Businesses are suffering because of taxes – Chamber of Commerce

The Chief Executive of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye, has decried the number of taxes Ghanaian businesses have to pay in recent times.

According to him, the taxes businesses have to pay are crippling them and affecting their profits.

He described these taxes as a “punishment” to this business.

"I think that our taxes have become more of a punishment to businesses than to support them. This is because we cannot pay, but they’re expecting you to pay. They are beating us but they are telling us to keep quiet," he said on myjoyonline.com.

Badu-Aboagye said the economic climate does not allow businesses to make enough to be able to pay taxes.

"Businesses are suffering. Businesses cannot pay this tax. Businesses are just not making enough revenue to be able to pay this tax," he said.

"As of the third quarter of 2023, the growth of GDP was 2%. And when you look at the details you will realise that most of the sectors are not doing well. Consistently from the beginning of the year to now. The industry sector has recorded negative growth. It's only in the last quarter that the manufacturing sector recorded a 2% growth. So, it shows clearly that businesses are not doing well.

"If they are doing well, they produce a lot and by multiplying it by the market value, you will see that your GDP will go higher. So it's not far-fetched, if the government wants to know the state of businesses in Ghana, just check the GDP,” Badu-Aboagye said.

SSD/NOQ

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