More taxes do not solve economic challenges - Ricketts-Hagan speaks on approved taxes

The Parliament of Ghana on Friday, March 31 passed three new taxes as part of the government's plans to raise about GH¢4 billion annually to support domestic revenue mobilization.

The Member of Parliament for the Cape Coast South constituency, George Ricketts-Hagan, however, is unhappy about the development and has bemoaned Parliament’s passage of the new taxes.

Mr. Rickets-Hagan believes that no country can tax its way out of economic challenges and poverty.

That is, continually imposing more taxes on citizens does not guarantee the financial freedom or comfort a country expects.

The MP rather advised that to grow an economy, it is wise to look at taxes that can be reduced for businesses to invest more and produce more to frequently pay taxes. And for him, that is how revenue could be generated for the country.

George Ricketts-Hagan was speaking in an interview monitored by GhanaWeb on Accra-based Citi TV.

He said, “No economy can tax itself out of the economic challenges that we have. No economy can tax itself out of poverty, no economy can tax itself to prosperity. Economists will tell you that if you really want growth, you have to look at some critical taxes that need to be reduced so that businesses will have the money to invest in the business, hire more people, produce more, and pay more taxes, and then you can get yourself out of an economic situation.”

The three taxes introduced by the government are Excise Duty Amendment Bill 2022, the Growth and Sustainability Levy Bill, 2022, and the Income Tax Amendment Bill 2022.

ABJ/MA

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