffer.

Di finance minister tok say “goment don renegotiate di contract na so im go use national budget build am.”

“Di contractor go go site next week to start work,” im add.

4. Tax waiver for local textile industry, agric machineries and vehicles

Di finance minister announce say goment dey extend zero rate of VAT for manufacture of African fabric for two more years.

Dem also dey give tax waiver on import duties for electric cars dem go use for public transport, for eight years.

Di goment dey also offer zero rate of VAT for cars wey dem assemble dem for Ghana, for two more years.

For di Agric sector, tax exemptions dey for import of machinery, inputs, and machine parts.

5. Goment go spend more

Di goment dey project say total expenditure go rise by GHC 21.3b ($ 1.8b).

As di kontri dey IMF for $3b bailout for di economy wey dey shake, goment say im dey expect $2b from di IMF and di world bank.

Di goment also dey expect cocoa syndication by di end of 2024.

As dem dey expect dis moni, goment say im go boost night economy.

“We don form one task force wey get public and private sector pipo wey go ensure security and lighting infrastructure for di kontri.”

“Dis go ensure say night businesses go fit work and boost di economy,” di finance minister tok.