Today in History: Exorbitant tax policy killing businesses – Solomon Owusu

In October last year, a member of the communications team of the governing New Patriotic Party (NPP), Solomon Owusu, bemoaned the exorbitant tax policies in the country.

He noted that the tax policies introduced were gradually destroying local businesses.

Mr Owusu made this known while speaking on Kasapa FM.

Read the full story originally published on October 12, 2022 by Kasapafmonline.

A member of the communications team of the governing New Patriotic Party (NPP), Solomon Owusu, has bemoaned the exorbitant tax policies which he says are slowly killing Ghanaian businesses.

According to him, too much tax and the increasing exchange rate have left business people with sleepless nights as their businesses are struggling to survive.

His comment comes on the back of traders in the Kumasi Central Business District having to close their shops in protest over what they say are exorbitant tax policies affecting their businesses.

The traders have vowed not to rescind their decision until the Government intervenes to address their concerns.

The traders have also been concerned with the strength of the cedi. The Ghana cedi has depreciated by 37.5% to the US dollar as of the end of September 2022 according to the Bank of Ghana.

Commenting on the development on Ghana Kasa show on Kasapa 102.5FM/Agoo TV Wednesday, Solomon Owusu who himself is a businessman urged the governent to step up its efforts at stabilizing the Cedis while reviewing aspects of the tax policy to address concerns of business persons.

“Taxes paid in this country are too much, and the exchange rate keeps increasing by the day and people are losing their capital. Businessmen and women are in great difficulty, where we find ourselves is very scary. No businessman is able to have a good sleep and because the policy rate increases, the loan repayment rate also increases. Business people are dying slowly, it is not funny, it’s very serious.”

“The country will see the effect of the action of the traders between December to February 2023. It takes some time before vessels arrive with imported items, so if we don’t encourage traders to import early, but import later, it will take about a month or two before the items will arrive in Ghana. So between that period when the items will arrive in Ghana, how are people going to survive,” he asked.