Times are hard, review your expenditure – AGI to government

Executive Member of the Association of Ghana Industries (AGI), Tsonam Akpeloo, has called on government to review its expenditure amidst the economic crisis.

He bemoaned that times are hard and the imposition of more taxes on the business community will cause more harm than good.

Mr Akpeloo noted that the numerous taxes paid by businesses do not motivate local businesses to produce more.

Speaking on 3TV's Ghana Tonight programme on April 5, 2023, the Executive Member of AGI said, “Times are hard and you cannot afford to have a bloated expenditure this time. We feel very strongly that government should consider reviewing its own expenditure.”

“We continue to experience a tax regime that does not motivate local production and formal business operations," he stated.

Parliament on Friday, March 31, 2023, passed three revenue bills, namely; Income Tax Amendment Bill, Excise Duty Amendment Bill, and Growth and Sustainability Amendment Bill.

The country will rake in GH¢3.96 billion when the aforementioned bills are implemented.

The Growth and Sustainability Levy is expected to raise approximately GH¢2.216 billion in 2023, while the Income Tax (Amendment) Bill, 2022 which amends the Income Tax Act, 2015 (Act 896) is expected to yield revenues of approximately GH¢1.29 billion.

The Excise Duty (Amendment) Bill, 2022 amends the Excise Duty Act, 2014 (Act 878) and is expected to yield approximately GH¢455 million.

But some Ghanaians, including the business community, have tongue-lashed Members of Parliament for passing the three revenue bills.

ESA/FNOQ