Mid-Year Budget Review: We expect government to introduce measures to stabilize the cedi – GUTA

The Ghana Union of Traders Association says the government has given them the strongest promise that no new taxes will be introduced in the mid-year budget review, which will be presented to Parliament on Tuesday, July 23, 2024.

President of the Association, Dr. Joseph Obeng, indicated that it is their expectation that the government will introduce new measures that will help address the depreciation of the local currency.

Speaking on Nyankonton Mu Nsem on Rainbow Radio 97.5 FM, he said, “The government has given us the strongest assurance that it will not introduce new taxes in the mid-year budget review. That is positive. But our expectation is that the government will introduce new measures that will help the cedi appreciate against foreign currencies.

The success of every business is premised on the stability of the local currency. So, if the economy is stable, our businesses will thrive. So it is our expectation that the government will introduce new measures that will help stabilize the cedi.”

“This is the mid-year budget review, and one thing we have realized is that it is difficult for the government to make any significant changes or reductions in taxes. Our hope is that we will see that in the main budget.

"We have engaged with all the political parties, and they have agreed that the cost of doing business is now expensive, so they will do something about reducing taxes. Whether it is the same government or a new government that will take over, we expect them to reduce taxes,” he added.