Tax Reduction Possible In 2005 Budget

The Minister of Finance, Hon. Yaw Osafo Marfo has promised a further reduction in taxes next year, should the economy perform creditably this year.

Mr. Osafo Marfo further expressed the likelihood of a downward review in water and electricity tariffs, if the volume of water in the Akosombo Dam goes up this year.

Speaking on Peace FM on Monday, Mr. Osafo Maafo stated that, electricity and water tariffs went up last year, due to the high cost of running of the thermal plant to generate electricity.

Subsequently, the Ghana Water Company Limited (GWCL) which uses electricity to pump water to consumers had no option than to increase its tariff, to meet the running cost of producing potable water to consumers.

The Finance Minister described this year’s budget statement which he presented in Parliament as unique, since it meets almost every need of the nation.

Mr. Osafo Maafo deplored the rapid increment in prices of commodities on the market in anticipation of increments in the budget, and called on them to review their prices in conformity with the budget statement.